Posted on 02/11/2015 2:49:21 PM PST by blam
Assume 50% tax, 10% personal loan to get the cash so about $770M to break even.
Assuming your the only winner and don’t have to split it
You win $2.00 WOW!!
11-13-25-39-54~~~19
According to my app, results are pending and it’s up to $564.1 million.
One jackpot winner is in Texas, but it wasn’t me, BOOOOO
Cash value before taxes is approx $380,000,000
Sounds like I need a better app.
Not that it matters but if the winner had been a Canadian down in the US buying a ticket that person could get the jackpot tax free due to tax treaties between the two countries. There is a withholding tax but it can be reclaimed when a tax return is filed. I don’t think a Canadian has ever won one of the big multi state jackpots though to test it.
If you won, your name would be known. You implicitly grant them the right to use your name and likeness for promotional purposes. Says so right on the back of the ticket.
So plan on moving and changing all your phone numbers after the dust settles.
I guess that makes me a solid 60%er. :)
How much did you win?
...or pick a number and have jessie jackson buy the ticket. Guaranteed...
Lottery...a tax on the stupid, a willing donation to the state, a fool’s errand, a desire to gain wealth with no effort...
On and on and on...the lottery plays on just about every base emotion that involves money...
That is correct from my understanding. Most, if not all, states allow someone to remain anonymous if the person has a compelling reason for anonymity. Without going into details, I have such a reason which I'm certain would be deemed compelling.
But failing that, I believe there is another option. Hire an attorney to set up a trust or as many as you need to assure anonymity of the beneficiary. Because the lottery ticket is a bearer instrument, the representative of the trust could present it for payment acting as its legal agent. The identity of the representative would be known but not the beneficiary.
“All but five states (DE, KS, MD, ND, OH) have laws that require the lottery to release the name and city of residence to anyone who asks.
Some states are considering anonymous claims. Some states are considering a one-year period of anonymity to give the winners time to get used to their new lifestyle.
Other states may offer to assist you in some way, including such things as the creation of trusts.
But generally, you will want to hire an attorney to review the laws in your state to see what options you might have. Photos and press conferences are up to you for most part, though some states add a requiremment for photos on their tickets. Check with your state lottery to see if photos or more are required. Most of the time, it is advisable to get it over with the press so that you don’t have one or more reporters following you around to get that “exclusive” interview. Even if the you can keep your identity secret from the press and the public, you will have to be known to the lottery - so they can confirm that you are eligible to play and win.”
http://www.powerball.com/pb_contact.asp
Clearly, the winning amount is inflated. If a person were to take the lump-sum payment, after taxes were withheld, the winnings would be around 40% of the stated amount in low income-tax states and less in high income-tax states. Fortunately, you're not taxed on the inflated values but on the benefit received which is considerably less.
Personally, I'd take the lump-sum payment rather than trust a government annuity.
There is no question that the lottery is selling a dream. For a couple of bucks, a person buys the fantasy that by a twist of fate, he is going to be rich beyond belief.
Best I can tell...there is about 10 states..where you can remain anonymous.
With $250 million....I’d hire a Jacoby and I’d have the store sued to the tune of $10 million...and the Local News sued to the tune of $50 million...it would be great fun!! LOL!!!
Exactly, however if one were to divert their $20/week lottery habit to a mutual fund investing in common stocks from age 21 to age 67, you are 100% certain you will hit the big one.
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