SIGforum
Man shares $22 million jackpot with friend, fulfilling 30-year promise
July 24, 2020, 03:38 PM
Sig2340Man shares $22 million jackpot with friend, fulfilling 30-year promise
quote:
FoxNews.com:Man shares $22 million jackpot with friend, fulfilling 30-year promise A Wisconsin man graciously shared his lottery millions with a friend, fulfilling a promise made nearly 30 years ago.
Tom Cook called his friend Joe Feeney, a man he had made a promise with in 1992: if either one of them won the Powerball jackpot, they would split the cash between them.
That promise was fulfilled after Cook recently won $22 million.
Tim Cook, Joe Feeney and their wives, collecting the prize-winning checkTim Cook, Joe Feeney and their wives, collecting the prize-winning check (Wisconsin Lottery)
“He called me and I said: ‘Are you jerking my bobber?” Feeney said, recalling the moment he found out that his friend had won.
Cook and Feeney are taking a cash payout of $16.7 million, and each will get about $5.7 million after taxes, the Wisconsin Lottery says.
Cook promptly quit his job after learning he had won, and he had no doubt that he would split the money with his friend, according to a press release by PA Media.
“That happened many years ago, and it kind of continued,” Cook said. “A handshake’s a handshake, man.”
“I’ve got grandchildren, great-grandchildren, and now I can spend time with them without worrying about if I’ve got time to go and where we can go and afford it and whatever. I can’t think of a better way to retire.”
All my best friend did for me was save my life.
In August 2018, he and his wonderful wife insisted I go to the Emergency Department at a local hospital. Three hours later and I was in a coma, and in the ICU and PCU for month and the physical rehab facility for four more.
Sadly he died of sudden onset renal failure about five months after I got out of the rehab facility.
I think of him every day and thank God for their involvement in my life.
Nice is overrated
"It's every freedom-loving individual's duty to lie to the government."
Airsoftguy, June 29, 2018
July 24, 2020, 04:20 PM
Jimbo54quote:
“A handshake’s a handshake, man.”
No truer words than those. Mr. cook is an honest man. I hope both of them have a great retirement.
Jim
________________________
"If you can't be a good example, then you'll have to be a horrible warning" -Catherine Aird
July 24, 2020, 04:31 PM
chellim1That's a great story.
At a time filled with so much strife and hatred, it (partially) restores my faith in humanity.
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible."
-- Justice Janice Rogers Brown
"The United States government is the largest criminal enterprise on earth."
-rduckwor July 24, 2020, 04:48 PM
OrgussGreat story. But...why quit your job immediately? Doesn't it take some time to get paid?
"I'm yet another resource-consuming kid in an overpopulated planet raised to an alarming extent by Hollywood and Madison Avenue, poised with my cynical and alienated peers to take over the world when you're old and weak!" - Calvin, "Calvin & Hobbes" July 24, 2020, 04:49 PM
SSgt USMC/VetHow Many True Friends Do You Have? This was an recent thread in the Lounge, I would have to say they would qualify as true friends but not sure how many would do this.
July 24, 2020, 04:59 PM
Sig2340quote:
Originally posted by Orguss:
Great story. But...why quit your job immediately? Doesn't it take some time to get paid?
Apparently not.
You go to the lottery office in your state, hand them the winning ticket, it is verified, you fill out tax paperwork, and you get a ceremonial check while the actual funds are sent to your account digitally.
Nice is overrated
"It's every freedom-loving individual's duty to lie to the government."
Airsoftguy, June 29, 2018
July 24, 2020, 05:00 PM
PatenIf you have the money in the bank to tide you over, why wouldn't you quit immediately? I believe I've read somewhere that once you fill out the paper work at the lottery office and turn over the ticket, it only takes up to a couple of weeks for them to verify the ticket and give you the money.
July 24, 2020, 05:10 PM
WindhoverI would SO quit my job immediately. Even if it takes a couple of months for the winning to be paid, I think any bank would float you a loan for a few thousand dollars.
Nowadays it is less of an issue as many of us work from home. But say last year? I couldn’t stand the thought of having some drunk run a red and kill me in the last days at work, while commuting. Life is uncertain, sure, but I’d rather die a free man...
July 24, 2020, 05:10 PM
FN in MT$16.7 Million....AFTER taxes $5.7 Mil....what a screwing!
July 24, 2020, 05:12 PM
WindhoverI think 16.7 is split, so 8.35. Then taxes so 5.7 each. That pencils
July 24, 2020, 05:49 PM
OrgussThey're basically getting taxed twice, though? They're immediately out $6 million with the cash payout, then they get taxed again on what they're awarded?
"I'm yet another resource-consuming kid in an overpopulated planet raised to an alarming extent by Hollywood and Madison Avenue, poised with my cynical and alienated peers to take over the world when you're old and weak!" - Calvin, "Calvin & Hobbes" July 24, 2020, 05:51 PM
Balzé Halzéquote:
Originally posted by Orguss:
Great story. But...why quit your job immediately? Doesn't it take some time to get paid?
Hey, I could live on credit for a month or two.
~Alan
Acta Non Verba
NRA Life Member (Patron)
God, Family, Guns, Country
Men will fight and die to protect women... because women protect everything else. ~Andrew Klavan
July 24, 2020, 06:04 PM
honestlouI work for myself and I'd still quit my job immediately!
Okay, so maybe I'd take a week or two to wind down and wrap things up. Maybe.
July 24, 2020, 06:09 PM
9mmepiphanyquote:
Originally posted by Orguss:
They're basically getting taxed twice, though? They're immediately out $6 million with the cash payout, then they get taxed again on what they're awarded?
Nope, just once
The reduction from $22mil to $16.7 mil is because they chose the cash payout...rather than collect on the annuity the State would buy. Splitting that in half is $8.35mil. The IRS/State is holding back about 1/3 toward their year end tax liability. That's how they arrive at the $5.7mil
No, Daoism isn't a religion
July 24, 2020, 06:13 PM
sigspecopsNo money for hookers and blow after that tax rate. They'll be lucky if they get enough to just take their wives out for a steak and beer.
No one's life, liberty or property is safe while the legislature is in session.- Mark Twain
July 24, 2020, 06:14 PM
Sig209good stuff !
-------------------------
Proverbs 27:17 - As iron sharpens iron, so one man sharpens another.
July 24, 2020, 06:17 PM
ZSMICHAELI bet bendable would honor his word if he won the jackpot.
July 24, 2020, 07:10 PM
Sig2340quote:
Originally posted by ZSMICHAEL:
I bet bendable would honor his word if he won the jackpot.
Okay, I'm gonna regret it, but I'll bite.
What did Bendable say?
Nice is overrated
"It's every freedom-loving individual's duty to lie to the government."
Airsoftguy, June 29, 2018
July 24, 2020, 07:17 PM
John Steedquote:
Originally posted by 9mmepiphany:
quote:
Originally posted by Orguss:
They're basically getting taxed twice, though? They're immediately out $6 million with the cash payout, then they get taxed again on what they're awarded?
Nope, just once
The reduction from $22mil to $16.7 mil is because they chose the cash payout...rather than collect on the annuity the State would buy. Splitting that in half is $8.35mil. The IRS/State is holding back about 1/3 toward their year end tax liability. That's how they arrive at the $5.7mil
Most people take the cash payout.
The reason for this is if you take the annuity the payout is (usually) over 20 years. If at any time you should die before the 20 years is up, that's it, the payouts end. Your heirs are screwed. That's what I've read anyway.
I don't know how it works if there are several names on the payout, but I would guess it would be reduced by the deceased's share, at a minimum.
... stirred anti-clockwise. July 24, 2020, 07:21 PM
darthfusterquote:
Originally posted by Sig2340:
quote:
Originally posted by ZSMICHAEL:
I bet bendable would honor his word if he won the jackpot.
Okay, I'm gonna regret it, but I'll bite.
What did Bendable say?
He said he'd split his Powerball winnings with darthfuster
You’re a lying dog-faced pony soldier