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What to do with lottery winnings?

Topic closed. 15 replies. Last post 11 years ago by dnroth.

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orlando, fl
United States
Member #39188
May 11, 2006
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Posted: May 12, 2006, 4:00 pm - IP Logged

hello everyone,

my name is monica and i'm new to the board. i'd like to know what is the first thing one should do if they win a large jackpot?......(taxes, legal, etc.)

also, on average, what is the total amount taken by the state and/or lottery commission before you get your winnings?

 

thanks!

    savagegoose's avatar - ProfilePho
    adelaide sa
    Australia
    Member #37136
    April 11, 2006
    3316 Posts
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    Posted: May 13, 2006, 5:23 am - IP Logged

    write ya name and adress on the back of fthe ticket

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      Baton Rouge, LA
      United States
      Member #4602
      May 7, 2004
      700 Posts
      Online
      Posted: May 13, 2006, 7:54 am - IP Logged

      hello everyone,

      my name is monica and i'm new to the board. i'd like to know what is the first thing one should do if they win a large jackpot?......(taxes, legal, etc.)

      also, on average, what is the total amount taken by the state and/or lottery commission before you get your winnings?

       

      thanks!

      First of all, welcome to LotteryPost. Hope you enjoy it here.

      This topic has been discussed here before and everyone will have their own views, so I'll give you mine. First thing to do is put the ticket in a safe place, then I think you should contact an attorney, accountant, and a good investment firm and find out your best courses of action. If you want to live for the rest of your life on your money, you'll need all of those things.

      You should also get an unlisted phone number and maybe some sort of semi-private mailing address, like a P.O. Box or mailcenter box. I think you should keep a low profile to keep the beggars, scammers, criminals, etc. away. After you have your money, I also think you should move, to make it harder to find you, and perhaps for tax advantages, depending on your state's tax system. If I win, I'm considering Nevada, since there's no state income tax there.

      As for how much you get after taxes, it varies based on your state's tax laws. I know Louisiana automatically withholds 30% for state and federal income taxes. Other states it will vary.

      Again, welcome board, and good luck in your lottery playing!

      PrisonerSix


        dnroth's avatar - pryd

        United States
        Member #37110
        April 10, 2006
        43 Posts
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        Posted: May 13, 2006, 12:10 pm - IP Logged

        hello everyone,

        my name is monica and i'm new to the board. i'd like to know what is the first thing one should do if they win a large jackpot?......(taxes, legal, etc.)

        also, on average, what is the total amount taken by the state and/or lottery commission before you get your winnings?

         

        thanks!

        First of all, welcome to LotteryPost. Hope you enjoy it here.

        This topic has been discussed here before and everyone will have their own views, so I'll give you mine. First thing to do is put the ticket in a safe place, then I think you should contact an attorney, accountant, and a good investment firm and find out your best courses of action. If you want to live for the rest of your life on your money, you'll need all of those things.

        You should also get an unlisted phone number and maybe some sort of semi-private mailing address, like a P.O. Box or mailcenter box. I think you should keep a low profile to keep the beggars, scammers, criminals, etc. away. After you have your money, I also think you should move, to make it harder to find you, and perhaps for tax advantages, depending on your state's tax system. If I win, I'm considering Nevada, since there's no state income tax there.

        As for how much you get after taxes, it varies based on your state's tax laws. I know Louisiana automatically withholds 30% for state and federal income taxes. Other states it will vary.

        Again, welcome board, and good luck in your lottery playing!

        PrisonerSix


        Nevada?  Why move to the desert to evade income taxes when you could move to New Hampshire and enjoy the company of smart people and still evade the same taxes?

         Oh.  That's right.  Legal hookers.

         You're gross.

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          United States
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          March 1, 2006
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          Posted: May 13, 2006, 12:30 pm - IP Logged

          Sign, consult, invest, pay off mortgage,  home improvements.  When  I'm finished with all of the previous, I would treat myself to a Malibu Beach house and live of the interest of my winnings.  I don't have  a problem paying for taxes, I mean really, you paid a dollar to become a millionaire, the least you can do is pay taxes for the benefit of the public, as it is now the disgustingly rich, pay the least taxes. 

            tntea's avatar - Lottery-059.jpg

            United States
            Member #5344
            June 30, 2004
            23641 Posts
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            Posted: May 13, 2006, 12:33 pm - IP Logged

            Stay private if all possible..

            Pay off debts.. dont go back in debt...

            Give to charities..

             

                 OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44

              Uff Da!'s avatar - InCelebration 001.jpg
              Washington State
              United States
              Member #33973
              February 26, 2006
              347 Posts
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              Posted: May 13, 2006, 12:49 pm - IP Logged

              And don't forget to learn all you can about investments, can you can better evaluate the advice you might be getting from those financial advisors.  After all, regardless of what they advise you, ultimately it is you who will make the final decisions of what to do with your money.

              Unless you are so elderly that your anticipated lifespan is short, plan to live off the earnings from your investments and avoid dipping into principal.  That way your money will last.

                konane's avatar - wallace
                Atlanta, GA
                United States
                Member #1265
                March 13, 2003
                3352 Posts
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                Posted: May 13, 2006, 12:50 pm - IP Logged

                Chewie had some very pactical advice from a previous thread.

                Good luck to everyone!


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                  June 5, 2002
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                  Posted: May 13, 2006, 12:51 pm - IP Logged

                  Choose LUMP SUM. I live in NY state, so I have to make that choice when I PLAY Mega Millions.

                    konane's avatar - wallace
                    Atlanta, GA
                    United States
                    Member #1265
                    March 13, 2003
                    3352 Posts
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                    Posted: May 13, 2006, 1:03 pm - IP Logged

                    Choose LUMP SUM. I live in NY state, so I have to make that choice when I PLAY Mega Millions.

                    Cash  .... some good news for you.  Clark Howard, our local consumer guru said on his radio program that annuities are poison ... that they're the very worst type of investment at this time someone could choose to sink their money into due to sky high commissions when purchasing them, also current taxation rates are figured on the highest ordinary income rate when someone liquidates them.  Someone is on your side!!  Big Grin

                    More information on this search.

                    http://clarkhoward.com/cgi-bin/htdig/htsearch?words=annuities&config=clark&exclude=&method=and&format=builtin

                     

                    Good luck to everyone!

                      bellyache's avatar - 64x64a9wg

                      United States
                      Member #12618
                      March 18, 2005
                      2060 Posts
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                      Posted: May 13, 2006, 2:09 pm - IP Logged

                      hello everyone,

                      my name is monica and i'm new to the board. i'd like to know what is the first thing one should do if they win a large jackpot?......(taxes, legal, etc.)

                      also, on average, what is the total amount taken by the state and/or lottery commission before you get your winnings?

                       

                      thanks!

                      First of all, welcome to LotteryPost. Hope you enjoy it here.

                      This topic has been discussed here before and everyone will have their own views, so I'll give you mine. First thing to do is put the ticket in a safe place, then I think you should contact an attorney, accountant, and a good investment firm and find out your best courses of action. If you want to live for the rest of your life on your money, you'll need all of those things.

                      You should also get an unlisted phone number and maybe some sort of semi-private mailing address, like a P.O. Box or mailcenter box. I think you should keep a low profile to keep the beggars, scammers, criminals, etc. away. After you have your money, I also think you should move, to make it harder to find you, and perhaps for tax advantages, depending on your state's tax system. If I win, I'm considering Nevada, since there's no state income tax there.

                      As for how much you get after taxes, it varies based on your state's tax laws. I know Louisiana automatically withholds 30% for state and federal income taxes. Other states it will vary.

                      Again, welcome board, and good luck in your lottery playing!

                      PrisonerSix


                      Nevada?  Why move to the desert to evade income taxes when you could move to New Hampshire and enjoy the company of smart people and still evade the same taxes?

                       Oh.  That's right.  Legal hookers.

                       You're gross.

                      Where did you read that PrisonerSix would move to Nevada because of hookers? Maybe he just likes the area. How does that make him gross? Roll Eyes

                        Avatar
                        Baton Rouge, LA
                        United States
                        Member #4602
                        May 7, 2004
                        700 Posts
                        Online
                        Posted: May 13, 2006, 9:44 pm - IP Logged

                        hello everyone,

                        my name is monica and i'm new to the board. i'd like to know what is the first thing one should do if they win a large jackpot?......(taxes, legal, etc.)

                        also, on average, what is the total amount taken by the state and/or lottery commission before you get your winnings?

                         

                        thanks!

                        First of all, welcome to LotteryPost. Hope you enjoy it here.

                        This topic has been discussed here before and everyone will have their own views, so I'll give you mine. First thing to do is put the ticket in a safe place, then I think you should contact an attorney, accountant, and a good investment firm and find out your best courses of action. If you want to live for the rest of your life on your money, you'll need all of those things.

                        You should also get an unlisted phone number and maybe some sort of semi-private mailing address, like a P.O. Box or mailcenter box. I think you should keep a low profile to keep the beggars, scammers, criminals, etc. away. After you have your money, I also think you should move, to make it harder to find you, and perhaps for tax advantages, depending on your state's tax system. If I win, I'm considering Nevada, since there's no state income tax there.

                        As for how much you get after taxes, it varies based on your state's tax laws. I know Louisiana automatically withholds 30% for state and federal income taxes. Other states it will vary.

                        Again, welcome board, and good luck in your lottery playing!

                        PrisonerSix


                        Nevada?  Why move to the desert to evade income taxes when you could move to New Hampshire and enjoy the company of smart people and still evade the same taxes?

                         Oh.  That's right.  Legal hookers.

                         You're gross.

                        Honestly, Nevada is only one of my options.  I don't think I'd like the climate in New Hampshire much, too much snow and besides, you Yankees probably don't want anyone born and raised in the South there.  I'd like a place with a decent climate and tax system so I can enjoy myself and keep as much of my money as possible.

                        Why do you think New Hampshire people are smarter than people in Nevada or anywhere else?  

                        PrisonerSix 

                          Avatar
                          Baton Rouge, LA
                          United States
                          Member #4602
                          May 7, 2004
                          700 Posts
                          Online
                          Posted: May 13, 2006, 9:53 pm - IP Logged

                          hello everyone,

                          my name is monica and i'm new to the board. i'd like to know what is the first thing one should do if they win a large jackpot?......(taxes, legal, etc.)

                          also, on average, what is the total amount taken by the state and/or lottery commission before you get your winnings?

                           

                          thanks!

                          First of all, welcome to LotteryPost. Hope you enjoy it here.

                          This topic has been discussed here before and everyone will have their own views, so I'll give you mine. First thing to do is put the ticket in a safe place, then I think you should contact an attorney, accountant, and a good investment firm and find out your best courses of action. If you want to live for the rest of your life on your money, you'll need all of those things.

                          You should also get an unlisted phone number and maybe some sort of semi-private mailing address, like a P.O. Box or mailcenter box. I think you should keep a low profile to keep the beggars, scammers, criminals, etc. away. After you have your money, I also think you should move, to make it harder to find you, and perhaps for tax advantages, depending on your state's tax system. If I win, I'm considering Nevada, since there's no state income tax there.

                          As for how much you get after taxes, it varies based on your state's tax laws. I know Louisiana automatically withholds 30% for state and federal income taxes. Other states it will vary.

                          Again, welcome board, and good luck in your lottery playing!

                          PrisonerSix


                          Nevada?  Why move to the desert to evade income taxes when you could move to New Hampshire and enjoy the company of smart people and still evade the same taxes?

                           Oh.  That's right.  Legal hookers.

                           You're gross.

                          Where did you read that PrisonerSix would move to Nevada because of hookers? Maybe he just likes the area. How does that make him gross? Roll Eyes

                          Thanks for the support.
                           
                          Nevada is a place I'd move because the climate is nice, there's no state income tax, and there aren't any people who know me there.  If people don't know me or where I am, they won't come begging for money. 
                           
                          There are other places too I'd consider, but they'd have to have a nice climate and tax system to be considered.
                           
                          PrisonerSix 
                            Avatar
                            NY
                            United States
                            Member #23835
                            October 16, 2005
                            3502 Posts
                            Offline
                            Posted: May 14, 2006, 3:15 pm - IP Logged

                            hello everyone,

                            my name is monica and i'm new to the board. i'd like to know what is the first thing one should do if they win a large jackpot?......(taxes, legal, etc.)

                            also, on average, what is the total amount taken by the state and/or lottery commission before you get your winnings?

                             

                            thanks!

                            First of all, welcome to LotteryPost. Hope you enjoy it here.

                            This topic has been discussed here before and everyone will have their own views, so I'll give you mine. First thing to do is put the ticket in a safe place, then I think you should contact an attorney, accountant, and a good investment firm and find out your best courses of action. If you want to live for the rest of your life on your money, you'll need all of those things.

                            You should also get an unlisted phone number and maybe some sort of semi-private mailing address, like a P.O. Box or mailcenter box. I think you should keep a low profile to keep the beggars, scammers, criminals, etc. away. After you have your money, I also think you should move, to make it harder to find you, and perhaps for tax advantages, depending on your state's tax system. If I win, I'm considering Nevada, since there's no state income tax there.

                            As for how much you get after taxes, it varies based on your state's tax laws. I know Louisiana automatically withholds 30% for state and federal income taxes. Other states it will vary.

                            Again, welcome board, and good luck in your lottery playing!

                            PrisonerSix


                            Nevada? Why move to the desert to evade income taxes when you could move to New Hampshire and enjoy the company of smart people and still evade the same taxes?

                            Oh. That's right. Legal hookers.

                            You're gross.

                            First, if you move to state with no income tax you're avoiding taxes, not evading taxes. There's a difference.

                            Second, legal hookers are probably cleaner and safer than illegal hookers.

                            Third, if somebody had millions of dollars to invest and spend on a nice home they'd have to be a moron to move to a state that has an income tax on dividend and interest income, and exorbitant property taxes to make up for the lack of a tax on salaries.

                              dnroth's avatar - pryd

                              United States
                              Member #37110
                              April 10, 2006
                              43 Posts
                              Offline
                              Posted: May 15, 2006, 6:55 pm - IP Logged

                              http://www.taxfoundation.org/taxdata/show/467.html#nev

                              http://www.taxfoundation.org/taxdata/show/468.html

                               Check it out.  New Hampshire's burden is lower than Nevada's.

                               Have fun with your legal hookers.