The final drawing for Lotto South...

Reply #16

lchoro — Tue, 28 Feb 2006 00:15:22 GMT

I think the beneficiary can still elect to take the remainder of the annuity as a lump sum at the time of death. In the case of a guaranteed annuity like Win For Life, the survivor would only receive payments for the duration of the guaranteed period, not the remainder of their life. The designation of a beneficiary bypasses the estate tax. Whether received as a lump sum or an annual payment, it'll be taxed as ordinary income.

There was a recent tax law that concerns the taxation of lo... [ More ]

Reply #15

konane — Mon, 27 Feb 2006 23:52:58 GMT

Would the beneficiary be taxed on the total valuation of the annuity at the time it's received if it's large like MM or PB?

Or are those periodic annuity payments considered taxable ordinary income to the beneficiary

Reply #14

lchoro — Mon, 27 Feb 2006 22:54:26 GMT

Naming a beneficiary for your annuity bypasses the estate when you die. My father had two such annuities set up for my mom. The portion of the annuity payments that's derived from investment is taxed as regular income to the recipient. IRA's and 401K's are also handled outside the estate so long as decedant's estate is solvent. There has to be another financial problem with the deceased, such as unpaid taxes or debts, that can't be managed by liquidating the assets within the estate when it impa... [ More ]

Reply #13

konane — Mon, 27 Feb 2006 19:54:28 GMT

Found it ... couldn't see for looking.

Cash Option: If a grand prize winner chooses Cash Option, he/she will be paid in a lump sum payment of $520,000. Winners make this choice while claiming the prize.

Reply #12

CASH Only — Mon, 27 Feb 2006 19:33:00 GMT

www.valottery.com said Virginia winners can choose cash.

Reply #11

konane — Mon, 27 Feb 2006 19:29:22 GMT

Was it in a press release or on site somewhere??

As for Georgia it shows the news people don't get it right .... as if that's new

Reply #10

CASH Only — Mon, 27 Feb 2006 19:26:13 GMT

Virginia winners can choose $520,000 cash in lieu of the quarterly payments. I still don't know about KY.

Reply #9

konane — Mon, 27 Feb 2006 19:23:16 GMT

Many times a beneficiary's family has to sell an annuity at a substantial discount to pay inheritance taxes due on a qualifying estate.

Yes no mention of anything other than annuity on the Georgia site, also same for information I could find on Kentucky and Virginia. Our playslips for Win For Life have no box to check for Cash.

Reply #8

CASH Only — Mon, 27 Feb 2006 19:14:17 GMT

That should be a last resort. No lottery winner (fixed annuity or lifetime payments) should be forced to start receiving periodic installments. The winner loses money when selling an annuity.

Reply #7

lchoro — Mon, 27 Feb 2006 19:11:18 GMT

Since the payments are guaranteed for a minimum of 10 years, you should be able to arrange for a cash settlement with a funding company such as JG Wentworth.

Reply #6

CASH Only — Mon, 27 Feb 2006 19:03:17 GMT

KY's website www.kylottery.com says nothing about a cash option. Maybe I should e-mail KY also.

Reply #5

DoubleDown — Mon, 27 Feb 2006 18:57:22 GMT

AND...

Since it is annuity only in GA, the payments are guaranteed for only a minimum of 10 years.

If you win it and die during the initial 10 years, , the payments will only go to your beneficiary for the remainder of the 10 year term.

Reply #4

CASH Only — Mon, 27 Feb 2006 18:41:27 GMT

Lose for Life has a cash option in Virginia, but not in GA. I still don't know about KY.

GA winners will be stuck with $1000 a week for life.

Reply #3

JimmySand9 — Mon, 27 Feb 2006 18:36:54 GMT

The name is Win For Life. CO just calls it Lose For Life because he doesn't like the top prize structure.

Reply #2

Just6ntlc — Mon, 27 Feb 2006 17:41:15 GMT

I'm disappointed that Lotto South is gone. I think Lose for Life will be worse than Lotto South. What are the rules in playing Lose for Life.

Reply #1

CASH Only — Sun, 26 Feb 2006 18:09:45 GMT

And GA players (if not also KY and VA) also will get screwed by Lose for Life, since GA won't be offering a cash option.

The final drawing for Lotto South...

LotteryPlayer — Sun, 26 Feb 2006 07:00:56 GMT

The final drawing for Lotto South was yesterday and no one won the $4.5 million annuatized jackpot.

The cash value of the final jackpot was $2.25 million. Lottery players won $654,544 and the remaining $1.6 million is going to be kept by the lottery commissions.

Not a very good deal for the lottery players in Georgia, Virginia and Kentucky.