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Are you buying a lottery ticket?

LafayetteBear

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Dec 1, 2009
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I saw on the Web this morning that the jackpot for the "Mega Millions" lottery (where you have to pick all six numbers correctly to win the jackpot) has now grown to a cool $750 million. I believe this particular lottery spans a big cross section of the United States.

I realize that lottery tickets are a terrible investment, which is why I rarely buy them, but I am gonna make an exception this afternoon. I'll let you know tomorrow if I win. :cool:

Also, are you gonna buy any tickets?
 
Also, are you gonna buy any tickets?
I purchased one (1) opportunity today in exchange for one of these
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I saw on the Web this morning that the jackpot for the "Mega Millions" lottery (where you have to pick all six numbers correctly to win the jackpot) has now grown to a cool $750 million. I believe this particular lottery spans a big cross section of the United States.

I realize that lottery tickets are a terrible investment, which is why I rarely buy them, but I am gonna make an exception this afternoon. I'll let you know tomorrow if I win. :cool:

Also, are you gonna buy any tickets?
The Mega $750m draw is Friday. Tonight is the measly $550m Powerball
 
Not a lottery person so had no idea it was that high. May buy one for Friday as I did not get one for today.
 
Also, are you gonna buy any tickets?
A question for you.

What is the best legally-recognized ,yet anonymous, entity under which someone should/can claim “winnership”? A hastily formulated LLC with a purposely obfuscational name coupled with a postal box address or multiple layered LLC’s with different registered agents?

Any advice? 💰
 
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Done! One less Latte? But if I win, I can buy Bob a pool full of pumpkin spice latte and have scones catered in.

homemade-chocolate-chunk-scones-coffee-260nw-1378894133.jpg
 
A question for you.

What is the best legally-recognized ,yet anonymous, entity under which someone should/can claim “winnership”? A hastily formulated LLC with a purposely obfuscational name coupled with a postal box address or multiple layered LLC’s with different registered agents?

Any advice? 💰
I do not know which state or states run(s) the Mega Millions lottery, and am not familiar with their rules on preserving anonymity, but stories in the press over the last 5-10 years suggest that a winner CAN preserve his or her anonymity. I think the lottery folks would prefer that not happen, because they probably want the chance to take a photo with the lucky winner for promotional purposes.

As a pure entity choice matter, I think a limited liability company ("LLC") that is disregarded (i.e., not treated as a separate taxable entity) for income tax purposes would probably be best. No reason to subject one's lottery winnings to a separate, entity level of taxation in addition to taxation at the individual income tax level, which is what could occur if you utilized a "C" corporation (which is a corporation taxed under Subchapter C of the Internal Revenue Code). Off the top of my head, I see no benefit to using multiple LLC's. You are incurring additional transactional costs to form them, and additional annual costs to file income tax returns and statements of information with your local Secretary of State's office.
 
I do not know which state or states run(s) the Mega Millions lottery, and am not familiar with their rules on preserving anonymity, but stories in the press over the last 5-10 years suggest that a winner CAN preserve his or her anonymity. I think the lottery folks would prefer that not happen, because they probably want the chance to take a photo with the lucky winner for promotional purposes.

that's been discussed on this board a few times over the years, and it always seems to confuse people.

Both Mega Millions and Powerball are multi-state operations. That said, if you are lucky enough to end up with a winning ticket, it's the rules of the state where you purchase the ticket that controls what happens. Some states allow winners to remain anonymous. Other states require winners to be identified. Some states have a bit of a hybrid, where winners can have their winnings go to a trust, which affords some degree of anonymity.

Most states that require disclosure adopted that when they started their lottery, where they felt that disclosing the identity of all winners would help give the public confidence that it was legit, and that insiders weren't somehow "winning" money. A few states in recent years have changed the rule to allow non disclosure. In many cases, they've done so after multiple horror stories of big winners being absolutely deluged with phone calls, letters, endless knocks on their door, etc. from people that have some problem, and think the big winners can help them with some of their winnings. I think New Jersey switched from a disclosure to an anonymity state in 2020.

Your post was in response to @BW Lion's post. He was asking about using LLCs or other mechanisms to remain anonymous. Again, it's up to the state where the winning ticket was purchased. Some enable the winnings to be paid to a LLC (often good for tax purposes), but still require the individual/couple/group that won the ticket to be identified. Those states that allow winners to remain anonymous will either pay to an individual/couple/group or pay to a LLC.

There was a strange case a few years ago where a state allowed a winner to remain anonymous IF they requested that, or if they formed a LLC (I forget which). This individual wanted to remain anonymous, but they had looked at the state's lottery page and its instructions were that if you won a big ticket, that the first thing you should do was to sign the ticket. Unfortunately, they also had a rule (which they didn't indicate in those instructions) that if you signed the ticket with your name, you either couldn't remain anonymous, or couldn't form a LLC (again, I don't remember all the specifics). For some reason, I think it was in Massachusetts or in New Hampshire. Anyway, the winner took the state to court, and the judge found for the winner, as the judge felt the winner had followed the instructions to sign the ticket, but that the lottery had not indicated the other options, or the consequences of signing your name, so the winner got the money and was allowed to remain anonymous.

A lot of the state lotteries will, when contacted by winners, give them the name and number of a couple of companies whose business is dealing with big winners, and setting up tax plans for them, spending plans for them, handling investments, etc. Those companies know the rules for each state, and will advise the winners what their options are, and what are the best approaches for them from a tax perspective. I can't remember if they did it for a percentage of the winnings, or a set fee; you can google that if you are interested.
 
Both games have about 1 in 300 million jackpot odds. The payouts of a single winner actually are approaching what may convince those who don't normally play because of the math.

My question is what would you do with that much dough?

Buy PSU a new defensive coordinator
 
Both games have about 1 in 300 million jackpot odds. The payouts of a single winner actually are approaching what may convince those who don't normally play because of the math.

My question is what would you do with that much dough?
The future Mr. Gittes, the future...
 
My question is what would you do with that much dough?
My family has talked about this in the past.
Our son said he'd quit college. Mom and dad said, no. Finish and get his degree even if he never uses it.
Then, he could work for our family foundation finding ways to donate money to needy organizations. Figure we give 10% to the Church from our "investment earnings" off the top. I have two friends who run charity organizations that struggle. They would be set for life.
Then, build a field house for the two schools where I have recently coached (am still coaching).
That leaves my son to find ways to spend the interest we get off of the winnings.
Think about this.....here in rural NW Ohio, like many places, there are fundraisers for people who have had medical bills pile up because of a family members' issues. Hundreds of thousands of dollars. You see the reverse raffle, Chinese auction, spaghetti dinner - whatever - being held to raise money. Walk in, ask what the amount of doctor bills are for the child's kidney transplant. Oh, $270,000? Write a check for $400,000 and walk out.
Seriously, wouldn't that be awesome?!

OL
 
Both games have about 1 in 300 million jackpot odds. The payouts of a single winner actually are approaching what may convince those who don't normally play because of the math.

My question is what would you do with that much dough?
Probably whatever my wife tells me I can do with it...
 
They’ll have some happy heirs as they all catch COVID after that scene ...

That was years ago. Not recently. Just thought it would be something fun to post and people could get a laugh.

Not everything has to be Covid related.
 
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I saw on the Web this morning that the jackpot for the "Mega Millions" lottery (where you have to pick all six numbers correctly to win the jackpot) has now grown to a cool $750 million. I believe this particular lottery spans a big cross section of the United States.

I realize that lottery tickets are a terrible investment, which is why I rarely buy them, but I am gonna make an exception this afternoon. I'll let you know tomorrow if I win. :cool:

Also, are you gonna buy any tickets?

My investment in both lotteries is already in.
 
Probably whatever my wife tells me I can do with it...
In that case it’s best that you don’t win. Unfortunately wifey may insist that you purchase a huge estate with a Louie the fourteenth garden, a horse stable with 20 stalls, a nine hole private pitch and put golf course, a fully equipped pottery barn and the World’s largest indoor/outdoor swimming pool. Eventually you will become bored and get involved in an affair with Ingred, the upstairs maid. Being aware of your infidelity, wifey becomes infatuated with Ramon the pool boy. Sometimes sudden wealth can ruin a good thing. 😃💰😃💰
 
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In that case it’s best that you don’t win. Unfortunately wifey may insist that you purchase a huge estate with a Louie the fourteenth garden, a horse stable with 20 stalls, a nine hole private pitch and put golf course, a fully equipped pottery barn and the World’s largest indoor/outdoor swimming pool. Eventually you will become bored and get involved in an affair with Ingred, the upstairs maid. Being aware of your infidelity, wifey becomes infatuated with Ramon the pool boy. Sometimes sudden wealth can ruin a good thing. 😃💰😃💰
Yeah, I hate it when that happens
 
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Both games have about 1 in 300 million jackpot odds. The payouts of a single winner actually are approaching what may convince those who don't normally play because of the math.

My question is what would you do with that much dough?

1 Pay off all our ( My wife and mine's) debts.
2 Help any of my family who need help ( If you get any ideas, authentic birth certificate and blood sample required)
3 Help any of my friends who need help (You better have known me in grade school)
4 Get my wife retired and move to LSD (Lower , Slower Delaware)
5 Make sure my son and daughter and their children have no needs after I'm gone.

If you can't dream, what is there?
 
I saw on the Web this morning that the jackpot for the "Mega Millions" lottery (where you have to pick all six numbers correctly to win the jackpot) has now grown to a cool $750 million. I believe this particular lottery spans a big cross section of the United States.

I realize that lottery tickets are a terrible investment, which is why I rarely buy them, but I am gonna make an exception this afternoon. I'll let you know tomorrow if I win. :cool:

Also, are you gonna buy any tickets?

yes, can not win if I don't have a ticket. will buy just 1. buying more is a pure waste of money.
 
Both games have about 1 in 300 million jackpot odds. The payouts of a single winner actually are approaching what may convince those who don't normally play because of the math.

My question is what would you do with that much dough?

If it's 1 in 300 M then a $600 M payout would be a break even expected value (a ticket costs $2) if (a) the $600 M was the lump sum value, (b) there were no taxes taken out and (c) there was no chance anyone else won and you'd have to split the prize with them. The effect of the last one in that list is negligible but the effects of the first two are not.
 
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