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BGOL NY/NJ: If YOU won Cash 4 Life....

If you WON either TOP PRIZE how would you want pay-out...

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playahaitian

playahaitian

Rising Star
Certified Pussy Poster
I got a few questions...

IF you won Cash 4 Life (either a $1,000 a day OR a $1,000 a week) would you...

1) Tell anyone?

Married Men: Would you tell your wife and family?

* If you could ONLY accept your winnings if your IDENTITY was made PUBLIC...would you REFUSE risking getting your winnings???

2) Would you want the payouts till you DIE or a lump sum?

PARENTS: IF you have a child OVER 21 would you put the winnings in THEIR name instead?

3) would you still go to WORK???

4) What is the VERY FIRST THING YOU WOULD BUY???

5) If you currently live in the US...would you move to another country?
http://nylottery.ny.gov/wps/wcm/con...ming+Commission+Rules+revised.pdf?MOD=AJPERES
 
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Fam a G a day works out to be 30gs a month

I'm not quiting my job,, I would tell the wife and I would put $500 a month away for each of my 2 children until they are 21..

Give me the payout till I die..

Bet the winning and my yearly salary I'm looking at 500k a year.

We good lol
 
hybrid chef said:
I'd take a grand a week till I'm gone. Of course if i had a family wife and kids will know off rip. how u gonna be bringing extra bread into the home and not tell ya wife.
Click to expand...

fam...

I have seen that a FEW times...

especially island folk, back in the day lotto etc was HEAVY...

and the same way dudes wouldn't say when they LOST...they wouldn't say when they WON.

ESPECIALLY to the wife.

They might say they got a bonus, took out a loan, someone repaid a debt, etc.
 
Ex-NYPD cop is first New Yorker to win $1,000 per day for life

Edna Aguayo of Ozone Park, Queens, won big through New York Lottery's Cash4Life game. Other recent local lucky lottery players are Catherine Morales of East Rockaway, who opted to get a single $661,800 payout; and Elizabeth Polcari of Coram in Suffolk County, who snagged a $3 million jackpot prize with a scratch-off ticket.

A retired NYPD cop considers her new lottery jackpot divine — in a supernatural sense.

Edna Aguayo of Ozone Park, Queens, is the city's first person to win $1,000 a day for the rest of her life through New York Lottery's Cash4Life game.
The retired transit cop, 51, said her path to riches started at an amusement park more than 16 years ago when a fortune teller predicted her win.

"I'm excited. I can't believe it," Aguayo told the Daily News on Thursday.

"I was in an amusement park and went to see a reader. She told me to buy 'for life' lottery tickets because she could see that one day I was going to hit a 'for life' prize," she said in a statement issued by lottery officials.

She followed the reader's advice and bought tickets every week, hoping to win the higher probability, second-place prize of $1,000 per week.

"That's it. It's a true story," Aguayo told The News.

Aguayo purchased her lucky ticket at Walbaum's on Crossbay Boulevard in Howard Beach.

She'll receive her prize in annual payments, officials said. After required withholdings, she'll get a check totaling $227,410 every year for the rest of her life.​

Aguayo said she didn't have any specific plans for the money right now, other than a tropical vacation. She says she wants to take some time to think about it.

The winning numbers from her July 14 drawing were 9, 19, 34, 37 and 49 and Cash Ball 2.

Players who match only the first five numbers — but not the extra Cash Ball number — win $1,000 a week for life.

College student Catherine Morales of East Rockaway won the second-place prize June 19, lottery officials said Thursday.

"My father told me about the game, and I liked the idea of winning for life so that's why I played," the 20-year-old said in a statement.

"At first I was in denial, but then I was just really happy," she said. "My first call was to my father, and he was in denial too. When he realized it was real, he was happy for me."

Morales bought her ticket at Virpa Inc. on Main Street in East Rockaway.

She opted for a single payment totaling $661,800, and said she planned to use her winnings to finish her degree, pay off student loans and eventually buy a house.​

Her winning numbers were 8, 13, 43, 56 and 60.

Elizabeth Polcari of Coram in Suffolk County recently won a $3 million jackpot prize with her King's Ranson scratch-off ticket, lottery officials said.
Polcari, 49, credited her good fortune to a change in attitude.

"A couple of years ago I changed the way I thought about myself. I used to call myself an unlucky person. I changed my mind and decided to focus on the good and everything started to turn around. Luck is a state of mind," she said in a statement.

Polcari bought her lucky ticket June 26 at the 7-Eleven on Route 347 in Smithtown. She opted to receive one lump sum payment of $2,340,000, or $1,548,612 after withholdings.​

"I will start planning the wedding of my dreams and buy a new house. I'd also like to put a red Corvette in the driveway," she said.
 
My father won and didn't say shit. My mother found out and neutered that fool. I'm not sure how she found out. She claims she saw a letter from new york lotto in the mail. He probably told one of his friends and they rat him out.

Sent from my SPH-L720 using Tapatalk
 
lump sum...
something could happen where they refuse or are unable to pay me my money.
They may go bankrupt....
 
A winner also has the option of taking a $7 million lump sum cash payout (before federal and state taxes are deducted).​
 
ill take the annual payments... $227,410 for life not too shabby. Plus, that's low enough that family and friends cant be asking for cars and 10K in cash to help them get over the hump and shit, bc I aint got it like that.
 
i ain't telling no one shit juss dat bizzness been good...i'll toss some to my lil sis, my bro, moms, throw a lil dough to the needy for goodluck and juss chill..when question i'll look at my fam and be like bizzness been good dats all u need to kno
 
I've seen one person who won the one in New England use a trust fund to claim the grand prize. I don't how the payout would work though. A trust fund doesn't "die" right?
 
i dream about winning this everyday. I would take the payment as installments. First thing im doing with the money is helping my parents. second put money down on a house.
 
havelcok said:
lump sum...
something could happen where they refuse or are unable to pay me my money.
They may go bankrupt....
Click to expand...

If that happened you got bigger problems. That means your state don't have any money.

Sent from my Nexus 5
 
I would take the annual payments. People who get lump sums tend to burn through them. Of course I would tell my wife and I'd set away half for two years for college for the kids.

Sent from my Nexus 5
 
pissy drunk! said:
I've seen one person who won the one in New England use a trust fund to claim the grand prize. I don't how the payout would work though. A trust fund doesn't "die" right?
Click to expand...

:eek::eek::eek:

ok everybody calm down!

we need MORE information on this immediately if not sooner.
 
I spend about $30 a week. Love them Monday & Thursday 3 for 2's. Actually I don't because I haven't won yet.
 
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get a trust to cash in, then if your smart you can live off the interest with a few good investments. Live low key and your set for life...
 
For Lottery Winners, a Trust Can Really Pay Off
By Brett Snider, Esq. on December 5, 2013 10:36 AM

Lottery hopefuls may be elated with the idea of hitting the jackpot, but a trust can really keep those potential winnings from becoming "easy come, easy go."

The Mega Millions jackpot for Friday's drawing is an estimated $291 million, while the Powerball jackpot is nearing $100 million, reports Philly.com.

The lucky winners of either game will need a way to protect their prize money, and for that, a lottery trust is the legal way to go.

What Is a Lottery Trust?

Trusts are a fantastically useful investment tool. Often, persons use a living trust as an alternative to a will, as a way for property to avoid going through the probate process when they die.

A trust creator (settlor) designates both a trustee (or trustees) to run the trust as well as beneficiaries who receive the benefit of property held by the trust.

Lottery trusts are essentially a living trust where the settlor is a lottery winner, and the assets he or she places within the trust are the lottery winnings. The winner can then assign an attorney or financial institution as trustee and designate the winner and any loved ones as beneficiaries.

Using a lottery trust, the trustee will now be bound by the trust agreement to use the lottery winnings to act in the best interests of the beneficiaries (i.e., the winner and friends/family). This may prevent the money from being swallowed up by frivolous spending or even substance abuse.

Trust Protects Privacy, Prevents Fighting

A blind trust -- as opposed to a revocable trust -- gives complete control over the trust assets to the trustee(s) and gives the beneficiaries no knowledge of the trust's holdings or how the money is doled out.

For example, a lottery blind trust agreement might have the trust deposit $5,000 in the winner's bank account every two weeks for the rest of the winner's life. Family members and friends can be set up with similar arrangements in the trust agreement as beneficiaries, and they will have no control over how much money they receive or knowledge of how much is in the trust.

Once a trust is created, depending on state laws about publicizing lottery winners, a trustee can then claim the lottery winnings on behalf of the trust, which in some states may keep the winner entirely anonymous.


If you're worried about protecting your future lottery winnings, contact an experienced trusts attorney to discuss your options.
 
1) Only the people that absolutely needed to know.

2) The annuity.

3) It's enough to live decently on retired but I'd continue to grow the business.

4) You can't really go crazy with 200 stacks so the purchases would stay reasonably simple until the stack started to show some nice growth.
 
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10 Things To Do When You Win The Lottery


Updated Dec. 18, 2013. The winning numbers in last night’s mega millions Lottery were 8, 14, 17, 20 and 39, with a Megaball of 7. The winning ticket was reported sold in San Jose, Calif. If you win it in the next drawing, you won’t ever have to worry about money again–right?

Wrong.

With good money management you–and your heirs–could live handsomely for many, many years. But from the moment that you claim that prize, you will be descended upon by vultures who want a hefty helping of those winnings. And if you didn’t have smart money habits up until now, you could easily turn out to be your own worst enemy by quickly squandering the fortune. (See my post, “Thieves And Forgers Rush In Where Big Spenders Dare To Tread.”)

The first precautionary step you should take between now and the drawing is to sign the back of the ticket, says Carolyn Hapeman, a spokeswoman for The New York Lottery. A lottery ticket is a bearer instrument, she explains, meaning that whoever signs the ticket and presents a photo ID can claim the prize. So if you haven’t signed the ticket and it blows out of your hand while you are waiting for a bus, or if you show it to a buddy in a bar and accidentally leave it on the counter, you’ve lost the loot.

Here are some steps to help you steer clear of additional risks. Most of them work well for other windfalls too–for example with sudden wealth that comes from an inheritance or the sale of a business.

1. Remain anonymous if your state rules permit it. Once people know you’re suddenly wealthy, you’ll be badgered by requests for handouts from everyone from charities to long-lost friends and relatives–not to mention all the financial “experts” who will be vying for your business. So check state rules to see whether you can dodge them all by remaining anonymous.

Although Mega Millions is a national lottery, rules on winner publicity vary by state. In New York, for example, winners’ names are a public record. Elsewhere it may be possible to maintain your anonymity by setting up a trust or limited liability company to receive the winnings, says Beth C. Gamel, a CPA with Pillar Financial Advisors in Waltham, MA. A client of Gamel’s who won a past lottery did that, and had a lawyer claim the prize on behalf of of the trust. In South Carolina, where the Sept. 18 winner bought his or her ticket, it’s also possible to remain anonymous.

Depending on where you bought the ticket, prize winners have between 180 days and one year from the date of the drawing to claim their prize. So find out what the state rules are and plot a course.

2. See a tax pro before you cash the ticket. You have the choice between taking the prize money all at once or having it paid out over 26 years in the form of an annuity. With a lump sum payment, you must immediately pay tax on the entire amount, says Michael A. Kirsh, a financial planner in New York. With an annuity, you are taxed only as you receive the payments. People who have trouble controlling their spending might prefer the discipline of receiving the money as an annuity. But this payout form has other drawbacks, Kirsh notes. You will want to compare the effective yield of the annuity with what you could earn by taking the money as a lump sum, paying the taxes and investing the proceeds.

Another issue to consider is whether taking an annuity will leave your family without the cash they need to pay estate tax if you die before the 30-year period is up, Kirsh says. In such situations people typically buy life insurance policies to cover the estate tax bill.

You have 60 days from the time you claim your lottery prize to weigh the pros and cons. During this time, ask advisors to crunch the numbers and help you decide which type of payment suits you best.

3. Avoid sudden lifestyle changes. For the first six months after you win the lottery, don’t do anything drastic, like quitting your job, buying a home in Europe, trading up for a luxury car or building a collection of Birkin handbags. Meanwhile, set aside a fixed amount for splurges—it’s only natural to want to celebrate your windfall.

Save the big purchases for later. For example, you could rent a house in the neighborhood where you were thinking of moving, before you make any commitments, says Guerdon Ely, a financial planner in Chico, Calif. If you need a new car, buy a budget model for now.

4. Pay off all your debts. As I wrote in my post, “The Best Investment Advice I Ever Received,” there is no better investment than paying off debts. Whether it is credit card debt or a mortgage, your rate of return equals the interest rate on the loan. With today’s abysmal yields on relatively secure investments like CDs and Treasurys, that’s especially true. When you’ve paid down a dollar of debt, that’s a dollar you no longer owe. When you invest a dollar, you can’t be sure whether it will grow or shrink.

5. Assemble a team of legal and financial advisers. In situations like this it’s very hard to know “who’s trying to help you and who’s trying to use you,” says Ely. Rather than signing on to a group of advisors that someone else has put together, he recommends handpicking your own lawyer, accountant and investment advisor, and requiring them to work together.

Carefully vet each advisor before discussing your situation. Check broker records at the Financial Industry Regulatory Authority. For attorneys and insurance agents, see whether there have been any complaints filed with state disciplinary authorities.

If you live in a small community and don’t want lawyers there to know your business, seek out a professional in the nearest large city. Names can be found on martindale.com, the nationwide lawyers’ directory that you can search by location and area of practice, and on the Web site of the American College of Trust and Estate Counsel, a group of trust and estate lawyers.

In effect, the team you put together will function as your board of directors, Ely says. You can start by having a fee-only advisor put together a long-term financial plan and running it by the group for comment. Once you’ve decided on a plan, they can provide checks and balances on each other. You can ask one of them to serve as quarterback, coordinating the group effort. That person can also play the “bad guy,” declining requests from people or organizations for gifts that you don’t want to make.

6. Invest prudently. Ely recommends putting the money in safe, short-term investments and not even touching it for the first six months. Then ask your advisors is to put together an investment portfolio divided half-and-half between equities (such as stocks) and fixed income (like bonds). Don’t fall for investments that you don’t understand or that sound too good to be true.

7. Live within a budget. Especially if you’re not accustomed to having a lot of money, it may take some discipline to preserve your winnings and not go on a wild spending spree. One way to restrain yourself is to only spend income–not principal. Especially in today’s investment world, “It takes a lot of principal to generate income and once you start spending principal, the principal quickly dissipates,” says Dennis I. Belcher, a lawyer with McGuireWoods in Richmond VA.

8. Take steps to protect assets. People who are worth a lot of money need to guard against losing assets to creditors. They include everyone from disgruntled spouses and ex-spouses to people who win lawsuits against you. If people think you have deep pockets they may look for reasons to sue. “If you win the Powerball, everyone’s going to be laying in front of your car so you can run over them so they can sue you,” says Ely. It’s prudent to ensure you are not an easy target.

The best defense is to erect a variety of roadblocks that make it difficult, if not impossible, for creditors to reach your money and property. These asset protection strategies, as they are called, can range from relying on state-law exemptions to creating multiple barriers through the use of trusts and family limited partnerships or limited liability companies. It may be possible to rely on a variety of strategies, either separately or in combination with each other.

9. Plan charitable gifts. You can offset the additional income from your lottery winnings with a charitable deduction. But you must make your donation by Dec. 31.

For gifts to a public charity, donors are entitled to an income tax deduction for up to 50% of adjusted gross income (AGI) for cash contributions and up to 30% for donations of other appreciated assets held more than 12 months.

If you are unable to decide between now and year-end which charities to support, it may be worth considering a donor-advised fund. With a donor-advised fund, you can make a charitable donation this year and claim a federal tax deduction for your irrevocable contribution but postpone recommendations about which charities should receive grants from the account until some time in the future. If you don’t want to be badgered by requests, see my post, “How To Stay Anonymous When You Give To Charity.”

10. Review your estate plan. If your winnings have made you suddenly wealthy, this may be the first time that you need to plan for estate tax. The 2012 tax law offers more flexibility than ever before. Each person has a $5.25 million limit on tax-free transfers, which can be applied during life, when you die or some combination of the two. So if you want to share some of your largess with family and friends, this is the ideal time to do that.
 
:smh: @ in New York your name is public record

That's why you open up a LLC and had your lawyer claim it.. Put a cease to that bullshit
 
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http://www.bgol.us/board/showthread.php?t=788712
 

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