Lazo Vitelin needs to make a big decision. As a CA lottery winner, should he take $20,000 payments each month for the next 25 years or should he take a cash payment of $3.5 million?
Vitelin won $6 million Monday with a $10 scratcher ticket.
Sounds like a dilemma most of us would wish to face. If he takes the advice of some experts he would opt for the lump sum payment. The reason? They believe tax rates could change in the future and this would affect the amount you are paid.
I would advise differently. Taking monthly payments would pay him $2.5 million more if tax rates do not change. Is this a risk worth taking? I believe so. This isn’t earned money that is put at risk.
Vitelin bought his winning ticket at Al’s Short Stop in Escondido.