Shared Wealth Mother-Daughter Keep Tradition, Split $7 million in Lottery Payments


Lottery annuity

Most people would have gotten impatient, upset, maybe even angry. Not Marilyn Looney. When the 82-year-old, Long Island grandmother’s hair dresser was running late for her appointment, she shrugged it off and went to the convenience store next door. She was rewarded big. The scratch-off ticket she bought while there turned out to be worth $7 million in lottery payments. According to the local CBS affiliate, it was the store owner who informed her of the news.

“He read it and he came jumping over and said, ‘My God, lady, you’re a millionaire. You’ve just won $7 million,'” Looney said. “I grabbed my cellphone, called my daughter and said, ‘Get down here, we just won $7 million.'”

She wasn’t just paying lip service to her daughter either. Looney and her daughter, Carol Prevete, have split lottery payments for as long as they can remember. Looney wasn’t about to get greedy now.

They decided to receive their lottery payments in a lump sum versus annuity, which worked out to about $2.3 million each after taxes. Not a bad idea since sometimes people end up selling lottery payments anyway. A lottery annuity, like the Mega Millions for example, is paid out in 30 annual payments that grow by 5%. She’s not entirely sure what she’ll do with all of it, but the New York Post reported that Looney plans on buying a home and taking a trip to Disney World.

Prevete is looking more towards the future. She plans to put a lot of the money away for her four children’s college funds. She’s not sure if she’ll continue to work, almost half (48%) of lotto winners do. Which is smart considering 70% of winners regardless of the amount spend all their money within five years.

One thing’s for sure though, even this big win couldn’t quench Looney’s insatiable appetite for playing the lotto. In fact, she’s already won over $100 more since hitting it big.

“I don’t drink, I don’t smoke, so I like the New York state lottery,” she said. Check out this site for more.

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