i.e. annuity prizes, 30 yrs or less,and should die after recieving pymnts for only 5yrs can his estate continue to recieve pymnts?
2006-09-26 06:33:17 · 5 answers · asked by buffalo in ky. 1 in Games & Recreation ➔ Gambling
NO, NO, NO!!!
I personally know 4 ppl that have won the CO. lottery...That have also been on TV doing commercials for the lottery. By the way, ya' get no extra $$$ for this!!!
The probate laws are the same for powerball, as lottery!!!
If ya' are under 50 years, take the lump sum and, invest wisely with knowledgeable investors and, an attorney!!!
Over 50 yrs., odds of ya' living to collect ALL $$$ winnings are there..BUT the mental state at 80 is pretty null...Even though we do live longer this day and, age!!!
2006-09-26 09:38:53 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Depends on the state..
Ive understood that in some states if u win the jackpot its still a annuity..
But in most others, u can choose...
and reality is in almost all cases, your estate can get the remaining annuity.
Reality is whether lumpsump or annuity, u should setup a trust.
In the case of a trust, this question would be irrelevant no matter what.
Overall though getting lumpsum, allows you more control.
2006-09-29 08:35:37 · answer #2 · answered by pcreamer2000 5 · 0⤊ 0⤋
if you dont you should i think because that is your money. I know that you can sell your payments to corperations for a lump sum but it is way lower than the final payout for example 2mil for 10 mil in 20 year payments
2006-09-26 07:38:03 · answer #3 · answered by Anonymous · 0⤊ 2⤋
Only if you have it set up in your will. It also depends on what the estate laws are in your state.
2006-09-26 06:43:27 · answer #4 · answered by trucking4656 2 · 0⤊ 2⤋
Nope...the money is just gone. That's why most people take the lump sum.
2006-09-26 06:35:44 · answer #5 · answered by First Lady 7 · 1⤊ 1⤋