Money: NY Times says Powerball Winner Take Our Advice & Take the Annuity (not the lump sum)

[4 Dimensional]

^^^

WE were just having a the ETERNAL lump sum vs annuity argument in the group chat.

I STILL don't think their is a definitive answer

I THINK lump sum, financial advisor, lawyer and trust is probably the answer if the amount is in the 7 or 8 figures.

I always associate the annual pay with early death. I’m not sure the annual pay continues after you die.

 

[playahaitian]

Dear Powerball Winner: Take Our Advice and Take the Annuity (Published 2016)

Comparing payout options is fun to imagine, but also a useful way to think about taxes, investment opportunities and human nature.

www.nytimes.com

 

[playahaitian]

I always associate the annual pay with early death. I’m not sure the annual pay continues after you die.

I have been researching THAT. The wife is a vulcan like you. From what I have READ so FAR?

If you do the trust/estate path?

You can through your estate transfer the annuity to your designated next of kin. You just need to have ALL that set up VERY WELL before you pass.

 

[playahaitian]

I always associate the annual pay with early death. I’m not sure the annual pay continues after you die.

* update

I forgot to mention of course it would depend on your STATE you won and live in.

The lottery will keep making annuity payments to winners even after they die

One lucky person in California matched all six numbers of the Nov. 7 Powerball drawing, granting them the right to claim the drawing's $2.04 billion jackpot. People only get the advertised $2.04 billion jackpot if they choose the annuity option, making the option appealing to some people...

insurancenewsnet.com

"If a jackpot winner dies before receiving all annual installments, the balance of the prize will be paid to the winner's estate," Powerball says. "Upon receipt of a court order, annual prize payments will continue to be paid to the winner's heirs. Other provisions may also apply depending on the laws of the lottery paying the prize."​

 

[A to Dah K]

Its my money and i want it NOW

 

[4 Dimensional]

I have been researching THAT. The wife is a vulcan like you. From what I have READ so FAR?

If you do the trust/estate path?

You can through your estate transfer the annuity to your designated next of kin. You just need to have ALL that set up VERY WELL before you pass.

Yeah, I’m taking the lump sum. If there is a possibility that it can go wrong because of logistics, then it’s too risky, imo. Because if something goes wrong, then you’re likely not going to be around to fix it. And the people that is suppose to get it may not know what to do after you’re gone.

 

[playahaitian]

Yeah, I’m taking the lump sum. If there is a possibility that it can go wrong because of logistics, then it’s too risky, imo. Because if something goes wrong, then you’re likely not going to be around to fix it. And the people that is suppose to get it may not know what to do after you’re gone.

Well if its in a REAL amount of money with PERSONALLY I would call 25 Million and up (I'm an NOT saying a million cash is NOT a windfall but honestly after debt, college and mortgage, etc? Lets be REAL. You would be blessed but not financial stable forever)

I think I might disagree with you

If you could leave your child with a tiered estate plan that would distribute lump sum payoff at like 16 21/23 35 45 55 and the rest at 65?

That is as secure as you can get besides an executer from the estate paying your loved ones an annual salary of like 100k a year? for damn neat 30 years or more?

If you set it up properly? Its SHOULD be fool proof as possible.

 

[playahaitian]

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[playahaitian]

The seventh-largest Mega Millions jackpot in history is up for grabs in the next drawing. $1 Billion

^^^^

GREAT BREAKDOWN

 

[playahaitian]

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