|Posted: January 8, 2016, 9:46 pm - IP Logged|
1. Should they take cash or annuity?
I would take the annuity. I can manage dealing with the annual payment, but overwhelmed with the total all at once. Yeah, I know the usual arguments against this, but 496 million minus taxes is an insane amount of money and (see anwer to #4).
2. What is the advice next?
3. What is the tax rate? is it 40% and I know that every state is different in the country?
40% + state income tax, 0 in a couple of states, up to 10 or 12%, I think, in others.
4. Should the lottery winner trust anyone?
5. Of course no one has to give any money out to anyone but likely it could happen.
I have plans to give some to a few people and much to certain charities.
6. How much should you invest? make money on interest the rest of your life?
7. What if the person has a heart attack and what are the laws regarding every state?
Usual estate and inheritance laws apply. Make out a will ASAP if you don't already have one.