🔴 Lottery Alert – $1.3 Billion Powerball on January 13, 2016 the 19th Rollover for the Largest Jackpot in the World. On Jan 10, 2016 PowerBall Jackpot hit $949.8 Million, with No Winner. All your wildest dreams could have come true if you had the winning numbers in this Huge Powerball lottery. BUT, there was No JACKPOT Winner. OMG another Rollover. Recall that Powerball starts with a $40Million Jackpot, and will rollover to the next drawing every Wednesday and Saturday. Now Powerball is on the 19th rollover with no Jackpot winner. The lottery increased the estimated jackpot from $949.8 Million to $1.30 Million today, 1/10/2016. Millions of tickets were being sold at an amazing pace of 42,000 ticket sales per Minute on Saturday before the Drawing. With luck, lots of it, with the Winning Odds estimated at 292 million to 1, you may have the lucky chance of finding out, what being really “Wealthy” is all about.
🔴 Lottery Officials say there was no Jackpot Winner Saturday night, the drawing held at 10:59pm, January 9th. The next Powerball Jackpot has another Rollover, it’s 19th rollover, to a historic North American Jackpot of $1.30 Billion for Wednesday’s drawing, January 13th. This Jackpot equates to $806 Million Lump Sum Check, which equates to $519 Million Net after Uncle Sam takes his Federal Income Tax of 39.6% bite of $287 Million. Think about it, how many folks on the planet have over $500 Million in CASH in the Bank. At only a 1.0% interest rate, $500,000,000 on deposit would yield $416,600 per Month in interest income.
🔴 Powerball’s main website link is: http://ift.tt/U80NKG. To watch the Powerball Drawing each Wednesday and Saturday evening at 10:59pm eastern, this is Powerball’s Video Link: http://youtu.be/rhobr3rXV1k
🔴 Jackpot Winners that desire the Lump Sum Payout, must clim the Jackpot within 60 days of the Drawing Day, to obtain a Lump Sum. Otherwise for those that desire the 29 year Payout Plan, you have up to 180 days to claim your Jackpot which will pay installments over 29 years, $43.3 Million on day one, and $43.3 Million per year for 29 years. On day 181 the Jackpot and all other Powerball winnings are expire, and wall winnings are Gone forever.
🔴 Powerball is an American Lottery game offered by 44 States, and the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Powerball is coordinated by the Multi-State Lottery Association (MUSL), a nonprofit organization formed by an agreement with participating US State Lotteries. Powerball’s minimum advertised jackpot is $40 million (an annuity); Powerball’s annuity is paid in 30 graduated installments; winners may choose Lump Sum cash instead.
🔴 Powerball Drawings are held Wednesday and Saturday evenings at 10:59 p.m. Eastern Time. The game picks Five (white balls) numbered from 1 to 69 + 1 (Red Powerball) numbered from 1 to 26, the matrix from which winning numbers are chosen. Each play costs $2, or $3 with the Power Play option. (Originally, Powerball plays cost $1; when PowerPlay began, such games were $2.) The official cutoff for All ticket sales is 10pm Eastern; some Lotteries discontinue sales at an earlier time. The drawings are held at the Florida Lottery’s studio in Tallahassee.
🔴 Seven Steps to Officially Claim your Jackpot and Maintain your Sanity.
🔴 1. Sign the ticket and put it in a secure place. The first thing a player will need to do is sign the back of the winning ticket, as this establishes ownership and the ticket, and must be signed to claim the Jack pot. Keep the ticket in a secure place until you intend to travel to Tallahassee, Florida to Officially Claim the Jackpot.
🔴 2. Don’t accept the prize money immediately, however, do so within 60 days if you desire the Lump Sum Payment. Otherwise you have 180 days to claim the Jackpot with 30 payments over 29 years. Taking some time will give time to make some very important decisions, like what you want to do with the money, gifts to family, charities, and how they think it will change your life.
🔴 3. Hire a team of professionals to manage your money. The good news is you’ll have plenty of cash to hire a few Trust, Estate, Tax and Financial experts to manage everything from your finances and legal issues to personal relationships. Engage a Financial Planner and make financial decision with that person’s guidance. The Financial Planner may be used as a buffer with all those who ask you for favors and money. The Financial Planner will help to insulate you from all the calls you’ll receive, and to protect your relationships.
🔴 4. Stay Quiet and leave town for a few weeks. One wouldn’t blame you for wanting to shout from the rooftops that you’re a multi-millionaire, but it’s best to remain Quiet. Other than a spouse, don’t tell anyone about your good fortune until after you’ve created a solid plan with your core of Financial Professionals. Well-meaning friends and family will likely not offer you the best financial advice for the totality of your good fortune. Disappearing for a few weeks, means you will not have strangers and family members hounding you for money. This time away will give you a chance to settle yourself. When folks receive a huge windfall, it could take up to a year to fully adjust to this new lifestyle.
🔴 5. Don’t hand out cash to family and friends without an overall Plan. Having a lot of money means you can help a lot of people, but that doesn’t mean you can help everyone, nor should you. Don’t feel obligated to bail out, reward, loan or give out lumps sums of cash to friends and family members. It may seem like harsh advice, but this is one of the fastest ways to lose your money. Talk with your financial advisers about strategies and vehicles, such as trusts, that can allow you to help others and also preserve your wealth and your gifts. Additionally, cash and other gifts may have significant tax consequences, particularly with huge Jackpots.
🔴 6. Don’t forget about Federal & State Income Taxes. Even though the jackpot is $1.3 Billion, that doesn’t mean you’ll walk away with that amount. The lump sum amount equates to $806 Million, subject to 39.6% Tax bite from the IRS. At a minimum 25% in taxes will be withheld immediately. And it doesn’t end there. It sounds boring, but planning for taxes is extremely important as these numbers are huge. The inclination is to not plan for taxes and not anticipate them. If you have investment income you’ll have to pay taxes each year. If you walk away with $519 million after TAX, some of this Cash should be going into a variety of investment account that will earn money, and those earnings are taxable.
🔴 7. Set a budget. How could you blow through $519 Million, Right? Wrong. Even with a huge sum of money, you still have to set a budget. Realize it’s not a bottomless pit of money. Don’t spend wildly in the belief that it’ll last forever. A financial adviser can advise you as to how much income you can receive monthly from your winnings, you need to live on that amount or less. Set a budget, but also allow yourself those dream purchases with a balance.
🔴 For the rest of us, we can take solace in knowing that you can’t “buy” happiness, let alone permanent wealth, as “happiness” does not always flow from jackpots. However, if you are going to be “unhappy” it’s better to be unhappy and wealthy. As crazy as it may seem, many lottery winners often don’t lead great lives after striking it rich. Quite a few lottery winners spend all their winnings and more, then ultimately filing for bankruptcy.
🔴 University of Kentucky, University of Pittsburgh and Vanderbilt University researchers examined Lottery Winners in 2011 to determine whether Winning a Lottery Jackpot would lead to permanent financial improvement. They focused on bankruptcy filings as a relevant measure of financial success (or failure).
🔴 Researchers examined 35,000 winners of the Florida Lottery, over a 9 Year Period to gather significant volumes of data, to draw meaningful conclusions. The results were surprising. Relatively large winners, who received between $50,000 and $150,000, were just as likely to file for bankruptcy after several years than small winners of $1,000 or so. Plenty of winners, in other words, spent all that they won. But the study does suggest that many people squander whatever sudden wealth comes their way.
🔴 About 7 in 10 people who receive sudden Jackpot “wealth” are likely to deplete most of it within several years, according to a study by the National Endowment for Financial Education. The researchers also determined that for multi-million dollar Jackpot Winners, there were fewer financial failures than for more modest Jackpots.
🔴 Let’s be Happy, and assume that YOU will be very careful with your winnings by hiring a competent Financial Advisor or two, and a smart Tax Specialist. The Key is to engage financial professionals to help you protect your Jackpot, make good investments, and guide you in properly “Spending,” “Investing” and “Giving” a portion of your winnings to your Family and a few Charities.
🔴 $900 Million Power Ball Jackpot Winnings. Let’s assume that you are the soles winner of the $900 Million Jackpot. Lottery officials estimate that the Lump Payment of this jackpot will provide to you a $558 Million Check, or $30 Million payments over 30 years. $30 Million on Day 1, followed by 29 annual payments of $30 Million each. However, lets assume you elect the Lump Sum payment of $558 Million. The next step is the IRS.
🔴 Current rules are the IRS will take a 25% cut or $140 Million for your income tax on the Jackpot, Rendering you a Net Lump Sum of $418 Million. Unless you have significant existing tax shelters, or make significant Charitable contributions in 2016, your Jackpot Federal Tax will likely be 39.6% or $221 Million, this is $81 Million more than the $140 Million if Federal Taxes deducted in Day-1. These factors are why you really need to engage an excellent Tax Attorney, plus one or more Financial Consultants to assist you in making safe investments and to protect your winning Jackpot.
🔴 $337 Million will be your Net CASH Day 1, after Federal Taxes are assessed on the $558 Million Jackpot, which is $221 Million (the current maximum tax bracket of 39.6%), yielding a Net of $337 Million Net CASH, not accounting for any State Taxes. Florida does not have State income taxes. If your permanent residence is in NY, NJ or other states that have State Income taxes, your $337 Million may be further reduced by some 8%, 10% or whatever your State of permanent residency requires.
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