unclevlad Posted November 5, 2022 Report Share Posted November 5, 2022 Tonight's Powerball estimated jackpot? $1.6 Billion, if you go the annuity; about $780M cash. Quote Link to comment Share on other sites More sharing options...
Cygnia Posted November 5, 2022 Report Share Posted November 5, 2022 Already bought my Stupidity Tax! Quote Link to comment Share on other sites More sharing options...
unclevlad Posted November 5, 2022 Author Report Share Posted November 5, 2022 I prefer to think of it as my Pipe Dream Tax. But I didn't do it yesterday, and I'm not leaving home today...so I won't be getting any. Quote Link to comment Share on other sites More sharing options...
Old Man Posted November 5, 2022 Report Share Posted November 5, 2022 Powerball tickets are not available here, but I wish you guys reality-warping levels of probability. Quote Link to comment Share on other sites More sharing options...
IndianaJoe3 Posted November 6, 2022 Report Share Posted November 6, 2022 I paid my wishful thinking tax. Maybe I'll win $4 again. Quote Link to comment Share on other sites More sharing options...
wcw43921 Posted November 6, 2022 Report Share Posted November 6, 2022 I wouldn't call it a tax. Nobody forces you to play the lottery--but if you win and win big, you do have to pay taxes on the winnings. Otherwise you get the cell next to Capone. (Okay, maybe not that last one. But you do go to jail.) Any suggestions for casting Crusader & Starburst? Because I do want to fund that streaming series. Quote Link to comment Share on other sites More sharing options...
Duke Bushido Posted November 6, 2022 Report Share Posted November 6, 2022 So I am the only person here who calls it the redneck IRA? Quote Link to comment Share on other sites More sharing options...
Cygnia Posted November 6, 2022 Report Share Posted November 6, 2022 No one won last night. Up to $1.9B now. (annoyed that getting 2 numbers doesn't pay out -- need that PB at the end for that to matter) Quote Link to comment Share on other sites More sharing options...
IndianaJoe3 Posted November 7, 2022 Report Share Posted November 7, 2022 12 hours ago, Cygnia said: No one won last night. Up to $1.9B now. (annoyed that getting 2 numbers doesn't pay out -- need that PB at the end for that to matter) Same. It wasn't 45 and 56, was it? Quote Link to comment Share on other sites More sharing options...
Old Man Posted November 7, 2022 Report Share Posted November 7, 2022 As fun as it is to dream of winning the lottery, two billion dollars would be a full time job in and of itself. Quote Link to comment Share on other sites More sharing options...
Bazza Posted November 7, 2022 Report Share Posted November 7, 2022 13 minutes ago, Old Man said: As fun as it is to dream of winning the lottery, two billion dollars would be a full time job in and of itself. Easy, just give me half, I’ll make it work for you. Quote Link to comment Share on other sites More sharing options...
unclevlad Posted November 7, 2022 Author Report Share Posted November 7, 2022 It actually almost IS too much, but... --that's the annuity value. The cash value will be bad enough: roughly half, or $950M and change. --that's before taxes. Which is one argument for taking the cash; take the annuity and everything else you make from every other source, is instantly taxed at the highest rates. Plus, it will make your tax life messy *every* year, I think. Mind, just having something like $450M in cash would be bad enough. One thing that would help is out of your control. Does your state allow you to claim a lottery prize *anonymously*? If so, DO IT!!! It's incredibly foolish to have one's name tied to that ridiculous, obscene amount of money for everyone to know. That said, I believe New Mexico doesn't allow anonymous; the winners are considered a matter of public record. If that's true? I think I could work around it...but it helps I'm single. Dependents would make things harder. And I'd move; that would break the visual connection. Financial tricks don't work when people recognize the name, and that yeah, it was a local who won. As far as managing it? It would only be hard if you wanted it to be. You've got $450M. Fine, split it up. $350M into a charity foundation that disburses something like $5-10M a year. $10M to blow from the start...one place I'd consider moving to is LoDo, Lower Downtown, in Denver...and condos there run $3M. (Location, location, location.) $50M into bonds, T-bills, or what have you, that generates the money you live on. The rest? Rainy day funds. You only have to sweat the money if you care about an estate to pass down. I don't have one, for one thing, but I also like Warren Buffett's notion...his kids will get a SMALL fraction of his net worth. Cuz 1% of $10B is still $100M...and if they can't Make Do with that, they're idiots. You can do much the same. Quote Link to comment Share on other sites More sharing options...
wcw43921 Posted November 7, 2022 Report Share Posted November 7, 2022 In Illinois you can claim your winnings anonymously--there's a place for it on the claim form. Someone can find out who won, however, by filing a request under the Freedom Of Information Act. I don't know how that works, so I don't know if just any curious slob can do it. Yes--having that much money all at once will change your life forever. How it changes your life--that's up to you. As a wiser man than myself--Albus Dumbledore--once said, "It is not our abilities that show what we truly are. It is our choices." Good Luck to all who play--and well-wishes to everyone else. Quote Link to comment Share on other sites More sharing options...
Cygnia Posted November 7, 2022 Report Share Posted November 7, 2022 11 hours ago, IndianaJoe3 said: Same. It wasn't 45 and 56, was it? ... ... ...yes...? Quote Link to comment Share on other sites More sharing options...
IndianaJoe3 Posted November 7, 2022 Report Share Posted November 7, 2022 52 minutes ago, Cygnia said: ... ... ...yes...? Same. 🤔 Quote Link to comment Share on other sites More sharing options...
Cygnia Posted November 7, 2022 Report Share Posted November 7, 2022 22 minutes ago, IndianaJoe3 said: Same. 🤔 Dare I ask what your other numbers were...? Quote Link to comment Share on other sites More sharing options...
IndianaJoe3 Posted November 7, 2022 Report Share Posted November 7, 2022 2 minutes ago, Cygnia said: Dare I ask what your other numbers were...? 01-22-40-45-56 21 Quote Link to comment Share on other sites More sharing options...
Cygnia Posted November 7, 2022 Report Share Posted November 7, 2022 OK, *phew*. Was suddenly paranoid about glitches that give out the same set of numbers. Ohio is also thankfully a state that allows anonymity when it comes to lottery winnings. Quote Link to comment Share on other sites More sharing options...
Chris Goodwin Posted November 7, 2022 Report Share Posted November 7, 2022 Absolutely collect it anonymously if you can. I've always heard that the first two things you should do if you win are write a big check to Hero Games get a lawyer and a financial advisor. And that it will take a couple of months to see any money at all, regardless. rravenwood 1 Quote Link to comment Share on other sites More sharing options...
BoloOfEarth Posted November 7, 2022 Report Share Posted November 7, 2022 12 hours ago, unclevlad said: It actually almost IS too much, but... --that's the annuity value. The cash value will be bad enough: roughly half, or $950M and change. --that's before taxes. Which is one argument for taking the cash; take the annuity and everything else you make from every other source, is instantly taxed at the highest rates. Plus, it will make your tax life messy *every* year, I think. Mind, just having something like $450M in cash would be bad enough. The cash value for the $1.9 billion is $929.1 million (less than 50%)*. I'm in Michigan, and if I calculated correctly the federal taxes on $929.1 million will be around $343.8 million, and my state taxes would be about $39.5 million, leaving an after-tax amount of $545.8 million. Which is less than 1/3 of the $1.9 billion. Yes, if you were to win, definitely get a lawyer and financial advisor. As to remaining anonymous, in Michigan the winners of multi-state lotteries (like MegaMillions and Powerball) have to be made public and don't allow a trust to claim the prize to keep the winner's name a secret. However, you can form a registered lottery club (even after the drawing) and only one member of the club needs to be identified publicly. [quote] In the case of the Wolverine FLL lottery club, the public-facing member was Kurt D. Panouses, esq. a Florida-based lawyer whose website lists several stories about him representing lottery winners in Florida. Prior to announcing the club’s win, Lottery spokesman Jake Harris said the Lottery contacted Michigan Attorney General Dana Nessel’s office to see if there was any issue with the group’s plan. “It’s something that we consulted with the Attorney General’s office on,” Harris said in March 2021. “They came back and said this is lawful and within the rules. It’s something that was vetted.” [/quote] So there kinda-sorta may be ways around the anonymity thing. I don't know how much the lawyer got, but if I won it definitely would be something worth investigating. rravenwood 1 Quote Link to comment Share on other sites More sharing options...
Cancer Posted November 7, 2022 Report Share Posted November 7, 2022 We have a financial advisor, though I think even he would be daunted if we suddenly walked in with a check for $4.5e+8. The choose-a-lawyer part I would push off on my wife the ex-lawyer. The lawyer we have now writing up our wills and setting up trusts is retiring himself in 2.5 years, so he's not a long-term solution. Quote Link to comment Share on other sites More sharing options...
Duke Bushido Posted November 7, 2022 Report Share Posted November 7, 2022 There was a guy a few years ago who was fortunate I. That he had a very common name. He collected his winnings wearing a Scream mask, gloves, long sleeves- zero physical identifiers in any photo. Well done, I think. rravenwood 1 Quote Link to comment Share on other sites More sharing options...
unclevlad Posted November 7, 2022 Author Report Share Posted November 7, 2022 Hey, I'd *gladly* give the lawyer 1% if it got me anonymity otherwise. And since that's $4M...you figure he'd take it in a heartbeat too. In New Mexico, the winner's name, prize amount, and location is available on request, as part of a Freedom of Information request. I would think location == the city where the winning ticket was purchased, or possibly the city noted on the back of the winning ticket. So moving should help. Beyond that, it should be possible to set up a company of some sort, to relocate without using your name. It might not be foolproof, but my first goal would be to throw enough obstacles up to deter the casual inquiries, and to keep my name out of the spotlight. rravenwood 1 Quote Link to comment Share on other sites More sharing options...
Cancer Posted November 7, 2022 Report Share Posted November 7, 2022 My real name is fairly common; when I moved back to Seattle in 1988 I remember looking myself up in the dead-tree phone book, and there were nine of us with more or less the same name. The city has grown since then, and the dead-tree phone directory has more or less died out. I am almost to the point of ignoring the land line anyway; I think I answered it for the first time in months about two weeks back, because I recognized the name on the ID. Callers are largely scams and spams now (even outside of election season ) and I regard phones as an enemy already. And, we already have a PO box, since pilferage out of the street box is a real thing. Quote Link to comment Share on other sites More sharing options...
Old Man Posted November 7, 2022 Report Share Posted November 7, 2022 4 hours ago, Duke Bushido said: There was a guy a few years ago who was fortunate I. That he had a very common name. He collected his winnings wearing a Scream mask, gloves, long sleeves- zero physical identifiers in any photo. Well done, I think. I'd have gone with Spider-Man myself. Duke Bushido 1 Quote Link to comment Share on other sites More sharing options...
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