94 Year Old Lottery Winner Wants Winnings NOW (NOT Over 20 Years)

[matcom]

<snip>

Louise Outing is 94 years old, and she knows it would be foolish to expect to live another 20. So the lottery winner wants all of her cash now, not in payments spread out over the next two decades.

''In March, I will be 95 years old. Do you realize that? Ninety-five in March," the Everett woman said in a telephone interview yesterday. ''Now, you know I'm not going to live 20 years."

Outing won the Sept. 4 Megabucks drawing, and she wants the Massachusetts State Lottery Commission to cut her a check immediately for the full $5.6 million, minus taxes. But the commission has so far rejected that request, saying Megabucks winners get 20-year annuities, not lump-sum payments.

Frustrated, Outing and her Boston attorney, James Dilday, yesterday asked Norfolk Superior Court Judge Barbara Dortch-Okara to step in. Dilday said state rules give the lottery's executive director, Joseph C. Sullivan, the freedom to choose between big cash now or a series of smaller checks. Dilday also said the state has paid $3.5 million to a bank for the 20-year annuity -- which they could and should have paid directly to Outing.

But Sullivan said he isn't sure Dilday's got it right about the rules or about lottery financing. ''We are just going to have to sit tight and see what the court rules," Sullivan said.

http://www.boston.com/news/local/massachusetts/articles/2004/12/29/lottery_winner_94_sues_to_get_it_all_now/

[Phentex]

1. How'd you like to have the last name of Dilday?

:P

[democracyindanger]

8. More than having a lawyer named Dilday

:P

[Name removed]

2. Deleted message

Message removed by moderator. Click here to review the message board rules.

[NewJeffCT]

3. Umm, she can do that on her own

There are plenty of places that will gladly take on the annuity payments from the state in exchange for a lump sum for you. Of course, the discount rate is probably a little worse for her than a state's lump sum payout.

[Endangered Specie]

4. Be funny if she DID live 20 years...

;)

[SheilaT]

5. Lots of lotteries

give you the choice of taking a lump sum or a payout over 20 years. Because of the way the payout is annuitized, the lump sum is always less than what the 20 year payout would be, you're better off with the lump sum if you get good financial advice, which is what you should be doing if you win a big lottery.

[Left Is Write]

10. That's the way they do it with Powerball.

I buy I ticket every now and then. I would definitely choose the lump sum.

[miss_kitty]

6. she can sell it to a company that'll give her about half of the full value

that's the rate she'd get in a state that does allow the lump sum option

[KDLarsen]

7. Is that even legal?

I always thought that it was illegal to sell a prize.

[miss_kitty]

9. yes it's legal

they buy life insurance policies too, and other monetary instruments that are not forthcoming. Usually, they do a 50% thing, but it depends...

[amazona]

11. it's perfectly legal to sell annuities

My friend sold her annuity from a lawsuit that was supposed to provide a lifetime income when she was injured in her 30s. She sold it for a lump sum and smoked it all. It was very sad. Her attorney tried to stop her, but she was an adult, and he was limited in what he could do. I have since lost track of her and worry that she may not even still be alive.

I have no problem with people selling their annuities from prizes, but wish there was some way to keep these predatory investors from getting people's annuities when they need them to live on. Oh heck, maybe I am even being unfair to the investors, who knows. But sometimes the annuity is the better choice, especially for a younger person who can't handle a large lump sum.

[Deja Q]

12. Well, can't Dildo write up something in his will?!

What about his Dilday offspring? :evilgrin:

:shrug: