Saturday night you win the powerball. Then what? (debt, taxes, income)

[JerzyGiant]

Originally Posted by Cape Cod Todd

You just won Powerball Saturday night that might just hit 600 million! After you settle up with the tax man you will probably be left with 250 million.
What would you do?
Would you keep it quiet for as long as possible. You know the vultures will start circling when they find out your loaded.
Charity?
I think it is silly when people say that they will still work in their average 9-5. Really?
When I win I would start looking for a sweet house with a deep water salt water dock right out back, a multi car garage and a airport nearby where I can drive my Ferrari to so I can fly my biplane.
and of course travel to amazing places with my loved ones.

What would you do?

I would give a significant portion of it to everybody from my In laws, my parents, my brothers and sisters, my wife's brothers and sisters, my church, etc.,etc.. I would keep like 5million(way too much for one family anyway) for myself and it would go straight to my bank where it would stay FOREVER.

I simply would live off what i make annually.

[Wry_Martini]

First thing I'd do is find a very good tax attorney.

[Dayton Sux]

^
LOL...and a private banker! I think getting good (and trusted) financial and legal advice upfront would be a necessity. One of the very first things I'd do, since Id be clueless how to handle this amount of $$$$$$$$$$$.......

[jezyk]

Wouldn't the tax attorney and private banker milk you out of your winnings?

[oregonwoodsmoke]

As soon as you picked up the first check, you'd have to donate your house to a charity and disappear, never to contact friends or relatives again.

Your children would have to be picked up and hidden before you cashed in the winning ticket.

Maybe a vacation out of the country until the next big winner distracted the public's attention

[LeisureMan]

I would go into work the next day, summon every manager I work for into the conference room, and tell them exactly what I think of them, which would not be good.

I would then tell them I quit, cut a loud fart in front of them, and walk out.

[nightlysparrow]

Originally Posted by City Guy997S

Wow this thread is really full of bad advice!

Fun Fact: FDIC insures accounts up to 250K.......but in a NON-INTEREST BEARING ACCOUNT the amount covered is unlimited.

Oops! You gave bad advice, too! This provision expired at the end of 2012.

FDIC: Changes in FDIC Deposit Insurance Coverage

[City Guy997S]

Originally Posted by nightlysparrow

Oops! You gave bad advice, too! This provision expired at the end of 2012.

FDIC: Changes in FDIC Deposit Insurance Coverage

Good thing I didn't win the 600mm then!

I didn't realize that had gotten eliminated for 2013, rep points to you!

[stoutboy]

1. Sign ticket
2. Buy 6 cases of mountain dew and guard ticket for next 36 hours
3. Put ticket in safety deposit box at bank first thing Monday
4. Call in sick to work or take two weeks emergency leave
5. Establish trusted financial team
6. Establish trust for winnings
7. Claim ticket in name of the trust, anon if state law allows
8. Quit job with little/no fanfare
9. Disappear from my present life
10. Re-emerge as an unknown in another part of the country/world and live in quiet, unassuming opulence

[GregW]

Hire a trusted lawyer to set up trust. Hire financial assistance and do what they advise. Buy and restore old farm house I admire.

Then live a life of indolence, sloth and as much debauchery as this body can support.