Can one spouse take lump while the other takes an annuity?

Reply #19

Murgatroyd — Wed, 13 Feb 2019 01:13:34 GMT

I haven't found anything specifically about married couples in Arizona's rules, but they do clearly say that for office pools, all members of the group must choose the same option for cash/annuity.

Reply #18

Coin Toss — Wed, 06 Feb 2019 00:31:06 GMT

I think one time on one of TLC's lottery programs there was a group that one and soe took the cash option and some took the annuity, can't swear to it.

Reply #17

OldSchoolPa — Tue, 05 Feb 2019 16:39:30 GMT

What you could do is take the lump sum and then place her portion into a variable annuity. You still achieve the same result...you get your lump sum and she gets her annuity. There is always more than one way to get from point A to B.

Reply #16

TheMeatman2005 — Mon, 04 Feb 2019 00:30:42 GMT

Yes, I know the story about Denise Rossi.

She won the lottery in CA and hid it from her now ex-husband. He found out about the win and filed an injunction. The judge awarded him the whole amount.

Karma.

Reply #15

noise-gate — Sun, 03 Feb 2019 05:22:50 GMT

Tmm, Check out a story from way back. Google : Denise Rossi, California Lottery winner. Its quite a read ties in well with your post.

Reply #14

Sarge0202 — Sun, 03 Feb 2019 00:59:46 GMT

I was responding to Tucker's suggestion that you take lump sum (and pay max taxes on EVERYTHING), then (with a lesser amount) you buy an annuity. So he is going to buy his on annuity with 40% less starting money (of half the winnings). On top of that, the lump sum BEFORE TAXES is about 55-60% of the list prize amount. Very hard to get annuity that gets a better rate then 40%+ to make up the 40%+ loss you started with.

Most places allow you to split the winning on the ticket BEFORE you cash i... [ More ]

Reply #13

Stack47 — Sat, 02 Feb 2019 19:37:40 GMT

You don't pay taxes on the original investment, but pay on any capital gains (profits). A lottery annuity is different because taxes were never paid on the winnings so taxes are paid on the total amount of each installment. Pensions, IRAs, 401Ks, etc. are forms of annuities where taxes are deferred.

IMO, the only real advantage of annuities is they are low risk, but usually with low risk comes low returns.

Reply #12

Sarge0202 — Sat, 02 Feb 2019 14:07:14 GMT

Take the lump sum and you get nailed with the max taxes, then you have less money to buy the annuity. Then you pay taxes again on the when you cash it in.

Reply #11

Tucker Black — Sat, 02 Feb 2019 10:12:02 GMT

Those bottom feeders buy your annuity and give you a lump sum (at rip-off rates). Go the other direction.... hand a pile of money to an insurance company and then they pay you an annuity. You can choose a fixed term or a life annuity. You'll get better rates (higher monthly payments) than from the state because the state uses the most conservative investments possible.

Reply #10

Unlucky fool — Thu, 31 Jan 2019 21:43:59 GMT

Thank you for all your replies. The wife and I have been married 23 years and we have no plans on splitting lotto or no lotto. I personally believe keeping our money separate is important and key to getting along. If I ever do win, however unlikely, I would first put a team together before collecting.

Reply #9

DELotteryPlyr — Thu, 31 Jan 2019 21:12:45 GMT

Interesting.... wonder what kind of annuity you could get ? Would it be better or worse than what the lottery offers. I am thinking places you hear advertising, like JG Wentworth would suck in comparison.

Reply #8

Tucker Black — Thu, 31 Jan 2019 16:09:00 GMT

Take the lump sum and buy an annuity with half of it.

Reply #7

TheMeatman2005 — Thu, 31 Jan 2019 01:05:47 GMT

Husband: What would you do if i won the lottery?

Wife: I'd take half and leave you.

Husband: Well, I won $12 in the lottery. Here's $6 and you can start packing anytime now.

Reply #6

TheMeatman2005 — Thu, 31 Jan 2019 01:02:48 GMT

I don't know if it's allowed, but wouldn't it be the same as if two friends or a group of players won and decided to receive their payments as lump sum or annuity

Reply #5

Artist77 — Thu, 31 Jan 2019 00:49:24 GMT

Not for a mm or pb game.

Reply #4

weshar75 — Thu, 31 Jan 2019 00:43:53 GMT

An oregon lottery winner took his $9.0 million half in a lump sum and his wife took the annuity payments with her half so I know it can be done.-weshar75

Reply #3

hearsetrax — Wed, 30 Jan 2019 23:49:40 GMT

Reply #2

Artist77 — Wed, 30 Jan 2019 23:33:19 GMT

I doubt it. It would complicate things too much. Imagine if a large group wanted the same option.

Reply #1

noise-gate — Wed, 30 Jan 2019 23:21:57 GMT

You could always ask that question directly to your State Lottery.

*The obvious questions, asked of you both could be: Why the seperation of wealth, are you planning on divorcing each other anytime soon? Are either of you close to death

Can one spouse take lump while the other takes an annuity?

Unlucky fool — Wed, 30 Jan 2019 22:26:33 GMT

Just discussing with my wife about the improbable likelihood of hitting a big mega millions jackpot. Whether we would take lump or annuity. I think it would be best to take my half in lump allowing her to to take her half in annuity payments. I'm pretty sure I saw a couple on a lotto show say they done this but I can't remember exactly. Does anybody know if that is allowed generally