Skip to comments.Idaho Ticket Wins $220 Million Powerball
Posted on 05/29/2005 1:18:30 PM PDT by kiriath_jearimEdited on 05/29/2005 1:43:18 PM PDT by Admin Moderator. [history]
DES MOINES, Iowa -- A ticket bought in Idaho matched all five numbers and the Powerball to win the $220.3 million multistate drawing Saturday night, lottery officials said. If the winner opts for a lump sum check, it will be written for just over $125 million dollars.
(Excerpt) Read more at newsday.com ...
Lump sum check
That's $400 each for everyone in Idaho.
I bet it was Napolean.
And the lawyer charges what, one third?
Yeah an estate planner who can help you set up a trust would be best.
Cash up fron cuts it in about half....then pay your income tax
and you end up with roughly 35% of the 220 million..
I would first talk to a lawyer, a financial planner & a security company (lots of nut jobs out there!) Not that I've thought it all out or anything....sigh.....
I was going to keep this quiet until I actually cashed in the ticket. But since someone posted it to FR already, where do I make a donation to FR.
With $220 million, even after taxes, I need to worry about an estate planner. Just get that cash in my bank account.
$77 million would be tough to live on.
220 Million? Hell, I'll marry the guy!
For the SAFETY AND SECURITY OF YOU & YOUR FAMILY.....
1. Set up a Trust or Foundation. (DO NOT tell the lawyer what its for.)
2. Sign the ticket on behalf of the Trust)
3. Have charities and family members buy an interest in the Trust. (20% for charity X, 10% for each family member, etc.)
4. THEN have the lawyer present the ticket on behalf of the Trust. (He's already been paid a FLAT FEE)
5. The lottery pays the Trust, the interest allocations in the Trust have been established.
Taxes are determined by the distributions from the Trust.
With this much money would you take the lump sum or the annuities?
Powerball is for suckers. Lottery players should play the low-odds games. I'd be happy to win a small jackpot of $100,000 or something, though I don't play that much to begin with.
What about signing the ticket over to a lawyer or something to avoid publicity? Would that work?
I was at an Indian Casino on Thursday and the women sitting next to me won $69,000!!! It was very exciting!
LOL! That happened to me too. Wife and I were playing the slots one night and the person next to me won like $25,000 or something.
Who cares,This life is all about me!
Ridiculous that anyone should have to go through such nonsense...
Take it over 20 years that way you can not blow it all in Vegas, one way or another.
You should be able to invest and exceed annuity rates of return.
Also, you would be in a position to more immediately assist charities and family, using the method I described.
You create the Trust or Foundation to avoid the publicity.
The lawyer then represents the entity to transfer the winnings to it.
If you sign it over to the lawyer what would keep him from walking away with it, or a MUCH larger share of it than you intend.
FLAT FEE for the lawyer!!
None of this percentage crap!
Screw their "policies".
Write a specific contract, NOT using ANY "standard forms"!
The "standard forms" are designed to place you at a disadvantage, NOT to protect you.
Yeah, just like the genius who won $41M and drank up all of the publicity.
He had over FIVE THOUSAND requests each year from all of these bleeding heart cases.
If you want to be SAFE and be able to enjoy some privacy, use a Trust or Foundation!
yeah...take a look at those who go public.
They get sued and harrased from every corner.