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Old 02-10-2014, 01:04 PM   #1
Pablo Pablo is offline
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Take the cash option.

Give half of it away to friends and family right away if it was a big jackpot. My life isn't going to be dramatically different if I have 100 million v. 200 million. But that 100 million could do a lot of good for a lot of people that I care about. Then throw an "I'm rich, bitch" party and get all sorts of ****ed up.

Move somewhere warm. Hire a personal trainer and a top notch golf instructor. Play golf (hopefully well). Drink beers. Bang wife. Repeat.
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Old 02-10-2014, 01:28 PM   #2
vailpass vailpass is offline
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Originally Posted by Pablo View Post
Take the cash option.

Give half of it away to friends and family right away if it was a big jackpot. My life isn't going to be dramatically different if I have 100 million v. 200 million. But that 100 million could do a lot of good for a lot of people that I care about. Then throw an "I'm rich, bitch" party and get all sorts of ****ed up.

Move somewhere warm. Hire a personal trainer and a top notch golf instructor. Play golf (hopefully well). Drink beers. Bang wife. Repeat.
You'd spend a large amount in gift taxes that way...
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Old 02-10-2014, 01:30 PM   #3
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You'd spend a large amount in gift taxes that way...
Yeah, didn't think of that really. Not that it's an issue I'll ever need to spend much more time on than in this very thread.
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Old 02-10-2014, 01:33 PM   #4
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You'd spend a large amount in gift taxes that way...
Hiring a financial adviser should help with that somewhat. I'm sure there are ways around it.
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Old 02-10-2014, 01:36 PM   #5
vailpass vailpass is offline
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Hiring a financial adviser should help with that somewhat. I'm sure there are ways around it.
Absolutely, hire the best. Gift tax is a bitch if you just give straight cash.
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Old 02-10-2014, 01:44 PM   #6
kepp kepp is offline
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1. Hire lawyer / financial advisor
2. Take bulk cash payment
3. Probably quit my job...maybe not right away though
4. Set up some sort of trust for family members (with me not in charge)
5. Give a good portion to church/charity
6. Buy an abandoned missile silo complex and do a bad@ss renovation
7. Buy lots of acreage in various locations (Idaho, Montana, Wyoming, etc)
8. Live life...travel, learn new things, take up new hobbies
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Old 02-10-2014, 02:58 PM   #7
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Quote:
Originally Posted by kepp View Post
1. Hire lawyer / financial advisor
2. Take bulk cash payment
3. Probably quit my job...maybe not right away though
4. Set up some sort of trust for family members (with me not in charge)
5. Give a good portion to church/charity
6. Buy an abandoned missile silo complex and do a bad@ss renovation
7. Buy lots of acreage in various locations (Idaho, Montana, Wyoming, etc)
8. Live life...travel, learn new things, take up new hobbies
I would consider buying 10,000 acres of land, but I'd buy it one acre wide and 10,000 acres long. That way I could go for long treks on my property, but I could also turn left or right and find a Dairy Queen within ten minutes.
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Old 02-10-2014, 03:00 PM   #8
vailpass vailpass is offline
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I would consider buying 10,000 acres of land, but I'd buy it one acre wide and 10,000 acres long. That way I could go for long treks on my property, but I could also turn left or right and find a Dairy Queen within ten minutes.
Peanut, how your mind works is God's own private mystery/Wild at Heart
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Old 02-10-2014, 03:09 PM   #9
The Franchise The Franchise is offline
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Originally Posted by Rain Man View Post
I would consider buying 10,000 acres of land, but I'd buy it one acre wide and 10,000 acres long. That way I could go for long treks on my property, but I could also turn left or right and find a Dairy Queen within ten minutes.
That's going to cost you a TON of money.
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Old 02-10-2014, 01:51 PM   #10
Mr. Laz Mr. Laz is offline
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Originally Posted by vailpass View Post
You'd spend a large amount in gift taxes that way...
That's why you pick a family member to split the ticket with before claiming it.

Like you hear how a group of people won together

If it was a big amount won then i would probably say my father and sister won the lottery with me. Save gifting tax issues later by splitting the initial prize.

Then i know my immediate family is taken care of and don't tell anyone else.
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Old 02-10-2014, 01:53 PM   #11
vailpass vailpass is offline
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That's why you pick a family member to split the ticket with before claiming it.

Like you hear how a group of people won together

If it was a big amount won then i would probably say my father and sister won the lottery with me. Save gifting tax issues later by splitting the initial prize.

Then i know my immediate family is taken care of and don't tell anyone else.
That sounds reasonable though i have zero knowledge of lottery law.
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Old 02-10-2014, 01:58 PM   #12
Mr. Laz Mr. Laz is offline
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That sounds reasonable though i have zero knowledge of lottery law.
I imagine you could also give people different % of the winning.

ie We went in together to buy lottery tickets but person A contributed more money so they get 50% of winnings, person A only gave 2 bucks so they get 20% of the winning etc

How are they going to know who put in money to buy the tickets?

200 million dollar winnings

I get 100 million
sister gets 50 million
father gets 50 million

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