1 week Ago By Emma Crabtree
A LOTTERY winner scooped a whopping $10 million prize but immediately lost over $3 million. The anonymous overnight millionaire from Massachusetts won the jackpot of the $10,000,000 Bonanza game that was launched on August 6. They bought the $20 scratch ticket from a sandwich shop which will receive a bonus for selling the winning ticket.
Coletti's Market in Raynham will get $10,000 for the sale. Rather than collect the cash themselves, the winner got a trustee to do it and in doing so was able to protect their anonymity. James Goodhue, the trustee of WSB Family Trust of Wellesley was pictured with the whopping check on September 4.
read more on lottery wins However, when he returned to the winner, over $3 million had been lost from the prize. Goodhue revealed that upon claiming the win he opted for the cash option rather than the whole amount split across numerous annual payments. This is a tough decision that all winners of large lottery prizes have to face.
Around "90% of all lottery winners take the lump sum distribution," Lottery lawyer Andrew Stoltmann previously told The U.S. Sun in what he said was a 'big mistake.
' Most read in Money From the $10 million win, just $6.5 million was given to the Massachusetts winner before tax . Despite the immediate loss, the lottery winner already knows where the money will go.
They plan to build a new house and invest the rest of the cash, Goodhue told Mass Live. After collecting the cash, Goodhue as the trustee, is in charge of depositing the check into the bank account connected to the trust that was set up by the winner. Despite the recent win, there is still hope for other scratch-off players in The Bay State.
While the winner scooped the first jackpot from the game, there are two more to be claimed. Players who win big on lottery tickets typically have a choice to make: lump sum or annuity? The two payout methods can impact how much money you get from your prize. Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once. Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you'll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option. Experts have varying opinions on whether to take the lump sum or take the annuity .
There are also five $1 million prizes still to be won. Meanwhile, another lottery winner in Massachusetts has his wife to thank for his $2.6 million win .
Kevin Connor from Leicester, located just west of Worcester, claimed the Mega Millions win on August 24. He has played the lottery for over three decades and his wife has been the primary inspiration with every ticket he has ever bought. "He plays a combination that consists of his wife's old landline number from when they first started dating, as well as his wife's favorite number," lottery officials told CBS News.
Connor was away in Maine with family when he checked the lottery app and his life changed. Using his wife's numbers, Connor beat the odds of one in 7,059,052 to win the top prize. Read More on The US Sun Despite the whopping win, Connor has humble ideas about where the money will go, including a pair of new socks.
Meanwhile, Powerball Lottery players in Pennsylvania have been urged to check their tickets as three prizes each worth $1.25 million are up for grabs..
