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Published by www.EPlusPromotes.com www.TheCatoctinBanner.com The Catoctin Banner Newspaper February 2016 Page 27
Th e R e c o r d M akin g 2 0 1 6 Po w e r b a l l Ja ck p o t: How Will You Rem em ber I t ?
Nicholas DiGregory What It Would Actually Mean to Win
Despite statistical odds of 1 in 292.2 million, three superbly lucky winners
picked the correct six-number combination to claim a piece of the record- While the aforementioned options would all be feasible with the gross
smashing $1.6 billion Powerball jackpot on January 13, 2016. Each of the Powerball jackpot winnings, winning such a large sum through the lottery
three winning ticket holders can claim about $533 million before taxes, or system imposes a very different reality. While it is common knowledge that
approximately $327 million should they cash in on the lump sum option. The taxes must be taken out of the lottery winnings, there is also a slew of other
winning tickets were sold in Munford, Tennesee; Melbourne Beach, Florida; hidden costs that can cut down the jackpot’s net value considerably. Some
and Chino Hills, California. financial experts estimate that these hidden expenses can cost anywhere from
As of January 22, only the Munford winners have stepped forward $32 million to $117 million.
publicly; John and Lisa Robinson of Munford, Tennessee, elected to take the
cash lump sum of $327 million, paid out over a ten-day period. One such hidden cost is the need to hire a lifetime financial expert. Any
In addition to the three jackpot tickets, eight tickets for the $2 million prize FDIC bank is legally required to insure only up to $250,000, making it an
and seventy-three tickets for the $1 million prize were also sold. One of the $1 insanely risky move to invest in the banks. Professional financial advisors can
million tickets was sold at the Wawa on Urbana Pike in Frederick, Maryland. help with investment decisions and ensure that the money does not disappear,
More than 635 million Powerball tickets were sold across the United but their services are not cheap. An experienced financial planner can wind up
States, with approximately 26 million winning tickets for prizes ranging from costing millions of dollars over the years.
$4 to $533 million.
Another hidden cost that the jackpot winners must invest in is a tax
What It Could Mean to Win attorney. The lottery is taxable income on the state and federal levels, and the
burden of figuring them out and paying them in full is dumped almost entirely
Although no one sole winner was able to claim the $1.6 billion jackpot, on the lottery winner. Thus, a tax attorney is vital for navigating through the
three winning ticket holders are each entitled to an even cut of the prize befuddling world of tax bureaucracy. Luckily enough for the three jackpot
money. Each of their shares in the winnings comes to approximately $533 winners, none of their states require a state income tax to be paid on their
million before tax, or about $327 million in cash. winnings. But one can be sure that all of the winners will need the help of a
tax attorney when dealing with the IRS.
To put into perspective just how massive these winnings are, the jackpot
winners could use their pre-tax cash option earnings to: Beyond these two major hidden costs, the Powerball jackpot winners
will probably have to put a small fortune toward umbrella insurance, estate
• Buy 177,717,391 gallons of • Give every person living in the lawyers, begrudging relatives, and many other surprises that come with a
gasoline at the national average price United States $1.02—or $1.67 per big lottery win. While the jackpot win may seem to be the best thing to ever
of $1.84 per gallon—or 289,673,913 person with the money from the happen to the ticket holders, it will inevitably become a huge hassle for them
gallons of gas with the $533 million annuity option. as well.
of the annuity option. • Purchase, at its current value,
• Supply 93,428,571 people in one of the following nine National What If You Had Won?
third-world countries with clean Hockey League teams: New York
drinking water for 20 years— Islanders, Buffalo Sabres, St. Louis Before the winning tickets were drawn, readers were offered a chance
choosing the annuity option could Blues, Tampa Bay Lightning, to share on The Catoctin Banner Facebook page how they would use the
increase that number to 152,285,714 Nashville Predators, Columbus winnings. Here are some of the things they had to say:
people. Blue Jackets, Carolina Hurricanes,
• Stay in Switzerland at the Hotel Arizona Coyotes, Florida Panthers— • Bryant Hoffman: “First, I’d buy a Veterans and Homeless people that
President Wilson’s Royal Penthouse choosing the annuity option would house. Then, I’d take a trip!” want my help and invest the rest and
Suite, which is currently the most allow consideration of the following • Donna Houck: “First, I would live off the interest!”
expensive hotel room in the world teams as well: New Jersey Devils, take care of my family. Then I would • Janel Norton: “We decided
at $80,000 per night, for a total of Winnipeg Jets, Colorado Avalanche, buy a lot of homeless homes, and give we would buy the property from
4,087 nights—or 6,662 nights, with Ottawa Senators, Minnesota Wild, them a trust to get them started. Have Stonewall Acres and Eylers land in
the money from the annuity option. Anaheim Ducks, Calgary Flames, San to really think about the rest. Lol.” Thurmont, build the current allotted
• Buy at least ten private islands Jose Sharks, Dallas Stars, Edmonton • Jess Nutley: “I would pay off all amount of small farm houses then
in the Caribbean—or double that Oilers. my bills, build a house not a crazy donate it all to Wounded Warriors for
number with the money from the • Buy 81 Lamborghini Venenos, size one. Set up a CD for each of my our Military families who need help
annuity option. the most expensive car on the loved ones and their kids. I would healing from protecting our freedoms.
• Build an 86,000-ton cruise ship or market at almost $4 million— pay off all my mother’s, brothers’ The other plus is preserving the
a pair of Boeing 787 Dreamliners— choosing the annuity option would and sisters’ bills and my in-laws’ and charm of Thurmont, we don’t need
while choosing the annuity option allow the purchase of 133 of the donate a bunch to so many different nearly 200 townhomes here.”
would allow a person to do both. luxury vehicle. places. And go on a huge family • Denny Sweeney: “Hand it over to
vacation for all of them.” my wife of course! After that, who
• Jo Kerns: “I would help my family knows!”
first and foremost. Set up college • Ashley Scott-Andrew: “I would
funds for my grandchildren. Then like to start a cancer place, something
I would build a small cabin by a like St. Jude but for adults and
lake and of course buy me a boat children!!! Where the patients would
and a new truck to pull it! Love not have to pay a cent for treatment! I
the water and that’s where I would would name it after my grandmother,
retire. I would also donate funds to Doris Cullison, who lost her life
cancer research and open a home for to breast cancer. I would also start
children who are abused.” a scholarship up in her name for
• Wanda Koontz-Myers: “First Mount St. Mary’s University since she
I would get me a great CPA and worked there and education was so
lawyer. Then pay all my medical bills. important to her!”
Look into buying a large piece of land • Emily Fry: “With that kind of
to build a rescue to rescue all the fur- dough I’d pay off everything I owe
babies I could. Hire people to help me and be totally debt free & so would
take care of the rescue. Then help my my family & a bunch of my friends!
family as much as I can out of debt. And I’ve always thought I’d take the
Then give to 4 Churches that I used Catoctin Class of ‘89 and their families
to attend. Then help out as many on an all-expenses paid for cruise!”
Th e R e c o r d M akin g 2 0 1 6 Po w e r b a l l Ja ck p o t: How Will You Rem em ber I t ?
Nicholas DiGregory What It Would Actually Mean to Win
Despite statistical odds of 1 in 292.2 million, three superbly lucky winners
picked the correct six-number combination to claim a piece of the record- While the aforementioned options would all be feasible with the gross
smashing $1.6 billion Powerball jackpot on January 13, 2016. Each of the Powerball jackpot winnings, winning such a large sum through the lottery
three winning ticket holders can claim about $533 million before taxes, or system imposes a very different reality. While it is common knowledge that
approximately $327 million should they cash in on the lump sum option. The taxes must be taken out of the lottery winnings, there is also a slew of other
winning tickets were sold in Munford, Tennesee; Melbourne Beach, Florida; hidden costs that can cut down the jackpot’s net value considerably. Some
and Chino Hills, California. financial experts estimate that these hidden expenses can cost anywhere from
As of January 22, only the Munford winners have stepped forward $32 million to $117 million.
publicly; John and Lisa Robinson of Munford, Tennessee, elected to take the
cash lump sum of $327 million, paid out over a ten-day period. One such hidden cost is the need to hire a lifetime financial expert. Any
In addition to the three jackpot tickets, eight tickets for the $2 million prize FDIC bank is legally required to insure only up to $250,000, making it an
and seventy-three tickets for the $1 million prize were also sold. One of the $1 insanely risky move to invest in the banks. Professional financial advisors can
million tickets was sold at the Wawa on Urbana Pike in Frederick, Maryland. help with investment decisions and ensure that the money does not disappear,
More than 635 million Powerball tickets were sold across the United but their services are not cheap. An experienced financial planner can wind up
States, with approximately 26 million winning tickets for prizes ranging from costing millions of dollars over the years.
$4 to $533 million.
Another hidden cost that the jackpot winners must invest in is a tax
What It Could Mean to Win attorney. The lottery is taxable income on the state and federal levels, and the
burden of figuring them out and paying them in full is dumped almost entirely
Although no one sole winner was able to claim the $1.6 billion jackpot, on the lottery winner. Thus, a tax attorney is vital for navigating through the
three winning ticket holders are each entitled to an even cut of the prize befuddling world of tax bureaucracy. Luckily enough for the three jackpot
money. Each of their shares in the winnings comes to approximately $533 winners, none of their states require a state income tax to be paid on their
million before tax, or about $327 million in cash. winnings. But one can be sure that all of the winners will need the help of a
tax attorney when dealing with the IRS.
To put into perspective just how massive these winnings are, the jackpot
winners could use their pre-tax cash option earnings to: Beyond these two major hidden costs, the Powerball jackpot winners
will probably have to put a small fortune toward umbrella insurance, estate
• Buy 177,717,391 gallons of • Give every person living in the lawyers, begrudging relatives, and many other surprises that come with a
gasoline at the national average price United States $1.02—or $1.67 per big lottery win. While the jackpot win may seem to be the best thing to ever
of $1.84 per gallon—or 289,673,913 person with the money from the happen to the ticket holders, it will inevitably become a huge hassle for them
gallons of gas with the $533 million annuity option. as well.
of the annuity option. • Purchase, at its current value,
• Supply 93,428,571 people in one of the following nine National What If You Had Won?
third-world countries with clean Hockey League teams: New York
drinking water for 20 years— Islanders, Buffalo Sabres, St. Louis Before the winning tickets were drawn, readers were offered a chance
choosing the annuity option could Blues, Tampa Bay Lightning, to share on The Catoctin Banner Facebook page how they would use the
increase that number to 152,285,714 Nashville Predators, Columbus winnings. Here are some of the things they had to say:
people. Blue Jackets, Carolina Hurricanes,
• Stay in Switzerland at the Hotel Arizona Coyotes, Florida Panthers— • Bryant Hoffman: “First, I’d buy a Veterans and Homeless people that
President Wilson’s Royal Penthouse choosing the annuity option would house. Then, I’d take a trip!” want my help and invest the rest and
Suite, which is currently the most allow consideration of the following • Donna Houck: “First, I would live off the interest!”
expensive hotel room in the world teams as well: New Jersey Devils, take care of my family. Then I would • Janel Norton: “We decided
at $80,000 per night, for a total of Winnipeg Jets, Colorado Avalanche, buy a lot of homeless homes, and give we would buy the property from
4,087 nights—or 6,662 nights, with Ottawa Senators, Minnesota Wild, them a trust to get them started. Have Stonewall Acres and Eylers land in
the money from the annuity option. Anaheim Ducks, Calgary Flames, San to really think about the rest. Lol.” Thurmont, build the current allotted
• Buy at least ten private islands Jose Sharks, Dallas Stars, Edmonton • Jess Nutley: “I would pay off all amount of small farm houses then
in the Caribbean—or double that Oilers. my bills, build a house not a crazy donate it all to Wounded Warriors for
number with the money from the • Buy 81 Lamborghini Venenos, size one. Set up a CD for each of my our Military families who need help
annuity option. the most expensive car on the loved ones and their kids. I would healing from protecting our freedoms.
• Build an 86,000-ton cruise ship or market at almost $4 million— pay off all my mother’s, brothers’ The other plus is preserving the
a pair of Boeing 787 Dreamliners— choosing the annuity option would and sisters’ bills and my in-laws’ and charm of Thurmont, we don’t need
while choosing the annuity option allow the purchase of 133 of the donate a bunch to so many different nearly 200 townhomes here.”
would allow a person to do both. luxury vehicle. places. And go on a huge family • Denny Sweeney: “Hand it over to
vacation for all of them.” my wife of course! After that, who
• Jo Kerns: “I would help my family knows!”
first and foremost. Set up college • Ashley Scott-Andrew: “I would
funds for my grandchildren. Then like to start a cancer place, something
I would build a small cabin by a like St. Jude but for adults and
lake and of course buy me a boat children!!! Where the patients would
and a new truck to pull it! Love not have to pay a cent for treatment! I
the water and that’s where I would would name it after my grandmother,
retire. I would also donate funds to Doris Cullison, who lost her life
cancer research and open a home for to breast cancer. I would also start
children who are abused.” a scholarship up in her name for
• Wanda Koontz-Myers: “First Mount St. Mary’s University since she
I would get me a great CPA and worked there and education was so
lawyer. Then pay all my medical bills. important to her!”
Look into buying a large piece of land • Emily Fry: “With that kind of
to build a rescue to rescue all the fur- dough I’d pay off everything I owe
babies I could. Hire people to help me and be totally debt free & so would
take care of the rescue. Then help my my family & a bunch of my friends!
family as much as I can out of debt. And I’ve always thought I’d take the
Then give to 4 Churches that I used Catoctin Class of ‘89 and their families
to attend. Then help out as many on an all-expenses paid for cruise!”
