Posted on 01/12/2016 10:22:56 AM PST by Red Badger
Oh, okay. But would he?...............
Sorry, you can't afford it on lottery winnings alone! The Buffalo Bills, perennial under-performers in the league, sold last year for $1.3 billion. I think the Cowboys or Patriots are valued at >$2 billion.
That is, unless you are willing to cash in some of your other investments...
Why? I like CLEAN toilets.....................every job he does he screws up....................
Yeah, I’d like to see the Bama AD try to match $1.4 Billion....LOL!
Get a partnership together with some of my ‘new’ friends?....................
They’d probably shoot him first..................
I wouldn’t buy a basketball team for any price.........................
“Anyone who asks is not your friend.”
True. I decided a long time ago if I won a lot of money that I would never give a penny to anyone that asks me for money. I know which of my family and friends is in need and rest assured, I will take care of them. But, if they ask me for money, they will be taken off the list. I would search for my own charities, for people that really need the help.
A couple of states suspended payment on lottery proceeds
As long as people are giving out free advice with a money back guarantee ....
If you expect to live more than 30 years - take the annual payments. In the first year, move to a state that does not tax income. Pay your taxes, tithe, pay off your debts. Set aside $120,000 ($10,000) per month to live on for the next year. DO NOT SPEND ANY MORE. Get a certified financial planner and put a financial lawyer on retainer. With the rest of the first years money, set up a retirement plan that provides tax free income for the rest of your life. Learn to live within that amount.
Establish a family trust that will 1) pay for a $100K whole life policy for your children/decendance. 2) pay for tuition for college, 3) return a portion back to the principle 4) split the remaining annual revenue between those that are 21+. You may want to put some provisions in the trust with regards to how votes will be taken with regards to the ongoing maintenance of the trust. Consider increasing the number of votes for those that have a bachelors degree in accounting.
If you feel you have less than 30 years to live. Take the cash out. Otherwise, same as above
Idiot. Stopped reading right there. NO WAY IN HELL I would trust the government or an insurance company to fulfill their obligation/contract/promise.
TAKE THE LUMP SUM After
1) Call trust attorney that has experience WINNING IRS court battles.
2) Call Tax Attorney that has experience winning IRS Court battles,
3) Then call me for tax free munis and general securities.
930mm cash payment=
403mm Fed 39%+ Obamacare tax
69mm average state 7.5% state income tax
Net After tax winnings = approx. $450mm
Unless you live in 0% state income tax state (TX, NV, FL,etc) = $525mm after tax winnings.
Take 25mm and pay off all your debts, and those you love/trust. The remainder is cash/wants such as new home, car, land, guns, jewlrey, etc.
Then the rest, 500mm, you invest in tax free muni bonds. Even at 3.5% yield, that's still a staggerting $17mm tax free income a year.....and when the bonds mature, you still have 500mm.
Make sure your bonds are at least AA or higher rated with UPDATED credit report, preferably with AGM, BAM, or NAT RE insurance.
Then change your phone number ;) Gift to charities from your $17mm/yr income. (you can gift $14,000.00/yr tax free gift exclusion to anyone, or a x1 lifetime tax free gift exclusion of $5,450,000.00 for 2016).
You are correct. I forgot about that.
Invest it and double it every 7-10 years.
~500m (lump sum)
worth ~1B in 2026
worth ~2B in 2036
Worth ~4B in 2046
I would have my attorney allocate percentage ownership of the winning ticket among those to whom I intended to gift. That way, their initial payout after taxes would account for the amount I might gift, so as to avoid gifting restrictions/taxes.
Good advise. Just get a very reputable financial attorney and accountant. With winnings that big, spend money on the family and maybe very close friends. Life is short. You'd expect the same if one of your family members hit it this big. Bottom line is don't get suckered or go crazy blowing big dollars are high priced extravagant BS. Just be sensible.
With 500 million or so after taxes, you, your entire family and a close friend or two could have a great time and basically do what you please and still have plenty left over for the grand-kids.
I think I might disagree with Mr. Cuban.
If you win the lottery big tomorrow night... sure, give some money to your family members. Find that one family member you really don’t like and give them 10 million dollars.
Then, tell the rest of the family that you gave them 10 million dollars.
Then hide.
well i’d be real happy with a new truck.
Any winner, of any age, should consider setting up immediately either a L.L.C. (Limited Liability Company) or L.P.(Limited {family} Partnership), or a "C" Corporation, and let the legal entity be the winner / receive the proceeds.
When one of these Legal instruments is used, you do not have to deal with inheritance tax(s), probate court(s.)
Want proof of this, just look at the Washington Redskins. When the former owner died "Jack Kent Cooke, Redskins' Team Owner, Dies at 84." circa April 7, 1997.
from the New York Slimes:
He {J.K. Cooke} was not one of the idle rich and, as he entered his 80's, he became increasingly occupied with yet another large-scale project: a $160 million, 78,600-seat stadium for his Redskins in the countryside of Prince George's County between Washington and Baltimore. After battling local government for a decade, he finally reached a deal to build the stadium in 1995.
The kids had to sell the "stadium," just to pay the "inheritance tax(s.)"
Had the late Jack Kent Cooke, utilized a Legal entity such as L.L.C. (Limited Liability Company) or L.P.(Limited {family} Partnership), or a "C" Corporation, the kids / family members, would not of had to sell the stadium.
The above is my "opinion," the above is not legal advice, I'm not a lawyer, FU, {Middle finger to} Washington State Bar Association.
Pretty good advice from Cuban. Start with your attorney, who will recommend a tax attorney. Then your boss, you are going to need a day off. You will need to figure out how you go public. Probably buy a new phone and only your attorney would know the number.
Fun to think about.
Niiice.
Now let’s win a million dollars!
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