Can the 30-year payment option be passed on to an heir?
From what I gather, the payments can be changed down the road. Could start with 10 years and lump sum the remaining amount. There are options.
Certain types of annuities cannot be inherited.
I would be very surprised if that is the case here.
Anyway: 90%-95% of winners choose the Cash Option.
NO....and the 30 year payment option is absolutely the WORST option for many different reasons. Take the lump sum. Always.
Well, I wasn't great at math, but I wasn't bad enough at math to pay a lawyer to set up a trust to collect my billion when I win this Saturday.
BUT - when I wake up Sunday morning with the news that the winner lives in my town, and the winning ticket was sold at my location, and I check the ticket and all the numbers line up - then I'm calling in sick Monday to spend the day with a lawyer to figure out how my family, down to my grandchildren, can be collecting for 30 years if I happen to be on the wrong side of the grass by then.
Win Powerball steps:
1) Make copies of the ticket and put in somewhere safe
2) Tell no one
3) Get a lawyer skilled in trusts and money laundering
4) Also get a divorce lawyer, just in case
5) Choose the cash or the 30 year payout based on your life expectancy and your family configuration, and how much you think little green slips of paper will buy in 30 years.
6) Don't quit your day job until everything else is set.
I'm ready.
Ca$h is King.