$758M Powerball jackpot: 1 winning ticket sold

CBS ^ | August 24 2017 | CBS

[Bloody Sam Roberts]

I’m just praying that when the winner comes forward, it isn’t some illegal alien who will get ~$4.5M and send it all South of the border.

[Bloody Sam Roberts]

The winner will probably claim they are not a resident of "Taxachusetts"

Immaterial. The IRS will take 25% before the winner sees a dime. Then when tax time comes, they had better report and be ready to pony up the rest...approximately 14.6% more.

If the winner doesn't have a...ahem...legal address...I'm betting the IRS will simply say, give us a cashier's check and we'll forget we met you.

[11th_VA]

I almost won - got two numbers and missed the other three by -1

[Bonemaker]

“The Mass tax man cometh!!”

The winner gets to keep $10.

[xp38]

I apologize. This was what was reported earlier this morning.

[DCBryan1]

The tax man cometh!

Lets see here:
Powerball Lotery total: $758,700,000.00
Less Powerball fee: $480,000,000.00 lump sum (no one should take annuity!)
If you take annuity, you are entering an contract with an insurance COMPANY that you better hope stays solvent. Plus, when you die, the Annuity goes away...plus they will give you a small percent and make MORE with YOUR money.

Anyways....now you get to pay taxes:

39.6% Federal + 5.3% MA tax = 44.9% goes away from 480m

If you take the inverse (44.9-100=55.1) and multiply by 480m, your net after tax income is$264,480,000.00
That's a lot of money!

First thing you do: Protect the ticket. Then get Atty, CPA, and broker.

I would set up 1 account as a tithing trust: 26.48mm in a charitable, religious trust to gift out the INTEREST to churches. I guess I would do AAA muni bonds and UST mix there.

Next accounts would be split up with fixed income securities such as Treasuries, hi grade corporates, Govt Backed CMOs/Mtge backed securities, and lots and lots of tax free muni bonds. :

1) Revocable Trust to children (per stirpes)
2) Revocable Trust to paternal family
3) Revocable Trust to maternal family
4) Revocable Trust for educational gifting and scholarships
5) Revocable Trust for Conservative gifting
6) Revocable Trust for RKBA gifting

Heck I would just become a fixed income trader in my own accounts and set the interest to drop into a bank where my wife and I can write tax free gifiting checks from the tax free interest. At the end of maturity, we still have $264,800,000.00 if we leave the principal alone.

If you take all of the funds and drop it in one trust and buy 100% tax free muni bonds, here would be your yearly income:

Ave 2% coupon @ par: @$5,289,600.00/yr (AAA with ins) TAX FREE Ave 3% coupon @ par: @$7,944,000.00 (AA+ with ins.) TAX FREE
Ave 4% coupon @ par: @$10,592,000.00 (A+ with ins) TAX FREE
Ave 5% coupon @ par: @$13,240,000.000 (NR/BBB with ins) TAX FREE.

Kramer:" Kramer : Municipal bonds Ted, I'm talking double A rating. . . the best investment in America.">

[Vendome]

“And the winning numbers?.........Not yours!”

[xp38]

The jackpot winner bought their ticket in Watertown Mass!

[Professional]

Someone asked me if I wanted a ticket. I said, no, I like working...

It was 10am, I was in full motocross gear on a tuesday buying gatorade...

I know at least a dozen people that have lottery winners as clients, I’ve had lottery winners as clients, and a good friend of mine was a mega million winner.

Something unholy about winning the lottery...

[xp38]

Never bought a ticket since I am in Canada. I in theory could win but I couldn’t just buy a ticket and come back here and wait the results since apparently reentering the US with a lottery ticket is somehow illegal on I guess the Federal level.

[DCBryan1]

The guy suggested, first of all, legally changing your name. Then, changing your appearance through makeup or other means. He did this so that when you picked up your lottery jackpot, and got through the media circus that would inevitably follow, one would be anonymous to anybody trying to find you after you get the money.

Very bad advice.

Step 1) Hide the ticket.

Step 2 tell no one, not even family/friends.

Step 3: Contact attorney in state that you reside. Also, contact 2nd attorney in state that you WISH to retire in (I'd pick tax free state income tax state such as TX, FL, NV, etc).

Next Step: Get a CPA for each state
Last: Get a broker. Preferably a fixed income specialist like me that knows how to protect capital and ladder fixed income securities for certain cash flow.

Lastly: Let the plan come together and let the attorney's create some type of anonymity for you. They can do it with Revocable Trusts, Irrevocable Trusts, blind trusts, Decendant's trusts, LLCs, LLCPs, Corporations, etc. You have LOTS of options with that type of money.

The most important thing is to not do a DAMN thing until your attorney tells you to, and listen to him/her. Don't quit your jobs, don't buy a house/plane/boat, don't do anything until the money is safe, secure, taxed, and YOURS.

[fella]

Sounds more like DNC style rigging.

[xp38]

Because lotteries appeal to our greed. A one million max prize wouldn’t sell as many tickets as a big one. A while back powerball had 175 million to one odds but a year or so ago they upped the numbers to choose from 59 to 69 making the current odds 292 million to one. The idea was to make it harder so less winners and jackpots would balloon more easily and thus more ticket sales.

[ro_dreaming]

Just a tax on the mathematically challenged.

But, there’s 7 of my friends and I who donate when it gets above $300 million cash... because it’d be a great story for 8 friends who’ve known each other for 30+ years to win the lottery together.

/Ain’t never going to happen

[Bloody Sam Roberts]

Hehe! Good one.

[Lonesome in Massachussets]

Northampton:

---

Hillary 13,200 82.3%
Trump 1,870 11.7%
Johnson 340 2.1%
Stein 627 3.9%

Watertown

---

Hillary 12,942 72.8%
Trump 3,891 21.9%
Johnson 625 3.5%
Stein 320 1.8%

Some western Mass towns:

Tolland

---

Hillary 101 32.9%
Trump 190 61.9%
Johnson 8 2.6%
Stein 8 2.6%

http://www.wbur.org/politicker/2016/11/08/massachusetts-election-map