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What to do with lottery winnings?

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hello everyone,

my name is monica and i'm new to the board. i'd like to know what is the first thing one should do if they win a large jackpot?......(taxes, legal, etc.)

also, on average, what is the total amount taken by the state and/or lottery commission before you get your winnings?

 

thanks!

savagegoose's avatar - ProfilePho

write ya name and adress on the back of fthe ticket

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hello everyone,

my name is monica and i'm new to the board. i'd like to know what is the first thing one should do if they win a large jackpot?......(taxes, legal, etc.)

also, on average, what is the total amount taken by the state and/or lottery commission before you get your winnings?

 

thanks!

First of all, welcome to LotteryPost. Hope you enjoy it here.

This topic has been discussed here before and everyone will have their own views, so I'll give you mine. First thing to do is put the ticket in a safe place, then I think you should contact an attorney, accountant, and a good investment firm and find out your best courses of action. If you want to live for the rest of your life on your money, you'll need all of those things.

You should also get an unlisted phone number and maybe some sort of semi-private mailing address, like a P.O. Box or mailcenter box. I think you should keep a low profile to keep the beggars, scammers, criminals, etc. away. After you have your money, I also think you should move, to make it harder to find you, and perhaps for tax advantages, depending on your state's tax system. If I win, I'm considering Nevada, since there's no state income tax there.

As for how much you get after taxes, it varies based on your state's tax laws. I know Louisiana automatically withholds 30% for state and federal income taxes. Other states it will vary.

Again, welcome board, and good luck in your lottery playing!

PrisonerSix


dnroth's avatar - pryd

hello everyone,

my name is monica and i'm new to the board. i'd like to know what is the first thing one should do if they win a large jackpot?......(taxes, legal, etc.)

also, on average, what is the total amount taken by the state and/or lottery commission before you get your winnings?

 

thanks!

First of all, welcome to LotteryPost. Hope you enjoy it here.

This topic has been discussed here before and everyone will have their own views, so I'll give you mine. First thing to do is put the ticket in a safe place, then I think you should contact an attorney, accountant, and a good investment firm and find out your best courses of action. If you want to live for the rest of your life on your money, you'll need all of those things.

You should also get an unlisted phone number and maybe some sort of semi-private mailing address, like a P.O. Box or mailcenter box. I think you should keep a low profile to keep the beggars, scammers, criminals, etc. away. After you have your money, I also think you should move, to make it harder to find you, and perhaps for tax advantages, depending on your state's tax system. If I win, I'm considering Nevada, since there's no state income tax there.

As for how much you get after taxes, it varies based on your state's tax laws. I know Louisiana automatically withholds 30% for state and federal income taxes. Other states it will vary.

Again, welcome board, and good luck in your lottery playing!

PrisonerSix


Nevada?  Why move to the desert to evade income taxes when you could move to New Hampshire and enjoy the company of smart people and still evade the same taxes?

 Oh.  That's right.  Legal hookers.

 You're gross.

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Sign, consult, invest, pay off mortgage,  home improvements.  When  I'm finished with all of the previous, I would treat myself to a Malibu Beach house and live of the interest of my winnings.  I don't have  a problem paying for taxes, I mean really, you paid a dollar to become a millionaire, the least you can do is pay taxes for the benefit of the public, as it is now the disgustingly rich, pay the least taxes. 

tntea's avatar - Lottery-059.jpg

Stay private if all possible..

Pay off debts.. dont go back in debt...

Give to charities..

 

Uff Da!'s avatar - InCelebration 001.jpg

And don't forget to learn all you can about investments, can you can better evaluate the advice you might be getting from those financial advisors.  After all, regardless of what they advise you, ultimately it is you who will make the final decisions of what to do with your money.

Unless you are so elderly that your anticipated lifespan is short, plan to live off the earnings from your investments and avoid dipping into principal.  That way your money will last.

konane's avatar - wallace

Chewie had some very pactical advice from a previous thread.

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Choose LUMP SUM. I live in NY state, so I have to make that choice when I PLAY Mega Millions.

konane's avatar - wallace

Choose LUMP SUM. I live in NY state, so I have to make that choice when I PLAY Mega Millions.

Cash  .... some good news for you.  Clark Howard, our local consumer guru said on his radio program that annuities are poison ... that they're the very worst type of investment at this time someone could choose to sink their money into due to sky high commissions when purchasing them, also current taxation rates are figured on the highest ordinary income rate when someone liquidates them.  Someone is on your side!!  Big Grin

More information on this search.

http://clarkhoward.com/cgi-bin/htdig/htsearch?words=annuities&config=clark&exclude=&method=and&format=builtin

 

bellyache's avatar - 64x64a9wg

hello everyone,

my name is monica and i'm new to the board. i'd like to know what is the first thing one should do if they win a large jackpot?......(taxes, legal, etc.)

also, on average, what is the total amount taken by the state and/or lottery commission before you get your winnings?

 

thanks!

First of all, welcome to LotteryPost. Hope you enjoy it here.

This topic has been discussed here before and everyone will have their own views, so I'll give you mine. First thing to do is put the ticket in a safe place, then I think you should contact an attorney, accountant, and a good investment firm and find out your best courses of action. If you want to live for the rest of your life on your money, you'll need all of those things.

You should also get an unlisted phone number and maybe some sort of semi-private mailing address, like a P.O. Box or mailcenter box. I think you should keep a low profile to keep the beggars, scammers, criminals, etc. away. After you have your money, I also think you should move, to make it harder to find you, and perhaps for tax advantages, depending on your state's tax system. If I win, I'm considering Nevada, since there's no state income tax there.

As for how much you get after taxes, it varies based on your state's tax laws. I know Louisiana automatically withholds 30% for state and federal income taxes. Other states it will vary.

Again, welcome board, and good luck in your lottery playing!

PrisonerSix


Nevada?  Why move to the desert to evade income taxes when you could move to New Hampshire and enjoy the company of smart people and still evade the same taxes?

 Oh.  That's right.  Legal hookers.

 You're gross.

Where did you read that PrisonerSix would move to Nevada because of hookers? Maybe he just likes the area. How does that make him gross? Roll Eyes

Avatar

hello everyone,

my name is monica and i'm new to the board. i'd like to know what is the first thing one should do if they win a large jackpot?......(taxes, legal, etc.)

also, on average, what is the total amount taken by the state and/or lottery commission before you get your winnings?

 

thanks!

First of all, welcome to LotteryPost. Hope you enjoy it here.

This topic has been discussed here before and everyone will have their own views, so I'll give you mine. First thing to do is put the ticket in a safe place, then I think you should contact an attorney, accountant, and a good investment firm and find out your best courses of action. If you want to live for the rest of your life on your money, you'll need all of those things.

You should also get an unlisted phone number and maybe some sort of semi-private mailing address, like a P.O. Box or mailcenter box. I think you should keep a low profile to keep the beggars, scammers, criminals, etc. away. After you have your money, I also think you should move, to make it harder to find you, and perhaps for tax advantages, depending on your state's tax system. If I win, I'm considering Nevada, since there's no state income tax there.

As for how much you get after taxes, it varies based on your state's tax laws. I know Louisiana automatically withholds 30% for state and federal income taxes. Other states it will vary.

Again, welcome board, and good luck in your lottery playing!

PrisonerSix


Nevada?  Why move to the desert to evade income taxes when you could move to New Hampshire and enjoy the company of smart people and still evade the same taxes?

 Oh.  That's right.  Legal hookers.

 You're gross.

Honestly, Nevada is only one of my options.  I don't think I'd like the climate in New Hampshire much, too much snow and besides, you Yankees probably don't want anyone born and raised in the South there.  I'd like a place with a decent climate and tax system so I can enjoy myself and keep as much of my money as possible.

Why do you think New Hampshire people are smarter than people in Nevada or anywhere else?  

PrisonerSix 

Avatar

hello everyone,

my name is monica and i'm new to the board. i'd like to know what is the first thing one should do if they win a large jackpot?......(taxes, legal, etc.)

also, on average, what is the total amount taken by the state and/or lottery commission before you get your winnings?

 

thanks!

First of all, welcome to LotteryPost. Hope you enjoy it here.

This topic has been discussed here before and everyone will have their own views, so I'll give you mine. First thing to do is put the ticket in a safe place, then I think you should contact an attorney, accountant, and a good investment firm and find out your best courses of action. If you want to live for the rest of your life on your money, you'll need all of those things.

You should also get an unlisted phone number and maybe some sort of semi-private mailing address, like a P.O. Box or mailcenter box. I think you should keep a low profile to keep the beggars, scammers, criminals, etc. away. After you have your money, I also think you should move, to make it harder to find you, and perhaps for tax advantages, depending on your state's tax system. If I win, I'm considering Nevada, since there's no state income tax there.

As for how much you get after taxes, it varies based on your state's tax laws. I know Louisiana automatically withholds 30% for state and federal income taxes. Other states it will vary.

Again, welcome board, and good luck in your lottery playing!

PrisonerSix


Nevada?  Why move to the desert to evade income taxes when you could move to New Hampshire and enjoy the company of smart people and still evade the same taxes?

 Oh.  That's right.  Legal hookers.

 You're gross.

Where did you read that PrisonerSix would move to Nevada because of hookers? Maybe he just likes the area. How does that make him gross? Roll Eyes

Thanks for the support.
 
Nevada is a place I'd move because the climate is nice, there's no state income tax, and there aren't any people who know me there.  If people don't know me or where I am, they won't come begging for money. 
 
There are other places too I'd consider, but they'd have to have a nice climate and tax system to be considered.
 
PrisonerSix 
Avatar

hello everyone,

my name is monica and i'm new to the board. i'd like to know what is the first thing one should do if they win a large jackpot?......(taxes, legal, etc.)

also, on average, what is the total amount taken by the state and/or lottery commission before you get your winnings?

 

thanks!

First of all, welcome to LotteryPost. Hope you enjoy it here.

This topic has been discussed here before and everyone will have their own views, so I'll give you mine. First thing to do is put the ticket in a safe place, then I think you should contact an attorney, accountant, and a good investment firm and find out your best courses of action. If you want to live for the rest of your life on your money, you'll need all of those things.

You should also get an unlisted phone number and maybe some sort of semi-private mailing address, like a P.O. Box or mailcenter box. I think you should keep a low profile to keep the beggars, scammers, criminals, etc. away. After you have your money, I also think you should move, to make it harder to find you, and perhaps for tax advantages, depending on your state's tax system. If I win, I'm considering Nevada, since there's no state income tax there.

As for how much you get after taxes, it varies based on your state's tax laws. I know Louisiana automatically withholds 30% for state and federal income taxes. Other states it will vary.

Again, welcome board, and good luck in your lottery playing!

PrisonerSix


Nevada? Why move to the desert to evade income taxes when you could move to New Hampshire and enjoy the company of smart people and still evade the same taxes?

Oh. That's right. Legal hookers.

You're gross.

First, if you move to state with no income tax you're avoiding taxes, not evading taxes. There's a difference.

Second, legal hookers are probably cleaner and safer than illegal hookers.

Third, if somebody had millions of dollars to invest and spend on a nice home they'd have to be a moron to move to a state that has an income tax on dividend and interest income, and exorbitant property taxes to make up for the lack of a tax on salaries.

dnroth's avatar - pryd

http://www.taxfoundation.org/taxdata/show/467.html#nev

http://www.taxfoundation.org/taxdata/show/468.html

 Check it out.  New Hampshire's burden is lower than Nevada's.

 Have fun with your legal hookers.

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