|Posted: November 4, 2010, 1:15 pm - IP Logged|
In Ohio a winner has up to sixty days after the drawing to decide if he wants the annuity or cash value, it's probably similar in Michigan. After 60 days it defaults to annuity.
Thanks RJOh, a lot of online lottery ticket buyers still don't know about this mandatory "switch to annuity" if not indicated by them, the claimant, within 60 days of the DRAWING DATE. Even though vital information is clearly printed on the state and particular lottery's website under the FAQ section, yet not the back of the ticket. When there is a contradiction between the multi-state lottery won and the state ticket was purchased in's state lottery headquarters rules, the state's rules win. By the way, most people can use their local library's Internet connection for free to check this and information about if their lottery-ticket-PURCHASE- STATE allows anonymous prize receival (very few do).
Many online lottery ticket players have a plan in place to move into a hotel AFTER they have received financial advice from a competent tax attorney and investment counselor seated together in a meeting to cancel out each others brainstorming ideas if they don't make tax avoidance sense (sometimes, depending on the state's odd rules, it can be quite exhausting). Then their quiet (even relatives and friends aren't informed) move into the hotel occurs the SAME day their claim (or send their attorney to submit their claim form in person and collect official receipt) at the lottery headquarters office of the state in which they purchased the ticket takes place. [Some winners even take a taxi to the lottery headquarters, since they know that wise media photographer 'stringers' hang out in the parking lot each day until the last big jackpot win prize is officially claimed -- then they take a picture of the license plate AND the person who submits the claim form. Do you want that to be you, or do you want to be happily wealthy and unknown until your natural passing away?]
When looking at the two biggest U.S.A. multi-state lottery game's past jackpot winners, I notice that it is very rare for someone to accept the win as an annuity (only one every 1.5 years). I'm not sure if that fell on jackpot winners who didn't claim until past the 60 day deadline to receive as the far lesser cash value amount.
To me this proves that most of the jackpot winners are anticipating a win just-around-the-corner and therefore check their post-drawing tickets at least monthly. Perhaps that is how they show 'respectful interest' in allowing the monies to flow into their life and that is indeed what happens.
Having several millions of dollars in my financial accounts means receiving several valuable services each day!