WWII vet wins $254M

>Jim Wilson II has the option of receiving $254 million in 30 payments over 29 years, or accepting a lump-sum payment worth $120 million before taxes.<

Let's see at 84 years old, wonder which option he will choose?:rofl:
 
NC Pilot said:
>Jim Wilson II has the option of receiving $254 million in 30 payments over 29 years, or accepting a lump-sum payment worth $120 million before taxes.<

Let's see at 84 years old, wonder which option he will choose?:rofl:
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I wonder ... Is the annuity payment willable and transferable to the estate or does the payment stop upon death of the winner?
 
gkainz said:
I wonder ... Is the annuity payment willable and transferable to the estate or does the payment stop upon death of the winner?
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From Powerball's website:

WHAT HAPPENS TO AN ANNUITY PRIZE IF THE WINNER DIES? A lottery prize is just like any other asset. You can pass any remaining annuity payments on to your heirs or to anyone else. The Powerball game will even cash out an annuity prize for an estate. This may make it easier for the estate to distribute the prize. It also may be necessary to cash out the annuity to pay Federal estate taxes.
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Also, I enjoyed Fark.com's headline for this article...

"World War II vet wins $254M in lottery, will use it to buy a M26 Pershing to keep kids off his lawn"

Somehow I can just imagine that.... :D
 
wbarnhill said:
Also, I enjoyed Fark.com's headline for this article...

"World War II vet wins $254M in lottery, will use it to buy a M26 Pershing to keep kids off his lawn"

Somehow I can just imagine that.... :D
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hehe I can see that. Oh, and thanks for posting the bit from the powerball site. I had heard, or read, somewhere that winnings would continue to be paid in such a case.
 
Frank Browne said:
hehe I can see that. Oh, and thanks for posting the bit from the powerball site. I had heard, or read, somewhere that winnings would continue to be paid in such a case.
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The only thing I'll say is that though they say the annuity is guaranteed, I just wonder what happens if Powerball goes out of business, or say, the lottery becomes illegal or something? Plus who knows how high taxes might go in future years.

Best to just get it up front, pay your taxes, and live IMO. :D
 
 
I'd build my own wall across the border. I'd be a bleeping hero!

After that, I'd build a mock up of the Apollo module, rent a big hanger, and sell rides to the moon, or facsimile thereof. Charge $2MM/head.

Only then would I bribe the FAA to let me fly my Harrier anywhere, anytime.
 
Richard said:
I'd build my own wall across the border. I'd be a bleeping hero!
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Be like Ted Turner buying up all of Montana and bordering states... buy all the property along the border from Texas to California and build your own fence... then it's not illegal immigration, it's simply tresspassing you're battling... I like it!
 
Good Deal! This is one man who certainly deserved these winnings. In fact, if one is an honorably discharged veteran, there should be NO tax on the winnings. But, should I ever win...

How about subsidizing the building of a town for all like-minded individuals as myself... we'd have our own political party...

Reformed Libertarian-Anarchist Party

Of course, there would be an airport with both paved and grass strips.

Anyone pro-tax, anti-aviation and anti-American would be shot immediately for trespassing. :D

As a side note... A couple months ago, I made a delivery to the Jawjuh Lottery. At the dock security office, it just came out... "I'm headed up to the "Redneck Retirement Authority."
 
wbarnhill said:
Personally, I like the L-39 that Stewart Spinks (Founder of Spinx Co...)has. N25PX... Wouldn't mind one myself.
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There's an even better one, IMHO, at KMWC. It's owned by the company that makes Race Glaze so it's always impeccably clean and polished. I don't have a picture though. :(
 
KennyFlys said:
Good Deal! This is one man who certainly deserved these winnings. In fact, if one is an honorably discharged veteran, there should be NO tax on the winnings. But, should I ever win...

How about subsidizing the building of a town for all like-minded individuals as myself... we'd have our own political party...

Reformed Libertarian-Anarchist Party

Of course, there would be an airport with both paved and grass strips.

Anyone pro-tax, anti-aviation and anti-American would be shot immediately for trespassing. :D
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I'm in! :yes:
 
That prize was MINE... MINE I say.. :D

Drat. I'm sure he will put it to good use.
 
wbarnhill said:
The only thing I'll say is that though they say the annuity is guaranteed, I just wonder what happens if Powerball goes out of business, or say, the lottery becomes illegal or something?
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Almost every lottery goes out to an insurance company and buys an annuity for the benefit of the winner. And that is a good thing, because it takes the money out of the hands of the state bureaucrats.

That still leaves you with the risk of the company going bankrupt. And I have no idea what interest rate they annuitize the winnings at.

If I were to win, I would definitely take the lump sum. If I wanted an annuity-like stream of income, I would buy several annuities from several different companies. Diversification is the name of the game. It is not a good idea to put all those eggs in one basket.

-Skip
 
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