5 seconds of fame?
 

On Wed, 13 Jan 2016 21:07:13 -0800 (PST), Tim
wrote:


10:25 AMamdx
- show quoted text -
Don't get to excited, if you take the lump sum payment, after taxes
you'll be lucky to have $600 Million to scrimp by on.
I'm frugal though, that could last the rest of my life :-)

Mikek
----

And, if YOU win and decide to take the payments, and in the course, YOU die, all payments stop. The payments were to YOU and not to a beneficiary.

In that regard, you should turn in the ticket in your name, your wife
and the kids if you are taking the annuity. Personally I would take
the cash. There are people now in Ohio who are just getting an IOU
because the state is broke. I wouldn't trust the government to come up
with 50 million a year for 30 years.

5 seconds of fame?
 

On Thu, 14 Jan 2016 00:43:20 -0500, "Mr. Luddite"
wrote:

On 1/14/2016 12:07 AM, Tim wrote:

10:25 AMamdx
- show quoted text -
Don't get to excited, if you take the lump sum payment, after taxes
you'll be lucky to have $600 Million to scrimp by on.
I'm frugal though, that could last the rest of my life :-)

Mikek
----

And, if YOU win and decide to take the payments, and in the course, YOU die, all payments stop. The payments were to YOU and not to a beneficiary.



I just read that is not so Tim. The annual payments become part of your
estate.

I am not sure that is true if you simply file as a single winner. I
suspect you need a trust or something ... unless powerball is
different than the regular lottery.
I still would not trust a state to be good for this much money in 30
years. You know the lotto winner will get paid after the banks, the
cops, the teachers, the garbage men and the people who paid their
bribes on time every cycle.

5 seconds of fame?
 

On Wednesday, January 13, 2016 at 11:43:24 PM UTC-6, Mr. Luddite wrote:
On 1/14/2016 12:07 AM, Tim wrote:

10:25 AMamdx
- show quoted text -
Don't get to excited, if you take the lump sum payment, after taxes
you'll be lucky to have $600 Million to scrimp by on.
I'm frugal though, that could last the rest of my life :-)

Mikek
----

And, if YOU win and decide to take the payments, and in the course, YOU die, all payments stop. The payments were to YOU and not to a beneficiary.



I just read that is not so Tim. The annual payments become part of your
estate.

Well, I'll say that's the way I've always understood it. And yes, I could be wrong.

5 seconds of fame?
 

On Thursday, January 14, 2016 at 12:37:17 AM UTC-6, wrote:
On Wed, 13 Jan 2016 21:07:13 -0800 (PST), Tim
wrote:


10:25 AMamdx
- show quoted text -
Don't get to excited, if you take the lump sum payment, after taxes
you'll be lucky to have $600 Million to scrimp by on.
I'm frugal though, that could last the rest of my life :-)

Mikek
----

And, if YOU win and decide to take the payments, and in the course, YOU die, all payments stop. The payments were to YOU and not to a beneficiary.

In that regard, you should turn in the ticket in your name, your wife
and the kids if you are taking the annuity. Personally I would take
the cash. There are people now in Ohio who are just getting an IOU
because the state is broke. I wouldn't trust the government to come up
with 50 million a year for 30 years.

Greg, I don't know about Ohio but Illinois wasn't paying anything above a small amount in the Illinois lottery because they didn't have a balanced budget signed in. I think some lawsuits againt the state kinda cured that, though

5 seconds of fame?
 

On 1/14/2016 2:50 AM, Tim wrote:
On Wednesday, January 13, 2016 at 11:43:24 PM UTC-6, Mr. Luddite wrote:
On 1/14/2016 12:07 AM, Tim wrote:

10:25 AMamdx
- show quoted text -
Don't get to excited, if you take the lump sum payment, after taxes
you'll be lucky to have $600 Million to scrimp by on.
I'm frugal though, that could last the rest of my life :-)

Mikek
----

And, if YOU win and decide to take the payments, and in the course, YOU die, all payments stop. The payments were to YOU and not to a beneficiary.



I just read that is not so Tim. The annual payments become part of your
estate.

Well, I'll say that's the way I've always understood it. And yes, I could be wrong.



This is from the Powerball website. It's also explained in many other
places:

"WHAT HAPPENS IF AN ANNUITY PRIZE WINNER DIES?

The estate will handle the lottery prize. A lottery annuity prize is
just like any other asset. You can pass any remaining annuity payments
on to your heirs or to anyone else. The Powerball game will even cash
out an annuity prize for an estate. This may make it easier for the
estate to distribute the prize. It also may be necessary to cash out the
annuity to pay Federal estate taxes. We will sell some or all of the
securities at competitive bid or will even just transfer the securities
to the estate. We do not charge a fee of any kind. We often hear people
complain that the jackpot should not go back to "the state" when a
winner dies. It does not. I think that this misunderstanding may come
from the response that the prize "goes to the Estate" and some people
hear "goes to the State.""

I got a kick out of the last sentence. :-)

http://www.powerball.com/pb_contact.asp

5 seconds of fame?
 

On Thursday, January 14, 2016 at 4:45:13 AM UTC-6, Mr. Luddite wrote:
On 1/14/2016 2:50 AM, Tim wrote:
On Wednesday, January 13, 2016 at 11:43:24 PM UTC-6, Mr. Luddite wrote:
On 1/14/2016 12:07 AM, Tim wrote:

10:25 AMamdx
- show quoted text -
Don't get to excited, if you take the lump sum payment, after taxes
you'll be lucky to have $600 Million to scrimp by on.
I'm frugal though, that could last the rest of my life :-)

Mikek
----

And, if YOU win and decide to take the payments, and in the course, YOU die, all payments stop. The payments were to YOU and not to a beneficiary.



I just read that is not so Tim. The annual payments become part of your
estate.

Well, I'll say that's the way I've always understood it. And yes, I could be wrong.



This is from the Powerball website. It's also explained in many other
places:

"WHAT HAPPENS IF AN ANNUITY PRIZE WINNER DIES?

The estate will handle the lottery prize. A lottery annuity prize is
just like any other asset. You can pass any remaining annuity payments
on to your heirs or to anyone else. The Powerball game will even cash
out an annuity prize for an estate. This may make it easier for the
estate to distribute the prize. It also may be necessary to cash out the
annuity to pay Federal estate taxes. We will sell some or all of the
securities at competitive bid or will even just transfer the securities
to the estate. We do not charge a fee of any kind. We often hear people
complain that the jackpot should not go back to "the state" when a
winner dies. It does not. I think that this misunderstanding may come
from the response that the prize "goes to the Estate" and some people
hear "goes to the State.""

I got a kick out of the last sentence. :-)

http://www.powerball.com/pb_contact.asp

Yes, the last line probably did it. Thanks for the clarification...

5 seconds of fame?
 

Tim wrote:

10:25 AMamdx
- show quoted text -
Don't get to excited, if you take the lump sum payment, after taxes
you'll be lucky to have $600 Million to scrimp by on.
I'm frugal though, that could last the rest of my life :-)

Mikek
----

And, if YOU win and decide to take the payments, and in the course, YOU
die, all payments stop. The payments were to YOU and not to a beneficiary.


I think that is not true. Is an annuity, just like one purchased, with
beneficiaries.

5 seconds of fame?
 

Tim wrote:
On Thursday, January 14, 2016 at 12:37:17 AM UTC-6, wrote:
On Wed, 13 Jan 2016 21:07:13 -0800 (PST), Tim
wrote:

10:25 AMamdx
- show quoted text -
Don't get to excited, if you take the lump sum payment, after taxes
you'll be lucky to have $600 Million to scrimp by on.
I'm frugal though, that could last the rest of my life :-)

Mikek
----

And, if YOU win and decide to take the payments, and in the course, YOU die, all payments stop. The payments were to YOU and not to a beneficiary.
In that regard, you should turn in the ticket in your name, your wife
and the kids if you are taking the annuity. Personally I would take
the cash. There are people now in Ohio who are just getting an IOU
because the state is broke. I wouldn't trust the government to come up
with 50 million a year for 30 years.
Greg, I don't know about Ohio but Illinois wasn't paying anything above a small amount in the Illinois lottery because they didn't have a balanced budget signed in. I think some lawsuits againt the state kinda cured that, though

They need Al Gore's "lock box" in IL!

https://www.youtube.com/watch?v=F9pqmW-D14I