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Lets say you are the only winner of the 545 Million Dollar Lottery and collect about $200 Million after taxes and fees. Who are you going to help, bail out, and ignore from your long list of relatives, friends, coworkers, neighbors and acquaintances now that you have the money and they know you are rich?
How are you going to say no to the people who want your help that were once friends or relatives who would not give you the time of day before you won the lottery?
PLEASE, lets keep the discussion to only how you are going to help or ignore people in your life, nothing about what you are going to do with your life. Lets keep the discussion to how you will work with the people with their hand out that you had a relationship of some kind before you were rich.
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.
If it at all possible I wouldn't want anyone to know I won. I would help my parents and my brother. They are both doing fine and don't really need help, but I'd pay off their debts, then I would take them on a fantastic vacation. I wouldn't really help anyone else - it would be too complicated. I'd rather give the money to charity instead of specific people. My parents and brother have always loved and supported me - anyone else I would question they were using me for the money.
Lets say you are the only winner of the 545 Million Dollar Lottery and collect about $200 Million after taxes and fees. Who are you going to help, bail out, and ignore from your long list of relatives, friends, coworkers, neighbors and acquaintances now that you have the money and they know you are rich?
How are you going to say no to the people who want your help that were once friends or relatives who would not give you the time of day before you won the lottery?
PLEASE, lets keep the discussion to only how you are going to help or ignore people in your life, nothing about what you are going to do with your life. Lets keep the discussion to how you will work with the people with their hand out that you had a relationship of some kind before you were rich.
Well, for me it would only be about $100 million because my man and I each bought tickets and will split the prize.
My siblings would be taken care of. The one in New Jersey would have a new house entirely if she wanted it, as hers took $75,000 of damage from Sandy. My nieces and nephews would have their educations paid off, and have trusts to be held until they are 30 (yes, 30, I'm not giving them a million bucks for them to blow it on the folly of youth). My grandniece and grandnephews would have trusts for their college.
My close friends have already been told to get their grant proposals in order, so if they want to take a year off and write a book or something, I can fund it out of my forthcoming charitable foundation. (Which reminds me, I really need to call Bill and Melinda to get some advice on that.)
As for everyone else who might crawl out of the woodwork, sorry, but no. I have cousins who did some crappy things, and other relatives I haven't seen in 30 years. If they come to me with their hands out they risk drawing back a bloody stump. Neighbors would have no idea it was me. Former coworkers can kiss my behind.
Really, I would only directly help people whom I know would help me. Everything else goes through the foundation. As the bulk of the funds (roughly $75 million) would go into the foundation, it's not like I'm going to be splitting things equally among my siblings or something, anyway. The taxes are WAY too high on gifts like that, so it would be more like setting up joint trusts for a few million with my name on them as well but that I would consider their money to do with as they wished.
And if my man wins and disappears without sharing the moolah, let's just say that the earth is round and there are no corners to hide in, so if he runs, he'd better be on the next space shuttle.
Anyway, I have this whole thing planned out, so we can close the thread now as no further discussion is warranted.
I've been blessed with a relatively "sane" family so it's actually kinda easy.
My son will get about 75 mil with his children getting 25 million apiece to be giving on their 30th birthdays.
No one will have a mortgage...all children will have a college fund set up.
If they don't have a mortgage, a nice retirement fund will be set up.
My mother, father and MIL will have an account that they can draw upon as they wish.
Everyone will get a new car or if they have new cars, those will be paid off.
We have a number of close friends that this will be extended to as well.
Our dream is to actually do this behind their backs then hand them their mortgage papers, cars, certificate what have you at Christmas along with a $10K check.
I actually use this as a sleep aid. Instead of counting sheep, I start listing families and what they will need.
Good plans so far but from what I have read about lottery winners the people who you thought would be thankful for your help want more MUCH MORE and they hate you for not giving them MORE, so it is a lose lose.
I will buy myself a throne and allow family to grovel one at a time as I decide if I will Lop off their heads.....
That is extreme...what about a really comfortable dungeon? I would make my sister in law do some time in the slammer...room service of course.
Jokes aside...what kind of bizarre prize is that...half a billion bucks...that sounds like more of a burden to me than freedom....it would be great if they handed out a million to 450 winners....GREED....is not a good thing.
Good plans so far but from what I have read about lottery winners the people who you thought would be thankful for your help want more MUCH MORE and they hate you for not giving them MORE, so it is a lose lose.
Well, if my siblings or their kids complain that I didn't give them enough, WHOOPS, there goes their names from the joint trusts. If there is one thing I absolutely cannot stand, it's ingratitude.
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