What will you do when you win $6oo or 700 million in the Powerball?

Can't think of anything I can't already afford. Maybe start a fund to defend against unjust liability lawsuits.

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Jackpot is now up to $1.5 billion....

As a lump sum payout, that's $938 million before taxes.

@firefly,

pretty soon well be talkin about some real money

@farmerman,

Hah, Diane and I are going to buy Powerball tickets tomorrow. Wish us luck! I think I've only bought one lottery ticket since I've been here, now ten years, so this will be an adventure for amusement.

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@glitterbag,

glitterbag wrote:

I would get an unlisted phone number, hire security, engage a great accountant and a tax advisor and 2 lawyers. One to take care of my legal issues and the other to investigate the other lawyer to make sure he/she isn't fleecing me.

After establishing scholarships for family's children college, paying off my son's and brother's mortgage and a few others who have mortgages, we would go on a kick ass vacation and schedule and pay for all the relatives who will be irritated they didn't have the winning ticket to go on the vacation of their choice.

Then we would buy my son and his wife new cars, a new house and buy two or more outrageously overpriced and over equipped big his and her's Audi.

We would create a no kill shelter for unwanted and stray animals, and give ASPCA a pot load of money. Also provide funds to charities that actually do something useful with the money they receive and don't create huge wealth cushions for the executives who 'manage' those funds.

Install a better security system.

But I haven't given this a great deal of thought, so I should devote some time to this matter and get back later.

LOL. I'd love the read the well-considered plan!

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@snood,

I'm gonna hire litterbug when I win that pot.

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@cicerone imposter,

cicerone imposter wrote:

I'm gonna hire glitterbag when I win that pot.

I'm your gal

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@snood,

Our offspring G'bag junior has added a few ideas to my list. He suggests we need to plan event's like "surprise a waitress", "hire a fine chef to provide meals to the local nursing homes" things like that. I'm working up a new list before tomorrows draw, because when they announce my winning ticket I'll be a little giddy for a few days.

WE WILL HAVE A GIANT KICK-ASS A2K PARTY WOOOOOO HOOOOOO

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There was a gentleman in New Jersey who won a multi-million dollar jackpot back in the 80s, and his response was the smartest i've yet seen. He bought a new truck and a boat, and parked them out front. He had painters in to repaint his house. He announced to family and friends that there would be a meeting at his house the following Sunday. Everyone showed up, but he was not there. He's not been seen since. The house, truck and boat were sold by an attorney would would reveal nothing on the basis of privileged communications.

Smart guy--he got out while the getting was good.

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The guy that bailed town on his family and friends may have been the smartest lottery winner ever. Or he might have just been the biggest prick. Guess it depends on what his relationships were like before he got rich.

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@snood,

I don't know, of course, what those relationships were. However, i've read so many horror stories about what happens to winners, that that story has always struck me as a smart man. In relation to this, a commentator on CBC radio last night said that a quarter of all big lottery winners are broke within five years, and blamed the unreasonable demands of family and friends as the cause.

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If I had that kind of money, I would give a portion to each family member, with the admonition that "This is all I am giving you. Treat it wisely." And I would live in as secret and fortified a home as I could manage.

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@Setanta,

youve got a year to try to plan wisely and set up foundations and LLC's. (Assuming one can keep his big mouth shut for a year and not give any indications).
Id suggest a family corporation with cash ownership shared as stock but decisons ALL left to the ticket players.Set up a POA , use a good accounting lawfirm. (Most attornies really dont know jack **** about money, many are themselves such "high maintenance idiots" that they , or their partnerships crap out after some really good years)
That way, the money would NOT disappear should one or more of the members die. A "wage based on the annual payments would be distributed s well as any charities or programs youd want to set up to go on in perpetuity.
When people get totally whacked out re: their riches, thats when problems start.

GOOD LUCK. I bought ONE ticket. One or one hundred, you really dont start improving your odds until you start buying like 100000 or more tickets (and even then your in the neighborhood of 1/50000 odds)

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EB: You can give a certain amount of money, tax-free, to members of your family, as a once in a lifetime gift.

FM: There's a bakery in Toronto which is giving away one powerball ticket to each customer who spends at least $20. They just announced it on the radio. I'm thinking, lined up around the block.

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@Setanta,

You can give $14,000 per year to as many individuals as you choose tax free to both giver and receiver under the annual gift tax limits. You'll still pay taxes on the total amount you win, but you won't accrue additional gift taxes if you spread the wealth around at $14K annual increments to a bunch of people.

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It's quite a bit more than that for the lifetime gift--that's the annual exclusion. This is from Forbes magazine:

Quote:

As many estate planners anticipated, the Internal Revenue Service has raised the limit on tax-free transfers during life or at death. Starting in 2014 that amount, known as the basic exclusion, will go up to $5.34 million per person, from $5.25 million this year. Today’s announcement, in Revenue Procedure 2013-35, indicates that there will be no change in the annual exclusion, which allows you to give $14,000 in cash or other assets each year to each of as many individuals as you want without dipping into the basic exclusion.

If you won a billion and a half, giving away five and a third million might not seem much of a hardship.

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http://www.thefederalistpapers.org/wp-content/uploads/2016/01/powerball-cartoon.jpg

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At what point does the amount of money get so large that we would have to worry about the qualifications of the person receiving it?

Numbers above a billion start to have economic consequences depending on how they are used (and where they are stored) don't they?

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The best scenario, as I see it, would be multiple winners, to prevent that kind of thing from happening.

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@rosborne979,

The cash amount is less, $930 million, and federal taxes are 39.6% plus any state taxes. One winner would get about $500 million or less in cash unless they live in one of the few states without a state income tax.

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What will you do when you win $6oo or 700 million in the Powerball?

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