This is who I'd call.
Posted on 01/08/2016 12:51:41 PM PST by NRx
Evidence shows that most people who make it to the top 1 percent of income earners usually don't stay at the top for very long.
But the person who wins the $800 million Powerball jackpot during Saturday night's drawing, assuming one person wins the entire pot, will have such a large pile of cash that they can create a steady cash flow of millions of dollars a year without taking much risk.
"With this amount of money there's really no reason to be overly aggressive," said Jeffrey Carbone, managing partner and founding member of Cornerstone Financial Partners in Charlotte. "Lottery winners unfortunately try to get richer but now it's really about maintaining your wealth."
For someone taking the lump-sum, the prize would amount to an estimated $372 million after federal taxes, according to the website USAMega.com. After state taxes, that pot would be reduced to about $350 million -- though it could be more or less, depending on the state. (Ten states, along with Puerto Rico and the U.S. Virgin Islands, don't charge any state taxes on lottery winnings, according to USAMega.com.)
After investing that $350 million in a conservative portfolio that earns an average of 3 percent a year, the move could generate a steady cash flow of about $10.5 million a year. (And that's without spending down any of the actual prize money.) For the typical worker, that would be enough money to cover the bills, buy a nice car, offer some financial support to family and friends, and still indulge in some nice meals and a few vacations.
(Excerpt) Read more at washingtonpost.com ...
This is what I’ve always told people I would do if I won such a large lottery. Take lump sum, sink it into interest bearing accounts and live off the interest for the rest of my life. But I’d still work, I can’t stand just lazying around.
At $10.5 million/year, it is likely that I would stop being a "worker"
You can setup a registered trust and then the trust representative presents the ticket. The trust is faceless and nameless to prying eyes...
Leave the money in the 3% account and use the interest to live your life. No accounts, no lawyers. No one who can take a penny of it.
The only contribution I would have outside of the home is a scholarship program for STEM students and with that program seed money for inventions they come up with.
How not to squander it?? Let it ride. Buy 800 million worth of tickets on the next power ball .....
If I win Saturday I’d have a giraffe, no, TWO giraffes, and a life-sized X-Wing fighter by Sunday afternoon.
Thanks for the compliment, when I win you can be on my posse.
A divorce and a fender bender could clean you out pretty fast.
Party boats, cocaine and hookers.
I have a “Lottery List” in my head.
I don’t think I’d claim the winnings for six months or so. It would take that long to make “arrangements.”
But once I did... LOOK OUT!!!
Yeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaa!!!
Yes, lawyer up but be careful.
I know a lawyer who specializes in lottery winnings. It’s important to get someone with that exact experience. General experience dealing with large sums of money isn’t enough.
This is who I'd call.
“I spent a lot of my money on booze, birds and fast cars, The rest I just
squandered.” - George Best
Only if you're stupid. You sell the family members a share of your ticket *before* you cash it in. They get their payout (proportionally) directly, not as a taxable gift from you, so it doesn't get double taxed.
I do not need a new house, or car. Would just pay off both of my houses. I have already traveled the world over, and have a life time supply of airline miles, and hotel points. Don’t have any unmet needs, I have traveled everywhere I want to go, so as long as I have enough money to keep my ‘66 landcruiser maintained, and fueled, and stocked with spare parts, liquor, food, and all weather of camping gear I will be happy to just wander the deserts of Nevada, Utah, New Mexico and Arizona until my body stops working.
I dunno. What would I do with another $800 million?
Party boats, cocaine and hookers.
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Absolutely. Then I’d squander the rest.
5. Don’t post bail (repeatedly) for your drug dealer boyfriend. Instead, use the money to ditch said drug dealer boyfriend and start a new life where he can’t find you.
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