My Grandma Won $1.5 Million -- Now What?

[armen]

Over the weekend, my grandma won $1.5 million in Palm Springs. She was playing on a $1 slot machine and won progressive. My questions:

They told her she will receive a check of $71,000 this week and will receive the rest over the course of 20 years. Now that's not the ideal choice because 20 years is a long time for her. I've heard that's how it is with lottery but is it the same with casinos? Also, I'm sure there is a lump sum option which the casino said they'll call us tomorrow to talk about. Does anybody know how that works? I've heard they keep up to 2/3's of the winnings. Is there anything we can do to make sure we get something more than just half a million out of this? I mean, she won a big amount and I'm personally not even happy about what they're telling us.

Oh and she was interviewed for the news and all that other stuff, and on Google I found articles about previous winners - which weren't even this big - how can I find her article which I'm sure is out there?

[The Shamus]

Hi Armen:

The problem with large wins in the United States has always been the tax implications. If your grandmother takes the money $71K at a time, she will only need to pay taxes based on the tax bracket she is in that year.

Your grandmother will need an accountant or financial planner to crunch the numbers so she receives as much money as possible. For example, you will need to know what happens to the payments in the event of death. Can they pay it to an estate --- and what are the tax implications.

If it works like the lottery, there are companies in the US which actually "buy out" people's wins, so they can get the lump sum.

As for articles about the win -- it would help to know which news organization interviewed her.

/\/\/\/\ the Shamus /\/\/\/\