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CASH Only

United States
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June 5, 2002
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Aug 10, 2006, 2:13 pm

The FDIC insures accounts up to only $100,000. I don't have any other advice, than for her NOT to purchase an annuity.
konane

USA
United States
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March 13, 2003
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Aug 10, 2006, 2:33 pm

Quote: Originally posted by justxploring on Aug 10, 2006
i was being more practical - better food, travel, maid service, nice home.

So was I! LOL What would be wrong if her maid had great pecs? Men do great housework if they're trained properly.
Anyway, she could take the entire net amount and put it in a bank CD and earn over $800,000 every year and never touch the principal. Nobody ever has an obligation to leave money to their children or charity. I was only talking about being responsible.
Not having to worry about paying for a potential catastropic illness later in life can likely add quality years to a person's lifespan.
Konane - I was posting at the same time you were. That's exactly what I was saying. When people are healthy and in a good state of mind is when they need to make financial decisions, not when they get sick. When I said "put the money in a CD" I was only showing the huge amount of interest the money could generate. Putting the money in the bank would not be the practical thing to do. I guess a lot of this has to do with trusting another person. If a woman that age does not have long-term care, a nursing home or assisted living facility could eat up a large portion of her wealth. With millions of dollars, a loving child could provide good in-home care with 24/7 nursing.
What in the world is a Himbo?

Himbo ~ man kept by a wealthy woman for whatever purposes she decides.
I can recall one that was running for president last time, but Geraldo used Britany Spears husband as an example, also Ashton Kutcher (sp).

Have fun and the best of luck to everyone!
justxploring

Wandering Aimlessly
United States
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November 5, 2005
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Aug 10, 2006, 2:42 pm

Quote: Originally posted by CASH Only on Aug 10, 2006
The FDIC insures accounts up to only $100,000. I don't have any other advice, than for her NOT to purchase an annuity.

Cash, I was only using the "Bank CD" example to demonstrate the size of her prize. Why not an annuity? Regarding the FDIC, have you read all the small print? They are not guaranteeing 100% return on your money. Also, what do you think the "I" in FDIC stand for? Insurance companies have been around since our country began. Maybe you had a bad experience but, for example, Abraham Lincoln's home was insured by the same company that owns AIG. When people at the World Trade Center were killed, who do you think paid the families? Anyway, there are many good annuities and, if these huge companies like Met Life, Sun Life and Liberty Mutual went out of business, the whole country would fall too, so it wouldn't matter. Anyway, in the unlikely event that an A++ rated insurance company fails, your CD-type annuities should be covered up to $100,000 by your state's guaranty association. I only know the FL laws. All of this chat is really silly, since only a personal financial advisor can sit down an analyze an individual's needs. Being diversified (banks, annuities, real estate, bonds, etc.) is always the best solution.
At 84, someone really just needs to make sure a good Senior Planner is looking out for her welfare, while protecting a portion for her beneficiaries. I doubt we'll be reading that this woman blew all her money in Vegas on the slots...but ya never know!
emilyg

50

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November 9, 2001
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Aug 10, 2006, 2:53 pm

Quote: Originally posted by konane on Aug 10, 2006
Himbo ~ man kept by a wealthy woman for whatever purposes she decides.
I can recall one that was running for president last time, but Geraldo used Britany Spears husband as an example, also Ashton Kutcher (sp).

HIMBO - new one for me- love it!!!!

is there a herbo??? lol

love to nibble those micey feet.
DoubleDown

Coastal Georgia
United States
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October 30, 2003
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Aug 10, 2006, 3:05 pm

Quote: Originally posted by emilyg on Aug 10, 2006
HIMBO - new one for me- love it!!!!

is there a herbo??? lol

The opposite of Himbo could be Bimbo...
But "trophy wife" sounds better....
...DD
emilyg

50

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November 9, 2001
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Aug 10, 2006, 3:16 pm

Quote: Originally posted by DoubleDown on Aug 10, 2006
The opposite of Himbo could be Bimbo...
But "trophy wife" sounds better....
...DD

ah yes! good old bimbo

love to nibble those micey feet.
BaristaExpress

Magnolia, Delaware
United States
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July 20, 2005
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Aug 10, 2006, 11:03 pm

Mmmm, I remember my grandmother had stopped paying income taxes after she turned 72. It's not like she didn't file or anything like that (which she did) it's just she didn't owe any taxes on what she had earned from the royalty checks she received from the gas & oil wells on her land. That's also not including her retirement checks from her job and her social security checks! Heck man she was earning over 50K a year from all sources put together. To bad she was only able not to pay taxes for 3 years after her 72nd birthday, but what the heck she lived a better life for those 3 yrs when not owing any taxes on her income! And by the way, it was all legal! You know why? When she passed away her estate owed not one penny in back taxes for the 3 years that Uncle Sam said she owed no taxes!
So, if the age thing is still true today as it was back 15 yrs ago, then this 84 yr old woman will not owe much in taxes (if any at all)! Good Luck Granny and Congratulations on the WIN!

Keep dreaming the impossible dream, it just may come true!
golotto

Wisconsin
United States
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June 3, 2003
668 Posts
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Aug 10, 2006, 11:34 pm
Sincere Congrats to the 84 year old winner!
Again we see that anyone can win! The only thing "the lottery" cares about are the numbers. A life can change in an instant ... and age (or anything else) doesn't matter.
This is exactly why I like the lottery.
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... the lottery never fails to surprise!
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justxploring

Wandering Aimlessly
United States
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November 5, 2005
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Aug 11, 2006, 1:13 am

Barista Express, I have no idea what you are talking about! Age as nothing to do with estate tax. When you die if your total estate is worth over $2 million, taxes must be paid. This won't affect most of us, but it's the law, although there are many ways to reduce one's wealth with a good estate planner.
As far as income tax goes, an elderly person doesn't automatically get a break because of his/her age. Some states give seniors a tax break on retirement income and social security, but not the IRS. If I'm wrong, will someone here please correct me? As far as I know, anyone making $50,000 a year would be taxed on social security, pension(s) and any additional income, including interest and lottery prizes. If you look at any 1040 form, it has nothing to do with age, just income bracket. Everyone has to file. My Dad is 92 and he has to send in a tax return by April 15 just like the rest of us and he's living on social security and a small pension.

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