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90-year-old wins Florida Lotto

Topic closed. 11 replies. Last post 13 years ago by CASH Only.

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United States
Member #379
June 5, 2002
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Posted: May 30, 2003, 5:27 am - IP Logged

Anyone who thinks he should take the annuity (payments until age 119) ought to be permanently banned from Lottery Post.

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    Member #1148
    February 17, 2003
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    Posted: May 30, 2003, 5:53 am - IP Logged

    IF, by some chance the person did not specify CASH, couldn't the money be claimed under a TRUST or Corporation(or something like that), where the payments would continue to be deposited into the account until all is paid? Therefore, the money would not be lost.


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      Posted: May 30, 2003, 5:56 am - IP Logged
      S-Lady: Where are you from?

      Florida Lotto players don't choose until AFTER they win.

      I'm in NY, where you still must choose WHEN you play. I prefer buying Connecticut tickets.

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        Posted: May 30, 2003, 6:14 am - IP Logged

        It doesn't matter WHERE anyone is from. If they screw up and don't choose CASH,in any state, can't they still set it up like I said, in a TRUST? That is the point I am trying to make. Wouldn't that keep it from going back to the state?

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          Chief Bottle Washer
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          Posted: May 30, 2003, 6:27 am - IP Logged
          Quote: Originally posted by ShadyLady on May 30, 2003


          It doesn't matter WHERE anyone is from. If they screw up and don't choose CASH,in any state, can't they still set it up like I said, in a TRUST? That is the point I am trying to make. Wouldn't that keep it from going back to the state?




          You don't need a trust.  All state lottery payments to be received after a person's death automatically get assigned to the person's estate.  There are tax implications - as I'm sure that Cash Only will remind the group - but the money is not "lost".  Also, anyone with an annuity should be sure to create a new will to be sure that they can specify who will continue to receive the payments.

           

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            Member #379
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            Posted: June 2, 2003, 5:38 am - IP Logged

            IIRC he's planning to visit Florida Lottery HQ today (Monday).


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              Member #379
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              Posted: June 4, 2003, 7:49 am - IP Logged

              Yes, he took the cash.

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                June 21, 2003
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                Posted: June 22, 2003, 9:27 am - IP Logged
                Quote: Originally posted by CASH Only on June 04, 2003


                Yes, he took the cash.



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                  Posted: June 22, 2003, 9:36 am - IP Logged

                  I have been reading all of the comments, (yours and others)

                  and I am sure you really don't mean to sound as aggressive

                  as you sound.

                  If one wanted to take the pay out either way, they are

                  ahead of where they were in paying the $1.00.

                  Show me how you think lump sum is better than

                  annually.

                   

                  Thank you

                   

                   

                   


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                    Posted: June 22, 2003, 2:00 pm - IP Logged
                    Claudine:

                    You don't mean to say the 90-year-old man should have taken annuity, do you?

                    I live in NY state, which STILL requires players to choose when they play instead of after they win (the $180 million MM winner/s have a 60-day window in which to decide between cash or annuity; if the winning ticket came from NY, the choice on the ticket CANNOT be changed at lottery HQ.) Furthermore, NY has a number of scratch tickets where the top prize is an annuity, with NO cash option.

                    I cannot decide for you or anyone else what to choose. Regardless, it should always be the PLAYER'S decision whether to take lump sum or annual payments, and ALL state lotteries should be required to allow the choice AFTER winning.


                      United States
                      Member #1047
                      January 17, 2003
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                      Posted: June 23, 2003, 6:18 pm - IP Logged

                      Give me a break!  NY is VERY fair with their rules.  How can you not love the best state in the US.

                      Don't blow all your winnings in one place - Choose Annuity


                        United States
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                        Posted: June 23, 2003, 6:44 pm - IP Logged
                        AIG:

                        If YOU live to be 90, would you still be defending annuity?