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Mega Millions at $400 million (cash option $216 million)- 3 things you'll buy

$63 million or so, leaving you with a net of $87-ish million. For someone who is very charitably minded, it is clearly the best play from a tax perspective.
 
What about if you want to give money to family members- anyway to do that without them having to pay a fortune of it in taxes?
 
There are definitely ways to help minimize taxes on wealth transfers to family and/or friends (it's basically what I do for a living), but nothing really easy like donating a boat load to charity. Let's say you take the cash option of $300 million and keep all of it. You pay around $126 million in income tax, leaving you with $174 million or so. Then let's say you want to give away $50 million to friends and family (for the sake of argument, let's say it's just to people in your generation or one lower so that we're not dealing with generation-skipping transfer tax on top of gift tax). If you are married, assuming your spouse consents, you can give away around $10.5 million without paying gift tax. But, you will pay gift tax of 40% on the $39.5 million, so giving away $50 million actually costs you around $65.8 million. We have plenty of tricks to transfer wealth in ways that minimize tax, but there's virtually no way (other than giving all to charity) to get around transfer taxes when you have hundreds of millions of dollars.
 
So, is a lottery ticket source income in the state in which the ticket is sold?
 
1. Annuities, trust funds for kids/nephews
2. House near the water
3. The 1969 Pontiac GTO Judge RAIII that I sold 10 years ago
 
Wakelaw2006 said:
There are definitely ways to help minimize taxes on wealth transfers to family and/or friends (it's basically what I do for a living), but nothing really easy like donating a boat load to charity. Let's say you take the cash option of $300 million and keep all of it. You pay around $126 million in income tax, leaving you with $174 million or so. Then let's say you want to give away $50 million to friends and family (for the sake of argument, let's say it's just to people in your generation or one lower so that we're not dealing with generation-skipping transfer tax on top of gift tax). If you are married, assuming your spouse consents, you can give away around $10.5 million without paying gift tax. But, you will pay gift tax of 40% on the $39.5 million, so giving away $50 million actually costs you around $65.8 million. We have plenty of tricks to transfer wealth in ways that minimize tax, but there's virtually no way (other than giving all to charity) to get around transfer taxes when you have hundreds of millions of dollars.
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Acknowledging that I don't know shit about taxes....I still would like to say I find them to be complete bullshit for certain things.


Also, assuming you win....how do you find the right person to help you handle the new found wealth...meaning someone who won't dick you over for millions and/or screw up your taxes so you get in trouble.
 
DeaconSlim2.0 said:
Acknowledging that I don't know shit about taxes....I still would like to say I find them to be complete bullshit for certain things.


Also, assuming you win....how do you find the right person to help you handle the new found wealth...meaning someone who won't dick you over for millions and/or screw up your taxes so you get in trouble.
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Marquee Moon said:
http://www.goldmansachs.com/what-we-do/investment-management/private-wealth-management/
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I'm personally partial to Merrill Lynch (and a few Atlanta based Private Banking and Investment Group teams in particular) over Goldman, but the first thing I would do is interview some private wealth advisors from a number of the big names - ML, Goldman, Morgan Stanley, JP Morgan, UBS, USTrust, BNY Mellon, etc. You can spread your money around, but I find that using one of the big names for your major relationship tends to work best (and is what the vast majority of my clients do), so that you have someone playing quarterback and coordinating your investment strategies with your tax and estate planning strategies with your attorney(s) and accountants.
 
how has maple refrigerators not made it onto this thread yet.

my list:
(1) set up an endowment for my church
(2) set up an endowed scholarship at Wake for undergrads from rural areas
(3) buy a house or sweet condo at a Western ski resort


I would also buy a small jet and set it up with a leasing company to defray some of the cost. Having flown private one time in my life, there is no amount of Delta first class treatment that can possibly compare.
 
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Worked construction until I was 22.... Most of the guys were signifcantly older than me, many were serious rednecks (NTTAWWT). We put in for a pool of lottery tickets, each would have won $5-7 mil.... one guy said he would buy a double wide
 
1. Kegerator thats filled with Coors Light
2. Toyota Supra tricked out to the exact spec that Paul Walker's has in the first the Fast and the Furious
3. Pay Asa Akira to come with me for a month long globe trotting vacation
 
Manifest Destiny said:
1. Kegerator thats filled with Coors Light
2. Toyota Supra tricked out to the exact spec that Paul Walker's has in the first the Fast and the Furious
3. Pay Asa Akira to come with me for a month long globe trotting vacation
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This man has it figured out. Should get Hayden Winters and Lexi Belle to join you, however.
 
I was thinking more of a globe trotting tour of different "actresses" around the world, but yeah his head in the right place.

Also would you post on the boards anymore if you won? Or would you be too cool and awesome to give a shit about this place?
 
BillBrasky said:
I was thinking more of a globe trotting tour of different "actresses" around the world, but yeah his head in the right place.

Also would you post on the boards anymore if you won? Or would you be too cool and awesome to give a shit about this place?
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even rich people have downtime and need something to do on the toilet. the only difference is that i would have tapatalk pro instead of basic.
 
But real estate mostly, small hideaways in the following places:
1. Gold Beach, Oregon
2. Hawaii
3. Rome/Barcelona/some other European city.
 
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