lump sum or annual payments

Reply #36

ryanm — Tue, 14 Mar 2006 02:31:05 GMT

The gift tax was invented to prevent dying people from circumventing the estate tax by giving away all their property.

Reply #35

sirbrad — Wed, 08 Mar 2006 14:23:42 GMT

I also hate the gift tax. That is the IRS just trying to be even more greedy than they already are, and that it tough to accomplish. They don't want you helping someone else out so that they might not have to work and pay taxes. Do the IRS also pay taxes, or do they jus pay themselves

Reply #34

BevsPicks — Wed, 08 Mar 2006 14:06:16 GMT

It has to do with the present value of money. Over a period of 20-30 years the dollar will decrease in value as inflation and costs increase; therefore you will actually get less than the original dollar that you won. Get the lump sum invest in real estate and let your money work for you in other ways.

Reply #33

sirbrad — Wed, 08 Mar 2006 14:03:10 GMT

Looks like I was right after all, and principal was not a typo.

First, highest, or foremost in importance, rank, worth, or degree; chief. See Synonyms at chief. Of, relating to, or being financial principal, or a principal in a financial transaction.

The capital or main body of an estate or financial holding as distinguished from the interest or revenue from it. A sum of money owed as a debt, upon which interest is calculated.

Came to mind after seeing several other banks

Reply #32

Chewie — Tue, 07 Mar 2006 23:54:28 GMT

Hehehehe. Florida humor

Reply #31

justxploring — Tue, 07 Mar 2006 23:22:57 GMT

It's the gift tax that always gets me. You pay Federal and State income and then, in order to give the same money away, you have to pay a tax on that too!

But in the end, nobody understands how taxes really work. Guess it's like the teenager who walks into the local drugstore to buy condoms for the first time. He timidly asks the pharmacist how much for this box? and he answers Son, that will be $15.70. ... $15.70? I thought the box said $14.95! ... Well that's true, but I had to add in... [ More ]

Reply #30

Chewie — Tue, 07 Mar 2006 23:02:18 GMT

Taxes is always a confusing issue to me. I am a proud American, and have no problem paying required taxes. Without taxes, I wouldn't be where I am, or donw what I have done. Having said that, wasting money through the tax route is confusing. I feel, only the long-time rich really know how to avoid taxes. They have been trough the loops for years, and the experts have been on their side for generations. Just coming into the big world, through a $100M+ win, I have no idea of how to avoid use... [ More ]

Reply #29

ryanm — Tue, 07 Mar 2006 16:35:31 GMT

You'd only pay taxes once? So I'm assuming you'd invest in tax-free municipal bonds then? You're going to have to pay taxes on the interest you earn off your investments otherwise.

Reply #28

CASH Only — Tue, 07 Mar 2006 14:46:32 GMT

Somebody from Texas should call themselves CVO .

Reply #27

Annual Payments — Tue, 07 Mar 2006 03:39:07 GMT

No, I didn't. I think I should expand go on the offense and do that instead of just defending my position.

Reply #26

justxploring — Mon, 06 Mar 2006 22:34:48 GMT

Quote: Originally posted by Chewie on March 4, 2006 This should be a forum for relaxation, and casual expression.

Exactly! People were poking fun at a typo, not trying to be mean. Its called humor! If you don't like what some one is doing, buy a membership; then you can filter them. No more surveys - walla! Otherwise, enjoy them. They are all in fun, none have a sub-level meaness attached. None are intended to eliminate any of your freedoms or beliefs. Just plan ordinary lottomike sur... [ More ]

Reply #25

Just6ntlc — Mon, 06 Mar 2006 22:18:33 GMT

My vote is for lump sum because we don't know about my future or my family's future. If I take cash, I would only pay taxes once. We'll buy a new house, car, etc.

Reply #24

LOTTOMIKE — Mon, 06 Mar 2006 14:40:24 GMT

annual payments did you convert cash only to annuities

Reply #23

Annual Payments — Mon, 06 Mar 2006 08:21:16 GMT

I think my name says it all. Even with inflation, $2,000,000 a year, for example,will always be more than enough to live off of. That way I can learn about investing and play with an annual payment while doing it. I can also see how my spending habits would be with that much money. There's no telling how many websites and electronic stores I'd buy up. With express shipping of course. Not to mention how much business the airlines would get from me.

Reply #22

ryanm — Sun, 05 Mar 2006 17:03:23 GMT

Lump sum all the way!! I'd use it to buy my own annuity

Reply #21

Down — Sun, 05 Mar 2006 08:01:19 GMT

Payments are better, but i would take the cash...just because i would like to have all my money at once and not wait till the 2030's to get all my money. it depents on how well you handle money...But i bet everyone on LP will never have to make this decision of Cash or Payments because non of you will ever win the lottery. LOL

Reply #20

Chewie — Sun, 05 Mar 2006 04:38:12 GMT

This should be a forum for relaxation, and casual expression.

Exactly! People were poking fun at a typo, not trying to be mean. Its called humor! If you don't like what some one is doing, buy a membership; then you can filter them. No more surveys - walla! Otherwise, enjoy them. They are all in fun, none have a sub-level meaness attached. None are intended to eliminate any of your freedoms or beliefs. Just plan ordinary lottomike surveys. Just plain humor. Its 2006, lighten up a lit... [ More ]

Reply #19

sirbrad — Sun, 05 Mar 2006 04:23:05 GMT

That did give me an idea however, maybe I could rent to musicians. So as long as I did not live in the same complex. Band houses for rent

Reply #18

sirbrad — Sun, 05 Mar 2006 04:21:22 GMT

You are right, everyone does. Not upset, but like I said I find it a waste of time to point out all typos, or even the constant butchering of the English language here daily. There are far too many for such a tedious job. This should be a forum for relaxation, and casual expression...not English class. Although I do not make many, I do not really consider it important to run a spell checker here. Some should however, as some posts are almost unreadable.

For some to pick at other's typos wou... [ More ]

Reply #17

Chewie — Sat, 04 Mar 2006 21:22:22 GMT

My point exactly. Not to start a lynching over.

Reply #16

Chewie — Sat, 04 Mar 2006 21:21:15 GMT

Typos are great - they give every one something to pick on - I even make them. Don't get upset over it. A few people laugh, so what! NO harm intended, none should be taken. It is life

Reply #15

sirbrad — Sat, 04 Mar 2006 20:58:51 GMT

Do you realize you could easily buy 500 band new houses

You a musician

Reply #14

sirbrad — Sat, 04 Mar 2006 20:57:29 GMT

Ah a few typos, rarely ever happens but it was a long day/night. Don't even get me started on your spelling however, I don't have that kind of time to point out the errors, and I doubt my post count could go that high.

Reply #13

Chewie — Sat, 04 Mar 2006 13:29:49 GMT

Keep voting those liberals into office; and make sure you keep them there forever! If you need guidance, watch the New Jersey elections. One mind dead elderly person after another keeping corruption thriving. Now we have their children following suit, pleasing mommie and daddy by proving what great sheep they raised. Long live the unions, it doesn't get you quality, but does get you higher prices, and some one to talk with in the protest and strike lines. Look at what they did to the Americ... [ More ]

Reply #12

masslottery — Sat, 04 Mar 2006 13:02:42 GMT

Me lump sum here you get doulbe tax on your winning say you dont take the lump sum u get 7mil every year you get tax 23% the first time then at years end you get tax another 15% mass is rip off

Reply #11

Chewie — Sat, 04 Mar 2006 12:37:28 GMT

Not touching the principle is also good advise

Reply #10

LOTTOMIKE — Sat, 04 Mar 2006 12:27:54 GMT

chewie is right.mine was dog ugly too....

remember never touch your principal,lol

Reply #9

Chewie — Sat, 04 Mar 2006 12:15:32 GMT

No problem, she wasn't that good looking any way

Reply #8

Chewie — Sat, 04 Mar 2006 12:14:14 GMT

The key word is major - and there is no doubt. Get the money, have the money. With a hundred million in cash, a lazy person can afford to make ninety million mistakes, and still be richer then any one on my neighborhood! Do you realize you could easily buy 500 band new houses for one hundred million dollars? With $1500 to $2000 a month rent, you could afford a lot of lollipops. How can you screw that up!

If I have so little confidence in myself, that I feel I would blow a hundred mill... [ More ]

Reply #7

justxploring — Sat, 04 Mar 2006 11:42:32 GMT

I don't know why anyone would EVER take annual payments if she won a large jackpot. I might take $10,000 a year if I won I small prize like $200,000. I don't like idea of a 50% cash option penalty, but the interest rate you get on the 30 year payout is so low that it won't keep up with inflation. Even if the rates never go back to double digits, they're already climbing. Although sales have slowed down quite a bit, real estate is still increasing in this area at a rate of 20 to 30% a year. So ju... [ More ]

Reply #6

LOTTOMIKE — Sat, 04 Mar 2006 08:53:53 GMT

everything about the hoosier lottery is a rip off

Reply #5

JimmySand9 — Sat, 04 Mar 2006 06:01:39 GMT

Except in very rare cases, I would take the cash. The only times I would take the annuity is if I won Hoosier Lotto (the cash option is a total rip-off) and on the new Win For Life game (again, the cash option is a rip-off).

Reply #4

sirbrad — Sat, 04 Mar 2006 03:24:05 GMT

Will depend on the amount. Most likely lump for large jackpots, as I would be getting the interest, not someone else. Plus you usually can get about as much or more interest than the principal annuity will pay, and never touch your principal.

Reply #3

Uff Da! — Sat, 04 Mar 2006 02:51:20 GMT

Annual payments would be the best way to go if someone feared they wouldn't be able to control their own spending. Or if they thought they needed the ammunition of being able to say, But I only received xxx this year, when being hit up for money from friends or relatives with their hands out. But to anyone with self-control and investment smarts it would be a very poor deal in this interest rate climate.

I tried to check the compound discount tables to see what the interest rate assumptio... [ More ]

Reply #2

noahproblem — Fri, 03 Mar 2006 23:06:44 GMT

Heck I don't even look at the advertised pot for MM when I decide whether or not to play - it's all about the cash value (once that hits $50MM i start playing 5 a draw until hit).

Reply #1

weshar75 — Fri, 03 Mar 2006 19:20:01 GMT

I will take the cash option.-weshar75

lump sum or annual payments

LOTTOMIKE — Fri, 03 Mar 2006 19:18:55 GMT

would you take lump sum or annual payments after winning a major jackpot