Powerball dreaming. Annuity or Lump Sum

[bcla]

But then you have to continue your miserable working life for another year knowing you are worth $1.9billion

I've heard of cases where someone went to a wealth management division of a bank with a winning ticket - where they got set up with all that stuff, along with a loan. Not sure what the loan would be relative to the payout, but I'd think someone with a jackpot in the hundreds of millions in lump sum payout could easily get a 7 figure loan.

 

[starry_solo]

One jackpot winner, one $2M winner and twenty-two $1M winners

Darn, wishful thinking....

 

[Kennywood]

 

[Cannot_Wait_4Disney]

As of 10:57 AM Central time, they still don't know if anyone has won or not.

I guess I had better call them huh?

 

[prairie_girl]

I guess I had better call them huh?

Get on it, would ya?

 

[SgtTibbs]

Lump for sure, as others have pointed out you can't trust the state to pay regularly for 20 years.
From there, 2% off the top to "Monty Brewster" and live off conservative investments from there on out making this generational changing money.

As for the "Monty Brewster" bit, I'm renting out New Orleans square for a night. Who want's to party?

No private parties for me in New Orleans Square. At least I can take solace in the fact that I don't regret the $4 I spent to have a dream for a few days.

 

[_19disnA]

Wondering if that user from the other day offering to share their winnings lives in CA? .........LOL.

 

[PollyannaMom]

I won!!!!

I got the Powerball...

Me too! - a whopping $4.00 (...of course, I bought 5 tickets, so I actually lost $6.00...) - but it was fun to play along with the threads and dream.

 

[sam_gordon]

Me too! - a whopping $4.00 (...of course, I bought 5 tickets, so I actually lost $6.00...) - but it was fun to play along with the threads and dream.

You still did better than me. I'm sitting at -$20 over the last four days.

 

[bcla]

exactly. So if In So Cal, rent something up north and say was on vacation down south when the winning ticket was purchased, lol.

Doesn't quite work that way. The California Lottery's reporting requirements are the name of the winner and the store/location where the ticket was purchased. I've bought tickets while visiting other parts of California. If I could manage to win a big one (yeah - I know) while purchasing a ticket far from home, I would have the advantage that it would throw off people trying to find out where I live, and I would still have the advantage of no state taxes on the winnings. It says full name, but I haven't seen middle names announced, so that could just mean first and last name.

https://www.calottery.com/faqs​

Can I be anonymous when I win the Lottery?​

​

The California Lottery is subject to public disclosure laws that allow access to certain governmental records. Your full name, the name and location of the retailer who sold you the winning ticket, the date you won and the amount of your winnings, including your gross and net installment payments, are matters of public record and are subject to disclosure. The Lottery will not disclose any other personal or identifying information without your permission unless legally required to do so.​

An out of state visitor winning in California would have an advantage in terms of potential harassment. But as I said earlier, it could create a problem for people with the same name. As for publicity, some people apparently are willing to talk, while others just go for the minimum reporting requirements. The California Lottery doesn't require that the winner pose for a photo as other state lotteries requires.

 

[bcla]

Just as a follow up, the prize was claimed on Valentine's Day 2023 and taken as a lump sump. But it's been rather dramatic with claims that the ticket was stolen from the "rightful winner" and where a well known "lottery attorney" was hired to handle the lawsuit. This Florida-based attorney is also a CPA and mostly handles the affairs for lottery winners to help set up trusts and protect the winner's privacy. I heard the winner ended up hiring bodyguards from time to time and also bought some rather pricey homes and cars. If I had that, I don't think I would because I wouldn't want anyone to know where I lived. I'd probably keep my current home but just kind of until everything dies down and then move into an apartment with a security. Buying a home might mean people looking up a name in county recorder databases. But I'm thinking I'd still have to change my cell phone and stop using my email.

https://www.usatoday.com/story/mone...ry-winner-powerball-edwin-castro/70511938007/

The announced winner's attorney claims that he was provided the security footage of the purchase by his client.

https://www.news.com.au/finance/mon...r/news-story/3ac5221fbf67a735d7319e08a83e5380​

Lawyer David DePaoli has now given an exclusive update, claiming he has been in contact with the Lottery Commission and was finally able to view the video.​

​

He said on Monday: “I have personally viewed the CCTV footage and it is crystal clear. Edwin Castro purchased the winning Powerball ticket without question.”​

​

His lawyer’s statement comes as Jose Rivera has now been charged with filing a false police report and is set to appear in court on December 1 after Pasadena Police turned the tables on him.​

 

[_19disnA]

I think the rules about having to name the winner varies by state. The main reason to announce who it is likely relates to demonstrating the lottery is legit, a real person actually won and it not some sort of scam.

I do wonder if you take the annuity, is that money actually set aside by the lottery at the time of winning or does it depend on income derived from future ticket sales?

 

[starry_solo]

Here’s hoping I win powerball…. Lump sum all the way….

 

[dioxide45]

I think the rules about having to name the winner varies by state. The main reason to announce who it is likely relates to demonstrating the lottery is legit, a real person actually won and it not some sort of scam.

I do wonder if you take the annuity, is that money actually set aside by the lottery at the time of winning or does it depend on income derived from future ticket sales?

I believe the state lottery commissions purchase an annuity through an insurance company to manage the payout. Thus they may not need to put in the full value of the jackpot into the annuity as the annuity would have income growth over time for the insurance company in order to guarantee the payout.

 

[John VN]

Doesn't quite work that way. The California Lottery's reporting requirements are the name of the winner and the store/location where the ticket was purchased. I've bought tickets while visiting other parts of California. If I could manage to win a big one (yeah - I know) while purchasing a ticket far from home, I would have the advantage that it would throw off people trying to find out where I live, and I would still have the advantage of no state taxes on the winnings. It says full name, but I haven't seen middle names announced, so that could just mean first and last name.

https://www.calottery.com/faqs​

Can I be anonymous when I win the Lottery?​

​

The California Lottery is subject to public disclosure laws that allow access to certain governmental records. Your full name, the name and location of the retailer who sold you the winning ticket, the date you won and the amount of your winnings, including your gross and net installment payments, are matters of public record and are subject to disclosure. The Lottery will not disclose any other personal or identifying information without your permission unless legally required to do so.​

An out of state visitor winning in California would have an advantage in terms of potential harassment. But as I said earlier, it could create a problem for people with the same name. As for publicity, some people apparently are willing to talk, while others just go for the minimum reporting requirements. The California Lottery doesn't require that the winner pose for a photo as other state lotteries requires.

*Lottery officials confirmed the winner's identity Wednesday: an entity called Saltines Holdings, LLC, which decided to take the jackpot's one-time, lump-sum cash payment of $794,248,882. An LLC is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities.Dec 27, 2023*
As of Christmas, the Florida Lottery was legally allowed to release the name of the record-setting Mega Millions winner.

**Lottery officials confirmed the winner’s identity Wednesday: an entity called Saltines Holdings, LLC, which decided to take the jackpot’s one-time, lump-sum cash payment of $794,248,882.

An LLC is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities. By claiming the prize using an LLC, the winner of the ticket cleverly avoided having to reveal their identity.**

By setting up the LLC the winner's personal name was not revealed.

 

[tony67]

Yeah - the LLC is a good idea no doubt.

IMO Take the money in a lump sum and disappear

 

[flyingdumbo127]

I don't gamble but also would choose the lump sum. God willing, it would help me do greater good more immediately first and foremost. It would also make a difference to dad and I.

 

[_19disnA]

I believe the state lottery commissions purchase an annuity through an insurance company to manage the payout. Thus they may not need to put in the full value of the jackpot into the annuity as the annuity would have income growth over time for the insurance company in order to guarantee the payout.

Not that I am likely to win, but always wondered about that. If there were a significant downturn in the markets or a poorly chosen investment option where say the insurance company goes bankrupt, seems like there is a potential for issues.

 

[bcla]

*Lottery officials confirmed the winner's identity Wednesday: an entity called Saltines Holdings, LLC, which decided to take the jackpot's one-time, lump-sum cash payment of $794,248,882. An LLC is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities.Dec 27, 2023*
As of Christmas, the Florida Lottery was legally allowed to release the name of the record-setting Mega Millions winner.

**Lottery officials confirmed the winner’s identity Wednesday: an entity called Saltines Holdings, LLC, which decided to take the jackpot’s one-time, lump-sum cash payment of $794,248,882.

An LLC is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities. By claiming the prize using an LLC, the winner of the ticket cleverly avoided having to reveal their identity.**

By setting up the LLC the winner's personal name was not revealed.

My reply was specially about someone in California though. I've seen some claims that an LLC or trust can claim a prize in California to shield the name of a winner, but what I've seen says that it requires an individual's name be released. If it's a syndicate, I'm not sure other than at least one person must be named.

https://static.www.calottery.com/-/media/Project/calottery/PWS/PDFs/Winners-Handbook-2020.pdf

• You can form a trust prior to claiming your prize, but our regulations do not
  allow a trust to claim a prize. Understand that your name is still public and reportable.

The only exception I've heard of was one guy who got the ticket in Iraq through a company that did that sort of thing. They requested that the Oregon Lottery not name him for safety reasons.