Compromising on cash/annuity

Reply #6

Todd — Sat, 13 Jan 2007 02:52:35 GMT

Another new law?

I have a better idea: Just put a mark in the Cash Option square when you buy the ticket.

Reply #5

fja — Fri, 12 Jan 2007 23:17:42 GMT

Man Law?

MAN LAW

Reply #4

Coin Toss — Fri, 12 Jan 2007 21:53:19 GMT

CASH Only

Lottery players rights just might be something you're assuming. I'm not sure there is such a thing.

I'm pretty sure that simply by playing a ticket you are agreeing to things the way that particular lottery has them set up.

In some states, when people do win, they are surprised to find out that the back of the ticket (not the playslip, the actual ticket) includes a consent form to a press release, and they have to sign the back of the ticket to claim their winnings.... [ More ]

Reply #3

CASH Only — Fri, 12 Jan 2007 20:01:46 GMT

I, of course, feel the same way that, theoretically, all lottery annuities should have a cash option. Realistically, various US lotteries do not see it that way. But with all games with fixed annuities, the cash value can easily be determined. Lifetime annuities, admittedly, are a bit different.

Likewise, those who are already receiving lottery annuity payments should have a cash-out option, at any time, but, that's another ball of wax.

This is not quite pro-choice v pro-life . I think... [ More ]

Reply #2

JAP69 — Fri, 12 Jan 2007 19:45:59 GMT

The way I see it is that all lottery games should have cash or annuity option.

My complaint is when a winner chooses annuity they and their heirs are locked in to annuity.

They hould have options after taking annuity.

At some point after taking annuity the reciever or their heirs of the annuity should have an option to turn the annuity in to cash value with no penalties on the principal remaining.

There are many annuity buyers out there who buy from receivers of annuities at a large di... [ More ]

Reply #1

Coin Toss — Fri, 12 Jan 2007 19:18:31 GMT

CASH Only

This way, the rights of lottery players are protected, while companies that make money from selling annuities to lotteries could continue to do so via lifetime games.

That's part of your problem right there. John Q. Public doesn't really have a whole lot of sympathy for the rights of lottery players , especially big winners (unless of course old John Q. becomes one).

If someone hits a jackpot and starts kvetching about payoff structure or anything, the public just thin... [ More ]

Compromising on cash/annuity

CASH Only — Fri, 12 Jan 2007 18:07:19 GMT

How the US has paid lottery winners (compared to other countries, including Canada) over the years has of course generated much controversy, and discussion.

In 1998, President Clinton signed a bill that, for lottery players, saw (for the most part) the end of having, in advance, to choose either lump sum or annuity payments if they win the lottery (as it turned out, the new rules had no effect here in NY-ironically, now the Clintons' home.) Unfortunately, the bill did not go far enough; numer... [ More ]