Lady Luck smiled down with benevolence upon a couple from central Iowa as they’ve won the $202 million Powerball jackpot. The considerable amount of money will change their luck dramatically and as it turns out, Brian and Mary Lohse have a general idea about what to do with it. Following the moments of disbelief, they’ve acknowledged the fortunate event and are now on track on shaking the debt caused by student loans and make some generous donations.
Cash prizes of annuities?
This is one question that no lottery winner should take lightly, because the differences are considerable and there are downsides in both cases. If they were to chose the first method, Brian and Mary Lohse would have received and amount of $142 million after taxation, over three years, which would have translated into roughly $40k per month. This would have prevented them from buying a mansion or a yacht right away, but would have still guaranteed a careless living without stripping them of cash.
What the couple decided was the exact opposite and when opting for the lump amount, this was instantly decreased to $129.8 million. The state and federal government took its share of 30%, so in the end the two lucky winners will have exactly $90.9 million to spend. It is more than enough to empower them to buy anything they like, but if we put things into perspective we’ll notice that more than half of their prize was taken away from them. The issue of taxation is still a highly debated one, but until things change one way or the other, winners should think twice about whether to chose the lump sum or the annuity.
No need to work a day
Regardless of how they intend to change their lifestyles, one thing is certain and this is the fact that neither Mary or Brian will have to work a single day. She was employed as a medical technician, while he was working in the insurance industry but this is all behind them. So are the debts that the family was struggling to repay since graduating from college, and their three children will not have to worry about going through the same thing when they grow up.
The lucky couple had the only ticket with all five numbers and the Powerball, which explains why the prize was the second largest ever won in Iowa. Among the few acquisitions that the family plans on making, there are new cars and a house, although they are yet to decide whether they will buy or build one. Despite the fact that the state already took tens of millions that are supposed to be used for funding foundations, arts and culture, Mary and Brian intend to set up their own charitable foundation.