$832,500 vs $10,000

[Muadib]

Originally posted by: MrsBugi

Originally posted by: sactoking

Originally posted by: BrokenVisage
That's ridiculous making you choose cash or annuity up front like that. They asked me what I wanted when I bought my Mega Millions ticket and I looked at the girl like she had 3 boobs, except at her face. Why the fuck do they need to know that right then and there? Something like that I'd crunch the numbers 10 times over before deciding if I actually won.

Why do you need to think about it? ALWAYS TAKE THE LUMP SUM!

Why?

I've heard that if you opt for annual payments and you die, the rest of the money goes back to the state and nobody else can claim the remaining payments for you (i.e. spouse, children, family etc).

No one would choose the annuity if that were true. If you die, it goes to the winner's estate. At least that's how it is in most states. If you know of a state where what you say is true, please share.

 

[QueBert]

Originally posted by: Muadib

Originally posted by: MrsBugi

Originally posted by: sactoking

Originally posted by: BrokenVisage
That's ridiculous making you choose cash or annuity up front like that. They asked me what I wanted when I bought my Mega Millions ticket and I looked at the girl like she had 3 boobs, except at her face. Why the fuck do they need to know that right then and there? Something like that I'd crunch the numbers 10 times over before deciding if I actually won.

Why do you need to think about it? ALWAYS TAKE THE LUMP SUM!

Why?

I've heard that if you opt for annual payments and you die, the rest of the money goes back to the state and nobody else can claim the remaining payments for you (i.e. spouse, children, family etc).

No one would choose the annuity if that were true. If you die, it goes to the winner's estate. At least that's how it is in most states. If you know of a state where what you say is true, please share.

Unless it changed, in California it's very iffy, I worked at 2 stores that sold Lotto. And the rep (same for both stores) told me if you take payments and die, the state will claim the remaining money. She said this was so when somebody won, a family member wouldn't try to kill them in order to claim the money. Dunno if she was being serious, but she said even in the event of a car crash the state will take whatever is left. I definitely believe the murder part, but if death by natural cause leads to the state getting the $$$ that's some crazy shit.

apparently the winner in Cali can set up a trustee to collect the money if they die, but I think in cases of murder this is void. Of course the lotto site won't give details on murder lol.

 

[novasatori]

i would take payments just so i would know i would be secure for life basically and wouldn't fuck myself over like you hear all those other people do

"Oh bob won the lotto, then spent it all on hookers and blow and hung himself"

 

[Muadib]

Originally posted by: QueBert

Originally posted by: Muadib

Originally posted by: MrsBugi

Originally posted by: sactoking

Originally posted by: BrokenVisage
That's ridiculous making you choose cash or annuity up front like that. They asked me what I wanted when I bought my Mega Millions ticket and I looked at the girl like she had 3 boobs, except at her face. Why the fuck do they need to know that right then and there? Something like that I'd crunch the numbers 10 times over before deciding if I actually won.

Why do you need to think about it? ALWAYS TAKE THE LUMP SUM!

Why?

I've heard that if you opt for annual payments and you die, the rest of the money goes back to the state and nobody else can claim the remaining payments for you (i.e. spouse, children, family etc).

No one would choose the annuity if that were true. If you die, it goes to the winner's estate. At least that's how it is in most states. If you know of a state where what you say is true, please share.

Unless it changed, in California it's very iffy, I worked at 2 stores that sold Lotto. And the rep (same for both stores) told me if you take payments and die, the state will claim the remaining money. She said this was so when somebody won, a family member wouldn't try to kill them in order to claim the money. Dunno if she was being serious, but she said even in the event of a car crash the state will take whatever is left. I definitely believe the murder part, but if death by natural cause leads to the state getting the $$$ that's some crazy shit.

apparently the winner in Cali can set up a trustee to collect the money if they die, but I think in cases of murder this is void. Of course the lotto site won't give details on murder lol.

This site says CA is like I said. Of course, if you win, you should talk to a lawyer, because this crap changes all the time. You used to not have to pay state tax here if you win, but you do now.