🔴 Lottery Alert – PowerBall Jackpot hits $900 Million as of Noon Today. All your wildest dreams would come true if you had the winning numbers in the roughly $900 million Powerball lottery. The lottery increased the estimated jackpot from $800 Million to $900 Million at noon today, as millions of tickets are being sold at an amazing pace. The Jackpot may reach $1 Billion later today… With luck, lots of it, as the winning Odds are estimated at 292 million to 1, you may have the lucky chance of finding out, what being “Wealthy” is all about.
🔴 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). The 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.
🔴 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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