Chef Jim Posted August 26, 2019 Share Posted August 26, 2019 19 hours ago, Just Jack said: I'd talk with @Chef Jim about where to best hide it in one of those off shore accounts. After he refuses to help me, then I'll ask about setting up three accounts. One will be my "payroll" account. An account that will have enough in it that I can live off the interest only, and not touch the principal. I don't plan on changing my lifestyle too much, other than not working unless it's a job I want to do, even something part time just to get me out of the house once in a while. Second account will be my charity account, for charities that I want to support, not charities that approach me. And I'll make it clear at the press conference when they announce me the winner, that I will not give money to anyone that approaches me. Third account will be my fun account, to do whatever I want with it. And to make sure my family does not come to me for money, all my siblings, and my wife's siblings, will get a whatever the max is you can gift someone without them having to pay taxes, with the understanding that this is all. Spend it wisely, or foolishly, it's their choice. Your lifetime tax free gift exclusion is $11.4m. You’re a generous relative. Link to comment Share on other sites More sharing options...
frostbitmic Posted August 26, 2019 Share Posted August 26, 2019 20 hours ago, ExiledInIllinois said: Holy crap! 2 pages in and nobody with: "Lots of hookers & blow." I am really disappointed. You guys are slipping! /smh Who do you think we are ... Bob Kraft ? .... We may be wealthy but we're at least discreet. 1 1 Link to comment Share on other sites More sharing options...
Just Jack Posted August 26, 2019 Share Posted August 26, 2019 1 hour ago, Chef Jim said: Your lifetime tax free gift exclusion is $11.4m. You’re a generous relative. Is that how much I can give each individual, or how much in total I can give out? I looked on the IRS website and it says $15K is the most someone can receive and not pay taxes. Link to comment Share on other sites More sharing options...
The Jokeman Posted August 26, 2019 Share Posted August 26, 2019 Pay off mortgage and fiancee's college debt. Give $2 million to relatives. Retire at 42 and invest the rest. Link to comment Share on other sites More sharing options...
Cripple Creek Posted August 26, 2019 Share Posted August 26, 2019 (edited) Pay off debts. A significant sum to each child doled out on a yearly basis. A trip to Europe with children, significant others, brothers and their families. 2 strategically placed houses, a third if necessary. I don't do knuckleheads so that isn't a worry. Edited August 26, 2019 by Cripple Creek Link to comment Share on other sites More sharing options...
BringBackFergy Posted August 26, 2019 Share Posted August 26, 2019 (edited) 22 minutes ago, Just Jack said: Is that how much I can give each individual, or how much in total I can give out? I looked on the IRS website and it says $15K is the most someone can receive and not pay taxes. Lifetime gifts (over and above the 15k annual gift tax exclusion to any one person). If you give away more than 11 mill, your estate will be taxed at almost 40% And in NY it’s even worse...estate tax is about 5 mill. If you are over that, they don’t just tax you on the amount over 5 mill, there’s a sliding scale that allows the state to recoup back to a lower amount (say you have an estate worth 6 mill, you’d think you would be taxed on the 1 mill you are over. Not so fast, they can magically tax you on amounts under the 5 mill threshold as well. The more your estate is worth, the deeper they can go below the estate tax exemption. Bastards. Edited August 26, 2019 by BringBackFergy Link to comment Share on other sites More sharing options...
Augie Posted August 26, 2019 Share Posted August 26, 2019 8 minutes ago, BringBackFergy said: Lifetime gifts (over and above the 15k annual gift tax exclusion to any one person). If you give away more than 11 mill, your estate will be taxed at almost 40% In this scenario, if you give away $11 million you may have given away a million you don’t have. What time do I have to be there to be first in line? I’ll order pizza for all the people behind me in line! Link to comment Share on other sites More sharing options...
Cripple Creek Posted August 27, 2019 Share Posted August 27, 2019 8 minutes ago, Augie said: In this scenario, if you give away $11 million you may have given away a million you don’t have. What time do I have to be there to be first in line? I’ll order pizza for all the people behind me in line! Only if you can guarantee that the outer crust is finely made. It is, after all, the most important part of the pie. 1 Link to comment Share on other sites More sharing options...
Augie Posted August 27, 2019 Share Posted August 27, 2019 3 minutes ago, Cripple Creek said: Only if you can guarantee that the outer crust is finely made. It is, after all, the most important part of the pie. I don’t know how that can’t make @Gugny crawl into a hole somewhere to lick his wounds. 1 Link to comment Share on other sites More sharing options...
Royale with Cheese Posted August 27, 2019 Share Posted August 27, 2019 I’d buy a WNBA team. Link to comment Share on other sites More sharing options...
frostbitmic Posted August 27, 2019 Share Posted August 27, 2019 I wouldn't be mowing my own lawn anymore Link to comment Share on other sites More sharing options...
Cripple Creek Posted August 27, 2019 Share Posted August 27, 2019 29 minutes ago, Royale with Cheese said: I’d buy a WNBA team. Could we still be friends if you were filthy rich? Link to comment Share on other sites More sharing options...
Royale with Cheese Posted August 27, 2019 Share Posted August 27, 2019 10 minutes ago, Cripple Creek said: Could we still be friends if you were filthy rich? I’ll need team Doctor....how are you with scalpels? Link to comment Share on other sites More sharing options...
Cripple Creek Posted August 27, 2019 Share Posted August 27, 2019 4 minutes ago, Royale with Cheese said: I’ll need team Doctor....how are you with scalpels? Link to comment Share on other sites More sharing options...
qwksilver Posted August 27, 2019 Share Posted August 27, 2019 Payoff debt and houses for me brother & in-laws. That would leave about 9 million. We'd travel for 4-5 months straight out of the gate. Hpefully the calls would be over by then. Invest the balance with 30% real estate rentals and 70% stock market (80-20 stocks & Bonds). Earnings would be about $650k per year. I have a tiny family & so does the wife. There would also be a Ferrari in my 6 car garage. Link to comment Share on other sites More sharing options...
BuffaloBill Posted August 27, 2019 Share Posted August 27, 2019 On 8/25/2019 at 7:09 PM, Buffalo_Gal said: A $100M lottery win means I'd never, ever, EVER fly commercial again. ? ^^^ Amen..... Amen....just make sure you also fly me private when I become one of the many begging you for relief..... hope you win.... 1 Link to comment Share on other sites More sharing options...
Augie Posted August 27, 2019 Share Posted August 27, 2019 Please forgive me for this. I really don’t mean to offend anybody, and I know this will be unpopular with some. That $10 million will NOT go as far as you think! Especially if you are younger. Expecting a 6-10% annual return without significant risk (like losing 30% or more when it next hits the fan) is extremely optimistic. If you are under 40 and want to start using ANY principal, or even not letting it compound, you may need to re-think the picture. If you are young and middle income, I’d suggest just living your life. Invest wisely and pretend it’s not there. THAT is your safety net for your golden years. Do NOT think of it for current enjoyment. But maybe that’s just me. 1 Link to comment Share on other sites More sharing options...
PromoTheRobot Posted August 27, 2019 Share Posted August 27, 2019 On 8/25/2019 at 6:31 PM, RochesterRob said: ....Hypothetically. Let's say you have cleared 10M dollars after taxes and net present value. Further, you live in a state where your winnings are made known to the public. What do you do? Just read another "horrors of the lottery winner" story and again it comes down to making hard headed decisions. Can you cut out the knuckleheads from your family that will surely lead to ruin? How soon before you make a run to another state in the dead of night to keep the deadbeats away? $10MM isn't even that much anymore. I've already mapped my life plans when I hit an 8-figure Lotto jackpot though. And NH is a state where you can create a trust to claim your winnings. 100% anonymous. Link to comment Share on other sites More sharing options...
The Plastic Cup Posted August 27, 2019 Share Posted August 27, 2019 12 hours ago, PromoTheRobot said: $10MM isn't even that much anymore. I've already mapped my life plans when I hit an 8-figure Lotto jackpot though. And NH is a state where you can create a trust to claim your winnings. 100% anonymous. I always figured you could create a partnership or LLC and cut your lawyer in for a piece in exchange for him claiming the cash. Link to comment Share on other sites More sharing options...
DC Tom Posted August 27, 2019 Share Posted August 27, 2019 On 8/25/2019 at 9:45 PM, Augie said: At some event I was talking to one of the portfolio managers who worked with my wife. He told me about a client who bought what he thought was an undervalued company. Turned it around and sold it for just over $100 million. Nice guy, and the perfect client. They never heard from him, no complaints, no demands, no grief. They reached out to him regularly, of course, but he was quiet. THEN, one day the portfolio manager gets a voice mail from him. OH NO! Did we mess up? He NEVER calls us, what might be wrong? We need to FIX this! Nope, in his free time, the same guy bought another company, turned it around, and sold it for another $100 million. He just wanted to let the guy know more money was going to show up! His thing was not “his baby”, it was “the game”.Everybody is wired differently. I used to know a guy who sold his company to a bank for $30M, signed a $50M management consulting contract with them, had the contract bought out, then bought his company back for $3M, then sold it again to the same bank for $20M. Cleared $100M doing nothing. Also met someone else recently who built a company solely on consulting to HHS, had it bought from them by a large company for the HHS contracts, started another company that over time got those same HHS contracts away from the large company (who was underperforming on those contracts), then had the large company buy their new company. Don't know the dollar amounts involved, but probably low nine-figures. If you do it right, government consulting is an ATM. 2 Link to comment Share on other sites More sharing options...
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