Author Topic: WW2 Vet hits it big!! (Read 260 times)

Maverick · « **on:** January 30, 2007, 11:35:35 AM »

The guy is a WW2 Vet who won a huge power ball lotery. Nice to see one of the greatest generation get it and see that they planned to share with their family members that have had a hard time. WTG Airborne!

http://news.yahoo.com/s/ap/20070129/ap_on_re_us/powerball_winner&printer=1;_ylt=Agmca_r5Ag5hfPgkHj_gWZhH2ocA;_ylu=X3oDMTA3MXN1bHE0BHNlYwN0bWE-

Sikboy · « **Reply #1 on:** January 30, 2007, 12:01:42 PM »

Wow, the Government must love that. They get to tax it as income now and as his estate in a few years. Time to set up a trust lol.

-Sik

Captain Virgil Hilts · « **Reply #2 on:** January 30, 2007, 12:52:53 PM »

A truly deserving lottery winner. Kinda nice, ain't it?

Mustaine · « **Reply #3 on:** January 30, 2007, 12:55:51 PM »

~~to him! thats awesome~~

Mickey1992 · « **Reply #4 on:** January 30, 2007, 01:36:06 PM »

Quote

Originally posted by Sikboy
Wow, the Government must love that. They get to tax it as income now and as his estate in a few years. Time to set up a trust lol.

-Sik

I am sure their ex-IRS financial adviser is going to tell them to take the jackpot in separate checks for each family. That way there will be less of an estate to work with when he passes. They should take the lump sum too.

Sikboy · « **Reply #5 on:** January 30, 2007, 02:44:14 PM »

Quote

Originally posted by Mickey1992
I am sure their ex-IRS financial adviser is going to tell them to take the jackpot in separate checks for each family. That way there will be less of an estate to work with when he passes. They should take the lump sum too.

In which case: Hellloooo gift Tax!

Though of course you want to spread it around and use all of your exemptions (both gift and estate) there's still going to be a huge chunk of that coming back to the government lol.

The only two things certain my man

-Sik