Mega Millions Tuesday 7/17/2018

Reply #33

music* — Tue, 17 Jul 2018 14:02:14 GMT

I'll survive on $60,000,000.00 after taxes. I think that most of us have done the math and learned that $50,000.00/year X 20 years = $1,000,000.00 That is a good income.

Your niece and nephews could cash out their trusts early by using those companies who do that sort of thing. Similar to cashing out of an Annuity. Of course, that would be a bad deal for all concerned except for the company.

Reply #32

kj4ever — Tue, 17 Jul 2018 08:42:23 GMT

My best friend and i have been playing the same numbers since we were 18 and agree to split, so I'm cut in half already. I think I could still live on 60 some million after taxes. I'll survive :)

I've been thinking a lot about what I'd do for my niece and nephews. They are young, in their twenties, and I wouldn't want to totally ruin their lives with money like other lottery winners have done in the past. They are all responsible adults with small children, but you never know how money can ta... [ More ]

Reply #31

LottoLucy — Tue, 17 Jul 2018 04:39:06 GMT

One thing I have thought about this draw is: my, how times have changed. $375 million is now ho hum. There are no lines, no real excitement, no media coverage.

I am happy for the opportunity to win this amount. I have 26 family members who would benefit from my win. I want to take advantage of the very high limits on the lifetime gift and estate tax exclusions and make gifts now while I can watch people enjoy their windfall. I ll be upfront and let them know that this is it. Don t ask me for

Reply #30

LottoLucy — Tue, 17 Jul 2018 04:25:56 GMT

The paying someone for their silence is why I sometimes waffle on remaining anonymous. Sometimes I feel it is very important. Other times I feel like I should just out myself and then move on. If no one can hold their silence over my head or I don t have to worry about someone inadvertently saying something it might be liberating in its own way.

Sometimes (like this jackpot) I can t decide so I buy tickets in a jurisdiction that allows anonymous claiming and I buy some in a jurisdiction

Reply #29

music* — Sun, 15 Jul 2018 17:53:51 GMT

Since there could be a lot of Californian Lottery Post members... I have noticed on a page of www.calottery.com that 24% is automatically taken out for the IRS. Then we owe 13%. A tax attorney will earn his/her pay.

Reply #28

Raven62 — Sun, 15 Jul 2018 16:27:00 GMT

Correct. Using the example given 4/15.

Reply #27

Artist77 — Sun, 15 Jul 2018 15:55:47 GMT

Each quarter? If all the money is paid at once, it is all due at the next estimated payment date.

Reply #26

CDanaT — Sun, 15 Jul 2018 15:31:21 GMT

The ideal win is to collect a big jackpot(like this one) the first available day in JAN....

Cash option of $226,700,000.00 minus the initial 25% Federal taxes($56,675,000.00) withheld

leaves around $170 Million...then another 12%($27,204,000) is due over the remainder of the year.

$27,204,000 divided by 4 quarters = $6,801,000.00 due each quarter... .... That's enough to make you drink heavily

Reply #25

Artist77 — Sun, 15 Jul 2018 15:08:42 GMT

Estimated taxes if you expect to owe money at the end of the year. If you accidently overpay, you can get it refunded at tax return time. This does not apply to payroll jobs that take out money weekly, etc.

Reply #24

Artist77 — Sun, 15 Jul 2018 15:01:23 GMT

Correct. About 2 weeks after the quarter ends. The clock starts running when you actually have the money, not when you claim it.

Reply #23

Raven62 — Sun, 15 Jul 2018 14:46:33 GMT

FYI: Quarterly Estimated Taxes are Due: 4/15, 6/15, 9/15, 1/15

Reply #22

music* — Sun, 15 Jul 2018 14:44:04 GMT

Artist77, Are you saying that when this Quarter that we are in now ends the taxes are due 2 weeks after it ends. A win in July, August, or September and then we owe quarterly taxes around 2 weeks after September ends. Sometime in October.

A bunch of past winners was unpleasantly surprised by the tax man knocking on their doors.

That included when the jackpots were $50,000 or $100,000 in size.

Thank You for the reminder.

Reply #21

CDanaT — Sun, 15 Jul 2018 14:38:58 GMT

.......gosh darn it.... if I win now and collect Gotta give Uncle Sam 3rd qtr taxes on the $27 Million,roughly 13.5 Million in October and the remaining $13.5 Million in January for the 4th quarter.... wonder what kind of money I could generate knowing I had the 13.5(4th qtr taxes) for 5 + months before I had to cough it up.....oh well, another project on the list of things to do after I win.

Reply #20

Artist77 — Sun, 15 Jul 2018 13:34:00 GMT

You are right cdana. Quarterly estimated taxes are due around 2 weeks after the quarter ends. You can be hit with a big fine if you miss the date. So I would aim to go to the lottery office no earlier than the first of the month of the quarter start or possibly a week or so prior since it takes a couple of weeks to get your money for huge jp wins. So if you get your money on March 30, you only have around 2 weeks to pay your taxes.

Reply #19

CDanaT — Sun, 15 Jul 2018 12:35:22 GMT

CT Artist,

Correct me if I am wrong on this....MUSL taking out 25%($56.7 Mill) as opposed to the 37%($83.88 Mill) leaves roughly $27 Million still owed...Aren't quarterly taxes still calculated to be owed and paid to Uncle Sam?

Heck, if you could win a jackpot this size this month, have the patience(not me) to wait until the 5th of JAN, 2019 to collect. You wouldn't owe that $27 Million for over 15 months. Put that in a fund that generates 3-4%....not a bad lil return....... Just food for... [ More ]

Reply #18

Artist77 — Sun, 15 Jul 2018 11:43:55 GMT

Thank you Coin Toss. Let the lurkers begin

Reply #17

music* — Sun, 15 Jul 2018 10:19:48 GMT

Coin Toss, Your explanation for the lurking symbol is as good as anyone else's. Thank You!

We are one day closer to playing MM.

My math for the lump sum cash which is good for CA, TX, and WA is:

$226,700,000.00 X .63 = $142,821,000.00 This is the amount I would end up with after all taxes are paid by April 17, 2019. But I could have more earnings from investing this lump sum cash which would increase my tax bill.

Is it true that since you will be in the highest tax bracket after... [ More ]

Reply #16

Coin Toss — Sun, 15 Jul 2018 04:51:05 GMT

Artist77,

That's a darn good point about who is in control.

music,

I think is lurking meaning it's a symbol someone is just looking for a real good (or heated!) discussion that they can just sit back and watch and nosh on the popcorn as it goes on.

Reply #15

Artist77 — Sun, 15 Jul 2018 01:50:36 GMT

Ndas are hard to enforce and are usually for trade secrets, competitive info, etc. And often for a limited amount of time. Trying to hold a family member to silence for life would be questionable and hard to enforce. If you are paying someone for their silence, they are the ones in control.

Reply #14

music* — Sun, 15 Jul 2018 00:01:42 GMT

Las Vegas, Lost Wages. I agree that we can add lottery numbers to that.

I do have a bunch of birthday numbers on quick picks. I will most likely have to share the jackpot.

Good Luck to you Coin Toss and win PB tonight.

I am not sure why this container of popcorn is labeled, Lurking .

Reply #13

music* — Sat, 14 Jul 2018 23:56:11 GMT

Thank You Artist77 for your time and effort. Another LP Member recommended using a Tax Attorney for setting up family trusts and doing your taxes.

Reply #12

Coin Toss — Sat, 14 Jul 2018 22:59:06 GMT

music,

There's a saying in Vegas, cards, dice and roulette balls have eyes, ears, and no heart. (They see what you bet, hear what you bet, and get a kick out of you not winning).

Guess we can add lottery numbers to that.

Oh and on your winning plans, going back to the mistakes players make thread, you're assuming a solo hit. Not always the case. Nught skew your plans a wee bit.

Reply #11

Artist77 — Sat, 14 Jul 2018 22:55:22 GMT

You still need to consult an expert in trusts and trusts include other documents such as medical directives, etc. It has to have certain language in accord with your state law. I had one done and since trusts and estates is not my area of practice, I consulted an attorney who did this type of work 24/7. It was easy to retitle bank accounts, retirement accounts, etc. and all it took was a form and a copy of the cover page of the trust and I did this myself. You do not send copies of your detailed... [ More ]

Reply #10

music* — Sat, 14 Jul 2018 21:19:05 GMT

gy65, www.morningstar.com is definitely an excellent referral. Thanks.

I do not know about Suze Orman.

If you make a mistake in creating your trusts you may end up in Probate court. The attorney who should have created the trust will represent you there. Be aware of this conflict of interest with an attorney. Hire a tax attorney, you can afford him/her.

Reply #9

gy65 — Sat, 14 Jul 2018 18:45:41 GMT

bored and have nothing else to do

Investment research resource . . Morningstar. There are only so many investment categories . . take the research initiative to determine your own allocation percentages!

Establishing a revocable trust for estate planning purposes (NOT tax evasion) is relatively easy . . Suze Orman. The document is basically an empty shoebox . . the hard part is re-titling real estate, financial accounts, and vehicles into the name of the trust.

Reply #8

CDanaT — Sat, 14 Jul 2018 16:08:10 GMT

Hadn't even given the NDA's a thought..... especially for family.....

Reply #7

lejardin — Sat, 14 Jul 2018 15:46:48 GMT

Tickets stuffed into a cookie jar? No one checks the tickets, and the mother had to threaten them, that is a funny way to finally realize you won and won big!

I have to admit I will wait to see if the jackpot rolls so there is no hurry to check my tickets but I think the longest I waited was a couple of weeks. Got surprised with a couple of dollars lol.

Reply #6

music* — Sat, 14 Jul 2018 15:31:51 GMT

Coin Toss: We are bored and have nothing else to do. LOL. The balls have no senses. They do not feel, see, taste, hear, think so the rollovers and the winnings are completely fair and random.

Be prepared. There will also be things that we have not thought about that we will encounter as new lottery winners.

Although I think of randomness I do stop and think that God has an invisible hand in some of these jackpots. For example, the family in Illinois who lost a daughter than checked thei... [ More ]

Reply #5

music* — Sat, 14 Jul 2018 15:18:53 GMT

I agree with Identity Theft Protection. But that is State specific. Here in California, our names will be released to the public. The States that grant anonymity are one step ahead of the rest of us.

Umbrella Protection also known as Excessive Liability Coverage may help you fight threats.

More power to you when you get family and friends to sign NDAs. Non-Disclosure Agreements. This is also State specific.

Good Luck Sarge0202

Reply #4

Coin Toss — Sat, 14 Jul 2018 15:04:13 GMT

It seems like the more plans people make for money not yet won the more likely the jackpot just rolls over.

It's fine to have a plan but broadcast it after the win.

Reply #3

Sarge0202 — Sat, 14 Jul 2018 14:43:33 GMT

Music

Don't forget Identity Theft Protection in case your name gets out. Also, if you want to remain anonymous, have EVERYONE (including family members) to sign NDAs.

Reply #2

music* — Sat, 14 Jul 2018 09:45:08 GMT

I will have enough money to hire a Trust Estate Attorney to create my Living Revocable Trust. Create an LLC. Plus a family trust.

I will hire a Certified Financial Planner to help me invest. A money manager or Financial Adviser to handle all requests for my money. The letters addressed to, Lottery Winner Fresno, CA USA

An insurance broker for excess liability coverage, Umbrella insurance. Insure my Home, Car, Health Insurance, plus any other liabilities. Personal or business.

What do... [ More ]

Reply #1

music* — Sat, 14 Jul 2018 08:23:38 GMT

I believe that this Mega million draw will change the winner's life forever. I plan on investing in CDARS/ICS, Jumbo CDs, Treasuries, mutual funds, stocks, and bonds, real estate. I will share with friends and family. On my terms, not theirs.

I am a lottery dreamer.

Mega Millions Tuesday 7/17/2018

music* — Sat, 14 Jul 2018 05:43:27 GMT

Annuity = $375,000,000.00 Lump Sum Cash = $226,000,000.00

What do you think about this draw? What are your plans for all this cash? Who would you share it with? Will this revolutionize your life?

Good Luck to all Lottery Post Members who will play this draw