You win the mega millions $163 million on tuesday.

Reply #38

LckyLary — Sun, 23 Dec 2007 00:33:49 GMT

I would continue to live as I do now except not being worried about which bill is crying for attention or what if this happens or that happens, and have a few new things that I may eventually get anyway but quicker that way. The best day would be one day off to go to Lawrenceville and take a photo with the big check .

We visited Mike's Corner Deli today, being it is only 5 mi. from here. They were closed at first with a sign saying Back in 10 min. so we waited and then went in and I played... [ More ]

Reply #37

sirbrad — Sat, 22 Dec 2007 03:23:53 GMT

OK, so I would not have to deal with the IRS if I did not collect interest? Yes I was speaking of a lump sum. Also are there ways to beat the 50% death tax crap? I heard the ladies on the view even griping about that, and saying it should be capped at $2 million. I don't really have much family at this time, and I think the majority of all insurances are unnecessary scams, and most only want to give it when they know they do not have to pay out anytime soon.

But it would depend on how rich I... [ More ]

Reply #36

KY Floyd — Fri, 21 Dec 2007 23:31:53 GMT

I would love to be forced to attend such a press conference, as long as I'm the guest of honor. Ideally, it would be for a huge, record breaking jackpot, and attract enormous amounts of attention. I don't know that I'd say anything bad, but I would like to hold up the big check after I've crossed out the fake annuity value and filled in what they're really giving me.

As far as the possible attention, I wonder if a press conference might potentially be beneficial. I'm guessing that many of the... [ More ]

Reply #35

justxploring — Fri, 21 Dec 2007 21:40:17 GMT

Perfect Timing, as another member said here - if you win a lot of money, get professional counseling. Do you know what irrevocable means? It means you lose control over your money. There are so many posts on LP about Trusts as if they are a means to avoid taxation. A Trust is mainly to set up an estate so when you die your heirs will be protected from probate. It's also a way to control how your beneficiaries receive funds so they don't blow their inheritance all in one place. However, ch... [ More ]

Reply #34

justxploring — Fri, 21 Dec 2007 21:20:13 GMT

I think it's obvious that you Captain Lotto are talking about 2 different animals here. You are talking about getting a lump sum, paying the taxes and not dealing with the IRS again except for interest earned on your savings. Captain Lotto is talking about annual payments and paying the IRS for the earned income as you receive your check every year. Of course you'd want to get interest. Even 5% or 6% is better than anything. I've already said that on many threads, so I won't keep repeating... [ More ]

Reply #33

Perfect Timing — Fri, 21 Dec 2007 21:08:25 GMT

Hi Texas Dream!

Where can I find your posting on irrevocable sprendthritf trust?..........

How does that work?

How do you go about setting one up

Reply #32

sirbrad — Fri, 21 Dec 2007 12:04:26 GMT

So you're saying that even if I have enough money that I do not need to collect interest, they can still tax me year after year on the same amount? How can they continue to tax you on the same amount they already taxed you on already? It is not earned income, it is only left over income. If that were true, your money would eventually dwindle down to nothing! Although you would probably be better off collecting interest and paying the tax on it, especially with a large jackpot.

Reply #31

sirbrad — Fri, 21 Dec 2007 10:17:55 GMT

I'll gladly take any bothering. I have been through the worst my whole life, and have been prepared for the best for about 20 years now. Key word preparation. Most lottery winners assume they are never going to win, and have no clue what to do until they do, and even then don't know what to do. People can send me all the mail they want, I will hire someone to take care of all of that. Mail would also be dependent on jackpot amount, and again where you live and how much publicity you get.... [ More ]

Reply #30

psykomo — Fri, 21 Dec 2007 04:06:38 GMT

thank's>>CT:

I have been wonder'gggggggg what me my stupid FRIEND's ????

were DO'g the week.............before??????

like sunday-monday.......before,,,,,my jackpot??

must have been prematuRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR^^

LOL and ..........................JP .............(too Coin Toss)......>>>>Jackpot!

PSYKOMO

Reply #29

JackpotWanna — Fri, 21 Dec 2007 02:04:38 GMT

I agree my plan is not perfect. Every plan has its flaws. That is why I created this topic so we can help each other.

Good Luck.

Reply #28

Coin Toss — Thu, 20 Dec 2007 18:46:47 GMT

There's no doubt that some of those who have won big have managed to hold on to the money, but there's no guarantee whatsoever that they haven't been bothered.

I'd certainly consider getting 50,000 leters from strangers addressed to Lottery Winner being bothered. That's not to mention family, friends, aquaintainces, neighbors, co-workers, and others who have access to you or see you on a daily basis. Even some of those who see you once in a blue moon will see to it that those blue moons... [ More ]

Reply #27

ryanm — Thu, 20 Dec 2007 13:19:19 GMT

Unfortunately, that Illinois winner was not me. Streamwood is a suburb of Chicago and I live in Morrison, which is only 13 miles east of the Mississippi. However, it is nice to see someone from Illinois win a MM jackpot for once; that has not happened in over five years.

Reply #26

justxploring — Thu, 20 Dec 2007 07:17:13 GMT

Oops - here it is https://www.lotterypost.com/thread/167709

JackpotWanna - I like your plan. However, I don't think it would be a great idea to keep the secret from your wife. (unless you plan to run off with someone else!) As negative as it sounds, we never know what the next day will bring and someone else in your family needs to know that you have a safe deposit box. Unless you already have a family lawyer, she would never know whom to contact, and that ticket might sit in the safe dep... [ More ]

Reply #25

justxploring — Thu, 20 Dec 2007 06:32:44 GMT

I never saw this thread before today. Funny that I started a thread today on winning a jackpot at the end of the year.

Reply #24

sirbrad — Thu, 20 Dec 2007 06:20:52 GMT

How about the other thousands of people who have won big that have not been bothered, nor heard about again? This is all dependent on demographic location, and amount won as well. Not to mention the intelligence and preparation of the winner. You wrongly assumed that I meant everything was over, when I did not. I simply sad the press conference was. If you rebel at a press conference you will draw more attention to yourself, and more people will follow simply out of spite.

Even I have chang... [ More ]

Reply #23

JackpotWanna — Wed, 19 Dec 2007 21:41:51 GMT

I should have bought more tickets. lol

The winning numbers were very hard. I bet both winning tickets were qps.

oh well, maybe next time.

Reply #22

MissNYC — Wed, 19 Dec 2007 20:14:14 GMT

Bummer...I didn't win. It seems like the megamillions and powerball rarely exceed 100 mil anymore, and when they do, it's a sure bet that someone will win shortly after. I feel like they used to hit 200, or even 300 mil MUCH more often than they do now. Jersey seems like a lucky state...much like Ohio, it would be my luck to drive to NJ and have the hit happen in NY. The last Megamillions winner lives about 30 minutes from me...talk about a close call

Reply #21

ThatScaryChick — Wed, 19 Dec 2007 16:46:03 GMT

I like that idea.

Reply #20

Coin Toss — Wed, 19 Dec 2007 16:09:08 GMT

Just as an FYI, the Illinois winner was a QP:

(Illinois):

PLAYERS MATCHING 5 OF 5 NUMBERS

AND THE MEGA BALL 2

EACH PLAYER WILL RECEIVE $81,500,000.00

WINNING TICKETS WERE SOLD AT

201425 SHELL CLUSTER #851 (QP)

851 S SUTTON

STREAMWOOD/60107

_______________________________________

As for press conferences, this is interesting, from the Powerball website:

2007

Name Withhel... [ More ]

Reply #19

Captain Lotto — Wed, 19 Dec 2007 15:22:37 GMT

I think doing the press conference does get it (most of it) out of the way. Give the reporters a chance to ask their questions and do a story, and then usually it dies down. People who know you that ask for money maybe don't go away as quickly, but the press usually just wants a story... preferably before anyone else gets it!

As far as taxes go, you have to pay taxes on your winnings based on the time you take possession of your cash. They can't tax you for money you don't have yet. It u... [ More ]

Reply #18

Coin Toss — Wed, 19 Dec 2007 15:04:43 GMT

sirbad

You're assuming that holding the press conference will get things over with . Very doubtful. All it takes is appearing at a press conference and then the fun starts. After that it will be quite some time before you have a moment's peace again.

Think not? Remember on some of those lotto documentaries when people were getting 50,000 letters addressed to:

Lottery winner

Town, state

Reply #17

JackpotWanna — Wed, 19 Dec 2007 12:47:28 GMT

WTG to the winners!!!!

Lets continue this topic. It's very helpful.

Reply #16

sirbrad — Wed, 19 Dec 2007 00:49:40 GMT

Which will draw only more attention to you than just getting the press conference over with and being boring as possible. If you win a large jackpot and decide not to collect interest, can you still be taxed every year

Reply #15

LottoBuster — Wed, 19 Dec 2007 00:31:27 GMT

You win the mega millions $163 million on tuesday. What would you do for the next 7 days?

Go someplace warm. I think I've had enough of the cold in NY.

Reply #14

JackpotWanna — Tue, 18 Dec 2007 23:39:18 GMT

Thank you.

Reply #13

bashley572 — Tue, 18 Dec 2007 23:34:01 GMT

Ky Floyd you mentioned

Forcing somebody into a press conference they don't want to attend sounds like a bad idea.

Wouldn't you like to be the person that teaches them its a bad idea? Just show up and don't say a word. Stand there mute and then put a small sign that says

I am here only because this is required, and will NOT answer any questions, please pay me and we all can get on with our lives, thanx - New Jackpot Winner

Reply #12

LuckyLilly — Tue, 18 Dec 2007 22:02:50 GMT

Reply #11

MissNYC — Tue, 18 Dec 2007 21:42:22 GMT

It's shocking to see how many people would show up for work? I can see that when winning 5 million, maybe even 10, but $163 million and still going to work....God bless!

ANYWAYS.....When I win tonight's $163 million dollar drawing...here's what the next week will look like...

Day 1-Wednesday

Check this website....bummer someone has won. Oh look...from New York. Hey look, I got a mega ball...and wait, all the numbers seem to match, this can't be real. I am in a state of shock..... [ More ]

Reply #10

pacattack05 — Tue, 18 Dec 2007 20:32:47 GMT

You win the mega millions $163 million on tuesday. What would you do for the next 7 days?

Recover from vocal cord injury.

Reply #9

KY Floyd — Tue, 18 Dec 2007 19:35:48 GMT

That's generally true, with some shades of gray. The IRS and the state are going to get most of the tax from the witholdings, anyway, but they want their money now, just like most people. I don't know that there have been any test cases yet, but there seems to be a prevailing view that prizes won very late in the year can safely be claimed after the January 1st, partly because the states generally counsel winners to consult advisors before claiming the prize. The idea is that you can't take cons... [ More ]

Reply #8

Uff Da! — Tue, 18 Dec 2007 19:03:26 GMT

Day 1 - (Wednesday, December 19 Call my attorney s office only to find that he will be out of the office until after January 1. Make an appointment for January 2. Take my unsigned ticket to my bank safe deposit box in a neighboring town. (Unsigned because I have gifted a 25% interest in all Mega Millions tickets I purchase to 18 relatives, and the ticket will need to be signed by the legal representative for the partnership, not by me personally.) Think that now that I ll soon be a multi-mi... [ More ]

Reply #7

JackpotWanna — Tue, 18 Dec 2007 18:48:29 GMT

I read somewhere it doesn't matter when you claim jackpot, you get taxed when you hit the jackpot. Can someone verify this

Reply #6

TexasDreams — Tue, 18 Dec 2007 14:12:37 GMT

I really like your idea about the tax deferment and wait until 2008.

Reply #5

Lukin — Tue, 18 Dec 2007 09:11:55 GMT

JackpotWanna, I adore the plan you laid out. I think most people I know wouldn't even consider showing up to work after hitting the jackpot. And not breaking it to your wife until you tell her you lost your job... brilliant. For me:

The first thing I would do is breathing exercises, making sure I didn't lose it. Second, hand my ticket straight to my dad as I wouldn't trust myself with it. I'm probably the only person in the world who would somehow manage to lose a $163m ticket. I'd tell my d... [ More ]

Reply #4

djklaugh — Mon, 17 Dec 2007 03:09:48 GMT

LOL good question ... well if I was Tuesday's winner here's what I would do

Day 1 - go to work, act like nothing thrilling has happened, giggle to myself all day

make copies of the ticket, rent a safety deposit box on my lunch hour, put ticket in the box

get names of good attorneys and financial planners from friends and the Lottery folks

go home and finish packing for planned vacation trip out of town

play with the kitties... [ More ]

Reply #3

ThatScaryChick — Sun, 16 Dec 2007 19:31:52 GMT

Nice plan JackpotWanna. I don't know how my seven day plan would look.

Reply #2

JackpotWanna — Sun, 16 Dec 2007 19:22:54 GMT

Good plan.

I would do the same thing but New York doesn't allow winners to claim in a trust.

Reply #1

TexasDreams — Sun, 16 Dec 2007 17:03:52 GMT

Now that's a mouth full!!! I really like Day 5, many people thank God for winning, but few ask for the wisdom to handle it. For me it would be like-----

Day 1 (Wed, which is my day off)

full day in denial

buy new under pants

Day 2 (Thurs., which is my day off)

put all of it (cash value option) in a irrevocable spendthrift trust (OK like anyone who has not read my last few posts wouldn't think that)

watch my Trustee claim the amount

set up an investment income plan for the... [ More ]

You win the mega millions $163 million on tuesday.

JackpotWanna — Sun, 16 Dec 2007 02:46:07 GMT

You win the mega millions $163 million on tuesday. What would you do for the next 7 days?

I will start.

Tuesday - Win 163 mega Million - take cash option.

Day 1 (Wednesday)

1) Call in sick from work.

2) Make sign copies of winning ticket.

3) Put org. ticket in bank safety box.

4) Sleep all day dream about how to spend winnings.

5) Take wife to a fancy resturant but not tell her about the good news.

Day 2 ( Thursday )

1) Go to work as nothing ha... [ More ]