Mega Millions 356M

[1695814]

Originally Posted by Stan

I think he would have to share the prize if others got the winning number, so if anyone else won, he would be out big time. Also, I don't think he needs that kind of publicity.

Also, keep in mind that the cash value of the jackpot is only $259M (est). I guess I don't have a point since the number of combinations is 175,711,536. Well, maybe my point is that one wouldn't have to buy 300M tickets. They'd only need to buy 175.7M.

[1695814]

Originally Posted by FormLetter

I would certainly take the lump sum. My main concerns would be:
a) How do I pick the right lawyer to handle preservation of anonymity?
b) Picking a good accountant to optimize tax treatment.
c) Determining exactly how much of a prick I want to be now that I have "fook you" money.

I'm willing to take on these challenges.

[FormLetter]

The Mega Millions site right now says the estimated jackpot is $363M. On Saturday it was $356M. I find it basically impossible that it only went up $7M in that time unless their estimates are crap.

[1695814]

Illinois' residents can play MM online. I wonder how that works...if they pay via credit card or what.

http://www.businessweek.com/ap/2012-03/D9TOCNO04.htm

Online Illinois lottery tickets net $15K first day
CHICAGO
Illinois Lottery officials say the first day of online lottery tickets brought in more than $15,000 in sales.
On Sunday Illinois became the first state to offer the games of chance online. The first ticket was bought at 7:03 a.m., just minutes after Mega Millions and Lotto tickets became available online. Within hours, hundreds of people had purchased tickets.
Lottery officials say they believe the pace of sales will be fast until Tuesday evening. That's when the Mega Millions drawing takes place. The estimated jackpot is $356 million.
Those who want to play online have to register and verify their age.
Online sales got a federal OK in December when the Justice Department reversed itself on allowing Internet gambling. Other states are considering similar programs and are closely watching Illinois.

[1695814]

Originally Posted by FormLetter

The Mega Millions site right now says the estimated jackpot is $363M. On Saturday it was $356M. I find it basically impossible that it only went up $7M in that time unless their estimates are crap.

http://www.megamillions.com/mcenter/...3-697A712346EE

Stronger than expected sales push estimated jackpot to $363 million!

RELEASE DATE: 3/26/2012
Spurred by a mega-exciting jackpot, Mega Millions sales have outpaced the forecast of Mega Millions officials. So those officials have increased the estimated jackpot for the Tuesday, March 27, drawing from $356 million to $363 million.
The estimated jackpot is based on sales up to the time of the drawing. So the adjusted jackpot is an indication that Mega Millions players from coast to coast are feeling the excitement. In the most recent drawing, in which there was no jackpot winner, nearly 2.9 million tickets won Mega Millions prizes.
This jackpot has been growing since January 24, when Mega Millions had its most recent jackpot winner. The odds of winning the jackpot are approximately one in 176 million. The odds of winning any of the Mega Millions prizes are approximately 1 in 40.

[mlschop]

Originally Posted by FormLetter

I would certainly take the lump sum. My main concerns would be:
a) How do I pick the right lawyer to handle preservation of anonymity?
b) Picking a good accountant to optimize tax treatment.
c) Determining exactly how much of a prick I want to be now that I have "fook you" money.

Don't some states not allow anonymity?

[volsfan]

Originally Posted by 1695814

The powerball faq has a bit on this subject:
CASH VS. ANNUITY - MY FINANCIAL EXPERT SAYS HE CAN EARN MORE THAN THE ANNUITY WITH THIS CASH. Maybe. We have seen that even financial experts forget about taxes. From the example above, if the winner takes the cash, then the winner will have to pay state and federal taxes on the cash amount. The amount of income tax will vary, but it will likely be somewhere close to half the cash amount (counting federal and state taxes). With $50 million as a cash prize, a cash winner will have less than $30 million to invest. We don’t pay any income tax and so start out by investing the whole $50 million. You should note that current tax rates are pretty low right now and may go higher in the future. Federal rates for 2012 are at 35% (and Powerball winners end up in that maximum tax bracket).
Sometimes financial experts also do not understand how the annuity prize is paid out. We do not hold the prize for 29 years and then pay it all out. The Powerball annuity prize is an annuity stream. The winner gets the first payment immediately and then an annual payment for the next 29 years. And this is guaranteed. It is possible to beat this income stream, but not without risk. Deciding how to take the prize can be a complicated decision, but it is an important one that deserves your attention. You have 60 days, after you claim your ticket, to make the decision. Get lots of advice and ask these kinds of questions.

You aren't really a financial expert if you didn't know these things.

I would take the lump sum

[volsfan]

Also, the interest rate for calculating PV of the annuity fluctuate so I would take the lump sum while rates are low

[johnny storm]

Originally Posted by FormLetter

a) How do I pick the right lawyer to handle preservation of anonymity?

Last time I read the back of a lottery ticket, you couldn't claim the $ and remain anonymous, there was wording about agreeing to your name and likeness being used for promotions. Not sure if a lawyer could get around that, or if a payoff to the lottery would get you there. I would also want to be anonymous, no reason to invite the beggers and hoopla.

Originally Posted by lovmath

How about warren buffet donate 300 million to charity organiztion run by his friend and get tax break...his friend buys the tickets and gives all winning less0.5% to warren...

I'm guessing the IRS wouldn't actually allow tax exempt status for that organization.

[Androzani Major]

Originally Posted by volsfan

Also, the interest rate for calculating PV of the annuity fluctuate so I would take the lump sum while rates are low

Surely, there is a way to arrange the payments into something other than lump sum or level period certain.

I mean, I've seen structured settlements of all sorts. It's not like the states themselves manage the SS like an insurance company does. They purchase it. So shouldn't one be able to arrange any number of combos just like SS's can be?

I've seen some with a small 5y+life stream (increasing or not), plus lump sums at 5, 10 and 15 years, others with a series of 4-yr starts and stops timed to cover anticipated college expenses, and so on. (All back when I was doing the reserves for that particular line of business.)

If not, why not?