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Quick Lottery question

Topic closed. 8 replies. Last post 7 years ago by tiggs95.

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los angeles
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January 24, 2010
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Posted: January 24, 2010, 3:44 pm - IP Logged

Hi folksss...

Let say I win a big jackpot and I choose annual option, and say something happen to me ( I am gone),

can my children inherit that jackpot that I choose?

Just curious question folks. Party

 

Thanks you for all reader and replier

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    Georgia
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    August 30, 2009
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    Posted: January 24, 2010, 3:49 pm - IP Logged

    It is given to the first person who replies to your message.

      Blackie's avatar - Norfolk 20Sunrise%20Nov%2016.jpg
      Norfolk , Va
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      Posted: January 24, 2010, 3:55 pm - IP Logged

      Not sure but it seems it would go to your beneficiary or into a trust.

       

       Good Luck,

      Blackie.                           

        LadyMylena's avatar - avatar6 1.jpg
        Kansas
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        December 19, 2009
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        Posted: January 24, 2010, 3:56 pm - IP Logged

        Yes, my understanding is, it becomes part of your estate when you die, to be dispersed to your heirs.

        Luck is  ** believing  ** you're lucky.” ~Tennessee Williams

        Money is neither my god nor my devil. It is a form of energy that tends to make us more of who we already are, whether it's greedy or loving.  ~ Dan Millman


          Litebets27's avatar - power
          Maryland
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          January 14, 2005
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          Posted: January 24, 2010, 4:03 pm - IP Logged

          The answer to your question may be on your State lottery online site in the frequently asked questions section. Most allow yoou to name beneficiaries when claiming your prize.

          Feeling,  PRICELESS!!!Banana

          Come on Jackpot!!!

            Coin Toss's avatar - shape barbed.jpg
            Zeta Reticuli Star System
            United States
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            January 17, 2006
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            Posted: January 24, 2010, 6:09 pm - IP Logged

            bomatt,

            Excellent wit!

            loveme,

            It goes into your estate, as others here have said. If somebody dies on a gambling table in Vegas whatever chips they have at the time goes into their estate. This has actually happnend.So I'm sure the same laws apply to lottery annuitants.

            So far anyway. A member here on LP has been trying to set up a dummy corporation in Central America  which would look like a charity for midget sex slaves that would abscond with such funds,  but so far hasn't been able to pull it off.

            Lep

            Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

            Lep

            There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

              sully16's avatar - sharan
              Ringleader
              Michigan
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              Posted: January 24, 2010, 6:29 pm - IP Logged

              if you win the big one . get a lawyer and an accountant..make out a living will. do not fork over power of attorney to anyone..if you get a lawyer and he/she wants power ...look for a new attorney.remember its your money and your the boss. ps check to see if we are related..just kidding good luck!

              America First ! US Flag

                RJOh's avatar - chipmunk
                mid-Ohio
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                March 24, 2001
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                Posted: January 24, 2010, 6:46 pm - IP Logged

                Hi folksss...

                Let say I win a big jackpot and I choose annual option, and say something happen to me ( I am gone),

                can my children inherit that jackpot that I choose?

                Just curious question folks. Party

                 

                Thanks you for all reader and replier

                As I understand it, it becomes part of you estate but its tax problems are unique in that taxes on the value of the annuity has to paid up front rather than over the years as it is paid out so family members might have to sell it if they don't have that kind of money.   Something you might want to check out with a tax lawyer if you win and you are up in years and plan to take the annuity rather than the cash.

                 * you don't need to buy more tickets, just buy a winning ticket * 
                   
                             Evil Looking       

                  tiggs95's avatar - Lottery-036.jpg

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                  November 4, 2006
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                  Posted: January 24, 2010, 8:46 pm - IP Logged

                  loveme...To be sure call your lottery in California and ask them..You don't need to give your name all you want is info..I did it here in Ky and they was real nice and said if you don't understand something about the lottery to call them..Good luck and hope you have that problem..