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Kentucky lottery winner wastes no time claiming jackpot

Topic closed. 44 replies. Last post 10 years ago by savagegoose.

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THRIFTY's avatar - great seal_obverse.jpg
100
NEW YORK
United States
Member #90531
April 29, 2010
12542 Posts
Offline

$6 MILLIONS  for $5 QUICK PICKS is not a bad deal.You can count me in, I am not a greedy person.He should put the $6 millions dollars in high yield saving accounts and live off the interest.  He can also be generous to his family and friends with the interest that he gets.

    HaveABall's avatar - rocket

    United States
    Member #72446
    March 18, 2009
    1307 Posts
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    I would have taken the annuity if I were him. Im only 21 so I really dont need all that money at once.

    Bad choice Genome.  Please learn, before you win, that collection amount has nothing to do with age; that is why 99% of the multi-million dollar lottery jackpot winner's financial advisors STRONGLY suggest that they collect the "lump sum/cash value" instead ... then invest that in 5-7 different investment ways and easily bring those sum totals up to the "annuity amount" within 13 - 19 years.  Never spend the principal is the rule for the winner's entire life.

    Having several millions of dollars in my financial accounts means receiving several valuable services each day!

    Disney

      HaveABall's avatar - rocket

      United States
      Member #72446
      March 18, 2009
      1307 Posts
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      If they came up the hard way, they will appreciate whatever he can do for them.  Having one's own home free and clear is no small feat these days.

      It probably would only make sense for this multi-million $ net jackpot winner to OWN these homes himself.  Otherwise, it would need to be applied towards his lifetime gifting limit of $1million non-taxed dollars.  He could then legally allow the max "non-taxed gift" to each brother $14K per year to occupy (for free) and maintain -- which would fully cover their hobbies, gasoline, groceries, and utilities. 

      Now is a great time to buy houses at the all-time low mean price, before the mortgage rates climb even higher.  This jackpot winner would simply hold firm to not paying more than apx. $200K per house no matter what state each one is in. 

      Are their any tax lawyers out there who will analyze and comment on my notion/plan, it is a common one, yet I am not sure if it is a wise plan? Type

      Having several millions of dollars in my financial accounts means receiving several valuable services each day!

      Disney

        savagegoose's avatar - ProfilePho
        adelaide sa
        Australia
        Member #37135
        April 11, 2006
        3339 Posts
        Offline

        financial advisers also prob get a percent  of money under their management, so ...  half a percent on $6 mill is a better wage than half a percent of 300k ea year

        " Still swinging, still missing "
        2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = -1257 ; 2018 = - 1380 =  TOT =  - 6233

        keno historic = -2291 ; 2015= -603; 2016= -424; 2017 =-427; 2018= -223   TOT = -3968

        :

          Colt45ML's avatar - 4eyes
          Jawja
          United States
          Member #87466
          February 25, 2010
          109 Posts
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          I would have taken the annuity if I were him. Im only 21 so I really dont need all that money at once.

          I ain't gon' sit here and call you stupid and such like a lot of people would, because you're not as far as I can tell.  However, do you really think that that last installment will be worth, in real terms,  anywhere close to what the first one will be?  Goggle "quantitative easing," and read up on it.  I garrantee that afterward you will have a whole nuther different take on that annuity.  Good luck too you, young man.

          Be sassy and be happy.

            Colt45ML's avatar - 4eyes
            Jawja
            United States
            Member #87466
            February 25, 2010
            109 Posts
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            It's so weird to see so many red-faced comments about the cash option and taxes reducing the jackpot payout.  If I didn't know better, I would think that the people posting were noobs playing Powerball for the first time!

            Of course the cash option payout is much less.

            Of course taxes reduce the payout.

            Do you guys ever read the Jackpot Analysis page at USA Mega, or what?!

            Naturally if you browsed the USA Mega Home page, you would have seen that the $38.24 million jackpot was split between 2 winning tickets from Kentucky and Illinois, which is why the Kentucky portion of the annuity jackpot was $19.12 million.

            I don't even pay any attention to the annuitized jackpot before taxes.  I look for my state's cash option under Jackpot Analysis and as far as I'm concerned, that is the real jackpot amount.

            Be sassy and be happy.

              ecnirP's avatar - prince symbol_black-mini.jpg
              Farmington Hills
              United States
              Member #46575
              September 15, 2006
              55 Posts
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              financial advisers also prob get a percent  of money under their management, so ...  half a percent on $6 mill is a better wage than half a percent of 300k ea year

              Some of the best advice I got was to always get your financial advice from someone other than the person who is going to be investing your money. Separate the two. This helps ensure you don't provide a false incentive to someone to invest money in a vehicle that pays a high management fee. Pay one person to give you advice. Pay a different person to manage the money.

                brownsy's avatar - Lottery-012.jpg
                Powhatan-Va
                United States
                Member #75038
                May 25, 2009
                1121 Posts
                Offline

                Good for Him- Mr.Meade deserve his blessings-use it wisely

                  awwcrap's avatar - moon
                  ky
                  United States
                  Member #37767
                  April 19, 2006
                  90 Posts
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                  My opinion,  I wouldn't complain if  I won 6 million after taxes,,,, 5 bucks for 6 million dollars,,,hell yeah

                    DC81's avatar - batman39
                    MI
                    United States
                    Member #54828
                    August 31, 2007
                    985 Posts
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                    I agree with the anti-annuity crowd, been a part of it for a good number of years now.

                    You can't predict random.

                      ttech10's avatar - blobdude
                      Texas
                      United States
                      Member #92326
                      June 5, 2010
                      887 Posts
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                      "Sleep was not on the agenda for Meade last night.  "The ticket stayed in my shirt pocket all night, and there was no way I could sleep," he said."

                      Granted it wasn't the biggest jackpot ever won but when I read wish topics about consulting attorneys and financial planners before validating their tickets, I wonder how people could wait. The money won't be in his account for two weeks giving him plenty of time to get help reviewing his options.

                      I too would validate the ticket before talking to anyone, though I would be validating at the local lottery offices and not the main headquarters. With that my attorney could contact the main headquarters with proof that we do indeed have the winning ticket and then we would move on to creating the trust and deciding when to collect.

                       

                      I'd also have to do that just so I would make myself believe I was really holding the winning ticket.

                        BuyLow's avatar - fd725949c52faf3bef0a9e377747408d -iphone-wallpaper-palm-trees.jpg
                        Florida
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                        Member #61433
                        May 22, 2008
                        1211 Posts
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                        I too would validate the ticket before talking to anyone, though I would be validating at the local lottery offices and not the main headquarters. With that my attorney could contact the main headquarters with proof that we do indeed have the winning ticket and then we would move on to creating the trust and deciding when to collect.

                         

                        I'd also have to do that just so I would make myself believe I was really holding the winning ticket.

                        Most states don't let you claim LARGE jackpots at the local or regional offices.  Furthermore once you claim the prize it's too late to decide to whom your prize will be paid too ie: trust or LLC.

                          savagegoose's avatar - ProfilePho
                          adelaide sa
                          Australia
                          Member #37135
                          April 11, 2006
                          3339 Posts
                          Offline

                          oh yeah  i would also take the lump sum. at least i get to own the money a little while before its blown on foolish investments, rather than let the state have all the fun with it.

                          " Still swinging, still missing "
                          2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = -1257 ; 2018 = - 1380 =  TOT =  - 6233

                          keno historic = -2291 ; 2015= -603; 2016= -424; 2017 =-427; 2018= -223   TOT = -3968

                          :

                            CutlassBob's avatar - Sphere animated2.gif
                            Harrison Township Michigan
                            United States
                            Member #90084
                            April 21, 2010
                            4265 Posts
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                            Good Job budd. Enjoy your fortune!

                            Steve Miller Band - Take The Money And Run

                            http://www.youtube.com/watch?v=jZwLsvO6YTw

                             "You can't handle the truth!" Nicholson.

                              savagegoose's avatar - ProfilePho
                              adelaide sa
                              Australia
                              Member #37135
                              April 11, 2006
                              3339 Posts
                              Offline

                              hehe dont forget the new tax grab for leaving USA  with a wad of cash. theres a big chunk i think %25 for trying to take money over seas now, incase they wanna use it and just aint thought of a GOOD reason to claim it yet im guessing.

                              so yeah take the money and run, but dont forget the  " taking the money and running tax " to.

                              " Still swinging, still missing "
                              2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = -1257 ; 2018 = - 1380 =  TOT =  - 6233

                              keno historic = -2291 ; 2015= -603; 2016= -424; 2017 =-427; 2018= -223   TOT = -3968

                              :