"Al, if you hit the lottery, I love you."
"If I hit the lottery, I don't know you..."
Posted on 10/22/2018 10:32:35 AM PDT by LibWhacker
One in 300 million. The odds aren’t great, but your chances of winning the massive Mega Millions lottery are as good as the next person. The current jackpot is estimated to be more than $1.6 billion. That is 1,600 million for those who are used to seeing smaller prizes. According to the USA Mega lottery website, the lucky winner will take home approximately $687 million after taxes if he or she opts for the cash option -- life-changing wealth by any standard. It's fun just dreaming how would you spend or invest the money if you won. The opportunities would be endless. Well, almost.
You still couldn’t buy an NFL team or an NBA franchise. Those are reserved for the multi-billionaires, not somebody who has a mere $687 million. Nonetheless, you could still afford most of life’s extravagances. Once you have shared the wealth with family members and your favorite charities, you would eventually have to get down to the business of investing your windfall. Don’t worry; there would be plenty advisors knocking at your door with all sorts of ideas. Help is only a 1% fee away, after all. But if you are more of DIY investor (which most likely would change with $687 million to your name), here are a few suggestions to get you started.
(Excerpt) Read more at forbes.com ...
"Al, if you hit the lottery, I love you."
"If I hit the lottery, I don't know you..."
Good thing you talked to me BEFORE I won my millions
Otherwise, I’d have just ignored you
yep
That George was one terrific philanthropist.
All while riding a red Rascal. No, it wasn’t the 4-volt.
Flush your money down the toilet. Your odds are far better.
Old joke:
Husband comes home: Honey, pack your bags! I just won the lottery!
Wife: Thats great dear. What should I pack for, the beach or mountains?
Husband: I don’t care. Just pack up and get out!
After you get income from your securities, you can gift (WITHOUT ANYONE PAYING TAXES) either:
1) 15,000 per person (30,000 married) every year, or
2) 5,450,000.00 per person (11mm if married) ONE TIME to someone without them or you paying taxes.
It is how wealthy people reduce their tax brackets in order to not pay the highest tax brackets.
Source:https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes
Also: https://www.mlrpc.com/articles/irs-increases-annual-gift-tax-exclusion-2018/
If the phone doesn't ring, it's me...
But now you said one time....Okay...I get it.
Bookmarking your advice for when I get 3 numbers correct and win $10 and need a sound financial plan. Thanks.
If you are in Texas, your suitability and options are MUCH better with TX PSF insurance Gty on your school bonds.
PLUS You get to keep ALOT more money because TX has zero state income tax! ZERO!
Then like clockwork an article appeared on the web stating that your chance of winning both are one in 88 quadrillion.
We would buy an island in the Caribbean with some of the money.
Invest? Invest? Scatter it out in banks and brokerage accounts. Spend 25 million a year and call it good.
Wow, thanks!
You'll still have to find a lawyer and CPA TEAM set up, you'll call me LAST. You'll need a legal wall of protection for your assets. YOu may very well have the following accounts set up:
Your "foundation" (like the Clintons get rich)
Your charitable trust
Your Irrevocable Family Trust
Your Irrevocable /Revocable Individual Trust
YOur Wifes Revocable and Irrevocable Trust(s)
UGMA/529 accounts for kids
LAND LLC trust(S)
NFA gun trust etc etc etc.
If you win TUE night, don't expect to see the money for 60-90 days, and your first bond interest could be 6 months after that. DONT QUIT YOUR JOB (yet). It will take you a couple of weeks of planning and the rest of your life dodging people.
Other things people need to do is sort your debt, get REAL security, be flexible, have realistic goals, expectations, etc. It'll take about a year to get settled in.
I plan on dressing like Santa and handing out a $15,000.oo (tax free gifting) check to all of my coworkers on DEC 15.
How much would it cost to buy the KC Chiefs?
That’s easy. Buy 1.6 billion lottery tickets.
I remember that call. The advice from that lottery official was sound. When you go to claim that gigantic prize, have your plan in place, and that includes bags packed and somewhere else to go. At least that gives you a head start on the mob.
Interesting that the winner who called Rush back in the 90s was getting two duffel bags of mail solicitations a week. In the age of social media, God only knows what the volume would be, both on-line and through the mail.
If I win, maybe I’d take a page out of Bill Murray’s playbook. He hasn’t used an agent in decades. Instead, he has an 800 number where people can call and pitch projects or offer roles. If he’s interested, Murray will call you back. If not, your voice mail goes down the digital hole. Could you imagine the calls if you posted the number without your name, and just the promise to listen to requests and proposals? The entertainment value would be amazing.
Interesting...Yamazaki won the world scotch competition a few years back.
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