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Where will you find RELIABLE tax attorneys and investment advisers when you finally have the $122 million in your hot, sweaty grasp? Where do you park that cash while you're building your team?
Was going to answer jimmy -- but flyonpa nailed it. Park it in a Tax-Free Municipal Bond Fund.
Question -- If you win a November Big One, but don't claim it til January 2017....do you owe taxes for 2016 ?
Was going to answer jimmy -- but flyonpa nailed it. Park it in a Tax-Free Municipal Bond Fund.
Question -- If you win a November Big One, but don't claim it til January 2017....do you owe taxes for 2016 ?
I thought individuals use cash based accounting principles for treatment of income, so you declare it in the year you actually receive the money (2017), as opposed to the year you win it.
You interview and Vet them like you would do for any professional you want to hire, you seek out trusted people in the field, and ask them.
Don't worry... Thousands of attorneys and investment advisers will be chasing you.
Where to park it. ... Well you don't need to claim it for 6month to a Year depending on the state.
Since when you claim it you need to claim it in the name of the "Correct" name, Your LLC, Your Trust, You need to set them up before you claim it.
Where to park it then. Any Major Brokerage would be good, Any HUGE bank.
This x1000. The key point being, don't claim it until you have your ducks in a row. For me, the most important thing would be to preserve anonymity. I wouldn't want my children knowing about it until they had "launched" lest they lose motivation from becoming productive adults.
This x1000. The key point being, don't claim it until you have your ducks in a row. For me, the most important thing would be to preserve anonymity. I wouldn't want my children knowing about it until they had "launched" lest they lose motivation from becoming productive adults.
I would venture ,despite your best efforts to remain anonymous ( trust fund etc) that within 30 days of cashing in tickets most people will have figured out who won............even if a state allows anonymity.
I would venture ,despite your best efforts to remain anonymous ( trust fund etc) that within 30 days of cashing in tickets most people will have figured out who won............even if a state allows anonymity.
Agreed. I've always kept my finances private. I would gradually upgrade my life in the manner of someone who maybe inherited a few hundred thousand or cashed in some stocks. Then wait a couple of years before the next upgrade. I'm patient enough that no one would ever know I won a humongous amount of money, not even my relatives.
Agreed. I've always kept my finances private. I would gradually upgrade my life in the manner of someone who maybe inherited a few hundred thousand or cashed in some stocks. Then wait a couple of years before the next upgrade. I'm patient enough that no one would ever know I won a humongous amount of money, not even my relatives.
Just a point here. You might never be able to use it all in a usable time. Best make plans to disappear. A nice warm island would work for me.
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