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LLC's can be traced through one's Secretary of State's department. In my state you can do it online. You can't really hide behind trusts either.
Giving it to family members....you're limited to how much you can give per year without triggering "Gift Tax". Last time I looked an individual can gift $13,000 a year per person. A couple could then gift $26,000 per individual without triggering the tax.
First thing I'd do, is put in in my regular bank. Then I'd meet with another local bank who can take care of CDRS for me. Then shift the rest of the money into an institutional account.
I'd probably not be able to work at my current job as it's rather public. So I'd retire. I'm not that far away anyway.
There's a lot I've had my eye on for awhile. Near the beach, but not too near as to need flood insurance. I'd buy it, rip down the 70's eyesore of a house currently on it.. and build a new house more fitting to the neighborhood. I have the CD with the blue prints already!
After that, I really don't need anything. Probably a good portion would go towards Historic Preservation and Land trusts, companion animal spay and neuter programs, and no-kill animal shelters.
For fun......season tickets to the Metropolitan Opera and a river cruise or two each year. Take up some new hobbies.........who knows??
I would buy up the property across the street from my place of work, build a rickety shack on it, with a porch and a rocking chair and a coffee pot, and I'd shoot my ex-co-workers the moon as they drove into work.
Whatever I want to do. That would include sharing with my children and setting up trusts for everybody. Not go hog wild but enjoy and do as much good as possible.
Move to one of the states that I have wanted to move to for some time now and start over.
No more working. I'd just ride and race bicycles until I get burned out.
I'm not sure if I'd even invest any part of my winnings.
I'd give my family members money.
I would keep 100 million and share the remaining 220 million.
Your forgetting one minor detail. If the cash payment is 320 million out of the 600 million total prize, this is BEFORE taxes. Figuring a 35% tax rate and you giving away 220 million, that leaves you with a 12 million dollar tax bill (after the IRS takes the other 100 million to pay your taxes) and no money to pay it. You probably should think about getting a financial adviser before making any decisions.
Your forgetting one minor detail. If the cash payment is 320 million out of the 600 million total prize, this is BEFORE taxes. Figuring a 35% tax rate and you giving away 220 million, that leaves you with a 12 million dollar tax bill (after the IRS takes the other 100 million to pay your taxes) and no money to pay it. You probably should think about getting a financial adviser before making any decisions.
So...you'd be left with about 140 bucks?
I prefer to play Canadian lotteries. They don't tax your winnings.
Do they really broadcast lottery winners out the world?
I couldn't name one lottery winner off the top of my head.
I couldn't either, but if I wanted to find them, they're all on the PB website. There are very few states that let you collect anonymously. I'm not sure if others let you hide behind a trust. My state (PA) says that they need winners to be identified to ensure that the lottery is not running a scam, and that a person is actually getting the money.
Me? I really don't want that much money. A few million, and I could very easily retire (aka stop job hunting, since I'm unemployed). So I'd figure out a way to put all of my siblings/inlaws/step-siblings on the trust to collect equally (without my "gifting" them). I'd also set up a charitable trust, and make all donations from that.
I don't want a huge house -- a nice, well-appointed cottage somewhere. Maybe rent a shore house for the season (who needs the responsibility of owning it?). And before selling my current house, I'd "do right" by it and fix it up nicely, and hang getting a return out of it.
I'd also do 2 things I've never done before: fly first class, and buy a brand new car.
That's if I survive the heart attack!
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