You've won the lottery! Now what?

Comment #21

hypersoniq — Fri, 19 Dec 2003 01:26:38 GMT

Quote: Originally posted by Todd on December 18, 2003 If the Webmaster did not stay on top of the changes, then they would have an old rate on their site.Yes, I have noticed other things in their FAQ that are outdated. They also dropped adding videos of the drawings, the old site can still be reached but the last 2 months are missing.

Comment #20

Todd — Thu, 18 Dec 2003 19:10:06 GMT

Quote: O

Comment #19

bigmoney — Thu, 18 Dec 2003 18:51:47 GMT

I'm not letting anyone tell me how to spend my money, but me. I can go to classes or get on the internet if I want to know how to make my money work for me. Why should I give anyone a cut, when I can keep it for muah? Who can spend my money other than me

Comment #18

CASH Only — Thu, 18 Dec 2003 18:39:59 GMT

weshar:And if you move during the 30 years, you have to notify the lottery your new address/PO box.

Comment #17

Todd — Thu, 18 Dec 2003 17:33:44 GMT

Quote: Originally posted by hypersoniq on December 18, 2003 MUSL claims to withhold 27%...That number (if it exists on their Web site) is probably outdated. The Feds were at 28% for a long time, and then dropped the rate gradually to the current level of 25%. If the Webmaster did not stay on top of the changes, then they would have an old rate on their site. It's a Federal standard, so MUSL doesn't use a different rate than everyone else.

Comment #16

weshar75 — Thu, 18 Dec 2003 16:21:03 GMT

My favorite part of the annuity payments since I'm 28 is that if I would win in the near future I could recieve all 30 payments and not even be 60 years of age. You get the cash now and its 30 some million or you take the payments and its like 50 to 60 million over 30 payments. I probably wouldn't spend 30 million dollars in my lifetime or 50 to 60 million. But I like having a check every year just in case you get a little crazy with your money to fall back on. And if I die by some fluke rea... [ More ]

Comment #15

hypersoniq — Thu, 18 Dec 2003 16:15:36 GMT

MUSL claims to withhold 27%, the new bracket for money over $311,000.00 is 35% (formerly 39.6%). You are required to make estimated tax payments throughout the year (quarterly, I presume) to pay that 8% you will owe.Just one more case for Cash Option, with large annuities, you need to do this each year if the payments are greater than $311,000... why not get it done all at once while the top rate is still favorable... next Dem. in office will hit that number first

Comment #14

Millennium — Thu, 18 Dec 2003 13:26:35 GMT

Quote: Originally posted by Todd on December 17, 2003Quote: Originally posted by Millennium on December 17, 200325% tax rate?!Denali is correct: the Feds take out 25% when your prize is awarded. It's up to you to pay any additional taxes due April 15.I haven't had that, er, problem, hence my mistake.

Comment #13

CASH Only — Thu, 18 Dec 2003 13:20:28 GMT

weshar: Some reasons why you should seriously consider LUMP SUM instead of annuity:* Control over your winnings. If you take the cash, you still have the leverage, and you can decide how YOUR winnings are invested, perhaps in several different ways, including an annuity (or annuities) you can purchase AFTER receiving your prize, and AFTER resea... [ More ]

Comment #12

Todd — Wed, 17 Dec 2003 22:00:27 GMT

Quote: Originally posted by Millennium on December 17, 2003 25% tax rate?! Denali is correct: the Feds take out 25% when your prize is awarded. It's up to you to pay any additional taxes due April 15.

Comment #11

Millennium — Wed, 17 Dec 2003 21:51:19 GMT

25% tax rate?! Million-dollar winners on Who Wants To Be a Millionaire report 40% being taken out -- I guess that's Fed, State and City/Local?(BTW, WWTBAM second season $1M and $500K prizes are no longer lump sums -- they're $100K upfront and then loooong, thin annuities...

Comment #10

weshar75 — Wed, 17 Dec 2003 18:41:07 GMT

If I took the cash I would have financial/legal/tax personnel and not to mention my family members/friends all at my door barking for hand outs. Sometimes we sit around a day dream about the winnings and people say things that they don't mean about who is going to get this or that. So if I win I'm going to choose annuity because it would be less of a hassle for me to refuse them a hand out. People expect you to bend over backwards to help them if you are related and won the lottery or if you... [ More ]

Comment #9

golotto — Wed, 17 Dec 2003 18:41:06 GMT

Our local phone c

Comment #8

CASH Only — Wed, 17 Dec 2003 16:06:44 GMT

weshar:Why are you COMMITTING to an annuity when you have (under MUSL rules) a 60-day window to decide AFTER winning? What if all the financial/tax/legal etc advice you receive after winning tells you to take the CASH

Comment #7

Denali — Wed, 17 Dec 2003 15:31:16 GMT

1) hypersoniq and bug have it right.2) Fed tax rate is currently 25

Comment #6

weshar75 — Wed, 17 Dec 2003 14:44:57 GMT

When I win the Powerball tonight I will take the annual payments because for me I like that option and I'll try to contain my joy and happyness to a minimum. I think that the million or two in the bank will not be that hard to keep track of by myself. So I will say no to all the help from the experts and say yes to a phone number that no one knows. And yes to a lifestyle of being more free to doing things I enjoy like playing the lottery and maybe some gaming.

Comment #5

Millennium — Wed, 17 Dec 2003 13:31:39 GMT

New psychological malady affects the suddenly wealthy

Comment #4

CASH Only — Wed, 17 Dec 2003 13:11:14 GMT

Again, the story assumes the cash/annuity decision can be made AFTER you win (not true in: CA, NY, TX, e.g.).

Comment #3

hypersoniq — Wed, 17 Dec 2003 11:29:32 GMT

you can have one lawyer set up a personal property trust for the amount of $1 and any future assets the grantor chooses to place into the trust .... then have it checked for airtightness by another lawyer... the lawyers need not know they are dealing with millions...This should get the check for you without the publicity. Once you have a system in place (like a number of bank accounts set up in different institutions) then you can cash that check. You can then single out one small test accoun... [ More ]

Comment #2

goose — Wed, 17 Dec 2003 10:54:31 GMT

oh yeah.

Comment #1

Bug — Wed, 17 Dec 2003 10:45:45 GMT

The quickest way to get screwed is through a financial advisor, lawyer, or accountant. Buy govt. backed bonds and live off the interest.

You've won the lottery! Now what?

Lottery Post — Wed, 17 Dec 2003 09:26:24 GMT

Hitting the jackpot may be a fantasy, but what's the harm in dreaming? Here's some realistic advice on what to do if those numbers prove to be magic.It's after 11 p.m. on Saturday night, a night like any other Saturday night. You're ready for bed and yelling at the dog to get out of the garbage. With little enthusiasm or hope, you tune in to the drawing of the state's lottery numbers on TV. A quick glance at the numbers tells you that you wasted yet another ... wait a minute! The numbers on your... [ More ]