True,

I think there is an amount that anyone could easily blow.

But at some point one can have so much money that blowing it is difficult.

You'd have to basically give it away.

If you blow it on material possessions they retain some residual value.

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People who have taken the annuity are no more immune to wasting the whole thing.

It can actually be worse because they take out loans using the future payments as collateral and they pay interest on the loan.

Also, IIRC, payouts are not transferrable. Meaning if you die in a car crash leaving the lottery office then your heirs get nothing.

If one had some sort of (?any?) self-discipline it would obviously be a better deal but is a calculated risk involving personal longevity, potential for tax changes and fate.

I'd support some local arts groups - dance, music, etc.

Fund some tutoring programs for poor kids.

Help fund some local advocacy groups - politically effective ones.

Get back into Chinese brush calligraphy.

Well, if that is the case, I would need to take the lump sum:cool:
Course, not until I talk to me attorney & CPA.
I would also go out in disguise so no one would recognize me ;)
http://forums.pelicanparts.com/uploa...1452449077.jpg

Most lottery winners who bankrupted in the future had issues when they won. The win put their issues on steroids and caused simply a more colossal fail.

New GT3rs as my commuter car to the charities I would fund for the homeless and hungry. A man's got to have principles.

If you win that much money you spend a lot of it trying to become anonymous again.

$1.3B. The aggravating part is the govt would take over a half billion of that and piss it away on more stupidity. Aww heck, who am I kidding - they'd already spent it long ago. Just irks me that you get a check with the tax man standing there with his hand out and a big schyte eating grin on his face.

Perhaps if our government actually spent money on things that are worthwhile and sensible / sustainable it wouldn't bother me so much.

If I won the lottery, I'd probably take Fridays off.

Hit the auction circuit (Barret Jackson, Mecum, etc.) and buy some cars that I've always wanted, cost be damned. And of course a brand new climate controlled stable to keep them in.

Philanthropy to be decided later.

I would fund a scholarship or foundation to help individuals who have proven they are trying hard to improve themselves but who are poor or without parents, to provide one-on-one mentoring for k-16 Education.

One person, at full time pay middle class wages, mentoring no more than 4 kids at one time. Bonuses of up to 50% of their salaries for gpa growth, graduation rates etc.

No sir. Act immediately.

Take the structured settlement over 1500000 years. Or whatever. Providing the source will be good for it.
-Create your own charity with the right people (as only a part of this).
That is the standard tax dodge for some of the elite.
It is a good thing in many ways.

-Accept payments into a trust or other fund.

-Delegate structured annuities to that fund or many many others of interest.

-You are removed from the recipients. You get a loss. The charity gets a bonus.
Reduce your personal tax bracket to acceptable levels.

-Have a good lawyer set up all your life planning interests.
(hint: that means...um...a specialized lawyer at least.)

-Have your personal wishes meet their goals better.

-[BTW I'm an idiot. This is free internet advice.]

And?

There is no place that doesn't have taxes of some kind or another. And there isn't any other place on the planet where'd you'd want to live where you'd get away for less. And griping about taxes on free money? That's about as whiny a whine as there is. I know, let's complain because all the money in the lottery system has already been taxed! And will be again, as soon as you spend it. And the investment gains taxed! Oh, dear - taxes! I can see complaining about taxes on earned income, but complaining about the taxes on free money just doesn't make any sense.

It's not free money, you bought a ticket (worth about 10% of what you paid). But it is income and should be taxed appropriately.

There are lots of lotteries around the world where (residents) are not taxed on the winnings, this isn't one of them.

$2.00 out of 1.3 BILLION is so close to be free as to not be an argument. That is one cent out of every $6,500,000 won. Yeah, with this kind of money, pretty much any match of 3 numbers out of the six is "free money".

I'd like to know the legal foundation of holding the winning ticket as an individual, and then creating a trust to administer it in such a way that you could avoid paying income tax. Specialty lawyer is right.

Update:
I won another $4.
Total earnings: $8.

With the payout so high, In addition to my cheesy 4x4 volvo, I would buy several singers for daily drivers, but make him do one in 15 inch wheels. Screw the big brakes.

As for the taxes, I would spend my after tax income to do an Andy Rooney type 60 minutes article on exactly where my lottery winning tax dollars went, tracking every cent. I would then air it on national TV.

I would also spend $$$ to find and harass Stone Phillips. He erks me.

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Any person or entity should be free to utilize the standard current tax code to their best interests.
Or their charitable contributions after the fact.

(That national tax code is now severely warped, cough, cough, to my understanding)

Back at 'ya:
Hey, I'd like to know the legal foundation for the government being involved in pyramid schemes.

That doesn't answer the question. I'm interested in which law makes it possible not some sort of philosophical monkeyspanking on the issue. BTW, in answer to your question: the U.S. Constitution. Read it sometime, it's really interesting.

We have a running joke that if one of us won, that person would buy each of track buddies a new Porsche cup car. I'd throw in a motorcoach and trailer for my friends as well. We always had fun tracking our cars and I miss this days.

I'd get everything in order, lawyers, investment people etc before I did anything.

On my way out the door of my current gig, I would give each of the employees and my boss a few mil each. The boss is constantly trying to figure out what the "next big thing" is so he can "make money", which effectively keeps him from being successful.

My project: I would get networked within the industry to open a boutique Porsche shop in the New England area. Specifically to take on Singer and sweep Magnus under the rug. The ideas I have/have had are as good/better than theirs... Without the nest egg, I don't have to time to walk away from life and start something of the sort.

That is only after I've trained for and finished an Ironman.

I have a question. Everyone I know always say "find a good lawyer." when talking about winning the lottery, but, how exactly does one go about finding a qualified lawyer for this magnitude of $$$$?

"SIRI, find me a lawyer with experience managing 1.3 billion dollar lottery winnings"

Where do you look? Who do you call?

Worst thing you could possible do. They will blab and others will hound you for their cut, if not drum up some reason to sue you. How many people do you know whose problems would not be made worse by a large cash windfall?

Anyway, I already have a financial adviser I trust with my life and I know plenty of lawyers too. Shouldn't be too hard to find the right kind of professional help. And I'd be in no hurry to collect the prize; just a little worried about the ticket getting lost or stolen before I could collect.

I think that would be my very first act. Going to the bank and finding a nice, little safe deposit box. Sign the back, put the ticket in the box, and then go about the business of figuring out how to become anonymous and insulated from all the hands held out from people with "gimme!" on their lips.

Be careful what you wish for
 

When Powerball was a mere $850 million, I bought a ticket. Then I began reading a bit...about those whose lives were ruined after winning. Of course, "it won't happen to me" entered into my thinking.

Then I thought some more. Gee, Cindy & I are pretty content with our current life. It's a low key life with few hassles. We live in a comfortable yet modest home located on a bit over an acre. No neighbor hassles. We aren't worried about debt, since we have none. Our income more than covers our needs, plus pays for our recreation, which isn't much because we've both reached an age where we like our routine. The road bordering our property goes nowhere, so the traffic is only by those who live on it. I'm more likely to see a piece of $500,000 farm equipment drive by than a Porsche.

Why in the HELL would I want to change this? And for what? More "stuff" while being driven crazy by con artists and relatives we don't like?

So, go ahead and enjoy your fantasies, ticket buyers. I'll be sitting this one out.

I'm connected to some ridiculously powerful people who already have amassed tremendous wealth. They and their connections would be my first starting point.

Fine, you're right. Screw 'em...

LOL:D

I have never spent a penny on lottery tickets. I can do the math. I need to go to the store today to get gas and beer. I might throw down a few bucks just improve my luck a little. I know it is a total waste of money but so is the beer. I don't see the difference.

It will not be the first time I have just totally wasted a few bucks. It is way better than buying a cigar and them setting it on fire! (I have never wasted money on a cigar and I never ever will)

Well I bought gas and beer but I completely forgot to buy the powerball ticket. No winnings for me.

go on one top gear type adventure per year with a few friends

fund some sort of dog rescue

fund an ansari x prize space exploration thing

be my own DARPA, and fund small companies that do interesting things.

fund a mercenary army of psychos to go to syria and kill isis.

buy a air cooled porsche

buy a senator





no lottery in my state. is there a legitimate way online to buy a ticket?

You need to send me all your money, and I will buy tickets for you here in Ohio. I will then send you a scan of the tickets I bought, or better yet, a hard copy through the mail.

I'm in the same boat. I think if I won, I would do a hell of a lot of wish granting for Make a Wish. I volunteered as a Wish Granter 20 years ago and it was tough seeing all those ill children.

My answer is close to this, only I wouldn't even tell the wife. She's pregnant and can't keep anything quiet so it would be best for her and the baby. I'd keep going to work just like normal after signing the back and getting a safe deposit box, while slowing down the amount of time I spend here on weekends.

I'd lay completely low, talk with our accountant about how not to cut the government large checks, and probably take the 30(?) year payout deal. Let it sit just for a while and maybe the media will calm down some, then make social media accounts completely private and unsearchable to anyone other than the small number of personal friends and colleagues on there, let the wife know and then claim the prize.

As far as projects go, I'd be doing a lot less DIY work at home than I'm currently up to. Someone else would get to crawl around underneath the house and in the attic for a while, and we could get all of the work done at once instead of spreading it out over time. There's only room for one more car so I'd have to make it count, but since I've been working on things continually for so long it wouldn't be a restoration. I know that much. Probably something older and air cooled.

I'm thinking a nice 100+ acre farm or ranch in Kentucky with rolling hills, pasture land, hardwood forests, a big pond, a guest house for family and friends, a 3000 sf main house built new to my specs....a 5 car garage, a separate heated shop, and an indoor riding arena with stalls for our horses. Make it all close to Lake Cumberland or Dale Hollow lake (100,000 combined acres of boating/fishing).

I, too would be concerned about remaining annonymous, and not having the blood suckers contacting us. It would be difficult to decide who we would help with this money, but rest assured, it would be put to good use helping the less fortunate, and not squandered away on foolish ventures and purchases. The cool thing would be how it would change the lives of all of our hard working friends, and family hopefully for the better (much thought as to who gets what, and for what need).

send me your account numbers and pin. i'll transfer the cash right now.

I think I'll pass this time, good luck!

it would be an awesome thing. We, my wife and myself really need nothing, we have everything we ever wanted, can travel at will, most importantly we still have our health.

So, what would we do, take care of our children, our brothers and sisters. I see patients who are dirt poor, so santa claus would be knocking on their door with new cars, houses. Charge up the local food banks and community cupboards.

it would be a full time job to manage the funds and of course try to beat the uncle out of his cut.

Call a lawyer they said...not a douchebag lawyer...

These people are morons, sitting on televison with a ticket they've not claimed, on the advice of a guy who they hired to rob them blind.

Our country and the people within it are disgusting to me.

Tennessee couple claim winning ticket for U.S. Powerball jackpot -NBC

Their lawyer told them to go on tv before claiming the prize and the guy admits he's nervous about being known? Can't be real. No one, not even in this country, is that stupid. I predict a very difficult road ahead for this couple. Life is hard; it's harder when you're stupid.

W O W !.......there is no way I would have gone public BEFORE claiming the ticket, what is keeping someone from stealing the ticket and claiming it as thier own ? Bad people have done worse things for less money, I wouldn't tempt fate.

As far as the wife making a public statement about returning to work on Monday, if I were her employer, I would send her home for what I assume would be a massive workplace distraction from her own co-workers, and every news crew in the state.

This announcement qualifies as a "you can't fix stupid" event.

Yes. 'Murica...

And these fabulous waterbags of incompetence are now worth hundreds of millions of dollars. Gotta love it