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Not always true but idle rich kids tend to fall down quickly! At least if you work full time you have 40 hrs of your week planned for you and tends to discourage all night binges on Tuesdays.
well, i believe that people can still live fulfilling lives with a high quality of life without having to work. you can point out some examples of celebrities you think have problems due to wealth; how many people who work have worse problems? how many people who dont work live very happy lives? we have been conditioned to believe work is good for us because most of us dont have a choice. thats just programming, you dont have to buy into it.
1) 50 million gross...after taxes of 40% and tithes of 10% leaves me 25 Mill net
a) get a team of CPA and financial advisers to decide lump sum versus annuity
(find out if annuity in inheritable, get and insurance policy to pay for inheritance taxes for heirs)
BEFORE I cash in ticket: pay all my bills for two months ahead, temporarily move to a hotel, maybe change my phone number
AFTER I get the first check: quit my job, surveil the house see if it looks like it's safe to go back
b) probably allocate 1 mill -- to pay off mortgages and other debt for myself and 3 siblings
c) 2 mill in a family education trust -- for all tuitions for any of my 15 nieces/nephews who want to go to college
d) 1 million each to 3 siblings
e) 2 million split among 10 close lifelong friends
that's 6 mill...the rest is for me.....
Federal gift tax exemption is only five mill so you can't give more than that without taxes kicking in. So firends may get only 1 million to split, so I don't use up all my gift exemption Even so, heirs would lose money to the estate tax (which is the same or more than income tax rates) G-d forbid the government should let you KEEP your money.
If you're talking about 50 mill net -- double all the numbers above.
To beat your gift tax just make the people you want to share with partners in the trust. A 50MM trust could have 50 share holders for example, you hold 6 of the 50 shares for yourself (6mm). This is how "group" winners do it when they claim a ticket that was part of a lottery pool (office workers for example).
well, i believe that people can still live fulfilling lives with a high quality of life without having to work. you can point out some examples of celebrities you think have problems due to wealth; how many people who work have worse problems? how many people who dont work live very happy lives? we have been conditioned to believe work is good for us because most of us dont have a choice. thats just programming, you dont have to buy into it.
I don't disagree with your philosophy but the deck is stacked against the "Lifestyles of the Rich and Aimless" crowd......
BTW for all you home gamers out there Powerball is 146MM tonight. Cash value is 95.4MM and after 35% in taxes you are left with 62MM net (minus any state tax liability).
4MM house, 2 1MM vacation homes, 2MM yacht, 1MM in cars, 3MM in gifts/splurges etc and you still have 50MM net to live on!
At 4% a year, that is still 2MM a year to live on without touching the principle. You already bought the "stuff" so you don't have any major purchases left so you can focus on building the nest egg.
Not always true but idle rich kids tend to fall down quickly! At least if you work full time you have 40 hrs of your week planned for you and tends to discourage all night binges on Tuesdays.
Yes, the real benefit of being independently wealthy is that you never need to worry about being unemployed. You can spend 40 hours a week vacuuming floors or replacing mufflers on old cars or roofing buildings or taking objects out of boxes and putting them on shelves or driving a bus around and around and aroudn a circular route, which will guarantee that you will remain a virtuous person.
1. Get an unlisted telephone number, both landline and mobile.
2. Move my family into a really nice hotel.
3. Call a really good tax attorney I know. Hire him.
4. Call my accountant.
5. Collect the money.
6. Follow whatever instructions my tax attorney and accountant give me. To the letter.
7. Tithe 10%. I would do this immediately. Otherwise the temptation to hang onto the money would be too great.
8. Stay at the hotel for a week until the dust settles.
9. Travel for two months until the salespeople, the grifters, and assorted other parasites grow tired of trying to contact me.
10. Hire a personal attorney to handle all the assorted people described in #9.
11. Have personal attorney conduct the purchase of a home, with a large iron fence surrounding the property and lots of security cameras.
12. Come home. Or move to Italy or New Zealand, depending on how weirdly my friends and family behave.
Of course, if my winning ticket came from one of those states that protects the privacy of winners, then items #2 and #8 wouldn't really be necessary. Because I sure as hell wouldn't tell anyone.
Buying a lottery ticket once in awhile is the only brief pleasure that I have....nothing like the fantasy of being wealthy. If I won....I would go to Vegas for a weekend...and experience being a high roller. Maybe fly to Hong Kong for a shopping trip. Get on a world cruise, and...I would just leave a voice mail resignation....effective now...ahhh....the pleasure of just thinking about it.....
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