Sammy will grab about 700 of that, so the poor bastard only gets $1,2000,000,000.00...
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No, the take-it-all-now cash prize is less than 1 billion (they were estimating about 993 million), so assume the IRS take about 37% of that, leaving the winner with about 630 million.
ReplyDeleteYeah I was figuring those numbers on the 20 year plan. And. Anybody who would take that lump sum is out of their mind.
ReplyDeleteActually, the smart play is to take it as a lump sum (unless you have no self control). Your top tax bracket is likely to go up over time ... this may be the lowest you'll see it. Inflation will continue to degrade the annual payouts (which are fixed and will not increase with inflation). Take the one time tax hit now instead of piecemeal (and the annual payouts would still put you in the top bracket every year anyway. Next year is the only year you know what that rate is.) Then invest it, gift it, whatever and have control of it now. Much easier to pass on that way if you don't make it the full 20 years. (Not even sure it is guaranteed to keep paying out to your estate if you don't survive, though it probably does.)
DeleteAnybody who trusts the state(s) that funds will still be there in 20 years is out of his mind too. Set up an anonymous trust (or trusts, plural), move to a no personal income tax state, take the lump sum anonymously, keep your mouth shut about winning it, and invest it in a widely-diversified manner, such that you earn interest on 52 accounts, and pull the interest only out from a different account each week, year around, for life. Just fade away, and enjoy life.
ReplyDeleteYour weekly after-tax would come to about $186K per week, forever at only 2.5% interest annually, and also allow you over $12M in spend-right-now money, and never touching 98% of the principal sum.
Anybody who thinks money can't buy happiness doesn't know how to spend it or where to shop.