Quick Lottery question

Reply #8

tiggs95 — Mon, 25 Jan 2010 01:46:39 GMT

loveme...To be sure call your lottery in California and ask them..You don't need to give your name all you want is info..I did it here in Ky and they was real nice and said if you don't understand something about the lottery to call them..Good luck and hope you have that problem..

Reply #7

RJOh — Sun, 24 Jan 2010 23:46:54 GMT

As I understand it, it becomes part of you estate but its tax problems are unique in that taxes on the value of the annuity has to paid up front rather than over the years as it is paid out so family members might have to sell it if they don't have that kind of money. Something you might want to check out with a tax lawyer if you win and you are up in years and plan to take the annuity rather than the cash.

Reply #6

sully16 — Sun, 24 Jan 2010 23:29:40 GMT

if you win the big one . get a lawyer and an accountant..make out a living will. do not fork over power of attorney to anyone..if you get a lawyer and he/she wants power ...look for a new attorney.remember its your money and your the boss. ps check to see if we are related..just kidding good luck

Reply #5

Coin Toss — Sun, 24 Jan 2010 23:09:33 GMT

bomatt,

Excellent wit!

loveme,

It goes into your estate, as others here have said. If somebody dies on a gambling table in Vegas whatever chips they have at the time goes into their estate. This has actually happnend.So I'm sure the same laws apply to lottery annuitants.

So far anyway. A member here on LP has been trying to set up a dummy corporation in Central America which would look like a charity for midget sex slaves that would abscond with such funds, but so far hasn't been abl... [ More ]

Reply #4

Litebets27 — Sun, 24 Jan 2010 21:03:41 GMT

The answer to your question may be on your State lottery online site in the frequently asked questions section. Most allow yoou to name beneficiaries when claiming your prize.

Reply #3

LadyMylena — Sun, 24 Jan 2010 20:56:32 GMT

Yes, my understanding is, it becomes part of your estate when you die, to be dispersed to your heirs.

Reply #2

Blackie — Sun, 24 Jan 2010 20:55:29 GMT

Not sure but it seems it would go to your beneficiary or into a trust.

Reply #1

bomatt — Sun, 24 Jan 2010 20:49:26 GMT

It is given to the first person who replies to your message.

Quick Lottery question

loveme — Sun, 24 Jan 2010 20:44:39 GMT

Hi folksss...

Let say I win a big jackpot and I choose annual option, and say something happen to me ( I am gone),

can my children inherit that jackpot that I choose?

Just curious question folks.

Thanks you for all reader and replier