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01-13-2016, 01:31 PM | #46 | |
Valiant 'The Thread Killer'
Join Date: Jun 2001
Location: Kansas City
Casino cash: $6192380
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01-13-2016, 01:33 PM | #47 | |
Scarlett Johansson's boytoy
Join Date: Nov 2006
Casino cash: $9555998
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01-13-2016, 01:39 PM | #48 |
Fish are scared of me
Join Date: Nov 2001
Casino cash: $1340477
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Posts: 40,426
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01-13-2016, 01:42 PM | #49 |
MVP
Join Date: May 2001
Casino cash: $4492970
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Posts: 18,146
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01-13-2016, 02:03 PM | #50 |
Starter
Join Date: Mar 2005
Location: Mo
Casino cash: $9933836
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Pretty sure all annuity payments go to your estate and your family would continue to get them.
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Posts: 811
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01-13-2016, 02:03 PM | #51 |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
Casino cash: $2938491
VARSITY
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I was thinking about this on my walk to work today, and realized that you have to throw out all assumptions with a dollar figure this big. Any plans you have for a $20 million jackpot are irrelevant when we're talking about a take-home of $500 million or more.
At this point, there are a few things you might need - security and tax advising come to mind, but you'll also need a personal assistant to keep everyone off your back. Probably two. There are other services you'll inevitably want - a maid, a personal trainer, and that kind of stuff. In short, you're going to have a household staff. It's inevitable. So the first thing you'll do is set up a company. You just won $500 million? Now you're an entrepreneur because you'll need people to help you. You're going to set up an LLC and you're going to hire half a dozen trusted people or more to help you out. And who are those half-dozen people going to be? Probably very trusted friends of yours. I'll pay these people very well and I'll make them my inner circle to protect me from the dirty hordes trying to throw themselves atop me. And there'll be enough of them that I'll then hire another trusted friend to run that company and be the manager of everyone else. Now, you may think that a staff is expensive, but step back and think about it. You'll likely be making a return of $10 million to $20 million a year even if you're conservative. If you have a ten-person staff and pay them each a very nice salary of $150,000 a year, that's not going to do anything to affect your standard of living financially. But it'll immensely help your quality of life. So the more I think about it, I'm not going to give money to my friends and family. I'm going to hire my friends and family, and they're going to help me manage my affairs and they're going to shield me from trouble. They're going to all become regular employees of Rain Man, Inc. Winning $500 million is completely different than winning $10 million or $20 million.
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I'm putting random letters here as a celebration of free speech: xigrakgrah misorojeq rkemeseit. |
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01-13-2016, 02:05 PM | #52 | |
Sandbox: Leander Lasercats
Join Date: Jul 2001
Location: Austin, Tx
Casino cash: $1967000
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What happens if I win an annuity and die before all the installments have been paid? Your designated beneficiaries will receive the remaining payments. |
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01-13-2016, 02:08 PM | #53 | |
Go Beavers!
Join Date: Jan 2001
Location: Warshington
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01-13-2016, 02:42 PM | #54 |
MVP
Join Date: May 2001
Casino cash: $4492970
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01-13-2016, 03:11 PM | #55 |
Starter
Join Date: Feb 2002
Location: Midwest coast
Casino cash: $9893512
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If you plan on giving money to relatives, charities, whatever, do that at the lottery office. They get to worry about the tax stuff, and it doesn't come out of your take. Kinda like an office pool winning the big one, splitting the pot.
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This is the place where brilliant minds assemble to willfully pool ignorance with questionable logic in order to reach absurd conclusions. |
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01-13-2016, 03:17 PM | #56 | |
MVP
Join Date: Oct 2011
Location: Michigan
Casino cash: $2947078
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So, given that situation, he could hypothetically come out ahead if he's the only winner. $930,000,000 lump sum winnings. Not taxed on $584,402,676. Taxed on $345,597,324. Total tax burden in Missouri is approximately $157,592,379 (IIRC Missouri has some ****ed up tier on the first $9k which will lower this by a few hundred bucks). Winnings net of tax is then $772,407,620. Less debt yields $188,004,944 profit. A split ticket is automatically a loss on the lump sum (~$119.4 million). So, Hog has hope after all. |
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01-13-2016, 04:05 PM | #57 |
Banned
Join Date: Jan 2013
Casino cash: $9998560
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I'm the kind of guy who buys a ticket but gets struck by lightening.
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01-13-2016, 05:19 PM | #58 |
Rookie
Join Date: Aug 2012
Location: Alaska
Casino cash: $2613539
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I was more thinking a lawsuit against the lottery for not supplying adequate means to purchase the tickets.
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If two wrongs don't make a right, try three. |
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01-13-2016, 08:25 PM | #59 |
It was not a fair catch
Join Date: Aug 2012
Location: Correcting papers
Casino cash: $2562630
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off shore account and a trust.
But a trust only protects so much
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#investigatecarlcheffers |
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01-13-2016, 08:26 PM | #60 |
It was not a fair catch
Join Date: Aug 2012
Location: Correcting papers
Casino cash: $2562630
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Read an article that sometime today, 85.8% of all combinations have been purchased.
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#investigatecarlcheffers |
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