Posted on 08/01/2014 4:52:42 AM PDT by SoFloFreeper
Kelsey Zachow bought the ticket on Friday the 13th last month, but didn't even know she had the winning slip until 11 days later. The mom of a 7-month-old, Zachow will take home $27 million in the lump sum payment after taxes, and plans to quit her jobs.
(Excerpt) Read more at nydailynews.com ...
Here in Alberta, we call it the poor man’s tax. They don’t pay much if any tax because of no income or very little, or under the table, but they buy lottery tickets. Hence we call it a tax.
I refuse to blow my money on things like this. I work hard, I make a lot, but I dang well work for it.
On the other hand, good for this lady that it worked out for her, and I hope She either knows Jesus already or finds him, because that’s the most important thing. Then I hope she makes wise decisions with this windfall.
Only five states, DE, KS, MD, ND, and OH allow anonymity for Powerball winners. I see SC on some lists but can’t verify it.
Money now, wisely invested, will blow that 20-year payout out of the water. Always take the lump sum, unless you're a total idiot who can't control your spending, then take the 20 or 25-year payout.
It’s a law in Michigan. All Lottery winners have to be publicly identified. Don’t know why.
Personally, I agree. The process of getting all your legal stuff in place can take time (and you need to do it before cashing in the ticket), so I'd keep working and give notice with enough lead time to allow my boss to back-fill me properly.
Also, with school-age kids, I'd probably wait until the end of the school year to claim, and not even tell the kids until then, so as to not disrupt them mid-year.
Michigan Lottery winners have the option to remain anonymous.
Looking at where people like Janet Yellen will have us in 20 years, I’d take the lump sum too.
For comparison, my “invest $25M at 2.0%” advice generates about $1,370 per day, which still ain’t nothing to sneeze at. I’m sure I could keep to that budget if I had to.
The lottery winner would be the trust or LLC. People do this all the time in every state. Look up the winners.
And I’m point out a proven way to get around that in creating a trust or LLC.
No they don’t.
http://lotteryheadlines.com/winning/lottery-privacy-information/
I found out that South Carolina is sort of anonymous. State Freedom Of Information Act requests can be obtained meaning you can try and stay anonymous but don’t bet on it.
There are investment companies that buy tax free municipal bonds. Shares of these companies pay up to 4.5% tax free dividends. that would equal $1,1255,000 a year tax free.
Yes, the lump sum amount is a lot less than the annuity amount, roughly half as much. The advertised amount of $66M only applies if you agree to take your winnings over a 20 year period.
Looking at it from the lump sum amount of $35M or so, the $27M payout for the lump sum prize doesn’t look so bad from a tax standpoint.
Good Idea, I would do that too.
Because...
Hey kids! we are moving to New Zealand!
Send a representative/agent in your stead?
It would be a representative or agent of the trust/LLC which would officially be the entity that won.
Give it a few years to see her wisdom in all of this. Most lottery winners end up cursing the day they got the “payout”.
Add Florida to that.
Step 1: Present the ticket to an estate lawyer.
Step 2: Establish an investment trust as the lawyer recommends.
Step 3: Establish any entrepreneurial considerations you may have.
4: Have the lawyer collect the winnings on behalf of the trust.
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