Did Anyone Here Win the Powerball Jackpot?
- Thread starter HuskerJack95
- Start date
http://abcnews.go.com/US/no-winners-powerball-jackpot-wednesday/story?id=36132216
Saturday will be largest jackpot ever..
Some woman in Deadwood SD just won a bazillion dollars in a lotto win. I picture some 55 year old skinny, coughing, wrinkled, chain smoking woman in fake fur sitting at a video lottery machine spending her disability check. Hawt.
But after taxes and lump sump what do you have? Like $325,000,000. Is it even worth it then?
I would buy the most expensive drink at Starbucks and dump it in the toilet - just because I could.
You need to take about another $100,000,000 off that number.
Lotto takes 38%, Feds will take 39% and state another 7%.
I honestly don't feel my lifestyle would change dramatically if I won... I certainly wouldn't buy a mansion or anything goofy like that.
Things I would do instantly... Pay off whatever is remaining of my parents and sisters mortgage. Give them both like $1m and tell them not to be coming around for more, if you can't make a mil work for you, then that's on you, not me.
Maybe get rid of my 07 Fusion and upgrade... To like a 15' Fusion. I kid, I kid... I'm keeping my 07 until the wheels falls off that thing.
I would probably sell my house... Its to small for me now, but we make it work. Like I said, no mansion though, just something I could be comfy in without going overboard.
Maybe go see star wars in 3d... I don't know. I hate going overboard.
Ok...I probably would get better seats for Huskers games... So I guess there is my 1 thing I would probably spend to much on considering how "good" they've been lately.
Things I would do instantly... Pay off whatever is remaining of my parents and sisters mortgage. Give them both like $1m and tell them not to be coming around for more, if you can't make a mil work for you, then that's on you, not me.
Maybe get rid of my 07 Fusion and upgrade... To like a 15' Fusion. I kid, I kid... I'm keeping my 07 until the wheels falls off that thing.
I would probably sell my house... Its to small for me now, but we make it work. Like I said, no mansion though, just something I could be comfy in without going overboard.
Maybe go see star wars in 3d... I don't know. I hate going overboard.
Ok...I probably would get better seats for Huskers games... So I guess there is my 1 thing I would probably spend to much on considering how "good" they've been lately.
Exactly, and if you think you can just gift people millions of dollars, think again. There is a gift tax that's 40%. So after you've taken your cash option and paid the income taxes, if you gift more than $5 million ($10 million if your married) you are going to pay an additional 40% in tax on gifts in excess of $5 million. Whose the big winner in the lotto? The department of Treasury that's who.
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That is what tax attorneys are for. A good attorney might be able to set up something like a $10M life insurance policy I could buy for my brother. He could then "borrow" from the cash value part, and when he dies his kids could get the remaining cash value money and death benefit tax free. There would of course be insurance and attorney fees, but those would be nothing compared to gift and inheritance taxes.
When I do stadium reviews here I always comment on restroom facilities since my wife and I hate waiting in long bathroom lines at events. Spartan Stadium is Lansing was hands-down the worst. If I win Powerball, I will donate millions of dollars to upgrade the restrooms in Memorial Stadium as long as they put a brass plaque over each restroom that says "HuskerWed Memorial Urinals and Stalls"
Can't you just give him a credit card, with your name and his name on it...let him use it for anything he wants and you get the bill?
And you can always do a trust too. But most people think they can just gift so much money, when they really can't.
Sadly, after cash payout option & taxes, you'd walk with a 1/4 of a billion. So your both correct.
I'd do the option to take it over the 17 years, or whatever it is. Either way. Who gives a shit. It's big time money.
Well actually you can cash gift up to $14,000 per recipient tax free, but I get what you're saying. You can't gift hundreds of thousands or millions of dollars without being penalized.
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