If you won the lottery tommorrow- what project would you take on?

[pavulon]

If one had some sort of (?any?) self-discipline it would obviously be a better deal but is a calculated risk involving personal longevity, potential for tax changes and fate.

Originally Posted by stomachmonkey

People who have taken the annuity are no more immune to wasting the whole thing.

It can actually be worse because they take out loans using the future payments as collateral and they pay interest on the loan.

Also, IIRC, payouts are not transferrable. Meaning if you die in a car crash leaving the lottery office then your heirs get nothing.

[jyl]

I'd support some local arts groups - dance, music, etc.

Fund some tutoring programs for poor kids.

Help fund some local advocacy groups - politically effective ones.

Get back into Chinese brush calligraphy.

[Racerbvd]

Originally Posted by pavulon

If one had some sort of (?any?) self-discipline it would obviously be a better deal but is a calculated risk involving personal longevity, potential for tax changes and fate.

Well, if that is the case, I would need to take the lump sum
Course, not until I talk to me attorney & CPA.
I would also go out in disguise so no one would recognize me

[mreid]

Most lottery winners who bankrupted in the future had issues when they won. The win put their issues on steroids and caused simply a more colossal fail.

New GT3rs as my commuter car to the charities I would fund for the homeless and hungry. A man's got to have principles.

[Gogar]

If you win that much money you spend a lot of it trying to become anonymous again.

[Porsche-O-Phile]

$1.3B. The aggravating part is the govt would take over a half billion of that and piss it away on more stupidity. Aww heck, who am I kidding - they'd already spent it long ago. Just irks me that you get a check with the tax man standing there with his hand out and a big schyte eating grin on his face.

Perhaps if our government actually spent money on things that are worthwhile and sensible / sustainable it wouldn't bother me so much.

[DanielDudley]

If I won the lottery, I'd probably take Fridays off.

[dafischer]

Hit the auction circuit (Barret Jackson, Mecum, etc.) and buy some cars that I've always wanted, cost be damned. And of course a brand new climate controlled stable to keep them in.

Philanthropy to be decided later.

[daepp]

I would fund a scholarship or foundation to help individuals who have proven they are trying hard to improve themselves but who are poor or without parents, to provide one-on-one mentoring for k-16 Education.

One person, at full time pay middle class wages, mentoring no more than 4 kids at one time. Bonuses of up to 50% of their salaries for gpa growth, graduation rates etc.

[john70t]

Originally Posted by dafischer

Philanthropy to be decided later.

No sir. Act immediately.

Take the structured settlement over 1500000 years. Or whatever. Providing the source will be good for it.
-Create your own charity with the right people (as only a part of this).
That is the standard tax dodge for some of the elite.
It is a good thing in many ways.

-Accept payments into a trust or other fund.

-Delegate structured annuities to that fund or many many others of interest.

-You are removed from the recipients. You get a loss. The charity gets a bonus.
Reduce your personal tax bracket to acceptable levels.

-Have a good lawyer set up all your life planning interests.
(hint: that means...um...a specialized lawyer at least.)

-Have your personal wishes meet their goals better.

-[BTW I'm an idiot. This is free internet advice.]

[SilberUrS6]

Originally Posted by Porsche-O-Phile

The aggravating part is the govt would take over a half billion

And?

There is no place that doesn't have taxes of some kind or another. And there isn't any other place on the planet where'd you'd want to live where you'd get away for less. And griping about taxes on free money? That's about as whiny a whine as there is. I know, let's complain because all the money in the lottery system has already been taxed! And will be again, as soon as you spend it. And the investment gains taxed! Oh, dear - taxes! I can see complaining about taxes on earned income, but complaining about the taxes on free money just doesn't make any sense.

[1990C4S]

It's not free money, you bought a ticket (worth about 10% of what you paid). But it is income and should be taxed appropriately.

There are lots of lotteries around the world where (residents) are not taxed on the winnings, this isn't one of them.

[SilberUrS6]

Originally Posted by 1990C4S

It's not free money, you bought a ticket

$2.00 out of 1.3 BILLION is so close to be free as to not be an argument. That is one cent out of every $6,500,000 won. Yeah, with this kind of money, pretty much any match of 3 numbers out of the six is "free money".

I'd like to know the legal foundation of holding the winning ticket as an individual, and then creating a trust to administer it in such a way that you could avoid paying income tax. Specialty lawyer is right.

[LEAKYSEALS951]

Update:
I won another $4.
Total earnings: $8.

With the payout so high, In addition to my cheesy 4x4 volvo, I would buy several singers for daily drivers, but make him do one in 15 inch wheels. Screw the big brakes.

As for the taxes, I would spend my after tax income to do an Andy Rooney type 60 minutes article on exactly where my lottery winning tax dollars went, tracking every cent. I would then air it on national TV.

I would also spend $$$ to find and harass Stone Phillips. He erks me.

[john70t]

Originally Posted by SilberUrS6

I'd like to know the legal foundation of holding the winning ticket as an individual, and then creating a trust to administer it in such a way that you could avoid paying income tax. Specialty lawyer is right.

Any person or entity should be free to utilize the standard current tax code to their best interests.
Or their charitable contributions after the fact.

(That national tax code is now severely warped, cough, cough, to my understanding)

Back at 'ya:
Hey, I'd like to know the legal foundation for the government being involved in pyramid schemes.

[SilberUrS6]

Originally Posted by john70t

Any person or entity should be free to utilize the standard current tax code to their best interests.
Or their charitable contributions after the fact.

(That national tax code is now severely warped, cough, cough, to my understanding)

Back at 'ya:
Hey, I'd like to know the legal foundation for the government being involved in pyramid schemes.

That doesn't answer the question. I'm interested in which law makes it possible not some sort of philosophical monkeyspanking on the issue. BTW, in answer to your question: the U.S. Constitution. Read it sometime, it's really interesting.

[A930Rocket]

We have a running joke that if one of us won, that person would buy each of track buddies a new Porsche cup car. I'd throw in a motorcoach and trailer for my friends as well. We always had fun tracking our cars and I miss this days.

[911SauCy]

I'd get everything in order, lawyers, investment people etc before I did anything.

On my way out the door of my current gig, I would give each of the employees and my boss a few mil each. The boss is constantly trying to figure out what the "next big thing" is so he can "make money", which effectively keeps him from being successful.

My project: I would get networked within the industry to open a boutique Porsche shop in the New England area. Specifically to take on Singer and sweep Magnus under the rug. The ideas I have/have had are as good/better than theirs... Without the nest egg, I don't have to time to walk away from life and start something of the sort.

That is only after I've trained for and finished an Ironman.

[LEAKYSEALS951]

Originally Posted by 911SauCy

I'd get everything in order, lawyers, investment people etc before I did anything.

.

I have a question. Everyone I know always say "find a good lawyer." when talking about winning the lottery, but, how exactly does one go about finding a qualified lawyer for this magnitude of $$$$?

"SIRI, find me a lawyer with experience managing 1.3 billion dollar lottery winnings"

Where do you look? Who do you call?

[Rick Lee]

Originally Posted by 911SauCy

On my way out the door of my current gig, I would give each of the employees and my boss a few mil each.

Worst thing you could possible do. They will blab and others will hound you for their cut, if not drum up some reason to sue you. How many people do you know whose problems would not be made worse by a large cash windfall?

Anyway, I already have a financial adviser I trust with my life and I know plenty of lawyers too. Shouldn't be too hard to find the right kind of professional help. And I'd be in no hurry to collect the prize; just a little worried about the ticket getting lost or stolen before I could collect.