...works just as well.
Posted on 11/06/2022 3:09:50 AM PST by C19fan
The Powerball jackpot has risen to an estimated $1.9 billion for Monday's drawing after no ticket won the world-record pot on Saturday, Powerball said.
Monday's drawing has a cash option of $929.1 million, the lottery said.
(Excerpt) Read more at abcnews.go.com ...
I got this...
And I'd eat prime rib often and fly business class on flights more than 6 hours.And keep my thermostat at 73 degrees year round.
May all your wishes come true.
Pssst - Florida is a no-tax state, and they have BMW dealerships.
I hate heat and humidity. New Hampshire (no income tax *or* sales tax) April through October and Florida the rest of the time.
Tell that to the people who win significant money. People aren’t stupid; they know it’s just another form of gambling with high odds against winning.
Set up a trust, pay to trust. Take annual payments as trust will outlive me. Less taxes paid out over time. Better expense write offs as family would be on the board.
Step 6: Be happy, quiet, and give thanks to God. Now go out and make a difference in peoples lives!
...works just as well.
Much as I’d like to win it, jackpots this size are potentially dangerous. Very few people have the sophistication and self control necessary to shoulder this responsibility. Even if you give away 95%, people will assume otherwise, and you’ll have to live in a security bubble.
1. Take care of me: pay off a few bills that were going to be cleared by March, anyways; new car, new truck, new house with a detached garage to park them in; go back to school, change course of study to something economics-related.
2. Take care of parents
2a. My Mom lives with and is cared for by my sister, so Mom gets pocket money and a caretaker fund going to Sis.
3. Pay off brothers' and sister's mortgages
4. No kids, so set up trust funds for nieces and nephews that would grant a stipend to match their earnings: no work (or comparable), no money. I have a niece that's a full-time stay-at-home Mom and a home-schooler, so I'll hire someone to figure out how much that check would be. I have a nephew that served honorably in the Army by jumping out of perfectly good airplanes, seperated with full disability, so he gets something extra on top.
5. Whenever I get the urge to splurge, go look up the history of previous lottery winners.
6. Using my newly gained economics education, make investments in business startups. If they're successful, and profitable, after a few years, take out my initial investment and turn whatever profit was made back over to the original owners.
Who was it that said: “Actually buying a lottery ticket only slightly increases your chances of winning.”
But it won’t truly be “cash on hand” because it’ll be in the banks. But I get what you said.
Annie, bring me me apple tart, will you?...
It’s more complicated than that. Simply to take possession of the winnings, you need a bank with a top notch wire room and investment services, as everything at first will have to go straight into repo agreements. Before you can do that, you have to line up a hefty liability umbrella. To minimize the tax bite, you need to form an llc to receive the funds, including both individuals and charities. You need to get your foundation set up. Forget about keeping more than $30-$50 million for yourself, as you’re looking at a giant estate tax problem. Unless you want the government to be your heir. You need plans for investment and spending, to be handled by people more knowledgeable than your high school buddy. Unless your plan is to piss it all away, dying as a result of your new friends and lifestyle, or else from someone who wants to take what you have, you must understand that great wealth is a serious burden of stewardship. Even giving it to charity is hard work, as you’ll need to have grant proposals, benchmarks for proper use of the funds, and proper documentation throughout to keep the IRS off your back. While I’d love to win, I have no illusion about what a monumental labor it would be. Especially while striving to remain anonymous.
“Shoot, A Fella’ Could Have A Pretty Good Weekend In Vegas with all that stuff.”
Collecting through an llc or similar eliminates only the first layer of the least sophisticated. When sums like this are involved, people will talk.
All’s I can tell you is that it has been done - more than once successfully.
As long as I can debit my tropical island, I’m ok with debitung $30 million, I’m good.
I’m on a one shopping spree to disappear.
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