Screamindemon3
Well-known member
Pay back anything my family has given me x5. Buy some property in Europe. Quit my job. Go to a lot of soccer matches. Travel a lot. Then settle down and start a non profit benefiting kids in Kenya
What would do with $1.5B?
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JManslow
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The kids are Wake fans. Their lives are already ruined.
netflixnchildres
Well-known member
I'd buy the Joel and rename it the Ron Wellman Center for kids who suck at basketball. Instead of the Deacon head at midcourt I'd just make an artist design Ron Wellman's mouth wide open ready to suck.
ImTheCaptain
I disagree with you
has anyone said 'two chicks at the same time' yet
mako1331
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Goddamnit. I came here to post that exact thing. Get out of my head, man.
TimmyClutch
Well-known member
Nothing too crazy. Pay off mine and the future Mrs. Clutch's student loans, pay for our wedding, buy a place in Telluride, Kiawah, and Santa Barbra. Pay for my sister and nephew's college. Put money in trust for my family. Then spend my years buying race horses and vineyards.
BirtherDeac
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Kenya - the cradle of American presidents.
thatguy2016
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ImTheCaptain
I disagree with you
haha yesssss. now that's how you deliver on a monday
Sorry but for a bil, you can do 3 or at least shoot for a small harem.
dot com
Well-known member
I am afraid of affluenza, but vaccinating would only give them autism.
ImTheCaptain
I disagree with you
i plan to make my daughter win the lottery like everyone else
CDeacMan
Ishmael Smith
I think this is entirely dependent on you rather than the amount of money you have
AnonymousDeac
Well-known member
Interesting thread on twitter. Added additional tweets in text below.
[FONT="]Let's stipulate first that lottery winners often have a hard time. Being publicly identified makes you a target for "friends" and "family" who want your money, as well as for non-family grifters and con men. 2/
[/FONT][FONT="]The stress can be damaging, even deadly, and Uncle Sam takes his huge cut. Plus, having a big pool of disposable income can be irresistible to people not accustomed to managing wealth. [/FONT]http://[FONT="]3/
[/FONT][FONT="]Meanwhile, the private foundation is as close as we come to Downton Abbey and the landed aristocracy in this country. It's a largely untaxed pot of money that grows significantly over time, and those who control them tend to entrench their own privileges and those of their kin. 4
[/FONT][FONT="]Here's how it works for a big lotto winner:1. Win the prize.2. Announce that you are donating it to the YOUR NAME HERE Family Foundation. 3. Receive massive plaudits in the press. You will be a folk hero for this decision.4. Appoint only trusted friends/family to board. 5/
[/FONT][FONT="]Step 5. Give foundation jobs to friends/family you want to reward.6. Get your kids/grandkids on your board eventually. Voila! You have created an institution that will provide your family with comfortable salaries and massive social privilege -- indefinitely! 6/
[/FONT][FONT="]A $1.6B-asset foundation would instantly be among the country's top 75 foundations. Foundations are (generally) required to give away at least 5% each year -- this is an $80 million annual payout. Little secret: this payout can include your administrative expenses. 7/
[/FONT][FONT="]Now to salaries. Per 990 filings, it is very reasonable to pay the CEO of a $1.6B foundation as much as $1 million. You can live well on a million bucks for life, plus the social prestige of running a large and generous charity. 8/
[/FONT][FONT="]Top executives can pull down $700-800k. Your hangers-on can easily justify $200-300K salaries as program directors. Don't go crazy -- you don't want to attract IRS/AG attention. Benchmark to peers but honestly you can pay yourself and your staff a lot. 9/
[/FONT][FONT="]This overhead will still be a tiny portion of an $80M annual payout. Think of how many people will be trying to get a piece of that. You will be inundated with invitations to parties, to speak at events, to get honorary degrees. Say no or yes as you like. 10/
[/FONT][FONT="]As a friend says who now works for a family foundation, "I'll never tell an unfunny joke again." When you work for a big foundation -- and especially, run a big foundation -- you can call anyone you like and get a meeting with anyone you want. 11/
[/FONT][FONT="]Colleges will court your kids, all in hopes of getting access to grants. They can work outside the foundation if they want, but your kids will always have the fallback of working for the foundation. It will always be there to support the family and its privilege. 12/
[/FONT][FONT="]I always chuckle at the thought that Warren Buffett didn't spoil his kids. ([/FONT]https://www.businessinsider.com/tycoons-not-leaving-money-to-their-kids-2013-8#business-magnate-warren-buffett-1 …[FONT="]) He gave each of them a billion-dollar foundation! They are set for life! (Howard Buffett is a genuinely interesting philanthropist, I'll add. 13/
[/FONT][FONT="]Please don't read this to suggest that I am opposed to private foundations. I think they're a great vehicle and an important part of the fabric of American civil society. I just think we should be aware of the dynamic of family privilege they create. 14/
[/FONT][FONT="]So if you win the big jackpot, take it from me. Spend it all in one place: on creating a private foundation. You'll be a public hero, minimize your tax liability, and set yourself and your family up for life. Not a bad deal. 15/15[/FONT]
[FONT="]Let's stipulate first that lottery winners often have a hard time. Being publicly identified makes you a target for "friends" and "family" who want your money, as well as for non-family grifters and con men. 2/
[/FONT][FONT="]The stress can be damaging, even deadly, and Uncle Sam takes his huge cut. Plus, having a big pool of disposable income can be irresistible to people not accustomed to managing wealth. [/FONT]http://[FONT="]3/
[/FONT][FONT="]Meanwhile, the private foundation is as close as we come to Downton Abbey and the landed aristocracy in this country. It's a largely untaxed pot of money that grows significantly over time, and those who control them tend to entrench their own privileges and those of their kin. 4
[/FONT][FONT="]Here's how it works for a big lotto winner:1. Win the prize.2. Announce that you are donating it to the YOUR NAME HERE Family Foundation. 3. Receive massive plaudits in the press. You will be a folk hero for this decision.4. Appoint only trusted friends/family to board. 5/
[/FONT][FONT="]Step 5. Give foundation jobs to friends/family you want to reward.6. Get your kids/grandkids on your board eventually. Voila! You have created an institution that will provide your family with comfortable salaries and massive social privilege -- indefinitely! 6/
[/FONT][FONT="]A $1.6B-asset foundation would instantly be among the country's top 75 foundations. Foundations are (generally) required to give away at least 5% each year -- this is an $80 million annual payout. Little secret: this payout can include your administrative expenses. 7/
[/FONT][FONT="]Now to salaries. Per 990 filings, it is very reasonable to pay the CEO of a $1.6B foundation as much as $1 million. You can live well on a million bucks for life, plus the social prestige of running a large and generous charity. 8/
[/FONT][FONT="]Top executives can pull down $700-800k. Your hangers-on can easily justify $200-300K salaries as program directors. Don't go crazy -- you don't want to attract IRS/AG attention. Benchmark to peers but honestly you can pay yourself and your staff a lot. 9/
[/FONT][FONT="]This overhead will still be a tiny portion of an $80M annual payout. Think of how many people will be trying to get a piece of that. You will be inundated with invitations to parties, to speak at events, to get honorary degrees. Say no or yes as you like. 10/
[/FONT][FONT="]As a friend says who now works for a family foundation, "I'll never tell an unfunny joke again." When you work for a big foundation -- and especially, run a big foundation -- you can call anyone you like and get a meeting with anyone you want. 11/
[/FONT][FONT="]Colleges will court your kids, all in hopes of getting access to grants. They can work outside the foundation if they want, but your kids will always have the fallback of working for the foundation. It will always be there to support the family and its privilege. 12/
[/FONT][FONT="]I always chuckle at the thought that Warren Buffett didn't spoil his kids. ([/FONT]https://www.businessinsider.com/tycoons-not-leaving-money-to-their-kids-2013-8#business-magnate-warren-buffett-1 …[FONT="]) He gave each of them a billion-dollar foundation! They are set for life! (Howard Buffett is a genuinely interesting philanthropist, I'll add. 13/
[/FONT][FONT="]Please don't read this to suggest that I am opposed to private foundations. I think they're a great vehicle and an important part of the fabric of American civil society. I just think we should be aware of the dynamic of family privilege they create. 14/
[/FONT][FONT="]So if you win the big jackpot, take it from me. Spend it all in one place: on creating a private foundation. You'll be a public hero, minimize your tax liability, and set yourself and your family up for life. Not a bad deal. 15/15[/FONT]
DistrictDeacon
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You win 1.6 billion and all you give yourself is a million dollar salary?
That’s terrible advice.
That’s terrible advice.
FIFY
A few things would influence my decisions - I'm fucking old, Federal Income taxes will likely be higher in the future as will gift/estate taxes (possibly much higher).
I'd take the $904 mil cash option and set up a $100 mil foundation. Foundation goals would be support for orphans, St Jude's, healthcare research (Cancer, heart and stroke), abused women and children, the Arts and a few churches that were influencial in our parents and our lives. My children would be the foundation officers .
The remaining $804 pre-tax mil is still a staggering amount. Even if I don't use tax avoidance strategies and just pay the income tax on the full amount, I net $460 mil. I would use the unlimited marital deduction to move half to my wife. We then use our lifetime 22 mil gift/estate tax exclusion to give my our daughters $11 mil each.
We're down to a paltry $438 mil. There's no way we could responsibly blow more than $40 mil in our lifetimes, but hell, let's make it $50 mil. I want to further secure my daughters' future and provide for the five sibling branches my wife and I have. 10% of post-tax divided between those five families gives each branch say $10 mil, but costs me $17 mil due to gift tax if I don't set up trusts. Even I don't, I have $300 mil left to divide between my daughters ($180 mil after gift tax). I suspect the $100+ mil each (plus whatever crumbs we don't spend before we die) would be sufficient to keep their famiies going for a few generations.
Even without really trying, my wife and I win, our children win, our extended family wins, worthy efforts/research are funded and the IRS books, $500 mil or so.
Oh yeah, I'd make sure we have a competent basketball coach.
I'd take the $904 mil cash option and set up a $100 mil foundation. Foundation goals would be support for orphans, St Jude's, healthcare research (Cancer, heart and stroke), abused women and children, the Arts and a few churches that were influencial in our parents and our lives. My children would be the foundation officers .
The remaining $804 pre-tax mil is still a staggering amount. Even if I don't use tax avoidance strategies and just pay the income tax on the full amount, I net $460 mil. I would use the unlimited marital deduction to move half to my wife. We then use our lifetime 22 mil gift/estate tax exclusion to give my our daughters $11 mil each.
We're down to a paltry $438 mil. There's no way we could responsibly blow more than $40 mil in our lifetimes, but hell, let's make it $50 mil. I want to further secure my daughters' future and provide for the five sibling branches my wife and I have. 10% of post-tax divided between those five families gives each branch say $10 mil, but costs me $17 mil due to gift tax if I don't set up trusts. Even I don't, I have $300 mil left to divide between my daughters ($180 mil after gift tax). I suspect the $100+ mil each (plus whatever crumbs we don't spend before we die) would be sufficient to keep their famiies going for a few generations.
Even without really trying, my wife and I win, our children win, our extended family wins, worthy efforts/research are funded and the IRS books, $500 mil or so.
Oh yeah, I'd make sure we have a competent basketball coach.
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