If I win the Mega Lottery tonite.....

cpaharley2008 · 03-30-2018, 06:02 AM

I promise to give each and every Escape owner I meet over the next year, a check for $1,000!! This will be in addition to my other philanthropic venues I wish to pursue, mainly for animals as well as some for mankind. Wish me luck....

padlin · 03-30-2018, 06:15 AM

Normally its almost worth the price of the ticket to spend the day day dreaming about what you're gonna spend it on, cheap entertainment.

Now that I'm getting a $1000 from you I can do it for free, thanks. I'll be by in late May to pick it up.

cpaharley2008 · 03-30-2018, 06:51 AM

Just trying to spread the joy around.....

cpaharley2008 · 03-30-2018, 06:56 AM

May have to avoid the Rally in May, this could create a traffic jamb....

GregandTeresa · 03-30-2018, 07:17 AM

My first purchase would be to order a new 5.0TA, then a new truck to pull it. After that, who knows.

cpaharley2008 · 03-30-2018, 07:18 AM

and a driver......

Mike Lewis · 03-30-2018, 07:23 AM

I'd have to buy a ticket first, but-- if I were to win a lottery (any lottery) I'd spend half of it on booze and women. I'd probably just waste the other half.

**Donna D.** · 03-30-2018, 07:35 AM

Woohooo, I'm in line for $1,000. Thanks Jim!

It's funny since I'm retired I very seldom dream of winning the lottery. When I was working it was something I thought about hourly. Now I can't even remember the last time I purchased a lottery ticket. Hummm half-a-billion dollars on the line for tonight... might have to go spend $1. After all, you can't win if you don't play.

cpaharley2008 · 03-30-2018, 07:53 AM

It's a $2/ticket, going to buy $10 worth....5 chances

**Donna D.** · 03-30-2018, 08:30 AM

Quote:

Originally Posted by cpaharley2008

It's a $2/ticket, going to buy $10 worth....5 chances

Oh brother. Shows I know so very little about the lottery. Okay, so I'll go check the sofa cushions for another buck

Good luck Jim!

cpaharley2008 · 03-30-2018, 08:35 AM

Thanks

rubicon327 · 03-30-2018, 08:42 AM

Quote:

Originally Posted by Donna D.

Oh brother. Shows I know so very little about the lottery. Okay, so I'll go check the sofa cushions for another buck

Good luck Jim!

The price of a Mega Millions ticket doubled from $1 to $2 beginning with the Oct. 31, 2017 drawing. The minimum jackpot increased from $15 million to $40 million.

Oldtimer · 03-30-2018, 08:47 AM

Mmmmm win the mega n watch all the worms crawling begging for handouts not to mention the taxes and banking headaches that follow and also the investment firms fees the CPAs and oh let’s not forget the lawyers as the BS lawsuits against you the will come I’ll pas thabkyou lol

frank_a · 03-30-2018, 08:55 AM

Quote:

Originally Posted by Oldtimer

Mmmmm win the mega n watch all the worms crawling begging for handouts not to mention the taxes and banking headaches that follow and also the investment firms fees the CPAs and oh let’s not forget the lawyers as the BS lawsuits against you the will come I’ll pas thabkyou lol

Jim wouldn't have any trouble with the CPA's. He is one!

First thing we would do (if we bought lottery tickets) is split it between us and the kids. I'd buy a $100,000 brand new snazzy 1/2 ton pick up, and a 5.0TA with all the bells and whistles. Then add more RV stuff. Heck, I could buy a new truck every year!

At my advanced age, I'm like others here, I don't even think about buying lottery tickets. I've always seen them as a tax on the poor.

Good luck Jim!

Frank

cpaharley2008 · 03-30-2018, 09:37 AM

Yes, you want to walk in with as many family members you can to divide the proceeds up front, that way one will not be limited by various gift tax restrictions that you can run into later on.

civi · 03-30-2018, 09:43 AM

I would not take the lump sum, i would take the annuity. One thing i have learned in the past 73 years is to know what i don' t know. The annuity is passed on to your hears. So at least you do not have to hire all those people to run your finances.

frank_a · 03-30-2018, 09:55 AM

Quote:

Originally Posted by civi

I would not take the lump sum, i would take the annuity. One thing i have learned in the past 73 years is to know what i don' t know. The annuity is passed on to your hears. So at least you do not have to hire all those people to run your finances.

Yep, and you could finance about anything ya want on the guaranteed proceeds. I've often thought that, but my wife wants to divvy it up with the kids.

Frank

cpaharley2008 · 03-30-2018, 10:07 AM

The lump sum, $301 million @ 39% FIT would be $117 million leaving $189 million after tax, no tax in Pennsylvania on lottery winnings. Other wise the annuity i over 30years at the prevailing tax rate each year, can be passed onto heirs, but I would rather split the money now and see my heirs enjoy it....

**Donna D.** · 03-30-2018, 10:09 AM

For a number of years I was a participant in a very large (26 people) lottery group at work. Trust me, we looked at every possible combination to maximize the amount of winnings. There were several CPAs in the group. Now this is old info... but for every $1 MILLION won, taking the annuity gets you $40,000 after taxes each year. The MegaMillions is currently $502 million. That would work out to over $20 million a YEAR. I think I could live on that and still spread the wealth around a bit. But, I'd still look into a 'Trust and Family Limited Partnership' account. That account would (maybe) claim the winnings from the ticket. Swooon. So much fun to just dream!

frank_a · 03-30-2018, 10:16 AM

Now you folks got me going! If I break down and split with 2 bucks for a lottery ticket, it will be the first time I've done that in a long, long time. I could use a dream like that!

Frank

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