$800+ Million Lottery - What Would You Do If You Won?
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08-01-2016, 08:53 PM
RE: $800+ Million Lottery - What Would You Do If You Won?
Before figuring out how to spend the $800,000,000, realize that it isn't $800,000,000. Weeping

Lump sum payout is ~495,000,000, federal taxes whittle it to about 375,000,000, and if you have state taxes you're down to about 350,000,000.

If you give any to family members, you pay as much as 39.5% of that in gift taxes.

It's hardly worth buying a ticket. Dodgy

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08-01-2016, 09:05 PM
RE: $800+ Million Lottery - What Would You Do If You Won?
(08-01-2016 08:53 PM)Chas Wrote:  Before figuring out how to spend the $800,000,000, realize that it isn't $800,000,000. Weeping

Lump sum payout is ~495,000,000, federal taxes whittle it to about 375,000,000, and if you have state taxes you're down to about 350,000,000.

If you give any to family members, you pay as much as 39.5% of that in gift taxes.

It's hardly worth buying a ticket. Dodgy

You give it all away up front using a charitable trust of some sort. You get a tax deduction and the use of it.
http://bogutzandgordon.com/charitable-gi...ax-breaks/

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08-01-2016, 09:16 PM (This post was last modified: 08-01-2016 09:20 PM by GenesisNemesis.)
RE: $800+ Million Lottery - What Would You Do If You Won?
I would donate most if not all of it. I have no temptation for money. One of the main reasons I'm not playing the lottery in the first place.

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08-01-2016, 09:35 PM
RE: $800+ Million Lottery - What Would You Do If You Won?
(08-01-2016 07:59 PM)TurkeyBurner Wrote:  I have a mega-spreadsheet to answer this question. I just punch in the value of the jackpot and it breaks it all down...

lol. Me too.

Yes I have 6 picks for Saturday's drawing. Karen also has a fifth share of 10 more numbers at work.

If our tickets win as opposed to Karen's at work it breaks down like this.

10% off the top to fund a family charitable foundation with $49,600,000. My share of that would go to local animal rescue, homeless shelters and fund some scholarships at UAH.

The remainder gets split 4 ways. 1 for us, 1 each for my brother and sister, and 1 for my parents. The parents would probably only keep half of theirs and split the other half among their 11 brothers and sisters.

After taxes our share should be about $61,400,000.

$50,000,000 goes into 5 year CD's. At today's 2%ish yield that would give us about $1,000,000 a year income for fucking ever, but we don't need it to last quite that long so we could afford some cost of living raises along the way.

That leaves $11,400,000 for stuff and living expenses until the CD's start paying out.

Stuff includes a million for an RV. I want to visit all the national parks and look for a place to build. It would have to be on the water somewhere probably up northish somewhere. Budget for that is 5 mill. Since it's up north we'll need a southern beach house for winter. That's another 1.5 mill. 3 cars, 3 jeeps, 2 trucks, a hot rod, a boat, and a couple of Harleys is another millish. That leaves about 3 million to live on for the next few years.

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08-01-2016, 09:40 PM
RE: $800+ Million Lottery - What Would You Do If You Won?
(08-01-2016 08:53 PM)Chas Wrote:  Before figuring out how to spend the $800,000,000, realize that it isn't $800,000,000. Weeping

Lump sum payout is ~495,000,000, federal taxes whittle it to about 375,000,000, and if you have state taxes you're down to about 350,000,000.

If you give any to family members, you pay as much as 39.5% of that in gift taxes.

It's hardly worth buying a ticket. Dodgy

Tickets can have multiple owners. You can split it up with your family/coworkers and only pay taxes once each... But you do want to do that up front because federal gift taxes alone can run to 55%.

Save a life. Adopt a greyhound.

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08-01-2016, 10:12 PM
RE: $800+ Million Lottery - What Would You Do If You Won?
(08-01-2016 08:53 PM)Chas Wrote:  Before figuring out how to spend the $800,000,000, realize that it isn't $800,000,000. Weeping

Lump sum payout is ~495,000,000, federal taxes whittle it to about 375,000,000, and if you have state taxes you're down to about 350,000,000.

If you give any to family members, you pay as much as 39.5% of that in gift taxes.

It's hardly worth buying a ticket. Dodgy

Did someone pop a dream bubble somewhere? Dodgy Tongue

You're what all those rap songs are talking about when they mention realist.
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08-01-2016, 10:18 PM (This post was last modified: 08-01-2016 10:25 PM by Full Circle.)
RE: $800+ Million Lottery - What Would You Do If You Won?
A little story...

My parents buy lotto tickets all the time. One year we flew in for a holiday and on the morning we were to fly out we are awakened by my father saying he had a winning ticket for millions!

Wait, what? For real? I ask. Yes he says, he just checked the newspaper against the scrap of paper he used to write the numbers down when he went to buy the tickets a few days before. Mom is jumping around in her nightgown, my dad is ecstatic, we unpack our luggage and decide to stay and miss the flight once I’m convinced he’s not putting is on.

Everyone gets dressed, we jump in the car and head over to see my siblings to tell them the incredible news. Meantime everyone is blowing the millions in their minds as we ride over barely containing ourselves.

We knock on the door of the first brother, blurt out that we’ve won the lotto (I think it was 55 million) and after a few minutes of incredulity my brother and his wife are dancing around with us too!

This goes on for a little while and then I notice my father has gotten very quiet, he’s gone pale. I’m worried the excitement might give him a heart attack. “Are you OK”, I ask. He looks at me in a real strange way and says, “We didn’t win, it was a mistake.”

Now I think he’s bullshitting me, no way he let’s us miss our flight and have us go waking everyone up if it wasn’t true. He reaches into his pocket and shows me the slip of paper that doesn’t match the winning lotto ticket numbers.

“What happened?” I ask. He tells me he thinks he wrote the winning numbers on the same pad he uses to write the numbers he wants to play that week and somehow got the two confused.

For that half hour or so when I thought we had won I thought a lot about security for all us, especially my parents. I expected their friends, acquaintances and especially strangers to be coming out of the woodwork for a handout. My mother in her mind had already given a big chunk of it away to charity. I don’t remember being able to think very clearly until reality sunk in and everyone’s fantasies came crashing back to earth.

I’ll never forget the look on my dad’s face that day but he did buy us a return ticket. Undecided

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08-01-2016, 10:21 PM
RE: $800+ Million Lottery - What Would You Do If You Won?
(08-01-2016 10:12 PM)LadyJane Wrote:  
(08-01-2016 08:53 PM)Chas Wrote:  Before figuring out how to spend the $800,000,000, realize that it isn't $800,000,000. Weeping

Lump sum payout is ~495,000,000, federal taxes whittle it to about 375,000,000, and if you have state taxes you're down to about 350,000,000.

If you give any to family members, you pay as much as 39.5% of that in gift taxes.

It's hardly worth buying a ticket. Dodgy

Did someone pop a dream bubble somewhere? Dodgy Tongue

You're what all those rap songs are talking about when they mention realist.

The first three lines were the setup for the ironic punchline. Big Grin

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08-01-2016, 10:25 PM
RE: $800+ Million Lottery - What Would You Do If You Won?
I'm not buying a ticket, because I understand statistics.

If someone bought one for me as a gift and I somehow won, I'd use that money to pay off my school debt and that of my siblings. I'd set myself up with a small modest house, and a new Honda Fit and Honda CB900 motorcycle (16K and 9K respectively), and own both forever. I'd also buy myself a new computer every other year into perpetuity, and only worry about working part-time. That being said, I'd also probably take the X amount per week option (as opposed to a lump sum), and basically live off of that.

But ultimately, I'm not holding my breath.

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08-01-2016, 10:36 PM
RE: $800+ Million Lottery - What Would You Do If You Won?
(08-01-2016 08:53 PM)Chas Wrote:  Before figuring out how to spend the $800,000,000, realize that it isn't $800,000,000. Weeping

Lump sum payout is ~495,000,000, federal taxes whittle it to about 375,000,000, and if you have state taxes you're down to about 350,000,000.

If you give any to family members, you pay as much as 39.5% of that in gift taxes.

It's hardly worth buying a ticket. Dodgy

Laugh out load You must be a loads of fun at parties.

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Stigmatical in making, worse in mind.
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