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$200 MILLION: New Powerball delivers huge lottery jackpot

Topic closed. 111 replies. Last post 5 years ago by KY Floyd.

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Bahamas
Member #114685
August 5, 2011
422 Posts
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Posted: February 3, 2012, 12:28 pm - IP Logged

Did the jackpot raise faster since they went to two dollars a ticket or am I imagining it that way?

No, it hasn't increased any more rapidly rollover by rollover. I trend this component consistently.

"Freedom of Speech? Keep reading and you will discover that freedom comes at a price!"

    Kumo's avatar - ebDWVf6 jpg?1

    United States
    Member #122235
    January 27, 2012
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    Posted: February 3, 2012, 1:14 pm - IP Logged

    Don't forget the gift tax Tigger. For any gift amount over $13,000.00 per person per year you will be charged additional Federal Taxes.

    For example, if you gave $10 Million each to 5 relatives, you will get charged an extra 35% (5 x 3.5 Million = 17.5 Million) by the Federal Government come tax season. Take this out of your $81 Million or so that you have left after the IRS has claimed their additional 10% from your $93.8 Million CVO.

    So $81 Million after Uncle Sam's share - $50 Million Gifts - $17.5 Million Tax on Gifts = Leaves you with around $13.5 Million.

    $13.5 Million is still a very comfortable amount to live on, but this brings up a couple of very good "What ifs?"

    What if your brother squanders his $10 Million in a couple of years on heavily gambling and drinking?

    What if your sister's ex finds out about her share and sucessfully sues her for a huge chunk?

    This could put both you and the other 4 relatives in a very difficult financial position by having to bail one of them out of a nasty hole. 

    The only way I know of to prevent Uncle Sam from double dipping with Gift Tax on your jackpot is to claim and share the prize as a group, but I am pretty sure that you have to be able to prove that the winning ticket had multiple owners WHEN it was purchased. I think that this might also depend on individual State laws though. A signed, stamped and notarized document listing the members of your group with their personal signatures would work well for this purpose and keeps you well within the law.

    Good luck to all the LP folks playing the big one! Smiley
    -Kumo

     


    P.S. - I've thought about what I would do with a sudden windfall like Saturday's Powerball, sharing my thoughts on the awesome dream. Big Grin

    1.) Don't tell anyone, except for my Wife. However, we would keep our kids oblivious.

    2.) Get together a professional financial and legal team, that specializes in dealing with very large amounts of money.

    3.) Claim the winnings by a Trust and invest the vast majority of money across several diverse portfolios.

    4.) Take a week long $5,000.00 vacation somewhere nice within the country to relax and "get it out of my system."

    5.) Avoid making any major purchases and maintain my old middle class lifestyle for the next year.

    6.) Start up a low cost home business, to be used as a cover story when people begin to notice my family's increasing wealth.

    7.) After Tax season, then I'd start gifting relatives and anonymously to some trustworthy charities from the capital gains from my portfolios. The rest would go towards living expenses with the majority being reinvested back into Stocks and Bonds to stay ahead of inflation.

    8.) After a minimum of one year has passed, look into buying some land, a new home, or a new family car. Factor in upkeep costs, taxes and insurance. Keep it within what we can afford and still stay ahead of inflation, while maintaining my annual gifts to relatives and charities.

    9.) If I have to quit my job, donate some of my time to doing volunteer work to keep busy and happy.

      OldSchoolPa's avatar - Lottery-057.jpg
      Gurnee, Illinois
      United States
      Member #49731
      February 12, 2007
      917 Posts
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      Posted: February 3, 2012, 1:45 pm - IP Logged

      Nice list Kumo, but I wouldn't even tell my wife I had won.  I wouldn't want to put her in the position of telling her family 'NO' when they ask her for some dough. All she would need to know is that my business is doing well, and as long as I provide for her needs, pay the bills and taxes, all is fine.  Additionally, I would employ her in one of my businesses so she can earn her own.  Fortunately, I already have a legitimate business endeavor that I could truthfully point to for my recent prosperity, so no need to wait a year before enjoying the winnings God bestowed upon me (hey if 'he' can do it, so can I!)!

      I would keep working another service commitment for another year before 'retiring' from that endeavor, but I would only keep up the hectic pace of my current involvement for the current calendar year...2013 would truly be the year of transition for me in moving to a warmer climate and fully focusing on business and travel interests. 

      Wow I can already see a bright future ahead of me...thanks to Powerball and cousin Mega Millions! What a great family to be a part of!

      Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

      The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

        mightwin's avatar - questns

        United States
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        January 5, 2011
        486 Posts
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        Posted: February 3, 2012, 2:47 pm - IP Logged

        I dont know if we are going to see record jackpots or not, the old powerball had greater odds of winning then mega, yet mega has the highest jackpot between the two. I could be wrong but I thought I read somewhere Powerball used to cap the jackpot increases once it got to a record amount. Do they still do this?

          CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
          TX
          United States
          Member #121193
          January 4, 2012
          1637 Posts
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          Posted: February 3, 2012, 2:48 pm - IP Logged

          Kumo....nice list
            I hear ya about the giving $13K, but as a couple you and your spouse can give  $26k to 1 person without any taxes (gift or income) according to the IRS website.....Also give ANY 5 relatives 10 million isn't in the cards. I am more like giving them 3.5 million a piece and I pay the gift tax...either way its 35%..gotta remember about that lifetime gift of $5 Million the IRS stipulates about.......Now, as far as any relative squandering away their share..oh well, their personal drama is a sole ownership scenario..I donated,they are responsible, I am not China and they are pretending to be the USA by asking for more No No.. Financially Responsible & Drama-Free zone is my official mailing address  Naughty   I will pass on any businesses because of civil liability...Dont want any headaches...Probably start a non profit to assist persons with medical bills...Probably have 3 different residences in 3 diff states to split time in....Thanks for stopping by, Drive safely, have a nice day See Ya!

          Stay Positive, Believe and good things will come your way

            lejardin's avatar - Lottery-014.jpg

            United States
            Member #118609
            November 4, 2011
            935 Posts
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            Posted: February 3, 2012, 2:50 pm - IP Logged

            I'll take this jackpot! It's about time someone from washington to hit the powerball jackpot Wink

            Not sure, I think it was the Mega that two different people won, a couple from Ephrata and and a young woman from Idaho split the lottery.  I agree it is time Washington won again.  Dont believe Powerball has ever been won in Washington State but I could be wrong!

              Avatar
              Urbandale, IA
              United States
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              November 11, 2004
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              Posted: February 3, 2012, 3:25 pm - IP Logged

              No, it hasn't increased any more rapidly rollover by rollover. I trend this component consistently.

              Well, the jackpot is at $200 million on the 12th draw.  That took 13 draws in October 2011 - when interest rates were higher (meaning higher annuity jackpots).  And the new game was in place for only five draws in this run.

                Avatar
                Urbandale, IA
                United States
                Member #8624
                November 11, 2004
                115 Posts
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                Posted: February 3, 2012, 3:26 pm - IP Logged

                I dont know if we are going to see record jackpots or not, the old powerball had greater odds of winning then mega, yet mega has the highest jackpot between the two. I could be wrong but I thought I read somewhere Powerball used to cap the jackpot increases once it got to a record amount. Do they still do this?

                The old cap limited jackpot growth over a "record jackpot" to jumps of only $25 million.  That limitation is gone for the new game.

                  rdgrnr's avatar - walt
                  Way back up in them dadgum hills, son!
                  United States
                  Member #73904
                  April 28, 2009
                  14903 Posts
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                  Posted: February 3, 2012, 3:32 pm - IP Logged

                  The old cap limited jackpot growth over a "record jackpot" to jumps of only $25 million.  That limitation is gone for the new game.

                  Any word on sales since the change, Chuck?

                  How about the Powerplay option?

                  Thanks.


                                                               
                                       
                                                           

                   

                   

                   

                   

                                                                                                                     

                  "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                              --Edmund Burke

                   

                   

                    Kumo's avatar - ebDWVf6 jpg?1

                    United States
                    Member #122235
                    January 27, 2012
                    172 Posts
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                    Posted: February 3, 2012, 3:40 pm - IP Logged

                    Nice list Kumo, but I wouldn't even tell my wife I had won.  I wouldn't want to put her in the position of telling her family 'NO' when they ask her for some dough. All she would need to know is that my business is doing well, and as long as I provide for her needs, pay the bills and taxes, all is fine.  Additionally, I would employ her in one of my businesses so she can earn her own.  Fortunately, I already have a legitimate business endeavor that I could truthfully point to for my recent prosperity, so no need to wait a year before enjoying the winnings God bestowed upon me (hey if 'he' can do it, so can I!)!

                    I would keep working another service commitment for another year before 'retiring' from that endeavor, but I would only keep up the hectic pace of my current involvement for the current calendar year...2013 would truly be the year of transition for me in moving to a warmer climate and fully focusing on business and travel interests. 

                    Wow I can already see a bright future ahead of me...thanks to Powerball and cousin Mega Millions! What a great family to be a part of!

                    A very valid point OldSchool. But here lies my dilema, when I married my Wife, I took a vow to be honest with her. Keeping any knowledge of a win beyond a few days set aside to calm down, seems like it would be going against that commitment.

                    Perhaps a way to remedy telling my Wife and not having the secret spread, would be in writing up a mutually binding oath to secrecy. It would be signed and dated by both of us, even before divulging the information.

                    She's got a very good head on her shoulders and I can count on her to be my voice of reason if something is really bothering me. Much like myself, she is not interested in a life of extravagance, but more interested in preservation of our current lifestyle.

                    Seems like an oath to secrecy worked well for an ancestor of mine, to this day and to my knowledge people have still not found any of his fabled gold mines. The information on their locations died with him and his son, hopefully it stays that way.

                    However there are certain important exceptions to revealing information to family. If my job requires me not to divulge times, details and paticipants for a sensitive or secret operation. To protect my extended professional family, all my Wife needs to know is that I am bringing home a salary twice a month. I've been in that position in the past. During on of my tours, a shopkeeper that I bought food and drink items from daily, asked  a question about a field excercise my unit was participating in, being a good soldier I kept my mouth shut. Big Grin

                      rdgrnr's avatar - walt
                      Way back up in them dadgum hills, son!
                      United States
                      Member #73904
                      April 28, 2009
                      14903 Posts
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                      Posted: February 3, 2012, 3:45 pm - IP Logged

                      A very valid point OldSchool. But here lies my dilema, when I married my Wife, I took a vow to be honest with her. Keeping any knowledge of a win beyond a few days set aside to calm down, seems like it would be going against that commitment.

                      Perhaps a way to remedy telling my Wife and not having the secret spread, would be in writing up a mutually binding oath to secrecy. It would be signed and dated by both of us, even before divulging the information.

                      She's got a very good head on her shoulders and I can count on her to be my voice of reason if something is really bothering me. Much like myself, she is not interested in a life of extravagance, but more interested in preservation of our current lifestyle.

                      Seems like an oath to secrecy worked well for an ancestor of mine, to this day and to my knowledge people have still not found any of his fabled gold mines. The information on their locations died with him and his son, hopefully it stays that way.

                      However there are certain important exceptions to revealing information to family. If my job requires me not to divulge times, details and paticipants for a sensitive or secret operation. To protect my extended professional family, all my Wife needs to know is that I am bringing home a salary twice a month. I've been in that position in the past. During on of my tours, a shopkeeper that I bought food and drink items from daily, asked  a question about a field excercise my unit was participating in, being a good soldier I kept my mouth shut. Big Grin

                      Are you kin to the Lost Dutchman, Kumo?


                                                                   
                                           
                                                               

                       

                       

                       

                       

                                                                                                                         

                      "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                                  --Edmund Burke

                       

                       


                        Bahamas
                        Member #114685
                        August 5, 2011
                        422 Posts
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                        Posted: February 3, 2012, 3:46 pm - IP Logged

                        Well, the jackpot is at $200 million on the 12th draw.  That took 13 draws in October 2011 - when interest rates were higher (meaning higher annuity jackpots).  And the new game was in place for only five draws in this run.

                        June 1, 2011 Jackpot took the same number of draws we see now for the $201m mark. There is admittedly some slight variability, but this is NO RECORD.

                        "Freedom of Speech? Keep reading and you will discover that freedom comes at a price!"


                          Bahamas
                          Member #114685
                          August 5, 2011
                          422 Posts
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                          Posted: February 3, 2012, 3:51 pm - IP Logged

                          June 1, 2011 Jackpot took the same number of draws we see now for the $201m mark. There is admittedly some slight variability, but this is NO RECORD.

                          April 6, 2011 is yet another EXAMPLE of the same number of draws that took the Jackpot over the 200m mark. In fact in this case, it rolled over to 221m

                          "Freedom of Speech? Keep reading and you will discover that freedom comes at a price!"


                            Bahamas
                            Member #114685
                            August 5, 2011
                            422 Posts
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                            Posted: February 3, 2012, 3:58 pm - IP Logged

                            April 6, 2011 is yet another EXAMPLE of the same number of draws that took the Jackpot over the 200m mark. In fact in this case, it rolled over to 221m

                            MY ERROR on both examples. Actually it went over the 200m mark at the 11th draw!!!

                            "Freedom of Speech? Keep reading and you will discover that freedom comes at a price!"

                              Kumo's avatar - ebDWVf6 jpg?1

                              United States
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                              January 27, 2012
                              172 Posts
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                              Posted: February 3, 2012, 4:01 pm - IP Logged

                              Hehe, you too Tigger and good luck to you on Saturday. :)


                              Heya RD, not the Dutchman, but I am direct kin to "The Mormon Pathfinder". Legend has it that the Ute's know where the mines are but thankfully they are not talking.