Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Single Michigan mom, 24, with two jobs wins $66 MILLION lottery
NY Daily News ^ | 7/31/14 | Sasha Goldstein

Posted on 08/01/2014 4:52:42 AM PDT by SoFloFreeper

click here to read article


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-96 next last
To: Mom MD

Here in Alberta, we call it the poor man’s tax. They don’t pay much if any tax because of no income or very little, or under the table, but they buy lottery tickets. Hence we call it a tax.

I refuse to blow my money on things like this. I work hard, I make a lot, but I dang well work for it.

On the other hand, good for this lady that it worked out for her, and I hope She either knows Jesus already or finds him, because that’s the most important thing. Then I hope she makes wise decisions with this windfall.


61 posted on 08/01/2014 5:57:01 AM PDT by Bulwyf
[ Post Reply | Private Reply | To 33 | View Replies]

To: Durus

Only five states, DE, KS, MD, ND, and OH allow anonymity for Powerball winners. I see SC on some lists but can’t verify it.


62 posted on 08/01/2014 6:03:42 AM PDT by Hillarys Gate Cult (Liberals make unrealistic demands on reality and reality doesn't oblige them.)
[ Post Reply | Private Reply | To 14 | View Replies]

To: George from New England
Should be taking it over 20 years or whatever to maximize the return.

Money now, wisely invested, will blow that 20-year payout out of the water. Always take the lump sum, unless you're a total idiot who can't control your spending, then take the 20 or 25-year payout.

63 posted on 08/01/2014 6:06:15 AM PDT by IYAS9YAS (Has anyone seen my tagline? It was here yesterday. I seem to have misplaced it.)
[ Post Reply | Private Reply | To 23 | View Replies]

To: Durus

It’s a law in Michigan. All Lottery winners have to be publicly identified. Don’t know why.


64 posted on 08/01/2014 6:07:18 AM PDT by Mathews (Ecclesiastes 10:2 (NIV), Luke 22:36 (NIV))
[ Post Reply | Private Reply | To 14 | View Replies]

To: Cletus.D.Yokel
I’ve always had the thought that I would notify my employer that “my circumstances have changed and I’d prefer to stay on as a ‘contract staffing employee’ for the short term to assist in any transition efforts”. Slow transition is better than telling your boss (i) to pound sand, (ii) to piss up a rope and (iii) your wife is lousy in bed.

Personally, I agree. The process of getting all your legal stuff in place can take time (and you need to do it before cashing in the ticket), so I'd keep working and give notice with enough lead time to allow my boss to back-fill me properly.

Also, with school-age kids, I'd probably wait until the end of the school year to claim, and not even tell the kids until then, so as to not disrupt them mid-year.

65 posted on 08/01/2014 6:07:43 AM PDT by kevkrom (I'm not an unreasonable man... well, actually, I am. But hear me out anyway.)
[ Post Reply | Private Reply | To 59 | View Replies]

To: Hillarys Gate Cult

Michigan Lottery winners have the option to remain anonymous.


66 posted on 08/01/2014 6:09:04 AM PDT by VRWCarea51 (The original 1998 version)
[ Post Reply | Private Reply | To 62 | View Replies]

To: Mathews

Looking at where people like Janet Yellen will have us in 20 years, I’d take the lump sum too.


67 posted on 08/01/2014 6:12:05 AM PDT by Buckeye McFrog
[ Post Reply | Private Reply | To 64 | View Replies]

To: servo1969

For comparison, my “invest $25M at 2.0%” advice generates about $1,370 per day, which still ain’t nothing to sneeze at. I’m sure I could keep to that budget if I had to.


68 posted on 08/01/2014 6:12:55 AM PDT by kevkrom (I'm not an unreasonable man... well, actually, I am. But hear me out anyway.)
[ Post Reply | Private Reply | To 54 | View Replies]

To: Mathews

The lottery winner would be the trust or LLC. People do this all the time in every state. Look up the winners.


69 posted on 08/01/2014 6:15:31 AM PDT by Durus (You can avoid reality, but you cannot avoid the consequences of avoiding reality. Ayn Rand)
[ Post Reply | Private Reply | To 64 | View Replies]

To: Hillarys Gate Cult

And I’m point out a proven way to get around that in creating a trust or LLC.


70 posted on 08/01/2014 6:17:36 AM PDT by Durus (You can avoid reality, but you cannot avoid the consequences of avoiding reality. Ayn Rand)
[ Post Reply | Private Reply | To 62 | View Replies]

To: VRWCarea51

No they don’t.

http://lotteryheadlines.com/winning/lottery-privacy-information/

I found out that South Carolina is sort of anonymous. State Freedom Of Information Act requests can be obtained meaning you can try and stay anonymous but don’t bet on it.


71 posted on 08/01/2014 6:17:44 AM PDT by Hillarys Gate Cult (Liberals make unrealistic demands on reality and reality doesn't oblige them.)
[ Post Reply | Private Reply | To 66 | View Replies]

To: kevkrom
Hopefully this woman will play it smart with her winnings. My advice: take the majority of that money and invest it in low-risk, income-generating investments. To wit: she can spend $2M on whatever she wants, invest the other $25M, and even at an anemic 2.0% APY, she'll pull in $500k in gross income a year, for life.

There are investment companies that buy tax free municipal bonds. Shares of these companies pay up to 4.5% tax free dividends. that would equal $1,1255,000 a year tax free.

72 posted on 08/01/2014 6:18:31 AM PDT by painter ( Isaiah: “Woe to those who call evil good and good evil,")
[ Post Reply | Private Reply | To 11 | View Replies]

To: Yorlik803

Yes, the lump sum amount is a lot less than the annuity amount, roughly half as much. The advertised amount of $66M only applies if you agree to take your winnings over a 20 year period.

Looking at it from the lump sum amount of $35M or so, the $27M payout for the lump sum prize doesn’t look so bad from a tax standpoint.


73 posted on 08/01/2014 6:24:00 AM PDT by citizen (There is always free government cheese in the mouse trap.....https://twitter.com/kracker0)
[ Post Reply | Private Reply | To 3 | View Replies]

To: knarf

Good Idea, I would do that too.


74 posted on 08/01/2014 6:25:09 AM PDT by painter ( Isaiah: “Woe to those who call evil good and good evil,")
[ Post Reply | Private Reply | To 40 | View Replies]

To: kevkrom

Because...

Hey kids! we are moving to New Zealand!


75 posted on 08/01/2014 6:25:43 AM PDT by Cletus.D.Yokel (Catastrophic Anthropogenic Climate Alteration: The acronym explains the science.)
[ Post Reply | Private Reply | To 65 | View Replies]

To: Durus

Send a representative/agent in your stead?


76 posted on 08/01/2014 6:27:13 AM PDT by j.argese (Not anymore!)
[ Post Reply | Private Reply | To 37 | View Replies]

To: j.argese

It would be a representative or agent of the trust/LLC which would officially be the entity that won.


77 posted on 08/01/2014 6:30:28 AM PDT by Durus (You can avoid reality, but you cannot avoid the consequences of avoiding reality. Ayn Rand)
[ Post Reply | Private Reply | To 76 | View Replies]

To: Politicalkiddo

Give it a few years to see her wisdom in all of this. Most lottery winners end up cursing the day they got the “payout”.


78 posted on 08/01/2014 6:30:47 AM PDT by Roman_War_Criminal (Bible Summary in a few verses: John 14:6, John 6:29, Romans 10:9-10)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Hillarys Gate Cult

Add Florida to that.


79 posted on 08/01/2014 6:35:10 AM PDT by painter ( Isaiah: “Woe to those who call evil good and good evil,")
[ Post Reply | Private Reply | To 62 | View Replies]

To: j.argese

Step 1: Present the ticket to an estate lawyer.
Step 2: Establish an investment trust as the lawyer recommends.
Step 3: Establish any entrepreneurial considerations you may have.
4: Have the lawyer collect the winnings on behalf of the trust.


80 posted on 08/01/2014 6:37:41 AM PDT by Cletus.D.Yokel (Catastrophic Anthropogenic Climate Alteration: The acronym explains the science.)
[ Post Reply | Private Reply | To 76 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-96 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson