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Close Encounter guys!!Reply
Wait a minute?!?!!?!What DOES happen IF a person dies before receiving all of the payments???? That's the unanswered question of the lottery. The powerball website only says that the money is transferred to the estate. But what happens from there on? One CNN Website (http://www.cnn.com/2001/CAREER/trends/08/22/lottery.financial.planner.focus/index.html) said that if you die two years later, the IRS will garnish the payments until the entire inheritance tax is paid off with interest. But when
Dec 18, 2002, 1:43 pm - rundown99 - Jackpot Games Forum

Never let lottery assign you an annuityReply
My understanding is that if the estate cannot pay the inheritance tax in full (on the remaining payments) within 10 months of the winner's death, the estate would not be able to receive any more annuity checks until the tax is paid, even if the estate has to sell their assets. The estate would also have to pay interest on the inheritance tax they owe. I MAY BE WRONG; please correct me if necessary.
Sep 14, 2002, 1:09 pm - CASH Only - Jackpot Games Forum

BIBLE Numbers?Reply
There are 13 actual tribes of israel, 12 are named in the Bible, (the ones that received a land inheritance).
Dec 31, 2003, 10:31 am - Thomas Covenant - Jackpot Games Forum

Would you be happy or sad?Reply
I'd have to temper my happiness for the person who won it with indifference over whether it was 500 billion or 500 million. I've looked around inside myself and can't find any element of concern about whether a jackpot's humongous or merely a large one. Even if I won it I doubt I would care. 20 million bucks is squared or cubed what I've ever seen, free and clear.I honestly don't understand why anyone would care whether someone else won a 500M jackpot, unless it was a direct line of inheritanc
Oct 3, 2005, 9:51 am - Rip Snorter - Jackpot Games Forum

The final drawing for Lotto South...Reply
Many times a beneficiary's family has to sell an annuity at a substantial discount to pay inheritance taxes due on a qualifying estate. Yes no mention of anything other than annuity on the Georgia site, also same for information I could find on Kentucky and Virginia. Our playslips for Win For Life have no box to check for Cash.
Feb 27, 2006, 2:23 pm - konane - Jackpot Games Forum

Probability of a rollover in PB and MMReply
No, it is the amount of cash that the lottery will invest in an annuity for you, before taxes. One advantage of the annuity is that deferred tax. However if the dollar collapses in the next twenty years, as it is likely to do because of enormous government deficits, that tax savings will be less than trivial.The advertised jackpot is the amount provided by the annuity; it corresponds to roughly 60%. The cash value corresponds to 32%. You still must pay income taxes on the money either way:
Jan 27, 2004, 12:54 pm - prob987 - Jackpot Games Forum

Never let lottery assign you an annuityReply
Dear littleoldlady: CA needs to change the rules so that the choice can be made AFTER you win. As for someone's life span, there is NO guarantee (always remember 9/11) that someone will live long enough to receive all their payments. What if she dies, and her heirs (grandchildren, etc) have to pay inheritance tax UP FRONT (within 10 months of the winner's death) on the future lottery payments, and they can't pay off the IRS bill ? People who want the annuity DON'T consider all the potential cons
Sep 14, 2002, 7:27 am - CASH Only - Jackpot Games Forum

Never let lottery assign you an annuity
The Brisbane, CA, winner apparently made the biggest possible mistake that could be made when purchasing lottery tickets. California still requires Super Lotto Plus players to choose cash or annuity WHEN they play, instead of after they win. The 43-year-old GRANDMOTHER not only has to wait until age 68 to receive all her winnings, but the payments are backloaded -the first payment is the smallest. I bet whatever financial advice she's receiving includes being told she should have chosen lum
Aug 27, 2002, 7:23 am - CASH Only - Jackpot Games Forum

Cash Options of JackpotsReply
On another thread, dvdiva brought up what happens to beneficiaries should someone die while taking annual payments. I never gave this much thought, because most people I know don't have millions of dollars to invest (I wish!) and most annuities people purchase will pay out a lump sum upon death. That's because there isn't a future value and it's usually an investment to defer taxes and protect savings from creditors, etc. Since the PB annuity is a structured settlement, if a winner chooses a
Aug 26, 2007, 12:25 pm - justxploring - Jackpot Games Forum

MM Winner Press CoverageReply
Truthfully, had I had all six matching numbers, I too would have come forward immediately...like Thursday. The news reporters would have found you eventually anyway if you decided to stay in the area. I would have come forward immediately for several reasons: 1) my wife doesn't like me playing the lottery, so in coming forward immediately, my media appearance would have been quick and brief and would have enabled me to do damage control better...like Friday, I would have taken my wife out to
Mar 10, 2007, 7:36 am - OldSchoolPa - Jackpot Games Forum