84 Year Old Wins $40M FL Lottery

Reply #23

justxploring — Fri, 11 Aug 2006 05:13:43 GMT

Barista Express, I have no idea what you are talking about! Age as nothing to do with estate tax. When you die if your total estate is worth over $2 million, taxes must be paid. This won't affect most of us, but it's the law, although there are many ways to reduce one's wealth with a good estate planner.

As far as income tax goes, an elderly person doesn't automatically get a break because of his/her age. Some states give seniors a tax break on retirement income and social security, but no... [ More ]

Reply #22

golotto — Fri, 11 Aug 2006 03:34:17 GMT

Sincere Congrats to the 84 year old winner!

Again we see that anyone can win! The only thing the lottery cares about are the numbers. A life can change in an instant ... and age (or anything else) doesn't matter.

This is exactly why I like the lottery.

Reply #21

BaristaExpress — Fri, 11 Aug 2006 03:03:32 GMT

Mmmm, I remember my grandmother had stopped paying income taxes after she turned 72. It's not like she didn't file or anything like that (which she did) it's just she didn't owe any taxes on what she had earned from the royalty checks she received from the gas oil wells on her land. That's also not including her retirement checks from her job and her social security checks! Heck man she was earning over 50K a year from all sources put together. To bad she was only able not to pay taxes for 3 y... [ More ]

Reply #20

emilyg — Thu, 10 Aug 2006 19:16:29 GMT

ah yes! good old bimbo

Reply #19

DoubleDown — Thu, 10 Aug 2006 19:05:01 GMT

The opposite of Himbo could be Bimbo...

But trophy wife sounds better....

...DD

Reply #18

emilyg — Thu, 10 Aug 2006 18:53:50 GMT

HIMBO - new one for me- love it!!!!

is there a herbo??? lol

Reply #17

justxploring — Thu, 10 Aug 2006 18:42:43 GMT

Cash, I was only using the Bank CD example to demonstrate the size of her prize. Why not an annuity? Regarding the FDIC, have you read all the small print? They are not guaranteeing 100% return on your money. Also, what do you think the I in FDIC stand for? Insurance companies have been around since our country began. Maybe you had a bad experience but, for example, Abraham Lincoln's home was insured by the same company that owns AIG. When people at the World Trade Center were killed, who... [ More ]

Reply #16

konane — Thu, 10 Aug 2006 18:33:42 GMT

Himbo ~ man kept by a wealthy woman for whatever purposes she decides.

I can recall one that was running for president last time, but Geraldo used Britany Spears husband as an example, also Ashton Kutcher (sp).

Reply #15

CASH Only — Thu, 10 Aug 2006 18:13:40 GMT

The FDIC insures accounts up to only $100,000. I don't have any other advice, than for her NOT to purchase an annuity.

Reply #14

justxploring — Thu, 10 Aug 2006 18:08:48 GMT

i was being more practical - better food, travel, maid service, nice home.

So was I! LOL What would be wrong if her maid had great pecs? Men do great housework if they're trained properly.

Anyway, she could take the entire net amount and put it in a bank CD and earn over $800,000 every year and never touch the principal. Nobody ever has an obligation to leave money to their children or charity. I was only talking about being responsible.

Not having to worry about paying for a pot... [ More ]

Reply #13

konane — Thu, 10 Aug 2006 18:06:26 GMT

Actually I was too. Not having to worry about paying for a potential catastropic illness later in life can likely add quality years to a person's lifespan. Yes, on the maid service, home, landscape service, a personal driver when she needs to go somewhere, etc. I hope she enjoys some of the luxuries this type win can afford.

Himbos are for less practically minded women

Reply #12

emilyg — Thu, 10 Aug 2006 17:55:02 GMT

i was being more practical - better food, travel, maid service, nice home.

Reply #11

justxploring — Thu, 10 Aug 2006 17:48:20 GMT

With a cash value of over $21 million less fed taxes (no state tax) she'll net about $13 to $14 million.

How many boy-toys can one person use?? LOL

I won't dwell on this subject. It isn't about greed or selfishness, but it also doesn't make sense for money to (a) go into probate or (b) get paid in estate or gift taxes because someone didn't think ahead. It just makes sense for someone 84 to let a trustee and/or her children claim it, since the article said she was going to give it to... [ More ]

Reply #10

konane — Thu, 10 Aug 2006 17:06:04 GMT

...... and dies with a smile on her face they can't remove

Reply #9

emilyg — Thu, 10 Aug 2006 16:48:30 GMT

at her age - i hope she blows it all on herself

Reply #8

Just6ntlc — Thu, 10 Aug 2006 16:21:17 GMT

I hope she takes cash and plan a trust fun so she doesn't have financial problems later in life. I think people don't do a trust fund because they want it by themselves. The problem with Mr. Whitaker was he got into trouble.

Reply #7

konane — Thu, 10 Aug 2006 03:49:39 GMT

Does anyone feel that the State has any responsibility to advise people on these matters?

It's not a function of the state government to act in a capacity to advise anyone what to do with their money such as a trust or investment or otherwise.

People should independently seek out whomever they choose to advise them about handling their money and if the advice is incorrect, it is between those parties.

If they choose to simply put it in the bank without any advice it's their mone... [ More ]

Reply #6

CSenior — Thu, 10 Aug 2006 03:46:59 GMT

I agree. It should be handled before she accepts the check. But we will never know if she and her family sought out legal and financial advice. Being a transplant from NYC, I have seen many jackpot winners blow thru their winnings and end up deeply in debt after the fact. Sad but true...

Reply #5

emilyg — Thu, 10 Aug 2006 03:25:48 GMT

go granny, go

Reply #4

justxploring — Thu, 10 Aug 2006 03:22:25 GMT

Yes, but that was my question, csenior. Shouldn't that be handled before collecting the money? The lottery just announced she chose the cash and is taking the $21M lump sum payment. In fact, I rarely see a press release on the FL web site that mentions a Trust or LLC and many older people win the large jackpots. I realize she can give away more up to $1 million in her lifetime without paying a gift tax, but that's only one year's interest.

Reply #3

bellyache — Thu, 10 Aug 2006 02:10:15 GMT

Wow, congrats to her! I bet she and her family are very happy.

Reply #2

psykomo — Thu, 10 Aug 2006 01:25:45 GMT

Congrat$$$$$$$$$............$HE!!!!!!!!!!!!!!!!!!!!!!!!!

Who can $HE...... TRUST ??

$HE....... You Can trust

.......................................................... ME ................my name is PSYKOMO!!!!!!!!!!!!!!!!

LOL............. be sure to

tell us more about yourself on the .............

LOTTERY POST

Reply #1

CSenior — Thu, 10 Aug 2006 00:59:33 GMT

I definitely agree! I hope she does create a trust. This will eliminate a lot of headaches down the road.

84 Year Old Wins $40M FL Lottery

justxploring — Thu, 10 Aug 2006 00:42:38 GMT

Hope she took the cash! LOL

Seriously, I think it's great when all these octogenarians win in Florida, but the press releases always say they picked up their check at the lottery in Tallahassee. Nothing is every written about a trust or a lawyer. I'm not an expert on estate tax, but first she's paying a huge amount of federal income tax to the IRS. In 10 years or less she'll be leaving an estate that will be taxed heavily. If she gives her children gifts now, she has to pay gift tax in addit... [ More ]