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Couple wins $3M jackpot 27 years after wife's numbers last came up

Topic closed. 41 replies. Last post 3 years ago by Drenick1.

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DDOH937's avatar - Lottery-062.jpg

United States
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December 4, 2013
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Posted: March 7, 2014, 2:23 pm - IP Logged

The federal government is over $16T in debt. This will not end well. The politicians can easily propose a special tax on lottery prizes to help fund research on moon-bats lol and guess what? It would sail through the house without much opposition. Gambling is considered a dirty business anyways.
No no not with my money...I'd take that money in a heartbeat.

During WWII, tax rates on the 'rich' went up to as high as 90%. There will DEFINITELY be a time in the future when special taxes will be assessed. I am sure of it. To make it worse, citizens would gladly vote on any referendum that would allow lottery winners to be taxed up the hilt. They wouldnt care. The first thing they would highlight is that lottery winners didnt really work for their money. Again, no way annuity is attractive to me, unless its over $600 million, then i might be crazy enough to think of it, but that's just as far as i'd go, just a thought. Definitely wouldnt do it.

    Drenick1's avatar - villiarna
    USA
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    Member #152799
    February 25, 2014
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    Posted: March 7, 2014, 2:29 pm - IP Logged

    During WWII, tax rates on the 'rich' went up to as high as 90%. There will DEFINITELY be a time in the future when special taxes will be assessed. I am sure of it. To make it worse, citizens would gladly vote on any referendum that would allow lottery winners to be taxed up the hilt. They wouldnt care. The first thing they would highlight is that lottery winners didnt really work for their money. Again, no way annuity is attractive to me, unless its over $600 million, then i might be crazy enough to think of it, but that's just as far as i'd go, just a thought. Definitely wouldnt do it.

    I Agree! The Top federal rate was 91% in 1963 and even as late as 1981 stood at 70%. I have no doubt we will witness several severe tax hikes in our lifetime.

      maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
      Massachusetts
      United States
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      April 14, 2006
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      Posted: March 7, 2014, 3:13 pm - IP Logged

      During WWII, tax rates on the 'rich' went up to as high as 90%. There will DEFINITELY be a time in the future when special taxes will be assessed. I am sure of it. To make it worse, citizens would gladly vote on any referendum that would allow lottery winners to be taxed up the hilt. They wouldnt care. The first thing they would highlight is that lottery winners didnt really work for their money. Again, no way annuity is attractive to me, unless its over $600 million, then i might be crazy enough to think of it, but that's just as far as i'd go, just a thought. Definitely wouldnt do it.

      I am curious to hear from those who are for annuities. I agree with you and Drenick1 on lumpsum payouts.

      That money's gone fo ever

        DDOH937's avatar - Lottery-062.jpg

        United States
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        Posted: March 7, 2014, 3:20 pm - IP Logged

        I am curious to hear from those who are for annuities. I agree with you and Drenick1 on lumpsum payouts.

        This is why Annuities are a HUGE gamble on the future and really makes no sense. Look at these historical tax rates. We are sure to return to one of these sky high ones at some point. Whether due to a war, financial crisis, weather realated crisis/disaster, whatever the case might be. Even if its short lived, some of these rates are simply BRUTAL!!!! And you know that lottery winners would be the first targets with the bulls eye on their winnings..

         

          LottoMetro's avatar - Lottery-024.jpg
          Happyland
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          September 1, 2013
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          Posted: March 7, 2014, 4:35 pm - IP Logged

          I'm with the majority. Her mistake in the tax savings calculation was assuming that rates will remain at or below their current levels for the next 30 years. All you have to do is look at the national numbers and realize that with a limited population capacity and rising costs, taxes must go up at some point.

          Of course, every winner must make the decision on their own and based on personal outlook of their situation. Hopefully this couple consulted a financial advisor before claiming, since they are particularly interested in estate planning and their son. If not...well, I'm sure they'll still "manage."

          As should anyone who receives a nice payout. Wink

          If the chances of winning the jackpot are so slim, why play when the jackpot is so small? Your chances never change, but the potential payoff does.
          If a crystal ball showed you the future of the rest of your life, and in that future you will never win a jackpot, would you still play?

          2016: -48.28% (13 tickets) ||
          P&L % = Total Win($)/Total Wager($) - 1

            CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
            TX
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            Posted: March 7, 2014, 5:09 pm - IP Logged

            Kudos and congrats to them !!!

            May they enjoy their win and take a few trips over to Moosehead Lake

            Stay Positive, Believe and good things will come your way

              Piaceri's avatar - sarsony1
              Republic of Texas
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              Posted: March 7, 2014, 8:08 pm - IP Logged

              Congrats to this lovely couple. Their story brought a smile to my face this evening. Smiley  Yes Nod

              face

              singlewinnersinglewinnersinglewinner   

                TheGameGrl's avatar - character catafly.jpg
                A long and winding road
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                Posted: March 7, 2014, 9:36 pm - IP Logged

                Enjoyed how their time arrived and they chose well in the annuity. For some folks the Vested "security" is more important then the short term lump. All it would take is one lawsuit to dry them up. Instead they are perservering and savoring the income. Lets face it, most of us would be happy to live on 70k a year. 

                I support them in what the real goal is, guaranteed income for them and the family.

                ~~Is it true, Is it kind,Is it necessary. ~~~

                 Thanks be to the giving numbers: 1621,912,119 02014

                  Teddi's avatar - Lottery-008.jpg

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                  Posted: March 8, 2014, 4:53 am - IP Logged

                  Enjoyed how their time arrived and they chose well in the annuity. For some folks the Vested "security" is more important then the short term lump. All it would take is one lawsuit to dry them up. Instead they are perservering and savoring the income. Lets face it, most of us would be happy to live on 70k a year. 

                  I support them in what the real goal is, guaranteed income for them and the family.

                  What in the world are you talking about? You do realize that a lawsuit can dry them up regardless of annuity, don't you? They lose a lawsuit and they will have to fork over or relinquish their rights to future payouts. I really wish people would get that annuities are not the be all and end all of preserving lottery wins. Do you have any idea how many annuity takers have ended up broke or bankrupt? Annuities aren't protected from lawsuits. If they really wanted to protect that money and preserve it for their son, they would have put it in a trust. That way no one could touch it including them. There is no greater security in annuities than in lump sum payouts.

                    dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
                    Oklahoma
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                    Posted: March 8, 2014, 7:43 am - IP Logged

                    Woo Hoo congratulation to Mrs./Mr Gagnon Hurray!

                    I Love Pink & Green 1908

                      DDOH937's avatar - Lottery-062.jpg

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                      Posted: March 8, 2014, 11:03 am - IP Logged

                      What in the world are you talking about? You do realize that a lawsuit can dry them up regardless of annuity, don't you? They lose a lawsuit and they will have to fork over or relinquish their rights to future payouts. I really wish people would get that annuities are not the be all and end all of preserving lottery wins. Do you have any idea how many annuity takers have ended up broke or bankrupt? Annuities aren't protected from lawsuits. If they really wanted to protect that money and preserve it for their son, they would have put it in a trust. That way no one could touch it including them. There is no greater security in annuities than in lump sum payouts.

                      I Agree!.......I agree COMPLETELY teddi. One of the things i find fascinating since joining LP is not only the vast array of opinons on here,  but also how little people know about the lotteries/options should they win. I often read these opinons praising/critizing winners choices and it blows my mind that some on here even if they were lucky to win, they would fall victim or remain ignorant to the realities of claiming their prize. I have learnt so much from being on the LP. Not just from what people post, but more importantly, after reading their post i do my own research to verify/explore what's really best. I am very happy for this lovely couple, kudos to them. But it boggles my mind that ANYONE could possible agree that an Annuity of such a small amount over such a long period makes any financial sense whatsoever. Again, to each their own and that's what makes the world go round, but come on guys, spend an extra 45 seconds with a calculator before making a decision please.

                      Very very happy for them, especially since their numbers came back around so many years after. Quite rare indeed. But very very bad decision with the annuity. tax rates in 5 years will certainly not be less than it is now, not to mention 10/15/20/25 years from now. There have been soooo many times since the 1930's when our top tax rate exceeded 70%. I'm sure there will be a time in the future when special taxes will be assessed again Whether it be for war, a natural catastrophe, some special program, the debt, whatever it is.. And you know who will be the FIRST targets???? Big Lottery winners!!! 90% of Americans would vote to support such a tax because they will all claim the money wasn't earned anyway.

                      "It's good to have money and the things that money can buy, but it's good, too, to check up once in a while and make sure that you haven't lost the things that money can't buy." - George Lorimer

                        Drenick1's avatar - villiarna
                        USA
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                        Posted: March 8, 2014, 11:39 am - IP Logged

                        What in the world are you talking about? You do realize that a lawsuit can dry them up regardless of annuity, don't you? They lose a lawsuit and they will have to fork over or relinquish their rights to future payouts. I really wish people would get that annuities are not the be all and end all of preserving lottery wins. Do you have any idea how many annuity takers have ended up broke or bankrupt? Annuities aren't protected from lawsuits. If they really wanted to protect that money and preserve it for their son, they would have put it in a trust. That way no one could touch it including them. There is no greater security in annuities than in lump sum payouts.

                        I Agree! Not only will a lawsuit attack their annuity payments but the temptation to cash in some of those payments will be looming as well. Cash option were not available until the late 1990's and many jackpot winners prior to that point still went broke.

                          DDOH937's avatar - Lottery-062.jpg

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                          Posted: March 8, 2014, 11:49 am - IP Logged

                          I Agree! Not only will a lawsuit attack their annuity payments but the temptation to cash in some of those payments will be looming as well. Cash option were not available until the late 1990's and many jackpot winners prior to that point still went broke.

                          I Agree!....right there with you on this one Drenick1. You know what i was thinking recently, i wonder if in the coming years these lotteries will evolve to where they would offer 10/15/20/25 year annuity options. Of course the cash option would yield the least amount but increase gradually to varying degrees with the 10/15/20/25/30 year option. I think the percentage of people opting for annuity would be much higher.

                          "It's good to have money and the things that money can buy, but it's good, too, to check up once in a while and make sure that you haven't lost the things that money can't buy." - George Lorimer

                            Drenick1's avatar - villiarna
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                            Posted: March 8, 2014, 11:54 am - IP Logged

                            I Agree!....right there with you on this one Drenick1. You know what i was thinking recently, i wonder if in the coming years these lotteries will evolve to where they would offer 10/15/20/25 year annuity options. Of course the cash option would yield the least amount but increase gradually to varying degrees with the 10/15/20/25/30 year option. I think the percentage of people opting for annuity would be much higher.

                            I think the only issue with offering 10/15/20 year annuities would be the diminished jackpot number. The current $309 million annuity could very well be $500 million if it was offered as a 50-year annuity. While that amount sounds nice, I would still take the cash option.

                              JonnyBgood07's avatar - Patriots logo1.jpg
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                              Posted: March 9, 2014, 7:44 am - IP Logged

                              "... She switches the numbers she plays each week based on a system she's developed."

                               

                              awesome!

                              "No matter how bad things may get, I'd like to thank my middle finger

                              for always sticking up for me.."