Posted on Jan 10, 2023
Mega Millions jackpot tops $1B: What to know if you win
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Posted >1 y ago
Responses: 2
Being older, I recommend taking the cash up front. You walk away, from what I’ve read, with a little less than 1/2 after taxes etc. If you take the annuity I understand the annuity is not transferable, so you win and get hit by a car and die. that ends the annuity payments. Getting expert advice is very wise. You may choose to pay off a child’s $50,000 student loan but a gift that size is taxable income and create tax problems for you child. You can always buy an annuity later. These are my feelings.
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SFC (Join to see)
Very good advice. If I were so lucky, I would immediately consult a tax attorney to find the best way for passing wealth to my children and grandchildren.
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Think about how you want to take the money and then what you would do with it.
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