Posted on 10/14/2017 8:15:22 AM PDT by EdnaMode
Everyone has that spot in their house or car where they let the mail and receipts pile up.
For 68-year old Jimmie Smith, it was an old shirt hanging in his closet. Stuffed in its pockets was a stack of unchecked lottery tickets. "I always told myself, 'I'll check them when I have the time,'" the New Jersey man said.
It's a good thing he did. Because had he waited two days longer, he'd have lost out on $24.1 million.
More than a year ago, Smith bought a ticket to the New York Lotto. The winning numbers for the May 25, 2016 drawing were: 05 - 12 - 13 - 22 - 25 - 35.
The New York Gaming Commission knew the winning ticket, worth $24.1 million, was sold at a bodega in New York City -- but it didn't know who bought the ticket.
Winners have a year to claim the prize and that expiration day was quickly approaching.
So earlier this year, the New York Lottery started to get the word out. "We urge New York Lottery players: Check your pockets. Check your glove box. Look under the couch cushions. If you have this winning ticket, we look forward to meeting you," Gweneth Dean, director of the Commission's Division of the Lottery, said at the time.
(Excerpt) Read more at cnn.com ...
68 years old and he opted for payments over 26 years? huh?
Optimism.
Yeah that’s odd.
Unless he had the winnings paid into a family trust in which he was not the only member. Personally, I would have taken the lump sum. Knowing New York, they may default on the payments in later years.
No...ignorance.
What’s that smell? This smells like BS.
Probably safer than taking a lump sum payment, then squandering it all within a few years, as lottery winners are wont to do.
Dear lord, I played the Lottery one time and I put my ticket in his pocket. What luck!
This lottery winner must be counting on Trump’s tax plan that eleminates the ESTATE tax will be passed. He owns the installment payments that at death will become the present value of “Income in respect of a decedent” will be calculated and included in the estate tax return by the executor/administrator that currently has a %5 million deduction with the balance subject to the estate tax, cuttently 35%, due and payable 9 months from date of death, in CASH.
This estate tax obligation does not alter the annual payment to the winner’s heirs, which means the estate will not have the due and payable cash needed to pay to the IRS. I do not know if the IRS will accept a lien on the future payments. This guy must have gotten his advise from his brohter in law, not a tax advisor/lawyer.
He can always call J.G. Wentworth 877-CASH NOW....
“call J.G. Wentworth 877-CASH NOW....”
Ugggggbhhhhhhj I hate that commercial. How can they buy so much airtime? How many customers could they actually have?
The local Circle-K has an electronic reader for most tickets. It always displays ‘SORRY, NOT A WINNER’. I now have an autobiography title...
LOL...Love your tagline
“Probably safer than taking a lump sum payment, then squandering it all within a few years, as lottery winners are wont to do. “
Exactly. Self disciplne
“Probably safer than taking a lump sum payment, then squandering it all within a few years, as lottery winners are wont to do. “
Exactly. Self discipline
I've never personally known anyone who won a major jackpot in the Lotto, but I have seen friends blow through some fairly large sums of money, due to lack of discipline.
I think the guy in this story made the wise choice.
Knowing New York, they may default on the payments in later years.
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Don’t think this is a problem. The amount of the lump sum winnings is used to buy an annuity from a 3rd party company, which is what funds the annual payments.
Illinois' lottery won't pay winners until the state agrees on a budget.
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