Posted on 11/06/2022 3:09:50 AM PST by C19fan
The Powerball jackpot has risen to an estimated $1.9 billion for Monday's drawing after no ticket won the world-record pot on Saturday, Powerball said.
Monday's drawing has a cash option of $929.1 million, the lottery said.
(Excerpt) Read more at abcnews.go.com ...
Seems like I remember that lost tickets have been reclaimed. They know the exact second that ticket was sold. So they cross-check video surveillance, purchases before and after the ticket was sold, etc.
Astronomical odds with an astronomical jackpot. It’s so hard to win, and the pay outs for getting fewer numbers is comparatively low. If you get 5 numbers, you only get a million. I think the pay outs should be higher. It’s a stupid game.
I would call out sick with rectal glaucoma.
I can’t see my ass going to work.
Most are better off with the annuity for that reason. Also some states allow anonymous redemption.
If you won a billion. After tax would be around $600m +- depending on state. If you donated 99%, you’d have about $6m left.You’d honestly be better off taking the $600m investing it and giving some of that to charity each year and then the rest when you die. That’s not counting the fact most charities, if not nearly all, are extremely inefficient and wasteful at best.
IIRC correctly there was a court challenge not that long ago of the anonymous redemption laws of a particular state. And IIRC it was in Federal court. The person wanting to claim anonymously won.
I dunno. Cash option takes the payout under a billion, I’m not sure I could afford my lavish lifestyle. Although it would be nice to be able to jack up the old Studebaker in the front yard with real concrete blocks instead of tree stumps...
Just stopped in to my brother liquor store. Told me he is making more on lottery ticket than beer right now. Also told me he thinks winning a prize that large would destroy the persons life. Might not be wrong.
Not for most people. Most people couldn’t handle a $1000 windfall, much less $970 million. The average person would be. Much better with the $65 million a year for 29 years. You’d be surprised at how many go bankrupt that take the single lump sum. $65m a year is a stupid amount of money and you couldn’t go bankrupt for at least 3 decades
Why minimize taxes and donate to charity? Just keep it simply and leave it charities at death. No reason form LLC, especially if you buy in a state that lets you remain anonymous.
No, the government takes about 45% total in most states or less, not 75%.
I would want to learn the most tax efficient ways to do the following:
Give 10% to my church and highly rated Christian ministries
Give four adult members of my family large gifts in lump sums so that they would be set for life and could retire, travel, buy new houses and cars or whatever they wanted to do immediately. None are the type blow through money.
Set up trusts for a minor niece and nephew
Invest a large chunk for myself so that I would be financially covered for life
Use whatever is left to fund medical care that people need but can’t afford, in such a way that the money would go directly for the care. Don’t want to fund lots of “charity” bureaucrats and middlemen.
An LLC does more than just confer anonymity. It enables avoidance of double taxation on the people with whom you intend to share the loot. Including your personal foundation. If you don’t donate to charity till death, you miss out on a lot of joy. You also miss out on control, to ensure your money is spent as you wish. Finally, with a massive estate at death, who do you think gets the windfall?
Ever notice how many times foundations go leftwards? I’m not a tax expert, but my hunch is that the best way to avoid taxation on the funds you intend for charity is to include a tax-free foundation in the LLC you’ll use to receive your winnings. Great wealth like this is a call to stewardship. Evidently most big winners have no clue how to go about it, so the tax man gets more than anyone. If you don’t intend to take a businesslike approach to stewardship, best not to buy a ticket at all.
Get ready to meet millions of people who need life-saving operations for their children.
My finite math teacher at Cal State discussed the lottery in our probabilities and statistics section. Even at 15 million to one (Cali lottery), it's impossible to win, statistically. But he plays it every week.
Powerball is, what? 1 chance in 300 million. Fagedaboudit!
Really good advice about stewardship and responsibility with newfound wealth. Very sad to read about people who win the lottery and end up broken and spent.
I can stay anonymous either way. My point is if you get +600m post tax, spending an exorbitant amount of worrying about taxes wastes the single biggest asset in your life and one you can’t buy - time. And unless you are going to gift a massive amount, which I think would be a horrible idea as that much money ruins most people, it’s an extremely negligent a,out of taxes. And you can get the tax deduction for donations without an llc to non profits, and you lose a ton of control after you form the llcs you talk about. I’d rather have a couple million tax leakage (less than 1%) then spend the amount of time required to minimize taxes. Time > small fraction of estate
I know the woman who won a big on in 2017/18. She was an idiot and told everyone about it. (I worked with her.). But, once she wised up she has been pretty conservative about it.
Last I heard she is very, very happy.
My take on it is that if God wants me to have the money then I have to do my part and buy one ticket. He can do it just as easily with one ticket as he can with 1000. And if he doesn’t want me to have the money then I don’t want it, either.
“It’s MY money and I want it NOW!”
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.