Rich wrote:Big enough windfall, and the need for a security team comes into the picture, as the lottery people are only too willing to publicise your good fortune.
Hence the "move to South Dakota, form a trust, keep big mouth shut" part of fiendish plan.
HTRN, I would tell you that you are an evil fucker, but you probably get that a lot ~ Netpackrat
Describing what HTRN does as "antics" is like describing the wreck of the Titanic as "a minor boating incident" ~ First Shirt
Set up the trust thing HTRN suggested.
Invest wisely, like Chris suggested.
Buy property (read as at least 2000 contiguous acres) in 4 different parts of the world so I never have to deal with temps below 50F unless I chose to.
Start taking courses / internships in things that interest me. Medieval armor making, Japanese sword smithing, welding, machinist, big equipment operation... and then the things that would also be needed to manage my large acreages.
grease the appropriate hands to get a nationwide carry permit (think US Marshal / diplomat)
I would also finance my wife's altruistic desires for cancer patients. No choice there. She gets half the money anyway.
"Those who hammer their guns into plows will plow for those who do not." ~Thomas Jefferson
My little part of the blogosphere. http://blogletitburn.wordpress.com/
The first thing I'd do: hire a lawyer, accountant and financial planner to deal with frivolous lawsuits, outgoing money and turning the cash into income. Then I'd probably also pay off my coworkers' current mortgages, even those of the folks I don't like. Why? Mostly because I can.
Remember, folks, you can't spell "douche" without "Che."
“PET PARENTS?” You’re not a “pet parent.” You’re a pet owner. Unless you’ve committed an unnatural act that succeeded in spite of biology. - Glenn Reynolds
I've thought about this, although I'm more likely to get struck by lightning.
I've already got the attorney lined up, as well as the financial planner. We'd draw up an LLC. then head to the Lotto office for the check. My wife has said that after the initial legwork, she intends to stop at the Jaguar dealership in Baton Rouge and blow the first money on a new car.
After that we're going to buy a big chunk of land, enough that I can have the ranges I've always wanted, and start getting the kids set up in business.
PawPaw wrote:I've already got the attorney lined up,
Bad idea. You want one of the Lawyers from one of the big nationwide firms(CGS&H springs to mind) that deal in large trusts. For one thing, big nationwide lawfirms deal with this on a daily basis, and are far less likely to mention to their friends "Hey, didja hear who won the lottery?" The idea is to get your money, do something productive with it, and make sure you nobody knows about it - publicity is your enemy here.
HTRN, I would tell you that you are an evil fucker, but you probably get that a lot ~ Netpackrat
Describing what HTRN does as "antics" is like describing the wreck of the Titanic as "a minor boating incident" ~ First Shirt
First, get a decent attorney and accountant. They set up a charitable organization that supports a Noble Cause You Believe In. A Noble Cause Charitable Organization (NCCO) that is, of course, under your complete control.
Donate all the money to the NCCO. This shields it from the higher rates of Federal and State income taxes.
Then hire yourself and your family to do NCCO business. Pay yourselves a generous salary. That is taxable, but the effective tax rate on $200,000/year is a whole lot lower than on a $20 million lump sum. Especially after you move to a state that has very low personal income taxes.
And, of course, the NCCO owns a lot of capital assets. Such as the Official Residence for the NCCO President. The upkeep for the Official Residence being, of course, at NCCO expense. Like to shoot? Make the acquisition and operation of a range part of the NCCO's duties - then pay for it with tax-exempt dollars.
I keep thinking of Heinlein's 'General Services' when I read something like this. Basically a do-anything conicerge service. Their advertising slogan? "We also walk dogs."
Which was, in the stories, how the firm got started.
PawPaw wrote:I've already got the attorney lined up,
Bad idea. You want one of the Lawyers from one of the big nationwide firms(CGS&H springs to mind) that deal in large trusts. For one thing, big nationwide lawfirms deal with this on a daily basis, and are far less likely to mention to their friends "Hey, didja hear who won the lottery?" The idea is to get your money, do something productive with it, and make sure you nobody knows about it - publicity is your enemy here.
I didn't say that he was a local attorney, and while not on retainer, he told me that "Yeah, when you win, call me." And yeah, publicity is the enemy. Probably the worst thing a winner could do would be to hire the local guys from Dewey, Screwem, and Howe.
First, before ever leaving for Boise to claim the prize we'd go right in to the local post office for our CDP and set up a PO Box. This becomes our new mailing address. Bring every single employee there cookies in order to at least partially make up for the extra work we just handed them.
Second, find a good estate lawyer and a good accountant. Fortunately we've got access to both.
That's before we even see the money. Third, go claim the prize in lump sum form. Just deal with the withholding right off the top, it's going to happen no matter what. Go straight to bank, get the branch manager to do the transaction, do not pass go.
Visit with Mo K and family while in Boise. Blow some of the initial cash on good food and good drink.
Go back up to North Idaho. Stop at bank branch in Coeur D'Alene where two former co-workers are now in charge (both highly ethical, good people). Explain situation, and what we're doing. Get both of them bonuses for opening new accounts.
Talk to local news stations and newspapers. Idaho state lottery doesn't allow anonymity, so we'd get the ordeal over with immediately and on our terms. Fortunately we're in a community that doesn't care about wealth. Both Ben Stein and Viggo Mortensen own vacation homes here for a reason, here they are not revered as celebrities or as rich, they just get to be normal people.
Visit with our real estate agent in person. Get him started looking for the big acreage. Buy when the right one comes up. Buy the house we're currently in as well.
Hire another former co-worker, also very ethical and trustworthy, to handle mail and incoming phone calls. Expect to keep her on for years to come as a personal assistant.
Pay back all debts and send money to EVERY person who has ever given us a donation.
Hire a certain friend in California to ferret out gun bloggers and others in the community that are in need. Set up a charitable organization for addressing those needs, and hand said friend the reins. Pay him to do this.
Also donate to Soldier's Angels, the local animal shelter (which runs entirely on donations, no state or federal funds), the local organization for foster children, etc.
Give each of my brothers, my dad, and Chris's dad lump sums. Set up a medical trust for my brother with kidney failure and my grandmother. Also set up trusts for other family members with medical needs. Put my oldest brother (a very good accountant) in charge of the trusts. This will do two things: take the pressure off of my dad for my grandmother's care, and make it possible for my youngest brother to get off of SSI so he can stop worrying about making too much money and disqualifying himself.
Set up my kids, my brother's kids, and Chris's niece with educational funds. Set stipulations as to what they'll cover, like:
*Only tuition and room and board, and other reasonable costs (with reasonable determined by the executor).
*Only for programs where the total costs are equal or less than 5 years of entry-level wages for the position the education would prepare them for.
*If they choose military service, lump sum payout after they are honorably discharged or once they reach a rank that would be considered average for 4 years in (as determined by both the executor and the large number of retired military in the family). Medical discharges after successful completion of boot camp are considered the same as honorable discharge.
Put my oldest brother in charge of the funds. He was born with brain damage due to forceps delivery. The doctors originally thought he'd never graduate high school because of the damage. He made it through college and is now a very successful accountant, turns out the brain damage was in the more social areas. He's mostly asexual, slightly autistic, and OCD about making numbers balance. They'd have a hell of a time trying to convince him that "beer and girls" are reasonable education expenses.
Pay my oldest brother a yearly stipend for handling the trusts and funds, and pay him an additional yearly stipend for the care of our youngest brother (the brother who has kidney failure lives with him).
Send my father on a Christian singles cruise and hope he finds a nice widow to marry.
Give several cash and material gifts to a variety of family and friends.
Then the fun stuff starts. Visit the Audi dealership and get Chris an S8. Visit the BMW dealership and get me a diesel X5 for the new mommy mobile.
Spend more money setting up the homestead with everything we want.
Splurge on shoes, lingerie, and good cosmetics. And guns, of course.
As for how to deal with the people asking for money... that's what the personal assistant is there to screen for. As for family, there's a really good litmus test. If they bring up my brother's medical expenses fund as a "justification" for why they "deserve" some too, they'll never get any. Ever. Everyone who hasn't talked to me in over 2 years is similarly taken off of the "maybe" list. Everyone else is assessed according to need.