If you have to ask how much it costs...
Posted on 01/07/2016 5:02:15 AM PST by NRx
The largest jackpot in U.S. history -- an estimated $675 million – will be up for grabs in Saturday night’s drawing after no one produced the magic combination of 47, 2, 63, 62, 11 and the Powerball of 17 to win Wednesday night’s $524 million jackpot.
(Excerpt) Read more at abcnews.go.com ...
If you have to ask how much it costs...
Oh, it’s not worth it then. I couldn’t possibly live on $280 million.
But at least I’d have a lot more friends!
Jeff Bezos could buy all the tickets and win it. ;-)
I think the others are right though, you'd want a lawyer on retainer just for advice on how to avoid how people may come at you to get a piece of your pie. Probably also want to contact a security firm and get some advice on measures to take in vehicles, at home (eg. design features of new place)... I think anonymity would be your best friend. I'd keep an extremely low profile. I've already got a good and trusted financial guy.
I recall a group of ‘weekly work pool’ winners in Ohio who won a smaller jackpot in the 1990s.
They retained an attorney who told the lottery commission that despite any fine print on the the winning ticket, it was a negotiable instrument and that they would not participate in the usual dumb round of big-check publicity pantomime and, more importantly, wanted to keep their identities secret to avoid the inevitable flood of scams and chancers. I believe they were successful in their quest.
When you consider the potential for being targeted in the internet age, it seems well worth the effort to protect one’s privacy.
I regard single- and multi-state lottery commissions as another pseudopod of government. As such, they will overpromise and underdeliver...and lie about it.
Correct!:
Lottery: $675,000,000.00
Lump sum payout (only way to go): 413,100,00.00
Federal income tax (43.4 (39.6+Obamacare tax))= $179,285,400.00
State income Tax 7% (AR) = $28,917,000.00
Net pay after all taxes=$ 204,879,600.00
First 10% goes to God: 67,500,000.00
Next: All debts paid off (house, cars, loans, school, Credit card, etc). NOTE: Still haven't bought anything.
Next: Buy Long Term Care, $1mm annuity, 2mm Term Insurance, Health Savings Account
Next, tax free gift exclusion to my close family: $5,430,000.00
"My" $100,000,000.00 gets split up a few ways.
1% Fees for lawyer, trust, insurance, broker, etc. 1-2% in physical cash, gold and silver.
8-10% in tangible, appreciating assets (house, land, rental property, guns, jewelry, farmland, a business that you love. (This is where you buy your "toys")) FYI.
5% US Treasuries: 1, 5, and 10 year bonds 60% Tax free municipal bonds, A min, with insurance (AGM, ACA, AMBAC, etc) in a laddered structure.
10% zero coupon bonds (tied in with term life insurance). 10% Corporate bonds or taxable munis <10% dividend paying stocks. (COP, CVX, PEP, D, GE, KO, DE, WFC, XOM, CAT, BA, MSFT, etc)
If I can get a net (after taxes 5% on $100,000.000.00 that is $5,000,000.00 a year. MORE than enough to live on for the rest of my life.
Call it what Maggie wants...I WANT ONE!
You won’t get 5% with that portfolio.
Sadly most states require the winners to be identified. However many do not require the winners to stand in front of cameras for a press conference. I know that in Florida one would have to have their name and city of residence announced but the presser is optional. Anyone who wins this kind of money really should hire a lawyer with experience in lottery jackpots and tax/estate law. And make sure their passport is up to date so they can head straight to the airport right after their name is made public. I would disappear for at least six months and not come back until things had died down a bit.
I posted something similar to this on another thread. Buying a lottery ticket infinitely improves your odds of winning versus someone who did not buy a ticket.
And as an aside I get tired of being called stupid by people who don’t understand that.
That’s why you hire a lawyer to redeem your winnings/ticket.
.
Could top $1 billion by Saturday night.
$400k plus!
I never play but did buy a ticket yesterday.
Can you quickly explain how to win w/ fewer numbers.
I did get the powerball number and one other. It’s worth $4.00 ?
Gosh. That’s a lot of $$ to get your head around, even after the taxes are taken out.
A lot.
You mean, like in last night's drawing?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.