Home Forums Hunting & Shooting Hunter's Campfire Lottery winning question

My brother is a retired attorney. My BIL is a successful accountant and investment manager with 40 years' experience. Between the two of them, they could set up a trust to collect the winnings anonymously, and manage the money for the best return and least tax liability. I'm pretty sure my BIL would love to have one client, not several, at twice his current income.

I’m only 69 yo and never have bought a lottery ticket and don’t have any relatives that are remotely wealthy.
If I came into a lot of money, I’d do some kind of mix of buying land and professional financial management.
Might buy one high end shotgun also.

I have always thought that after I hired a good CPA and Attorney,
I would hire another set, not in any way acquainted with the ones doing my
work, just to audit the workers.


Hiring people you know to manage your money has led many to the poor house.
I'm sure you trust these people.
That's how you get screwed.
And often it's not intentional, especially with those that are close
to you. They don't have to cheat you.
Maybe they try too hard.
A bad investment, don't want to lose your money, so...
A risky investment to make it back....
You are broke!

think big! Two 23 year old girlfriends and die in 1.25 years!

Trust with strings to keep the family from becoming idle rich. After restoring my f150 and a few frivolous things. Land and homes in Colorado are set for a bust IMO.

Old age and a very sick wife cannot be overcome.

Once upon a time I wanted my own steam railroad and a cnc hobby shop (old machinist).

Any chance those numbers in the fortune cookie are right?

Pay off all debt, buy land and build where you want, and find a way (annuity, life policy, mutual funds, etc whatever fits you best) to grow the principal and feed you monthly checks to live on.

Personally I would also work in some philanthropy as well

i'd buy as much of southern bedford county as i could afford.

I have a couple of EXCEL files that I use to play "what if".

The cash option will gross a winner around 76% of the entire jackpot. For example, the current estimated cash pay out of the $116M Powerball Jackpot is $89.5M, about 77.155%. Then, the winner would have to pay Federal and State income tax on the $89.5M. Federal Income Tax would be 37%, so that reduces the net to $56.4M. State Income Tax will take it down a little more, depending on the State in question. In Colorado the State Income Tax would be 4.63%, around $4.1M, so the final approximate net for a Colorado resident would be around $52.2M.

You can set up a charitable trust with pre-tax money if you're willing to follow all of the rules. If you try to avoid legitimate taxes the Feds or the State will look at your trust with a microscope and if you try to get over on them you'll eventually get caught. I think that one of the biggest things that you need to protect against are your heirs being divorced without prenuptial agreements that shields both trust and generational family money from any potential future claims. Bearrr264 told me that if you have money, someone will always be trying to get it away from you, no matter what you do for a community, someone will feel that it isn't enough or that they got slighted, and if you loan money to a friend you're unlikely to ever get repaid.

I'd keep farmin' till it's all used up!

A man might could run out of money too soon that way.

There's got to be a proper mix somewhere.

After paying the initial Fed/State and Local depending on location, with the 52.2 million it might just be possible to buy an island somewhere, pay off the local authorities, invest in tax free bonds wherever available, and live tax free like a "Big Man" in the comfort and style one should be accustomed too.

With enough income from the investments, one could make a nice hunting trip to whatever locations on might choose. Fishing also. Golf excursions for those duffers too (egad, not GOLF )

Colorado Rockies +30000 for the 2021 World Series!

In all seriousness, those who just say "land" may not appreciate the tax liabilities and other issues down the road if you have family you want to include.

10's of millions of dollars really deserves a team that rigorously protects the capital, understands the intricacies of the tax implications, and more than anything, understands trusts and such.

Chit, I am far from a 10's-of-millions-aire and *I* have people that do the above for me. I bet plenty here do, too.

x2

I'd sink a bunch of it into a Campground or a shooting range maybe even a combo of the two.

Those saying “money managers”. You do realize the stories all over the place of famous people having the “money manager” steal the money? A sudden influx and having too much cash is as bad of a problem as not having enough.

First I would see if I could move to nevada or Wyoming for a year so as to potentially not have to pay state tax on it. The amount might be such that a nice piece of real estate there could be paid for by the savings, back to money managers. Most aren’t good at managing their own money and aren’t wealthy themselves. Don’t take advice from people who haven’t made lots of money themselves. Beyond that I would buy real estate that produced cash flow and rate of return.

if you won a million or more you would be a idiot to do anything other than to spend it... Investing is for investors to make money from stupid ass people that don't know they will never live long enough to spend it all...

I believe that if you win a lottery, you pay State income tax based on where you live on the date that your number comes in.

When we sold the assets of our company, we purchased other assets with the income. 2/3 went into resort rental properties and 1/3 went into farm ground, both investments producing a reliable cash flow during "normal" times. The resort condo business is, for lack of a better term, "dead" right now.

No one ever spends it all on more tickets.