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whats the deal with Chino Hills Powerball winner?

Topic closed. 83 replies. Last post 4 months ago by Rexer90.

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JAMORA's avatar - ladyclover
NC
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February 28, 2015
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Posted: July 20, 2016, 1:33 am - IP Logged

Hurray!

I'm just glad somebody didn't lose the ticket!

"Don't waste time, it's the stuff life's made of..."

    TheMeatman2005's avatar - lightening
    Brooklyn, NY
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    Posted: July 20, 2016, 5:06 pm - IP Logged

    There's some kind of limit on how much you can give in any year as a % of your income, but you could also stick a big fat wedge of your jackpot lump sum into a charitable trust where I think you have to donate a minimum of 2% a year

    When you make a gift to an individual other than your spouse, you become liable for gift tax on any amount exceeding the gift tax exclusion -- $14,000 per beneficiary per year in 2015.

    When you donate to an organization qualified under Section 501(c)(3) of the Internal Revenue Code, however, you are liable for neither income nor gift tax on the amount of your donation.

    This exclusion applies to annual donations of up to 50 percent of your adjusted gross income in most cases. Most non-profit schools, hospitals, churches and public charities qualify. While donating to a qualified organization won't result in a net savings unless the tax deduction kicks you into a lower tax bracket, it will reduce your total cost of giving.

    The Meatman

    “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

    Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

      LiveInGreenBay's avatar - driver
      Green Bay
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      Posted: July 20, 2016, 6:00 pm - IP Logged

      When you make a gift to an individual other than your spouse, you become liable for gift tax on any amount exceeding the gift tax exclusion -- $14,000 per beneficiary per year in 2015.

      When you donate to an organization qualified under Section 501(c)(3) of the Internal Revenue Code, however, you are liable for neither income nor gift tax on the amount of your donation.

      This exclusion applies to annual donations of up to 50 percent of your adjusted gross income in most cases. Most non-profit schools, hospitals, churches and public charities qualify. While donating to a qualified organization won't result in a net savings unless the tax deduction kicks you into a lower tax bracket, it will reduce your total cost of giving.

      Why is the tax code so stinking complicated?

      Never give up.  Banana

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        LA Ca.
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        Posted: July 20, 2016, 8:20 pm - IP Logged

        I got a laugh this morning. The local news showed a reporter standing outside a house & saying "We found where they apparently used to live, but they appear to have moved"

         

         I'm thinking "yup dumbass, they haven't been to that house in probably 5 months..."

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          LA Ca.
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          Posted: July 20, 2016, 8:27 pm - IP Logged

          When you make a gift to an individual other than your spouse, you become liable for gift tax on any amount exceeding the gift tax exclusion -- $14,000 per beneficiary per year in 2015.

          When you donate to an organization qualified under Section 501(c)(3) of the Internal Revenue Code, however, you are liable for neither income nor gift tax on the amount of your donation.

          This exclusion applies to annual donations of up to 50 percent of your adjusted gross income in most cases. Most non-profit schools, hospitals, churches and public charities qualify. While donating to a qualified organization won't result in a net savings unless the tax deduction kicks you into a lower tax bracket, it will reduce your total cost of giving.

          Nothing to prevent you starting your own 501c3 after dumping a chunk of money into your own charitable trust & feeding the 2% a year to your own 501c3. Start a car museum or buy a couple of old aircraft etc. There are rules about benefiting from donations to your own 501c3, but if you aren't paying yourself a wage from the donations you make etc then there are ways around the personal benefit clause. Besides, with the $197M (after taxes), you shouldn't need to pay yourself a wage etc from the 501c3. Dump $47M into the trust & keep the other $150M, maybe spend 20% on REIT's. That still leaves you with $120M burning a hole in your pocket. $20M mad money, $100M in other investments. Sorted.

            Perfecttiming2's avatar - redcross

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            Posted: July 20, 2016, 9:21 pm - IP Logged

            I got a laugh this morning. The local news showed a reporter standing outside a house & saying "We found where they apparently used to live, but they appear to have moved"

             

             I'm thinking "yup dumbass, they haven't been to that house in probably 5 months..."

            Hi Rexer90!

            It was reported that moving vans showed up at the house on Thursday...and the winners turned the ticket in on Friday...

            (I love that!!!)

            They were awesome!...None of the neighbors knew what was going on, only that the family was moving....

            This family knew to secure an undisclosed location and move away from their current resident BEFORE they turned in the ticket!

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              LA Ca.
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              Posted: July 22, 2016, 1:20 pm - IP Logged

              Won't take long for the crew that moved them to figure it out & blab to the media.... I'd have just bought  LWB Sprinter van & moved the stuff I wanted to keep personally.

                mypiemaster's avatar - 2015021003pileofcash
                JACKPOT HUNTER

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                Posted: July 22, 2016, 5:39 pm - IP Logged

                Won't take long for the crew that moved them to figure it out & blab to the media.... I'd have just bought  LWB Sprinter van & moved the stuff I wanted to keep personally.

                They probably did the moving themselves and took their sweet time to get it done right.

                Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

                Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

                  haymaker's avatar - Lottery-012.jpg
                  Egg Harbor twp.south Jersey shore
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                  Posted: July 22, 2016, 8:29 pm - IP Logged

                  Won't take long for the crew that moved them to figure it out & blab to the media.... I'd have just bought  LWB Sprinter van & moved the stuff I wanted to keep personally.

                  Good thinking, probably want to buy new stuff anyway.

                  OTOH you could have one mover take your stuff to rental storage unit, then get a different one to move it to your new place.

                  Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

                    Romancandle's avatar - moon
                    Upacreek
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                    Posted: July 22, 2016, 10:10 pm - IP Logged

                    Hurray!

                    I'm just glad somebody didn't lose the ticket!

                    And I'm glad to see somebody got it right come claim timeYes Nod

                    -RC

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                      LA Ca.
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                      Posted: July 23, 2016, 1:00 am - IP Logged

                      Here we are a week later & they already dropped off the media radar days ago

                        TinkerMazell's avatar - Lottery-035.jpg
                        Augusta, Georgia
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                        Posted: July 23, 2016, 1:14 am - IP Logged

                        Wow... They took six months to come forward... Got their ducks in a row... Good for them!

                        I'm assuming they have always had their ducks in a row as far as how they live and the way they handle their money which is why they were not in a hurry...

                        I am a $20,000 winner from a Georgia Lottery scratch off game called "$3,000,000 Taxes Paid"!

                          dr65's avatar - black panther.jpg
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                          Posted: July 24, 2016, 9:39 am - IP Logged

                          Hurray!

                          I'm just glad somebody didn't lose the ticket!

                          Me too!

                            TheMeatman2005's avatar - lightening
                            Brooklyn, NY
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                            Posted: July 24, 2016, 7:17 pm - IP Logged

                            I'm assuming they have always had their ducks in a row as far as how they live and the way they handle their money which is why they were not in a hurry...

                            I Agree! But I don't think I would have or could have waited that long to come forward.  I don't want to wait one second longer than I have to to start enjoying the rest of my life.

                            The Meatman

                            “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

                            Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

                              Drenick1's avatar - villiarna
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                              Posted: July 24, 2016, 8:00 pm - IP Logged

                              I Agree! But I don't think I would have or could have waited that long to come forward.  I don't want to wait one second longer than I have to to start enjoying the rest of my life.

                              The Chino Hills winner may have been a high level executive and may have needed some time to transition his/her position to their successor.  Most states only allow 180 days to claim and they had the luxury of a year grace period.

                              I agree most folks would have started enjoying their wealth much sooner but chances are this couple were well of to begin with and made absolutely sure everything was in order prior to coming forward.