Tonight's powerball is seven hundred million

#1

<< eom >>

#2

But the payout isn’t lump sum right?

Is it taxed?

#3

Oh yes we get taxed on lotto winnings bigly. If you take the lump sum you get a little over a third of the total prize after taxes.

#4

The payout is based on a 20 year installment schedule, but one can opt for a lump sum which is the actuarial “present value” of that.

And either way, it’s taxed as ordinary income. Might be possible to play some games to ease the pain of that, but only a tax accountant would know.

#5

I think I could live with $233million.

#6

Sounds like our “set for life” game.

We don’t pay tax on lottery or gambling winnings.

#7

My plan (if I win which of course I will) is to create a trust for the money and indicate who I am going to help out with it, before disbursement, so it gets disbursed before I touch it. That way it isn’t taxed when I get it and taxed again when I give it out. And since I will have something like a year before I have to claim the money, I can get all the legalities in place before I make my claim.

Which if course will happen. Come, and see.

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#8

Your plan sounds quite similar to mine. I’ll make a note to include you in it for a box of cigars or something.

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#9

et V/V

#10

When I can’t sleep I think about how I’d allocate my winnings. It definitely involves a foundation and a lot of community giving (it’s my background) but we only see jackpots of $50-$60million.

#11

I would donate all the money to some worthy cause and then take a vow of poverty and either join a monastery(If they have a decent wine cellar and fast wifi) or just walk off to look for America…maybe inadvertantly taking up painting in some pastoral locale, ala Monet or Manet or whichever one of those guys did that.

But seriously, like most of ya have said, I would cut a lot of my family in for a slice, and some favorite charities, and then I could see living a life like either of these two guys.

https://www.youtube.com/watch?v=Sa9E76uYdms&t=2175s
The audio/video syncro disappears in a couple minutes, so just don’t watch their lips as much but just the body language and the eyes.

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#12

Oh I have selfish plans that involve houses, cars, trips and a life of leisure. I want to build a compound for my family and friends :smiley:

#13

A pied-à-terre on the Rivière would be my splurge. I might get one anyway, someday.

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#14

It is taxed.

t can be taken as a lump sum, but if so, it’s discounted by present value of future cash flow: it comes to about two-thirds of the nominal jackpot.

#15

If it happens, I’ll buy you a cup of coffee: you pick the site.

#16

If I win I’ll give yall $10000… on more penny and you’ll have to deal with the IRS.

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#17

PLans:

Give away half of it:

  • A new building for my church

  • Setting up a general operating endowment for same

  • Anything the local high school wants: if it’s a new stadium, all I ask is that it’s named for my dad

  • Set up a trust to provide support in perpetuity for job retraining, women’s shelters, food banks, low-income housing, medical care, etc.

  • Establish a manufacturing company whose main purpose is not to generate the highest possible ROI for investors, but to employ as many people at a middle-class wage as possible. (The Amish model)

  • Fund the arts.

Personally:

  • The other half into a trust from which I can draw income for life and pass on to my kids without having to wrestle probate

  • A new home for MrsLion where it doesn’t get too blasted hot in the summer nor too bone-aching cold in the winter.

  • Travel the world

  • A cup o coffee with Wabbit. Better be damned good coffee, too.

2 Likes
#18

I love your plans and hope you win.

#19

I didn’t even buy a ticket, so making plans about how I will spend the money may be pointless…

#20

I think those of us that did buy a ticket, have slightly better odds of winning than those that did not.

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