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The final drawing for Lotto South...

Topic closed. 16 replies. Last post 11 years ago by lchoro.

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United States
Member #13801
April 14, 2005
48 Posts
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Posted: February 26, 2006, 2:00 am - IP Logged

The final drawing for Lotto South was yesterday and no one won the $4.5 million annuatized jackpot.

The cash value of the final jackpot was $2.25 million.  Lottery players won $654,544 and the remaining $1.6 million is going to be kept by the lottery commissions.

Not a very good deal for the lottery players in Georgia, Virginia and Kentucky.


    United States
    Member #379
    June 5, 2002
    11296 Posts
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    Posted: February 26, 2006, 1:09 pm - IP Logged

    The final drawing for Lotto South was yesterday and no one won the $4.5 million annuatized jackpot.

    The cash value of the final jackpot was $2.25 million.  Lottery players won $654,544 and the remaining $1.6 million is going to be kept by the lottery commissions.

    Not a very good deal for the lottery players in Georgia, Virginia and Kentucky.

    And GA players (if not also KY and VA) also will get screwed by Lose for Life, since GA won't be offering a cash option.


      United States
      Member #16612
      June 2, 2005
      3493 Posts
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      Posted: February 27, 2006, 12:41 pm - IP Logged

      I'm disappointed that Lotto South is gone. I think Lose for Life will be worse than Lotto South. What are the rules in playing Lose for Life.

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        United States
        Member #1826
        July 11, 2003
        2645 Posts
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        Posted: February 27, 2006, 1:36 pm - IP Logged

        I'm disappointed that Lotto South is gone. I think Lose for Life will be worse than Lotto South. What are the rules in playing Lose for Life.

        The name is Win For Life. CO just calls it Lose For Life because he doesn't like the top prize structure.

        (insert signature here)


          United States
          Member #379
          June 5, 2002
          11296 Posts
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          Posted: February 27, 2006, 1:41 pm - IP Logged

          I'm disappointed that Lotto South is gone. I think Lose for Life will be worse than Lotto South. What are the rules in playing Lose for Life.

          The name is Win For Life. CO just calls it Lose For Life because he doesn't like the top prize structure.

          Lose for Life has a cash option in Virginia, but not in GA. I still don't know about KY.

          GA "winners" will be stuck with $1000 a week for life.

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            Coastal Georgia
            United States
            Member #2653
            October 30, 2003
            1866 Posts
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            Posted: February 27, 2006, 1:57 pm - IP Logged

            I'm disappointed that Lotto South is gone. I think Lose for Life will be worse than Lotto South. What are the rules in playing Lose for Life.

            The name is Win For Life. CO just calls it Lose For Life because he doesn't like the top prize structure.

            Lose for Life has a cash option in Virginia, but not in GA. I still don't know about KY.

            GA "winners" will be stuck with $1000 a week for life.

            AND...

            Since it is annuity only in GA, the payments are guaranteed for only a minimum of 10 years.

            If you win it and die during the initial 10 years,  , the payments will only go to your beneficiary for the remainder of the 10 year term.

             

                                           

                          

             

             


              United States
              Member #379
              June 5, 2002
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              Posted: February 27, 2006, 2:03 pm - IP Logged

              KY's website www.kylottery.com says nothing about a cash option. Maybe I should e-mail KY also.


                United States
                Member #5565
                July 11, 2004
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                Posted: February 27, 2006, 2:11 pm - IP Logged

                Since the payments are guaranteed for a minimum of 10 years, you should be able to arrange for a cash settlement with a funding company such as JG Wentworth.


                  United States
                  Member #379
                  June 5, 2002
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                  Posted: February 27, 2006, 2:14 pm - IP Logged

                  Since the payments are guaranteed for a minimum of 10 years, you should be able to arrange for a cash settlement with a funding company such as JG Wentworth.

                  That should be a last resort. No lottery winner (fixed annuity or lifetime payments) should be forced to start receiving periodic installments. The "winner" loses money when selling an annuity.

                    konane's avatar - wallace
                    Atlanta, GA
                    United States
                    Member #1265
                    March 13, 2003
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                    Posted: February 27, 2006, 2:23 pm - IP Logged

                    Since the payments are guaranteed for a minimum of 10 years, you should be able to arrange for a cash settlement with a funding company such as JG Wentworth.

                    That should be a last resort. No lottery winner (fixed annuity or lifetime payments) should be forced to start receiving periodic installments. The "winner" loses money when selling an annuity.

                    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.  Crying  Our playslips for Win For Life have no box to check for Cash.  What?

                    Good luck to everyone!


                      United States
                      Member #379
                      June 5, 2002
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                      Posted: February 27, 2006, 2:26 pm - IP Logged

                      Since the payments are guaranteed for a minimum of 10 years, you should be able to arrange for a cash settlement with a funding company such as JG Wentworth.

                      That should be a last resort. No lottery winner (fixed annuity or lifetime payments) should be forced to start receiving periodic installments. The "winner" loses money when selling an annuity.

                      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.  Crying  Our playslips for Win For Life have no box to check for Cash.  What?

                      Virginia winners can choose $520,000 cash in lieu of the quarterly payments. I still don't know about KY.

                        konane's avatar - wallace
                        Atlanta, GA
                        United States
                        Member #1265
                        March 13, 2003
                        3351 Posts
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                        Posted: February 27, 2006, 2:29 pm - IP Logged

                        Since the payments are guaranteed for a minimum of 10 years, you should be able to arrange for a cash settlement with a funding company such as JG Wentworth.

                        That should be a last resort. No lottery winner (fixed annuity or lifetime payments) should be forced to start receiving periodic installments. The "winner" loses money when selling an annuity.

                        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.  Crying  Our playslips for Win For Life have no box to check for Cash.  What?

                        Virginia winners can choose $520,000 cash in lieu of the quarterly payments. I still don't know about KY.

                        Was it in a press release or on site somewhere??

                        As for Georgia it shows the news people don't get it right .... as if that's new!! Thumbs Down

                         

                        Good luck to everyone!


                          United States
                          Member #379
                          June 5, 2002
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                          Posted: February 27, 2006, 2:33 pm - IP Logged

                          Since the payments are guaranteed for a minimum of 10 years, you should be able to arrange for a cash settlement with a funding company such as JG Wentworth.

                          That should be a last resort. No lottery winner (fixed annuity or lifetime payments) should be forced to start receiving periodic installments. The "winner" loses money when selling an annuity.

                          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.  Crying  Our playslips for Win For Life have no box to check for Cash.  What?

                          Virginia winners can choose $520,000 cash in lieu of the quarterly payments. I still don't know about KY.

                          Was it in a press release or on site somewhere??

                          As for Georgia it shows the news people don't get it right .... as if that's new!! Thumbs Down

                           

                          www.valottery.com said Virginia winners can choose cash.

                            konane's avatar - wallace
                            Atlanta, GA
                            United States
                            Member #1265
                            March 13, 2003
                            3351 Posts
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                            Posted: February 27, 2006, 2:54 pm - IP Logged

                            Found it ... couldn't see for looking.  Crazy

                            "Cash Option: If a grand prize winner chooses Cash Option, he/she will be paid in a lump sum payment of $520,000. Winners make this choice while claiming the prize.

                            Good luck to everyone!


                              United States
                              Member #5565
                              July 11, 2004
                              260 Posts
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                              Posted: February 27, 2006, 5:54 pm - IP Logged

                              Naming a beneficiary for your annuity bypasses the estate when you die. My father had two such annuities set up for my mom. The portion of the annuity payments that's derived from investment is taxed as regular income to the recipient. IRA's and 401K's are also handled outside the estate so long as decedant's estate is solvent. There has to be another financial problem with the deceased, such as unpaid taxes or debts, that can't be managed by liquidating the assets within the estate when it impacts on the IRA's and other accounts that pass due to survivorship.  If you fail to designate a valid beneficiary, annuities will be liquidated and taxed as of their cash value upon conversion.