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All my siblings and inlaws would have their mortgages and other debt paid off.
My sons, their wives, and all my neices and nephews would have all their student loans paid off, and educational funding set up for those still in school.
Retirement funds for people--siblings, children, neices and nephews.
I would consider giving each immediate family members an amount equal to the largest of their outstanding mortgages. That would pretty much take care of my family.
I would then set up a HUGE spay/neuter program for cats and dogs, and either establish, or support an existing, retirement home for elderly, chronically ill, and other unadoptable cats.
Beyond that, I don't know what I would do. I certainly would keep the fact I have money to myself.
I would create a trust so I could collect the cash without using my name. I would likely cut in my brother and sister for 15% each IF they swore they would not reveal the source of the money to anyone.
I think I would be able to pull this off without the hassle of telling people "no". I would cash it and live in my current home while I had my new home constructed on a couple thousand acres of land. When the house was finished I would move in leaving my old world behind.
Unfortunately, if you live in a state that doesn't recognize this....you are out of luck. The officials will still publish your name (Florida is one of these states).
I would help my family and close friends...I would give my friends 59K each (you can give a "gift" and the friends won't pay taxes if it's under 60k) and tell them this is it...if they ask me for more they will be cut off.
I would move and buy a farm and live off the interest...I would also change my name since I'm sure people would crawl out of the woodwork.
I would not be handing out checks to anyone. I would pay off the mortgages on my children's homes. I would set up trusts for the education of any grandchildren and my nephews. I would most likely set up a trust so that any heirs could educate their children, as well.
I would create a foundation and all requests for money would go through the foundation, and I would suspect its mission would be to help entrepreneurs with creation of businesses.
I would create some sort of endowment in a scientific research fund for stem cell research--to award stipends and underwrite expenses to scientists in that field.
I would not purchase a grand estate, lol. I might purchase a farm with some land and a comfortable home on it. I sure as heck don't want to go thru/ the aggravation of building a home.
I would not be interested in buying toys. I like the cars I have, lol. I might be interested in some leisure travel.
I may give some money to my alma mater . . . and would probably give some money to a particular hospital . . .
But as far as paying off people's debts, buying them houses and cars, etc. Nope. I'll pay for their tuition and expenses to get an education, but I am not underwriting anyone's lifestyle, other than houses for my kids (I already paid for their educations, lol).
The fastest way to create an entitlement attitude is to hand over a bunch of money to folks who have done nothing to deserve it - other than being born.
The last five people who called me more than 3x on my cell phone in the last two months. That would be two of my four children, my Mom, my BF, and a friend.
The other folks don't have the time of day for me....why would my having money change how they felt about me? Defer on my other two kids...I would help them out, they are men, and quite busy...both hate talking on the phone.
Forget about anyone else. As a matter of fact, it would be interesting to see who comes around even asking for a handouts...
It is such a pipe dream. You have abetter chance of being eaten during the Zombie Apocalypse that hitting the big one.
But what the hell. It is fun to dream.
1. Hire lawyers, big nasty ones. Put them between my family and everyone else.
2. Move.
3. Setup a trust fund for my niece.
4. Setup a trust for me and the wife to live off of the interest. (I would look into what Mitt Romney has in his)
5. Give my sister more money than she can think of.
6. Create a Foundation to properly review and clear applicants in need of help. I like the mico-loan idea that someone else put up. But I would do that here in the USA
7. Try to live like I do now, just in a bigger more secluded house with plenty of security.
No one in my family needs my help, but I would love to anonymously help random strangers. Like when you see the grandmother trying to raise her grandchildren, call your lawyer and have him buy her a new house, set up college funds for the kids, and help her live easier. Or when you see a child that needs medical help, have your lawyer pick up the bills. I would never want anyone to know it was me, but wouldn't that be great?
I would donate $5 million to my church and the rest I would hang onto.
I wouldn't blow the money on something stupid like a mansion or a private jet.
Believe it or not, I would buy a modest three bedroom home in a middle class neighborhood and continue driving a Honda. I'd probably take a week-long vacation three or four times a year, but not often enough to burn out on traveling.
I would invest everything in bonds, a diverse portfolio of only AAA rated corporate bonds and municipal bonds. I wouldn't even touch the principal as I would live off the interest.
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