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Lottery player/winner advice ?Reply
CASH OnlyI just have a quick question. What if the heirs to the inheritance can't afford to pay the estate tax up front? Does the lottery hold the money until they can pay or does the lottery take the tax amount of the entire annual check, year after year, until the tax is paid off, and then give them the remaining checks?
Sep 10, 2002, 8:45 am - rundown99 - Lottery Discussion Forum

RE the Florida Lotto story on front pageReply
RJOh: Assuming the woman would have preferred the lump sum, she may have not have known about the 60-day period in FL to decide on cash or annuity. If that's the case, she learned a hard lesson. If she dies early in the 30-year period, her heirs MIGHT go into debt paying inheritance taxes on the winnings (I think she's NOT married, BTW).
Aug 13, 2002, 8:58 am - CASH Only - Lottery Discussion Forum

Hello everyoneReply
As I stated in other posts, if you have to take an annuity, put it into a trust or an incorporated idenity. If you die before all the yearly payments are made to you, your heirs will have to pay inheritance taxes on the full amount up front that is due you. By having a trust the payments are still made annualy and you or your heirs would pay taxes on the interest when it is drawn out. pegleg
Mar 29, 2002, 9:06 am - pegleg - Lottery Discussion Forum

Todd--Big Game questionReply
Hi Todd: Its true what you say that the estate recieves the remaining payments. The catch is that the feds will want all the taxes paid up front on the remaining payments, as this is concidered an inheritance.pegleg
Mar 21, 2002, 4:57 pm - pegleg - Lottery Discussion Forum

paymentsReply
Ruthy, this is a touchy subject. Theoretically, it does, but there's the possibility of your heirs having to pay inheritance tax(es) on the entire CASH VALUE of the annuity with 10 months of the winner's passing, including installment(s) the lottery has yet to pay out. My advice: if the cash/annuity choice must be made when you play, choose CASH/LUMP SUM (like here in NY) even if you would rather get annual payments. Why? Another reason is, you still have control over your lottery winnings, and
Jul 22, 2001, 7:55 am - Guest - Lottery Discussion Forum

If a dual (UK/USA) citizen wins the Euro Jackpot?Reply
UK does not tax lottery winnings I've seen something that said UK residents aren't taxed. It may have just been sloppy reporting, but there's a chance that a prize that's won while living overseas might be taxed. The IRS considers lottery winnings taxable when you get the economic benefit of the prize. That doesn't happen until the lottery validates the ticket as a winner, and possibly even later than that, but even if you move to Mars it won't help. The income from the prize will still
Nov 1, 2018, 2:34 am - KY Floyd - Lottery Discussion Forum

Do you have to pay tax on a lottery win?
Do you have to pay tax on a lottery win? Her Majesty's Revenue Customs doesn't regard lottery winnings as income, so all prizes are tax-free hurray! However, there could be tax implications once you've banked your winnings. The cash will form part of your estate and be liable for 40% inheritance tax (IHT) if it takes the value of your estate above the current threshold of 325,000. Gifting millions will not save you from paying IHT either: HMRC will tax you on a sliding IH
Apr 26, 2015, 8:33 pm - myturn - Lottery Discussion Forum

Win lottery with Gods power togetherReply
Good Morning LP family...I hope everyone has a blessed Holiday weekend! I was thinking about these scriptures this morning: O Lord, You are the portion of my inheritance and my cup; You maintain my lot. The lines have fallen to me in pleasant places; Yes, I have a good inheritance. Psalms 16: 5-6 Everyone be safe and stay blessed in Jesus Holy name. Amen
May 24, 2014, 10:58 am - Shining Star - Mystical Forum

$247 MILLION: Huge Powerball lottery jackpot set for SaturdayReply
Heard a comedian state, the lottery cost us $169 billion to play but that $169 billion was won by others. It was funny to hear but totally inaccurate.The government,which permits us to gamble, gets a sizeable chunk of the proceeds.Also question the accuracy of that $169 billion amount. Still appreciate the discussion that the lump-sum option is the best choice since it may relieve your family from inheritance taxes which are substantial,along with the yearly tax burden of an annuity. Eve
Feb 7, 2014, 4:16 pm - Gleno - Lottery News

One more annuity vs cash discussionReply
A large factor comes down to the age of the person. Taking an annuity at 80 makes no sense. Take the cash, spend it fast, and heck with the grandkids inheritance. rdc127 I once wrote something similar to your first sentence, that age is a factor. However, I would never just spend my money wildly without helping my family. I don't have children. But if I were 80 and had a son, I hope I would trust him enough to claim the prize and promise me he would choose the annuity, or at least set
Jan 15, 2007, 4:29 am - justxploring - Lottery Discussion Forum