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What's your crazy/impractical for when you win an obnoxiously high lottery jackpot?

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What's your crazy/impractical for when you win an obnoxiously high lottery jackpot?

Old 01-11-16, 07:18 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

1.3 billion dollars buys a lot of Hot Toys action figures. Plus I would be so rich women wouldn't mind that I collect Hot Toys action figures.
Old 01-11-16, 07:41 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Originally Posted by Raul3 View Post
That's the problem with having that kind of money. And trying to help others. How can you be 100% sure that the money is used the right way?
You became billionaire and then you have to spend time doing that?

So, you create an organization/company, with people that have a proven record helping others. And put them on charge. You will never be 100% sure that they will be successful. But at least your conscience sleeps better, right?
Well, it certainly is whatever makes a person feel better.

Sure, write a check and leave it at that. That's fine. I suppose that's the threshold these days for some. But I'd want to go a step further.

There's no way to 100% guarantee anything, especially when it comes to giving money and expecting a certain outcome. Because you and I know there are walls of greed so wide and so high, between you and your intended beneficiary, that you would be a fool to hand over cash to those who have been in charge of systems for years...and haven't done shit.

And I think you know just writing a check to a school is one of the dumbest things to do if you truly want to use your money to affect your target audience: kids.

There might be a better way. Having that kind of cash, you could take a few years to travel the world, and probably come up with something rather effective with those years observing others.
Old 01-11-16, 08:15 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Make government accountable for funds? Now that is crazy and impractical.
Old 01-11-16, 11:01 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Originally Posted by stvn1974 View Post
1.3 billion dollars buys a lot of Hot Toys action figures. Plus I would be so rich women wouldn't mind that I collect Hot Toys action figures.
So very true.
Old 01-11-16, 11:40 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

I'd start with the obvious stuff - build a nice house, big but not too big, a boat, and some nice cars. Put a lot away so I can live off the interest. Create an endowment that will fund the local arts community and public radio station forever, and build the performing arts center they have been fundraising for years to build. Keep my current job for now as I like it. Travel a lot.
Old 01-12-16, 09:33 AM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Nice house and cars, nothing over the top. Help family and friends with the max allowable w/o taxes. Set up a foundation to help local animal shelters and the craziest is buy a radio signal so the only local alternative station can quit using the colleges channel from 7:00 pm to 5:00 am, there is an available frequency but the huge corp that owns it asked for the moon on price and the guy could not afford it.
Old 01-12-16, 02:31 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

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Old 01-12-16, 03:51 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Buy DVDtalk and give it back to Geoff to update/run.

I bought a single ticket on my 18th birthday many years ago and bought my second one today. Big gambler here.

Like most, I'd like to think I'd keep it modest. We just bought a house we love, so I'd pay that off. New car for the wife. Take care of the parents and siblings houses. Maybe pick up a beach house we could all use. Then invest the rest.
Old 01-12-16, 06:28 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Originally Posted by Nick Danger View Post
You would do better starting a superpac and assisting the re-election of selected statehouse politicians. Inform them that if they don't want to be the education candidate, you can find someone who will.
The last place my money would be going is politics. The buying of candidates by SuperPacs is one of the pillars of political dysfunction in the US.
Old 01-12-16, 06:38 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Originally Posted by stvn1974 View Post
1.3 billion dollars buys a lot of Hot Toys action figures. Plus I would be so rich women wouldn't mind that I collect Hot Toys action figures.
I'd do the same with some of it. In seriousness though I'd find a house and pay it off right away (nothing overly extravagant just something decent with a good amount of room and a two or three stall garage), maybe get a new vehicle (although nothing is really wrong with mine), give some to my parents and brother, and not work anymore. I'm sure I'd do other things too but honestly I'd try to be pretty practical for the most part and not blow it on a bunch of junk.
Old 01-12-16, 06:40 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Pay off the mortgage on my condo and do some remodeling. Buy a condo in Hawaii to be close to family. Buy a house for my sis and her family. And I'd never have to get married. I'd have a few baby mommas in different countries tho.
Old 01-12-16, 07:52 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Originally Posted by Cusm View Post
Nice house and cars, nothing over the top. Help family and friends with the max allowable w/o taxes. Set up a foundation to help local animal shelters and the craziest is buy a radio signal so the only local alternative station can quit using the colleges channel from 7:00 pm to 5:00 am, there is an available frequency but the huge corp that owns it asked for the moon on price and the guy could not afford it.
That's actually very little. Who cares about some taxes if you want to take care of friends/family and you have 500 million dollars?
Old 01-12-16, 10:09 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

As far as my family goes, any of my redneck shitbird cousins who started hitting me up for money would get the following letters in the mail:

A donation of $100,000 has been made in your name to PETA.
A donation of $100,000 has been made in your name to Greenpeace.
A donation of $100,000 has been made in your name to The NAACP.
A donation of $100,000 has been made in your name to GLAAD.
A donation of $100,000 has been made in your name to The Coalition to Stop Gun Violence.
A donation of $100,000 has been made in your name to The ACLU.
A donation of $100,000 has been made in your name to People for the American Way.
A donation of $100,000 has been made in your name to The National Organization for Women
A donation of $100,000 has been made in your name to NARAL.
A donation of $100,000 has been made in your name to Americans United for the Separation of Church and State.
Yeah, there's your million dollars, Jim-Bob.
Old 01-13-16, 09:56 AM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Originally Posted by broadwayblue View Post
That's actually very little. Who cares about some taxes if you want to take care of friends/family and you have 500 million dollars?
From what I read on an article about winning the lotto and not going broke, it's about $140k. It's $14k a year and you can make a one time 10 year lump donation. The article said that if you gave your mom $1M you would both be paying hefty taxes on it. My family they would be nasty about that and fighting over someone getting more than them. This way I could blame the accountants and government.
Old 01-13-16, 10:33 AM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Originally Posted by Cusm View Post
From what I read on an article about winning the lotto and not going broke, it's about $140k. It's $14k a year and you can make a one time 10 year lump donation. The article said that if you gave your mom $1M you would both be paying hefty taxes on it. My family they would be nasty about that and fighting over someone getting more than them. This way I could blame the accountants and government.
The Donor has to pay? That's kinda bullshit considering you already pay a tax on your winnings. Why isn't a gift tax considered double tax?
Old 01-13-16, 11:32 AM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Originally Posted by Cusm View Post
From what I read on an article about winning the lotto and not going broke, it's about $140k. It's $14k a year and you can make a one time 10 year lump donation. The article said that if you gave your mom $1M you would both be paying hefty taxes on it. My family they would be nasty about that and fighting over someone getting more than them. This way I could blame the accountants and government.
From what the internetz says its $14k a year per person up to a lifetime max of approximately 5 million tax free. So theoretically if you and a spouse were to give it to your parents then you can each gift 14k to each parent for a total of 56k per year to your folks tax free.
Old 01-13-16, 11:52 AM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

I'd share with those that have never been a dick to me but I can count less than that on one hand plus you would have to have known me for at least 40 years. Only one friend has been that. Doesn't matter if your family or friend; those are my rules. The wife and kids get a pass, though.

I guess if I win I won't have but one friend and my family.

Like I really give a shit. Fuck everyone else.
Old 01-13-16, 12:07 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Originally Posted by Cusm View Post
From what I read on an article about winning the lotto and not going broke, it's about $140k. It's $14k a year and you can make a one time 10 year lump donation. The article said that if you gave your mom $1M you would both be paying hefty taxes on it. My family they would be nasty about that and fighting over someone getting more than them. This way I could blame the accountants and government.
The person receiving the gift pays no tax, doesn't matter how much you give.
Old 01-13-16, 12:36 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

^^^ that would be incorrect unless you use many tsk loopholes.
Old 01-13-16, 02:05 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

https://www.irs.gov/Businesses/Small...-on-Gift-Taxes

Who pays the gift tax?
The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.

Addendum.... my understanding is that amounts given greater than the current gift limit (which is $14K for 2015 and 2016) are taxed at the donor's tax rate... HOWEVER, the donor may elect to instead deduct the taxable amount from their Lifetime Gift Tax Exemption amount (which is $5.45M right now). That lifetime exemption amount is tied directly to your Federal estate tax exemption, so if you do choose to write down that taxable amount, it will reduce the exemption amount that your estate will be subject to when you die.

Practical example: Das Monkey wins the lotto and decides to give me $5M. He would have a choice:
(a) - Pay taxes on $4,986,000 (the amount greater than $14K), or
(b) - Pay no taxes but reduce his future estate tax exemption by $4,986,000, knocking his $5.45M future exemption down to $464K.

A tax advisor could help him determine which would hurt less. But either way, I thank him for the gift.

Last edited by kenbuzz; 01-13-16 at 02:17 PM.
Old 01-13-16, 02:26 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

I would help out some close family members and friends. Buy a nice but not crazy home with a decent amount of land on each coast with indoor/outdoor pools, game rooms and home theaters all tricked out including that first run home access thing. Would set up trusts for my kids to dole out a little at each birthday/milestone with a bigger amount at age 30. Create a few scholarships in my mom's name as well as donate to the deaf community specifically to the Learning Center for the Deaf for all they have done for my son.

I would not fly anything less than first class and most likely private when possible.

Hire a personal chef and trainer to keep me healthy and in better shape without having to think about it.

1 sedan. 1 SUV or Truck. 1 sports car but not an insane one. That is about it. I don't really have extravagant tastes overall other than home theater and some electronics stuff. I can't see myself travelling much unless my kids want to go when they get older as I don't like doing stuff like that alone. Doing vacations here with my kids alone is tough enough, I really wouldn't want to deal with trying to go overseas too until they get older.
Old 01-13-16, 02:38 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

I would just get some Dos Equis and be done with it
Old 01-13-16, 02:39 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Originally Posted by mhg83 View Post
The Donor has to pay? That's kinda bullshit considering you already pay a tax on your winnings. Why isn't a gift tax considered double tax?
You get/earn money, you pay tax.
With your after tax money, you buy something. You pay sales tax on that.
The money that you spent to buy said thing, gets taxed again as corporate/profit tax.
The company then gives some of this money to its employees. Taxed again.
Old 01-13-16, 03:25 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Originally Posted by GCS View Post
I would just get some Dos Equis and be done with it
That sounds like an odd way to kill yourself, especially after winning so much money, but I appreciate your moxie!
Old 01-13-16, 05:39 PM
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Re: What's your crazy/impractical for when you win an obnoxiously high lottery jackpo

Maybe form a non-profit, then donate 75% of it to that non-profit.

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