Never, EVER take the lump sum payout. If you do (and you're in a high tax state like New Jersey or Caifornia...
Friday, December 27, 2024
The Megamillions tonight is 1.3 billion dollars, but that ain't the take home...
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I only got about 5 years anyway. Going out in style
ReplyDeleteI'm not living long enough to collect all the installments, so it's a lump sum for me. Not to mention that you leave your heirs a mess if they inherit a stream of future income they cannot afford to pay the inheritance tax on.
ReplyDeleteWhat the real pisser about the tax bite is both the state and the fedz are gonna squander it.
ReplyDeleteI don't want a new truck nearly as much as I want buy a shop to let me tinker on my old ones and not worry about "you're putting more money in that truck than you'll ever drive out of it."
Hi Joe.....!!,
ReplyDeleteGood advice.... "IF" yer young enough to live that long...!!
I'm 79... I'll be 80 in June of '25. I'd be 100 y.o. "IF" I lived that long.. So Far, so good.. B.P. and ticker are good... but who knows' what the new year will bring???
So, I'll just take the lump and run....
Ain't interested in a bunch of other "charities" I've had a good run of keeping my own Charity going... "The Help Feed. Clothe, keep me in Whiskey, Beer, Fish Bait and Gas for my Boat for "Yours Truly!!!"" FUND!!!
skybill
Don't name the trust after yourself.
ReplyDeleteAt one point, one of the Dakotas had a perpetual trust. Most trusts have to have an expiration date, he forever trust doesn't. If you win, look into that.
Take the lump, every time unless you’re the kind of fool who trusts a government to faithfully keep its promise to pay you for 25 years without fail.
ReplyDeleteI'm the reverse of you. I would take the lump sum. I can go with 540 million. That is more than enough. I get taxed once only and never again have to deal with the IRS. I am also 68 and am NOT like most people who will piss it away in 5 years. I DO know how to keep my money. And since I am 68, I will not live another 20 years, most likely, so yes, I'll take it all now so I can be the one to decide what to do with it, not the government.
ReplyDeleteAt my age I'm likely to give a lot of it away, splurge on a few things, and bank the rest in a small trust. Oh, and disappear.
ReplyDeleteI"d buy a 10 sq mile ranch with a big modern log cabin, streams, a lake, a runway, a twin engine Piper, a cabin cruiser, A CAT D8, my own railroad, a semi with flatbed trailer, a tank and all the military gear needed to protect it. How much do I have left over?
ReplyDeleteThe trouble with taking a lottery jackpot in the annuity form is (1) the declining value of the dollar, compared to your ability to invest the lump sum, and (2) it is unclear whether future annuity payments are heritable or if they just stop when you die. The specific laws and rules governing the inheritance of such lottery prizes can vary from one jurisdiction to another and should be interpreted in accordance with applicable laws. Commonly, the lottery commission requires the annuity to continue its payment schedule to the designated beneficiary rather than offering a lump-sum payout option.
ReplyDeleteCalifornia does not tax state lottery winnings (California is a mess otherwise) So take the lump sum there and immediately move to a sane state. As for Jersey...best to move to a sane state...
ReplyDeleteNow that a winner has been announced as being from Cali I will no longer buy into this game. This is the third billion $ winner. something is going on there, and don't say it's a big state and more players!
ReplyDeleteThe ticket price for Mega Millions is supposed to go up to $4 sometime early in 2025. I won't play when that happens.
ReplyDelete