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$356 MILLION: Mega Millions lottery jackpot nears record

Topic closed. 449 replies. Last post 5 years ago by Jill34786.

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United States
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March 20, 2012
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Posted: March 25, 2012, 6:32 pm - IP Logged

Maybe a stupid question... the other 10%... is that taken off of the 356million or 255cv

Just look at it as a whole. It's 35% total. So whether you choose the 255 million CV or the 356 annuity, you will be taxed 35%.

    Arrowhead's avatar - underground
    Ohio
    United States
    Member #120754
    December 27, 2011
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    Posted: March 25, 2012, 6:35 pm - IP Logged

    I Agree! Forming a charitable trust would be my choice as a foundation for charitable contributions. You can hire people (thus creating more jobs) to help make sure your charities are taken care of.

    With the kind of $$$ you'd be clearing here, no matter the state you live in, it's not a big deal, but out of curiousity does anybody know a ballpark figure to 'form' all the various trusts you'd want? A trust to claim the jackpot (if your state allows it), a trust to form a charity, a trust for this and that...?

      ashabug725's avatar - Yavill
      Indiana
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      February 9, 2012
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      Posted: March 25, 2012, 6:36 pm - IP Logged

      Just look at it as a whole. It's 35% total. So whether you choose the 255 million CV or the 356 annuity, you will be taxed 35%.

      Okay! thanks masone

        Jill34786's avatar - Lottery-006.jpg
        Windermere, FL/Franklin, TN
        United States
        Member #50210
        March 1, 2007
        843 Posts
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        Posted: March 25, 2012, 6:36 pm - IP Logged

        Maybe a stupid question... the other 10%... is that taken off of the 356million or 255cv

        It's tacked on either one. It doesn't matter if you choose the annuity or lump sum cash as the Feds will still tax you at the highest tax rate.

          Jill34786's avatar - Lottery-006.jpg
          Windermere, FL/Franklin, TN
          United States
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          March 1, 2007
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          Posted: March 25, 2012, 6:41 pm - IP Logged

          With the kind of $$$ you'd be clearing here, no matter the state you live in, it's not a big deal, but out of curiousity does anybody know a ballpark figure to 'form' all the various trusts you'd want? A trust to claim the jackpot (if your state allows it), a trust to form a charity, a trust for this and that...?

          Depending where you set up the trust and charitable foundation, you can expect to spend 10-15k if you have your attorneys do all the leg work. You could minimize the cost if you did some of the paper work yourself but I don't think you would really care about saving a few thousand dollars if you won Wink

            dpoly1's avatar - driver
            PA
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            October 16, 2008
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            Posted: March 25, 2012, 6:47 pm - IP Logged

            I would be happy with the $191,250,000 wire transfer for Pennsylvania winners!

            If it would happen to go to $300,000,000 cash value, the wire transfer would be about $225,000,000!

            I would be more than willing to mitigate the remaining 10% Federal Tax Obligation with some very nice charitable contributions ...........

            Thumbs Up

            dpoly1 - Playing the lottery to save the jobs of those that build, transport, sell & maintain luxury items! -

             

            Eschew Poverty ........... Vote Conservative!

              Arrowhead's avatar - underground
              Ohio
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              December 27, 2011
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              Posted: March 25, 2012, 6:50 pm - IP Logged

              Depending where you set up the trust and charitable foundation, you can expect to spend 10-15k if you have your attorneys do all the leg work. You could minimize the cost if you did some of the paper work yourself but I don't think you would really care about saving a few thousand dollars if you won Wink

              You've been very informative. Thanks.

              If I win can I hire you?Big Smile

                NoShame's avatar - Lottery-030.jpg
                Indiana
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                Member #104853
                January 21, 2011
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                Posted: March 25, 2012, 6:51 pm - IP Logged

                So do you guys think that the jackpot will rise pass $390 million (the largest to date) before Tuesday's draw with all the ticket sales or will it take another roll?  I kinda want it to roll just for excitement value.

                  Jill34786's avatar - Lottery-006.jpg
                  Windermere, FL/Franklin, TN
                  United States
                  Member #50210
                  March 1, 2007
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                  Posted: March 25, 2012, 6:56 pm - IP Logged

                  You've been very informative. Thanks.

                  If I win can I hire you?Big Smile

                  You're very welcome!

                  I am always available for consultation and my fees would be based on performance Thumbs Up


                    United States
                    Member #111442
                    May 25, 2011
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                    Posted: March 25, 2012, 6:57 pm - IP Logged

                     If as much thought and effort that went into the process of tax limitation, would go into the actual determination of the winning numbers.   Crazy

                      Kumo's avatar - ebDWVf6 jpg?1

                      United States
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                      January 27, 2012
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                      Posted: March 25, 2012, 6:57 pm - IP Logged

                      So Kumo - you would not really be giving them a gift... you would be giving them a directed deposit.  If it were really a 'gift' it would be up to the recipient how/when/where to spend it.  Strings are a harsh thing to put on a gift... especially when you would have so much more, it seems controlling.  It's one thing to say:  'this much, no more' (for whatever reason), and quite another to say 'and if you dont use it the way I think is best, you are cut off from future largess.'

                      HaveABall Wrote: "You'd be so wealthy, Kumo, able to give to a few others $13K annually, for decades, without caring how they spent that money.  Remember, it's only $13K, if you give it lovingly, then you won't be inclined to care or spy on how it's spent.  Be happy by taking the peaceful gifting route, without expectations, contingencies, or ultimatums."

                      max and HAB, I can definitely see your points. With the majority of my relatives, I could give money to and not have to give a second worry about what they do with it.

                      I'd just be really concerned that a couple of specific knuckleheads in our family, would end up getting themselves in a whole heap of trouble. Believe me, they could do that easy with just half of $13,000. I don't want to see that happen, sure they get on my nerves sometimes, but they are still family.

                      To further illustrate, my in-law's husband gave her some money to take care of an important bill recently, she took the money and went and got her hair and nails done. Bang Head  He's not exactly that good with money either. :/

                      I've thought about giving money only to the elder generation in our family, the ones nearing or already in retirement, but that would not be fair to the 20 to 40 somethings who have shown that they are responsible young adults.

                      Perhaps it might just be best to cut everyone a 30-year T-Bond every year and forget about it.

                       

                      CDanaT Wrote: "Max...I agree with you on the gift issue..while the gift is a very generous thing to do, it is  considered a gift and not a loan....  the giver wants to see the receiver exercise some of the same ideas on how to spend it, as the giver sees it.....I wonder  if you could just offer to pay down their bills up to the 13K/26K ( IRS max allowed to be given as a gift) instead ? Might be an option of generosity that would be acceptable....imho"

                      That sounds like a brilliant idea Tigger. Thumbs Up The two relatives I am thinking about have over $150k of debt between the both of them. At least that way I could have some peace of mind the money did something good for 'em.


                      Ah well, dreaming aside, picked up my ticket today for 1 in 175 Million odds. Dance

                      Wishing everyone the best of luck this Tuesday! Cheers

                      Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same. ~Ronald Reagan

                      "None are more hopelessly enslaved than those who falsely believe they are free." ~Wolfgang von Goethe

                      "It's preferable to be harmlessly paranoid than fatally stupid."  ~Anonymous

                        Jill34786's avatar - Lottery-006.jpg
                        Windermere, FL/Franklin, TN
                        United States
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                        March 1, 2007
                        843 Posts
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                        Posted: March 25, 2012, 6:58 pm - IP Logged

                        So do you guys think that the jackpot will rise pass $390 million (the largest to date) before Tuesday's draw with all the ticket sales or will it take another roll?  I kinda want it to roll just for excitement value.

                        I would be very surprised if the Jackpot didn't surpass $400 million prior to Tuesday's drawing.

                          Arrowhead's avatar - underground
                          Ohio
                          United States
                          Member #120754
                          December 27, 2011
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                          Posted: March 25, 2012, 6:58 pm - IP Logged

                          You're very welcome!

                          I am always available for consultation and my fees would be based on performance Thumbs Up

                          Hopefully I could afford you...Wink

                           

                          Seriously, good luck to you and thanks for the information.

                            Jill34786's avatar - Lottery-006.jpg
                            Windermere, FL/Franklin, TN
                            United States
                            Member #50210
                            March 1, 2007
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                            Posted: March 25, 2012, 7:04 pm - IP Logged

                             If as much thought and effort that went into the process of tax limitation, would go into the actual determination of the winning numbers.   Crazy

                            Finding ways to minimize tax obligations and investing the proceeds is the easy part. Trying to determine what numbers will hit is beyond the capabilities of most of us humans. Speaking for the majority, I believe we all just want some luck on our side Thumbs Up


                              United States
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                              May 25, 2011
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                              Posted: March 25, 2012, 7:13 pm - IP Logged

                              Finding ways to minimize tax obligations and investing the proceeds is the easy part. Trying to determine what numbers will hit is beyond the capabilities of most of us humans. Speaking for the majority, I believe we all just want some luck on our side Thumbs Up

                              You hit the nail on the head Jill. We need to be in contact with alien beings who are much more in tune with numerical prediction than ourselves.

                              Screw the luck scenario, give us the UFO lotto wizards.  Cool

                                 
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