Share

Kentucky lottery winner wastes no time claiming jackpot

temptustoo's avatar - cat anm.gif
In response to Todd

Lets see how this works.. you win 19 million.. you bring home 6 million.. that really SUCKS !!!!What?

sully16's avatar - sharan

Congrats to Mr. Meade...........only 6 million, that leaves 13 million to the state, robbery.

BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
In response to temptustoo

You have to understand that the larger amount is the ANNUITY! The CASH amount is half of the larger number that's always advertised! It's called the bait and switch game to get more people to play!

Meade chose to take the cash option for his winnings, meaning his payout was $9.56 million (< before taxes). 

After 25% federal and 6% state taxes are withheld, $6.6 million will be wired to his checking account within the next two weeks.

OldSchoolPa's avatar - Lottery-057.jpg
In response to sully16

No the federal and state governments only robbed him of 3.0 million.  The 19 million figure is what he would have received had he chose to receive the annuity option vice the cash value.  The cash value is usually 50% of the advertised annuity amount.  But in any case, the guy is lucky and better off than he was before.  Now all he has to worry about is not becoming the "bank" for all of his families wants and needs as well as keeping good track of his spending versus accrued interest and investment returns...and also drafting up a pre-nupital agreement with his fiancee!  Otherwise, he will be lucky to still be solvent 10 years from now. 

On another note, I sure wouldn't mind a $50 million birthday gift! Big Smile  My birthday is in 11 days...so I'm loving the MegaMillions jackpot now!

Avatar

"Sleep was not on the agenda for Meade last night.  "The ticket stayed in my shirt pocket all night, and there was no way I could sleep," he said."

Granted it wasn't the biggest jackpot ever won but when I read wish topics about consulting attorneys and financial planners before validating their tickets, I wonder how people could wait. The money won't be in his account for two weeks giving him plenty of time to get help reviewing his options.

dpoly1's avatar - driver

I hope that Mr. Meade enjoys his win!

I you would win Mega Millions tonite and took the cash, the Feds would steal about $23.24 million from you in taxes .......... and the neanderthals wanted to raise the tax rate!

US Flag follow the Constitution of the United States and ride in the front!

 

and I am hoping that the pick the correct numbers (the numbers on my ticket) tonite!

Fla386's avatar - nw sorc2.jpg
In response to temptustoo

Play Canada lotto, TAX FREE !!!!

Me, I can live nicely bringin home 6 mill Yes Nod 

RJOh's avatar - chipmunk

He didn't give anyone who may have thought they bought the winning ticket and lost it a chance to make a claim. LOL

dr65's avatar - black panther.jpg
In response to OldSchoolPa

"......becoming a "bank" for all of his families wants and needs....."

Yeah, Dad seems to have come back into their lives just in time to reap some benefits.

Skeptical

Avatar
In response to sully16

I have been saying for years that the annuity amount is false advertising.

 

A few years ago, a guy won a lottery jackpot in a northeastern state that I don't recall and went to court and sued for the advertised jackpot amount to be the cash value amount.

 

The judge told him that he could return his winning ticket for a refund.

Perfecttiming2's avatar - redcross
In response to dr65

This young man said he and his brothers have been on their own since the age of 16, which is when their mother passed.........where was their father all that time?

I see the father in the lotto ceremony photo and I noticed the expression on his face; seem very telling (he seem to be glaring at this son from behind).........just wondering where he was during the most difficult time of his children's lives?

dpoly1's avatar - driver

Some nice person (like me) needs to be the first Mega Millions Jackpot Winner from Pennsylvania tonite!

Avatar
In response to RJOh

Now that's funny!

LOL

RJOh's avatar - chipmunk
In response to dpoly1

Nice people alway need money but it's the person with correct numbers that gets the money. 

Last31Page 2 of 3
Avatar

I would have taken the annuity if I were him. Im only 21 so I really dont need all that money at once.

Littleoldlady's avatar - basket

If they came up the hard way, they will appreciate whatever he can do for them.  Having one's own home free and clear is no small feat these days.

buttercake's avatar - Lottery-029.jpg

congrats

dphillips's avatar - littleuns

Congratulations to Mr. Meade, a 24 year-old lottery recipient and a lawn service owner. I must give him credit -- at least he is a owner, and he understands owing a business instead of working for someone else: he may have started out working for someone else, but he found it prudent to own his business.

A poster mentioned if he were Mr. Mead and won at 24, the poster would have taken the annunity option. Of course, I could understand the reasoning. Since Mr. Mead is young and his annunity payout would be approximately 25-30 years, he would still be a young man, 54 is not old. In the meantime, his lawn service business would still be bringing in a profit. Now, if Mr. Mead were 54 or 64, perhaps it would be wise to take the lump sum. Anyway, that is his choice and he will have to live with the consequences of his actions.

Concerning his girlfriend, a pre-nuptial sounds feasible -- at least he is somewhat protected. If she does not want to sign it, Mr. Mead can show her the door. He has every right to protect his assests. It is too bad that our society has come to this: the protection of our assests to the extent of paranoia. There was a time in our history that pre-nupitals would be unthinkable and almost considered financial blasphemy for even thinking that way.

Furthermore, he wants to purchase homes for his brothers. Does he not realize that -- although assets for his family -- debits in his financial portfolio, which means, less money in his account?

Finally, we do not know what contact he had with his father. Nevertheless, he seems like a 'Johnny-come-lately.' Again, I hope Mr. Mead is discernable in the father-son relationship at this present time.

jeffrey's avatar - moon

Congratulations, sorry to hear about your mother. What a tragedy. At least you made it. I hope you will be wise with your money. Spend only 10% and save the rest. You won't be sorry. I hope you read this. Also, don't be afraid to say no to people. Remember, everyone wants money and many need it but you do too and you count above all the rest in your life. Hope you have a great life.

Todd's avatar - Cylon 200.jpg

It's so weird to see so many red-faced comments about the cash option and taxes reducing the jackpot payout.  If I didn't know better, I would think that the people posting were noobs playing Powerball for the first time!

Of course the cash option payout is much less.

Of course taxes reduce the payout.

Do you guys ever read the Jackpot Analysis page at USA Mega, or what?!

Naturally if you browsed the USA Mega Home page, you would have seen that the $38.24 million jackpot was split between 2 winning tickets from Kentucky and Illinois, which is why the Kentucky portion of the annuity jackpot was $19.12 million.

dphillips's avatar - littleuns

In my dphillips post, I asked why Mr. Mead would consider helping his brothers.  Just in case some of you may think I am not sympathetic, my reasons are:

1. They are still young (and hopefully in good health) -- and they can work (depending upon their careers) and purchase a home. 

2.  Even if he purchases them homes, his brothers still have to maintain upkeep -- least we forget -- taxes.  If, on the other hand they do not pay the taxes, they are bound for foreclose, anway.  Having a home is great responsibility and not everyone is ready for that awesome responsibility. Some people are better off renting than buying: such is the case of so many home foreclosues. Now, if you are renting there is no equity. However, one does not have to worry about building upkeep and if you have to leave, relocate, you just give a 30 day notice to your landlord.

3.  Finally, talk to people who survived the 30s, 40s, and 50s, no one gave them handouts, save, the lucky few family members who gave them some money for starter homes. Money was not as fluid as it is now -- only the rich had money to burn. That was also my reason in #2, a helping hand by Mr. Mead to his brothers.

TheOtherOne's avatar - Lottery-027.jpg

"Meade has been lucky at lottery play recently, and another smaller win led to this major jackpot.  "I bought a $10 scratch-off ticket last week and won $250," he said. "I took my winnings and bought a $5 Powerball quick-pick ticket."  It was this ticket which netted him the jackpot from Saturday night's drawing"

 

Good for him! I love it when this happens (though unfortunately it has never taken place on this scale for me... yet :) )

But I do love winning a decent prize on scratch offs or lotto and turning it around for another profit. So far my best story comes last year around my birthday when I won $10 on a scratchoff, bought 2 $1 scratchers with that, 1 of which hit $35,  and another hit $5, took that to tunica, MS at the craps table (with a little more of course) to turn that into much much more!!! It was so nice because Christmas came with less headache last year because of that.

But congrats to Mr. Meade -- 6 million is still plenty and I hope he manages it well.

multicore911's avatar - 71ab

i buy my lotto from the same exact store like 2 miles from me. im glad someone that needs the money and had a tough life could win it. to bad it wasent me that would have been sweet.

rcbbuckeye's avatar - Lottery-062.jpg
In response to Todd

I Agree!

Seems like every time there is a story where the winner takes the cash value and the amount minus taxes, there are a bunch of posts about false advertising and the government stealing thru taxes.

When I look at how much a jackpot is, I'm doing the math to figure what my take will be with the cash value after taxes. (Assuming/hoping I don't split it with somebody).

psykomo's avatar - animal shark.jpg
In response to dpoly1

Please  remember D Little Politco s>>in  Washington

need   UR  money  2 $PEND   on  their  "  PET"  projects!

 fish  ponds,  bridges,   amoeba  study,  sex  life  ants 

 condoms  & cucumbers,   Little  Debby'  snacks  how

  she  makes D  chillion  get   "FAT"   >>>>>>>>>>>!!!

Lurking is  not g@@d <<<<<<<<<4UR   >>>>> HEALTH !!!

 no  SALT,  no  SUGAR,  no FAT <NUR    >>>>>" DIET "  !!!

Jack-in-the-Box

RJOh's avatar - chipmunk
In response to rcbbuckeye

On most lottery websites both amounts are shown, at least in Ohio they are.  There's no reason for anyone who get their information over the Internet not to know that.

dingo's avatar - lottery of-birth.jpg

The Meads will have a nice Christmass this year.

charmed7's avatar - Lottery-013.jpg

WTG MEADE, nice CHRISTMAS present, i agree stack47 i would let it stay in the bank, and take my time consulting

Avatar
In response to rcbbuckeye

The lottery did give Meade the "big check" for $19.12 million and reported he would get about $6 million after taxes suggesting there is a missing $13 million so it seems they are perpetuating the false advertising image. The average player probably doesn't understand the different between the annuity amount, the cash amount, and taxes.

But I'm surprised as Todd is that some people here on LP don't understand it; especially since it's discussed in depth at least once a month.

Welcome Guest

Your last visit: Sat, May 21, 2022, 10:34 am

Log In

Log InCancel

Forgot your username?

Forgot your password?