Fundamentally speaking, a cashable cheque in the hand is better than promises made over 20 years that may not be kept.
I would let the tax accountant figure out the strategies of lowering my tax bill, though, I suspect, when I accept the prize, the taxes are prepaid, off the top. I can’t see the governments involved taking a chance of me volunteering to pay the millions of taxes, when I could potentially be in Barbados or something.
Yes, one of those strategies, if legal, would be to figure out the best place to claim the prize.
i cannot concede that a strategy is a strategy if no such strategy exists.
Not aware of any law requiring the taxes for a 2012 winning be paid before April 2013. Do not know why taxes are taken out of the prize as the law does not seem to require it.
Even if you renounced yer citizenship and went somewhere ... doing an electronic transfer out of the country ain’t all that simple. Never tried it.
Maybe some day, I go to Belize.
PS ain’t nothing no accountant can do about ordinary income once it is incurred. There is no more 10-year averaging. gone 20 years ago.
All bonds are “promises made over x years that may not be kept.” And stocks are a claim on future earnings that may not occur.