Major claim deadline approaching for Illinois lottery winner of $1.337 billion Mega Millions jackpot

Comment #36

Retired Banker — Sat, 17 Sep 2022 22:36:29 GMT

Estates do not have to be settled all at once. An estate can stay open for years and carry on income producing businesses. They can also advise potential Trust Granters of ways trusts can give to nonprofits and doing so may give the trust a good refund when the Trusts Taxes (1041) s and state forms are filed.

Comment #35

Retired Banker — Sat, 17 Sep 2022 22:08:06 GMT

Greetings:

When the Lottery first started in New York we were told that the New York State Lottery officials were requited to put funds into US Treasury Bills, Notes and Bonds. There fore thee would be guaranteed by our Uncle Sam at later dates. Wasn't Illinois required to do the same

Comment #34

KY Floyd — Fri, 16 Sep 2022 05:38:25 GMT

The thing is most lottery players don't have a lawyer on retainer ...Look what happened to the lottery winners trusting the lottery lawyer

That's one of the many reasons that a whopping 7 weeks passing since winning the last MM jackpot isn't anywhere near long enough to think the ticket is likely to be lost. The person who claimed the record MM jackpot took 5 months to find the right lawyer and get things in order and look how that worked out.

Of course it seems to have been the managem... [ More ]

Comment #33

Stack47 — Thu, 15 Sep 2022 21:05:02 GMT

Single owner bank accounts are only insured for $250.000 so people with millions spread their money in several banks. Cash management accounts with reputable brokers is another option.

We read people saying they would put together a team of lawyers and financial advisers before going to lottery headquarters. The thing is most lottery players don't have a lawyer on retainer or have millions invested in a well known brokerage firm. Over night, they became multimillionaires with very little kno... [ More ]

Comment #32

GiveFive — Thu, 15 Sep 2022 09:08:47 GMT

Agree with everything you wrote. As for me personally, the bank I'd use would probably be a private bank. My thinking is that a private bank would be a better fit for me than a commercial bank. But there isn't anything wrong with using the services of a commercial bank. G5

Comment #31

Artist77 — Thu, 15 Sep 2022 01:06:54 GMT

You do not need an elaborate will if you have a trust. A trust typically includes a short attached will with a pour over provision to catch anything that might not have been originally listed in your trust...such as a second home or additional assets.

And have your attorney prepare the will and trust. Keep those financial and trust relationships separated. A bank does not need to know all the beneficiaries of your investment trust and who gets what percentage wise.

A trust can be a benef... [ More ]

Comment #30

Retired Banker — Wed, 14 Sep 2022 19:49:11 GMT

That's why with such a large amount in money you should have a Trust Department in a bank take care of all the paperwork.

Comment #29

TheMeatman2005 — Wed, 14 Sep 2022 19:33:13 GMT

My feelings about lump sum or annuity: if you're under 40, you should take the annuity and if you're over 40 take the lump sum.

If you take the annuity and die before the last payment, your estate would be responsible for the inheritance tax on the full amount remaining.

Comment #28

Retired Banker — Wed, 14 Sep 2022 18:17:27 GMT

I invite you to take a look at this site: https://www.usamega.com/

Then look at the Jackpot Analysis under both games. Take a good look at the first line regarding the Federal Tax over time for the annuity payments and the sudden extremely large Cash Jackpot Prize.

Go down and find your state on the list and like to it notice the SMALLER FEDERAL TAX payments for fed and state taxes.

Are you aware that there are about seven states where there are no State Income Taxes and even a few

Comment #27

CDanaT — Wed, 14 Sep 2022 14:49:39 GMT

I dont want someone else to control my allowance for 29 years,getting 5% increase each year ..... Just curious if anyone knows what are the federal and state income taxes going to be in 4 years from now ? How about 12 yrs, 17 yrs, 22 yrs, 26 yrs ?? I know that I will never reside in another state that has a state income tax. Can you imagine giving the state of Illinois the 4.95% income every single year for the next 29 years ? Does anyone truly and realistically believe as greedy and STUPID as o... [ More ]

Comment #26

Bleudog101 — Wed, 14 Sep 2022 14:02:33 GMT

Point well taken. 20 or so years ago I'd have taken the annuity, but these days NO.

For one, won't live long enough to see 29 years of payments PLUS the big downside to me is getting hit with a huge tax burden all those years. Pay up front and be done with it.

Comment #25

Retired Banker — Wed, 14 Sep 2022 13:21:38 GMT

When the lottery first started, we were told by our branch manager to read all the rules and regulations and all the details so we could answer any questions our bank customers might have. Of course we should always cross sell the other departments of our bank especially the services of The Trust Department. You know, should you die before collecting all funds of the jackpots, They Continue to send the checks or the direct deposits until the amount of the jackpot has been paid.

Therefore, t... [ More ]

Comment #24

GiveFive — Wed, 14 Sep 2022 12:08:02 GMT

As far as taking the annuity is concerned a lot depends upon the age of the winner .

At my age (I'm retired) there's no way I'd take the annuity. My son may feel differently. G5

Comment #23

Retired Banker — Wed, 14 Sep 2022 10:51:03 GMT

Why do you consider the Cash Payment is the best way To Go?

Every Time I hear of a lottery winner taking the cash prize, I really believe the person has not given the matter sufficient thought.

You want to use the system To Your Advantage and not the taxing authorities.

Comment #22

KY Floyd — Wed, 14 Sep 2022 05:58:20 GMT

In Texas we have to choose when buying the ticket if using a playslip.

At one time IRS rules required the selection to be made within 60 days, but IIRC failing to decide got you the cash so that it was all taxable th first year. Those rules have changed but apparently some states haven't caught up yet.

Why are the taxes higher when taking the lump sum?

Because not all of your annual income is taxed in the highest bracket. Just to make it really simple, the federal tax on the f... [ More ]

Comment #21

Stack47 — Wed, 14 Sep 2022 01:25:40 GMT

Waiting for a second chance drawing?

Someone said each state lottery gets back what ever they contributed to the jackpot IF the ticket goes unclaimed. How it's distributed will probably be decided by each lottery.

Comment #20

jjtheprince14 — Tue, 13 Sep 2022 16:07:58 GMT

I'm secretly hoping it's a lost ticket for some reason.

Comment #19

Artist77 — Tue, 13 Sep 2022 15:58:33 GMT

Hopefully the winner is making arrangements to move far away from that state before the no cash bail required /no holding in prison prior to trial law begins in 2023. Run before the purge begins.

Comment #18

winterhug — Tue, 13 Sep 2022 14:38:40 GMT

No, most people would take the lump sum. No one really knows what is going on inside their state government which is holding one's annunity. You look up one day and the money just might be gone. Most of us don't care about paying the taxes because at the end of the day, it is STILL more more that we are getting then we have ever had before. Take the lump sum...

Comment #17

play4shekels — Tue, 13 Sep 2022 13:42:30 GMT

Yes, Vinh Nguyen won a 228 million Powerball jackpot in California in 2014 and took the annuity option.

Comment #16

play4shekels — Tue, 13 Sep 2022 13:33:09 GMT

The only reason to take the lump sum is that you're too close to the jumpin' off point. I mean, really- why take 41.5% right off the top and then pay another 42% in state and federal taxes on the remainder? That would seem foolish to me.

Comment #15

Stack47 — Tue, 13 Sep 2022 04:01:11 GMT

The Illinois Lottery allows winners to remain anonymous so let's hope this jackpot winner is having a problem deciding cash or payments and the ticket is not lost and goes unclaimed.

Just occurred to me maybe the winner hired Crawford Shaw to validate the ticket and Shaw will wait until the 11th hour before heading to lottery headquarters.

All kidding aside, the winner might not even know their claiming options have a 60 day deadline. We'll know in a couple of weeks.

Comment #14

TheMeatman2005 — Tue, 13 Sep 2022 01:29:17 GMT

If a jackpot prize goes unclaimed, each participating state in the Mega Millions game will get back all the money it contributed .

Comment #13

sdw1000 — Mon, 12 Sep 2022 23:28:05 GMT

So what happens if it isn't claimed at all

Comment #12

Mata Garbo — Mon, 12 Sep 2022 22:55:45 GMT

Kate......I have seen a lot of videos offering advice on what to do if you suddenly become a multi-millionaire, but I must say yours was the best. You kept things simple and explained the reasons behind your advice, instead of just giving advice. Hard to believe this is the first time I've watched that video. Thanks.

Comment #11

Artist77 — Mon, 12 Sep 2022 22:47:01 GMT

Have we ever seen a winner take the annuity vs a lump sum for a major win of $200 million plus? I cannot recall any. I am wondering if the ticket was lost, not checked, etc.

Comment #10

Tony Numbers — Mon, 12 Sep 2022 22:08:12 GMT

Claim the money now! Lump sum ,, buy an annuity. Put the money to work for you. The money isn't doing any good if it's not claimed.

Comment #9

Cassie8620 — Mon, 12 Sep 2022 21:59:02 GMT

a closed loved one of mine,

in Killeen, Tx., was saying something about that. just wanted to say that today.

This is a very sad thing, if the woman does not claim it. (or man) because I'm one who is in her late 30s, so basically tipping on middle age. I would want LUMP SUM if my child age, she 20, and early 20s both girls. or, if i was middle age already mid 40s fifties, and up i would still want LUMP SUM. I am one who do not trust any gov't with my

'annuity pay etc., no... [ More ]

Comment #8

Bleudog101 — Mon, 12 Sep 2022 21:42:07 GMT

Have you forgotten that CA couple that waited until the very end to claim their share of a multi-billion $ prize?

This might be the same case too. July 2023 is still a way off...give it time.

Comment #7

Raven62 — Mon, 12 Sep 2022 20:46:13 GMT

Counting Down to Feast or Famine

Comment #6

Tony Numbers — Mon, 12 Sep 2022 19:04:01 GMT

Seems like that ticket is lost. If they hit for that big amount, what are you waiting for? Very Unfortunate

Comment #5

JWBlue — Mon, 12 Sep 2022 17:44:30 GMT

Why are the taxes higher when taking the lump sum?

Wouldn't the annual amount put a winner in the highest tax bracket every year

Comment #4

rdgrnr — Mon, 12 Sep 2022 16:52:58 GMT

I would always prefer the lump sum but I definitely would not trust a state like Illinois for the annual payments. It wasn't that long ago that they were giving you an IOU for any winnings over $600. And the state government there has been corrupt for a long, long time. They even have a saying there that all their Governors serve two terms, one in office and one in prison.

Comment #3

CDanaT — Mon, 12 Sep 2022 15:42:04 GMT

Interesting options this winner(s) has:

1. Complete anonymity

2. Cash Lump Sum Always the best (imho)

3. Annuity https://www.usamega.com/mega-millions/jackpot/annuity/il/2022/7/29

Starting with the 1st payment of $11.71 Million AFTER state and fed taxes are paid , then going up. Payment # 15 would be $23.16 Million take home (provided taxes stayed at the same rate). The final take home payment of $48.12 Million ( If taxes stay the same in 29 years).

Lots to ponder for this... [ More ]

Comment #2

rcbbuckeye — Mon, 12 Sep 2022 14:49:16 GMT

In Texas we have to choose when buying the ticket if using a playslip. If a retailer prints a ticket from the computer (a QP) it automatically chooses the cash value prize unless the annuity is requested.

Comment #1

Bleudog101 — Mon, 12 Sep 2022 13:10:15 GMT

Wonder how many states require players to choose annual payments vs annuity? Time this was shelved and let them decide when claiming the prize.

Maybe 15 years ago or so when you purchased a ticket for the big boys in KY you had to decide right then and there which route you wanted. Glad they got rid of that...maybe the advent of self service machines years later dictated this needed to go

Major claim deadline approaching for Illinois lottery winner of $1.337 billion Mega Millions jackpot

Lottery Post — Mon, 12 Sep 2022 11:16:37 GMT

They don't have as much time as it seems

By Kate Northrop

A crucial deadline for claiming the record-breaking $1.337 billion Mega Millions jackpot drawn in July is approaching for the single Illinois-based lottery winner.

The lone Illinois winner of the unimaginable $1.337 billion Mega Millions jackpot is only weeks away from a major deadline that could have a huge impact on the amount of money they get to walk away with.

For a prize of this magnitude, it's not unusual for the wi... [ More ]