Said & done before but ...

Reply #23

Chewie — Tue, 25 Oct 2005 02:40:00 GMT

Yes I am, but it won't help me when an ex comes after me, nor will it help if I am sued for grabbing that cutie on the butt. It won't matter what you chose when you have a car accident and the accident was your fault. You can't hide millions, the IRS won't let you. You turn up with a huge variable on your worth, and the IRS will be on you like smell on sardines. You think you can tie up cash in an investment, and a lwayer can't get at it? Guess again, those things are public records, thus tar... [ More ]

Reply #22

acronym007 — Tue, 25 Oct 2005 02:08:53 GMT

My point exactly, still the same reason to go lump sum Chewie. I only mentioned a few examples. Correct me if I am wrong but aren't you for lump sum also

Reply #21

Chewie — Tue, 25 Oct 2005 02:00:47 GMT

Your arguement has so many holes in it, shooting at it would take weeks. Atleast watch two or three episodes of Matlock reruns before you start practising those concepts. Hint, you don't have to get married, long-term girlfriends have lawyers also.

Reply #20

acronym007 — Tue, 25 Oct 2005 01:23:33 GMT

Lump sum, no matter the jackpot size for me. Think of this, you get married, you then get divored and your collecting annuity. Guess what. Your ex is rich with his/her new spouse. Suppose you get into a car accident, collecting annutiy, guess what, annunity is income and you cannot legally hide income. Meanwhile you can tie up cash however you chose it's yours. Food for thought. Cheers,

Reply #19

Deadsantaclaus — Mon, 24 Oct 2005 18:14:43 GMT

The power is back early thank you FPL! Fortunatly Indian River County hasn't had it as bad as last year. Some damage (again) to north side of house but NO waterfall thru the roof (yet) like last year. I understand Ft Lauderdale got hit hard from a friend. You folks will know more out there that I will for a while. One of the things about riding one of these out is everyone outside the path of the storm knows more about conditions than those in the storm. Power is flickering so gotta go............. [ More ]

Reply #18

Chewie — Mon, 24 Oct 2005 14:08:19 GMT

Correcto mondo!The super rich die off every week, and still manage to keep their fortunes. As long as you can afford a super-smart lawyer, you can remain rich.

Reply #17

lchoro — Mon, 24 Oct 2005 13:37:50 GMT

Consult an estate attorney. It can be liquidated into its cash value like anything else in the estate (real estate, cars, businesses, etc.) that may have accumulated after you spent the lottery prize. And as with the above, there are strategies to mitigate the tax liabilities upon death, such as life insurance, trusts, etc., regardless of whether it's all in cash, in an annuity, or in a mixture of different assets.

Reply #16

Chewie — Mon, 24 Oct 2005 12:49:12 GMT

In my limited knowledge of tax laws, from what I understand, the original money remains yours, and is tranferred by whatever you put on the paperwork you signed when you first won. As in all case, then the tax man commith, and he relishes death! Nothing makes a tax man happier then a dead rich person; especially when the tax keeps on giving. Remember Clinton and retroactive death tax; estates were taxed a year after people died! From what I read, the estate (D-E-A-T-H) tax is due immediately upo... [ More ]

Reply #15

Sheba2 — Mon, 24 Oct 2005 11:32:31 GMT

What happens if youtake the Annunity and you die? Does your estate then get it.. And then whom ever if anyone gets the eatate Money would have to pay Taxes on that again...

Reply #14

konane — Mon, 24 Oct 2005 11:29:48 GMT

God bless you and yours ..... stay safe, look to have you back posting soon

Reply #13

Deadsantaclaus — Mon, 24 Oct 2005 11:05:52 GMT

I'll try to answer this before my power goes out for a day a two thanks to Wilma. The self imposed discipline of the annuity would be nice for me. I'm not the spendy type BUT with a major lottery win I think I'd have trouble explaining to friends and family that they didn't win I did*. The annuity would give me another piece to try to reason with them that the winnings are a finite amount spread over a 26 or 30 year period. Another point With the annuity there is a dilemma that affects you for... [ More ]

Reply #12

BaristaExpress — Mon, 24 Oct 2005 02:29:19 GMT

No matter what the size of the jackpot, I'll always take the lump sum

Reply #11

Greg — Mon, 24 Oct 2005 00:04:59 GMT

Cash in a F-L-A-S-H

Reply #10

CASH Only — Sun, 23 Oct 2005 22:42:16 GMT

Lump sum. Enough said.

Reply #9

Pick3forSC — Sun, 23 Oct 2005 19:32:19 GMT

Me Todd think alike on this one! Hopefully someone soon from LP will have a chance to show on here which one they chose! But for me it's the CA$H!!!!! 40 now realizing a little more that every day is not a given.

Reply #8

Todd — Sun, 23 Oct 2005 18:55:49 GMT

I think the three biggest factors are (1) your age, (2) the size of the jackpot, and (3) your ability to handle money.If you can be honest with yourself, and the handling of large sums of money is beyond your ability to do well, then the annuity can be an excellent option. In that case, do not listen to people who say that if you don't choose cash you're a moron. You should congratulate yourself that you have the discipline and ability to look within and understand your own weaknesses.For me,... [ More ]

Reply #7

bellyache — Sun, 23 Oct 2005 18:13:30 GMT

I would take cash whether it was a high jackpot or a low jackpot.

Reply #6

konane — Sun, 23 Oct 2005 14:47:02 GMT

Always cash whether the jackpot is low or high. Given the current climate of economic instability my concern would be for the solvency of the the company issuing the annuity. If an insurance company is issuing or insuring .... take a long cold look at natural disasters and their impact on that industry before deciding.Another issue is if a long term annuity holder dies their heirs have to pay estate tax on the remaining amount which has often resulted in selling that annuity for pennies on the... [ More ]

Reply #5

four4me — Sun, 23 Oct 2005 14:33:22 GMT

While no one is guaranteed longevity if I was young say 25 I might choose annuity if the pot I won was 250/300 million or more. Older people above 50 in poor health should probably take the lump sum. Figuring they might not live long enough to collect the annuity. Also if you are a poor money handler now, then having a lump sum might cause you to spend deliberately and could cause you to spend all your winnings. Annuity has to be looked at from all points regarding it. Some might benefit from it... [ More ]

Reply #4

lchoro — Sun, 23 Oct 2005 14:32:22 GMT

ever trust a Civil Servant to manage your money, the State debt should be an indication of their experience. The lottery corp's annuity is an unmanaged account. It's automatically invested in government bonds. The equivalent in the private sector is a guaranteed fixed rate annuity.

Reply #3

hypersoniq — Sun, 23 Oct 2005 14:21:03 GMT

in any situation I will take the lump sum. I have thought about it for a long time and for my personal situation, that makes the most sense.here's what to do, grab a piece of aper and a pen, draw a line down the middle and on one side list the advantages of annuity and on the other the advantages of lump sum. on another sheet divide it the same and write the disadvantages of each (for your personal situation).when done, the one with the most plus entries and the least minus entries is the way to... [ More ]

Reply #2

Chewie — Sun, 23 Oct 2005 13:08:59 GMT

Money is money - the total amount is a variable that should have no bearing on the evaluation. Never trust a Civil Servant to manage your money, the State debt should be an indication of their experience. Of course, if you've never been in a position to manage anything higher than a minimum wage income, or your allowance, you may wish to continue letting other people make those management decisions.

Reply #1

dearlord — Sun, 23 Oct 2005 08:53:08 GMT

i'm the opposite...the higher the jackpot the more the of a chance i'll choose annuity

Said & done before but ...

mt7895 — Sun, 23 Oct 2005 07:15:21 GMT

I know the discussion between lump sum or annuity have been discussed over and over before but ....I'm just wondering. (Not trying to bring any controversy.) If you were to win the Powerball, Megaball, or whatever lottery, and the winning amount was between $15 million - $30 million. Would you still take the lump sum or annuity? If you are going to take the annuity, is there a point when you will choose lump sum? I've wondered about that. I know when the Powerball is high (like in the $100 mi... [ More ]