Powerball lump sum?

Reply #9

eddessaknight — Fri, 11 Nov 2022 01:11:19 GMT

Thank you, for sharing the exceptional life lessons, Artist and Raven -)

~Always A Student

EK

Reply #8

Raven62 — Thu, 10 Nov 2022 16:26:28 GMT

What Happens to Lottery Winnings if You Die Before Payments Are All Paid Out?

https://budgeting.thenest.com/happens-lottery-winnings-die-before-payments-paid-out-34073.html

Reply #7

Artist77 — Thu, 10 Nov 2022 16:02:40 GMT

If you die without a will, it is very unlikely your assets would end up with a cousin. States have laws on intestate succession and typically it goes in varied order from children, to spouse, parents, siblings, grandchildren, grandparents.

Reply #6

Artist77 — Thu, 10 Nov 2022 15:47:40 GMT

Your info on annuities is very inaccurate.

Reply #5

rcbbuckeye — Thu, 10 Nov 2022 13:26:30 GMT

Agreed. When I die my 3 kids are gonna get everything I have. My Beach Boys record collection and my mobile home in the mobile home park.

Annnd, my mobile home is paid off

Reply #4

Lotto fanatic — Thu, 10 Nov 2022 12:17:49 GMT

To me, it's smart to have a will so that the Lottery money goes to exactly who you want it to go to. It would suck to not have a will and the Lottery money goes to say your drug addicted Cousin. No good can come out of a drug addicted Family Member getting say 100 million. In fact, Jack Whittaker's drug addicted Granddaughter died of an overdose after he gave her a lot of money after his roughly 173 Million cash prize. Giving a drug addicted Family Member lots of money rarely ends well.... [ More ]

Reply #3

KY Floyd — Thu, 10 Nov 2022 00:08:59 GMT

IIRC, you're not allowed to give the annuity to anyone else.

You can assign the annuity payments to anybody you want to (ever heard or seen advertisements for JG Wentworth?), or if you die the remainder of the payments are part of your estate and go to the heirs of your choosing. Assuming you were smart enough to have a will, which I'd hope covers anybody who has won millions of dollars in the lottery, of course. Whether you've won the lottery or not, if you die without a will state law wil... [ More ]

Reply #2

Stack47 — Wed, 09 Nov 2022 20:29:04 GMT

In the last ten years about 80 PB jackpots were won and only 8 of those jackpot drawings had multiple winners. Don't know how many billions or more tickets were sold or how many millions of people bought them but it's obvious only a tiny percentage of the vast overwhelming majority of people in the U.S. never had that choice.

The current jackpot winner can get about $500 million after taxes and spend, invest and do basically whatever they want for the rest of their lives. Or they could colle... [ More ]

Reply #1

Lotto fanatic — Wed, 09 Nov 2022 19:06:24 GMT

The lump sum is better because you don't know what will happen in the future Lottery wise. What if you die before the annuity is fulfilled? IIRC, you're not allowed to give the annuity to anyone else. You can't say something like, If I did before the annuity is fulfilled, I give the annuity to my only Son, Benjamin William Johnson. With the lump sum, you can put that money to good use right away and you can put lump sum money into a will.

Powerball lump sum?

monicaregister — Wed, 09 Nov 2022 18:23:58 GMT

What would the vast overwhelming majority of people in the u.s. do if they won $2 billion from the powerball lottery? Take the lump sum or take annual payments instead? What would the vast majority of people wanna do? What will the greater number of people wanna do in this case