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The final drawing for Lotto South...

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The final drawing for Lotto South was yesterday and no one won the $4.5 million annuatized jackpot.

The cash value of the final jackpot was $2.25 million.  Lottery players won $654,544 and the remaining $1.6 million is going to be kept by the lottery commissions.

Not a very good deal for the lottery players in Georgia, Virginia and Kentucky.

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The final drawing for Lotto South was yesterday and no one won the $4.5 million annuatized jackpot.

The cash value of the final jackpot was $2.25 million.  Lottery players won $654,544 and the remaining $1.6 million is going to be kept by the lottery commissions.

Not a very good deal for the lottery players in Georgia, Virginia and Kentucky.

And GA players (if not also KY and VA) also will get screwed by Lose for Life, since GA won't be offering a cash option.

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I'm disappointed that Lotto South is gone. I think Lose for Life will be worse than Lotto South. What are the rules in playing Lose for Life.

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I'm disappointed that Lotto South is gone. I think Lose for Life will be worse than Lotto South. What are the rules in playing Lose for Life.

The name is Win For Life. CO just calls it Lose For Life because he doesn't like the top prize structure.

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I'm disappointed that Lotto South is gone. I think Lose for Life will be worse than Lotto South. What are the rules in playing Lose for Life.

The name is Win For Life. CO just calls it Lose For Life because he doesn't like the top prize structure.

Lose for Life has a cash option in Virginia, but not in GA. I still don't know about KY.

GA "winners" will be stuck with $1000 a week for life.

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I'm disappointed that Lotto South is gone. I think Lose for Life will be worse than Lotto South. What are the rules in playing Lose for Life.

The name is Win For Life. CO just calls it Lose For Life because he doesn't like the top prize structure.

Lose for Life has a cash option in Virginia, but not in GA. I still don't know about KY.

GA "winners" will be stuck with $1000 a week for life.

AND...

Since it is annuity only in GA, the payments are guaranteed for only a minimum of 10 years.

If you win it and die during the initial 10 years,  , the payments will only go to your beneficiary for the remainder of the 10 year term.

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KY's website www.kylottery.com says nothing about a cash option. Maybe I should e-mail KY also.

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Since the payments are guaranteed for a minimum of 10 years, you should be able to arrange for a cash settlement with a funding company such as JG Wentworth.

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Since the payments are guaranteed for a minimum of 10 years, you should be able to arrange for a cash settlement with a funding company such as JG Wentworth.

That should be a last resort. No lottery winner (fixed annuity or lifetime payments) should be forced to start receiving periodic installments. The "winner" loses money when selling an annuity.

konane's avatar - wallace

Since the payments are guaranteed for a minimum of 10 years, you should be able to arrange for a cash settlement with a funding company such as JG Wentworth.

That should be a last resort. No lottery winner (fixed annuity or lifetime payments) should be forced to start receiving periodic installments. The "winner" loses money when selling an annuity.

Many times a beneficiary's family has to sell an annuity at a substantial discount to pay inheritance taxes due on a qualifying estate.

Yes no mention of anything other than annuity on the Georgia site, also same for information I could find on Kentucky and Virginia.  Crying  Our playslips for Win For Life have no box to check for Cash.  What?

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Since the payments are guaranteed for a minimum of 10 years, you should be able to arrange for a cash settlement with a funding company such as JG Wentworth.

That should be a last resort. No lottery winner (fixed annuity or lifetime payments) should be forced to start receiving periodic installments. The "winner" loses money when selling an annuity.

Many times a beneficiary's family has to sell an annuity at a substantial discount to pay inheritance taxes due on a qualifying estate.

Yes no mention of anything other than annuity on the Georgia site, also same for information I could find on Kentucky and Virginia.  Crying  Our playslips for Win For Life have no box to check for Cash.  What?

Virginia winners can choose $520,000 cash in lieu of the quarterly payments. I still don't know about KY.

konane's avatar - wallace

Since the payments are guaranteed for a minimum of 10 years, you should be able to arrange for a cash settlement with a funding company such as JG Wentworth.

That should be a last resort. No lottery winner (fixed annuity or lifetime payments) should be forced to start receiving periodic installments. The "winner" loses money when selling an annuity.

Many times a beneficiary's family has to sell an annuity at a substantial discount to pay inheritance taxes due on a qualifying estate.

Yes no mention of anything other than annuity on the Georgia site, also same for information I could find on Kentucky and Virginia.  Crying  Our playslips for Win For Life have no box to check for Cash.  What?

Virginia winners can choose $520,000 cash in lieu of the quarterly payments. I still don't know about KY.

Was it in a press release or on site somewhere??

As for Georgia it shows the news people don't get it right .... as if that's new!! Thumbs Down

 

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Since the payments are guaranteed for a minimum of 10 years, you should be able to arrange for a cash settlement with a funding company such as JG Wentworth.

That should be a last resort. No lottery winner (fixed annuity or lifetime payments) should be forced to start receiving periodic installments. The "winner" loses money when selling an annuity.

Many times a beneficiary's family has to sell an annuity at a substantial discount to pay inheritance taxes due on a qualifying estate.

Yes no mention of anything other than annuity on the Georgia site, also same for information I could find on Kentucky and Virginia.  Crying  Our playslips for Win For Life have no box to check for Cash.  What?

Virginia winners can choose $520,000 cash in lieu of the quarterly payments. I still don't know about KY.

Was it in a press release or on site somewhere??

As for Georgia it shows the news people don't get it right .... as if that's new!! Thumbs Down

 

www.valottery.com said Virginia winners can choose cash.

konane's avatar - wallace

Found it ... couldn't see for looking.  Crazy

"Cash Option: If a grand prize winner chooses Cash Option, he/she will be paid in a lump sum payment of $520,000. Winners make this choice while claiming the prize.

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Naming a beneficiary for your annuity bypasses the estate when you die. My father had two such annuities set up for my mom. The portion of the annuity payments that's derived from investment is taxed as regular income to the recipient. IRA's and 401K's are also handled outside the estate so long as decedant's estate is solvent. There has to be another financial problem with the deceased, such as unpaid taxes or debts, that can't be managed by liquidating the assets within the estate when it impacts on the IRA's and other accounts that pass due to survivorship.  If you fail to designate a valid beneficiary, annuities will be liquidated and taxed as of their cash value upon conversion.

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