beat: $315m powerball winner now broke

[rokstedy]

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Not quite, you're getting closer with C, though.

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D. You can sell it, or get a structured settlement for a value greater than the lump sum payment.

[Triggerle]

I know nothing about US tax code but if you can borrow against future payments you could maybe set up investments, for example in real estate, that are paid for by these loans. Your income from these investments might then be negative and tax deductible while the real estate eventually belongs to you.

[whipsaw]

is it so that you have a yearly payment from which to give your relatives $10k per year no questions asked?

[DING-DONG YO]

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Not quite, you're getting closer with C, though.

[/ QUOTE ]

D. You can sell it, or get a structured settlement for a value greater than the lump sum payment.

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ding

There are many companies out there that would love to buy your annuity from you and will pay you more for it than the state will give you as a lump sum. The discount rate used to calculate the present value of your win in lump sum lottery payouts from the state usually SUCKS. You can get 10-15% extra from taking the annuity and selling it.

PLUS if you choose annuity, you have the option to take the lump sum payout anyway within 60 days. If you choose cash option at the time you buy your ticket, you're stuck with the lump sum payout. Go to the Mega Millions website and look for yourself.

Bottom line, always choose annuity, win the lottery, shop your annuity around for 60 days, sell it, make extra $$$$$

creating smarter gamblers everywhere,

DDY

[DING-DONG YO]

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if you die you lose it all tho

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no, the annuity becomes part of your estate. It is an asset you own and will be given to the recepients of your will just like your money in the bank.

[Triggerle]

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creating smarter gamblers everywhere,

DDY

[/ QUOTE ]

Smart would be not to make -EV bets, which the lottery is.

[Triumph36]

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Anyone think this guy might be Gimmenutz?

[/ QUOTE ]

Same thought crossed my mind, but GN is from Texas

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Really?

It would be funny if his neighbors were the RapDurrr house.

I still want to know more about GimmeNutz. Could he be Andy Beal? I hear that guy has a bankroll of a million dollars - GimmeNutz hasn't quite lost that much yet.

[DING-DONG YO]

[ QUOTE ]
[ QUOTE ]
creating smarter gamblers everywhere,

DDY

[/ QUOTE ]

Smart would be not to make -EV bets, which the lottery is.

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This is BBV. We make all kind of -EV bets here. Flips, BJ, craps, lotto, playing on pokerstars.

What's wrong with making an -EV bet less -EV?

And suck my balls

[JackInDaCrak]

Flips aren't -EV dude.

[CCx]

[ QUOTE ]
PLUS if you choose annuity, you have the option to take the lump sum payout anyway within 60 days. If you choose cash option at the time you buy your ticket, you're stuck with the lump sum payout. Go to the Mega Millions website and look for yourself.

[/ QUOTE ]

With Powerball, you decide which option you want when you claim your prize, not when you purchase your ticket. So you could definitely shop your annuity around before you even claim your prize.

I'll let you know how it works out, since I'm winning Powerball tomorrow night.