re: Annuity or Lump? Updated for 1.6 Billion

quote:

---

An astonishing number of lottery winners actually go dead broke.

Now we can see why.

A fool and his money....................................

---

And refer to the post above you

For most people the annuity would be better

frick the math. You have to take the psychology into account

I’d rather a lump sum at a younger age than a steady income over 30 years, but that’s just me. What fun is accumulating a shite load of money at the end of your life?

quote:

---

I think it’s a lot different. 10 mil puts you on the local radar for handouts. 300 million outs you on the global radar

---

There are ways to minimize that problem, and professionals that can help you do it, but basically Before claiming the ticket I would have my existing house ready to donate to a charity, and have packed up whatever I want and ready to leave. If recommended I would a lawyer would have already done the paper work to change my name the moment I claim the ticket. Would have a corporation formed that would purchase any future real estate or other expensive items in the corporations name. I would draw a salary from the corporation in, any friends or family members that I want to help out would be placed on the corporation payroll and receive regular checks. This solves the issue of giving a friend or family member 10 million bucks, have them blow it, and want more money. The Kennedy family operated like this, it was run like a family bank, with William Smith, JFK's brother in law managing the money, I think all of the extended families bills just went to him to be paid.

quote:

---

1) Lotteries might have special terms and conditions, I don't play lotteries so I'm probably better off finding someone who knows something about how to minimize tax losses.

---

Yeah like I said the first thing I'd do is hire the best tax attorney I could find.

The total amount might determine whether I take the lump or the annuity

One thing is for sure is this thing is probably going to get split about 5 or more ways with as many tickets that are being sold right now

I contributed some to our office pool even though I think it's stupid

I think we have roughly 10 people in it and I figure that the prize will get split between at least 5 winning tickets so best case scenario I would be looking at 20 million gross

Wouldn't be a bad problem to have but the shite isn't happening anyway

Meh. It's the price of team-building I guess.

At least 3

So you walk away with 110 mil instead.

I've never understood the office pool. 10 people 10 dollars. I'll just buy 100 worth myself.

quote:

---

Just people having fun.

---

Until the one holding the ticket says they bought it outside of the pool money

This did happen a few years ago.

Odds are between 2 and 3 winners. Not more. FYI.