So if you were to win what is on your list of things you would do with the money?

 

Retire .

 

Would you tell anyone you won?

 

I'd have just enough for a box of Twinkies!
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Not if I could help it

 

They usually broadcast the winners all over the news so........

I did find this to be a somewhat interesting article, though: You, win the $500M Powerball jackpot? It's not happening - CNN.com

 

Nope.

A person can choose to remain anonymous.

Stewart

 

It depends on the state if you can remain anonymous

 

I would pay someone else do the plugs on my 5.4, pay off the mortgages of the kids, relatives and quite a few friends, take enough for a comfortable retirement and then figure out the best way to give most of it away. That much money is way too life changing and I like things as they are for the most part.

 

Nothing like state governments rewarding those who are bad at the math said state tried to teach them!

Jason

 

It's too damned much money...but, I am taking a feeble swing at it.

First and foremost security becomes a huge issue. The entire family becomes an immediate target. I would try to pull my nephew away from "The Company" to be in charge of that.

For me a cash out would net around $ 210 million post tax. So I payoff bills of friends and family. Make some prudent investments...and even waste some on frivolous things. Set up a perpetual college trust that would last through many generations. $ 50 million in trust for the family to "survive" on....and I would still have around $ 150 million left.

Then the fun would begin. Charities for kids and wounded/disabled soldiers would benefit via trusts that would provide on-going funding. Beyond that it is too early to say...but, I would very likely give away much more than I would keep.

In regards to my kids, I would pay off any debt. Give them each $ 100K and fund some toys. After that, I would match their income dollar for dollar up to $ 100K/year. No worky...no money.

 

Pay someone to get rid of the bodies of my boss and co-worker so I could have it all to myself


In all seriousness, I would use my share to fix my house up, do something with the money so I could retire comfortably, and pay off my sister and brother in laws mortage.

I might even go on a vacation.

 

First things first:

You won the lottery! Now what? - 1 - millionaires - MSN Money

A pretty good article. The guy makes a lot of sense. The very first thing I would do would be to line up the professional people I would need to handle the influxof the money. Figure you're going to need an accountant, a lawyer and a financial planner. As the article says, I'd like to have these set up before claiming the jackpot.

Lump sum or annuity? Probably a combination of some kind.

Protect your own future and the future of your family, of course. Spend a little time being frivolous and find a way to perpetuate your good fortune: buy and grow a few businesses. Keith got me thinking about opening up a couple of TwinPeaks restaurants in my area... I'd have the means to do it And I know everyone (men) would be grateful.

As far as giving away so much money, have you considered how much gift tax you'd end up paying out, in addition to your gifts to family and friends? I don't know tax law, but I think gift tax is tremendous, and is paid by the giver, not the receiver. So your $10 million gift to your mother would cost you $15 million, I think. Then she'd have to pay the highest income tax on the money, so your $15 Million gift would end up netting $6 million or so... BS, if you ask me.

I know for certain I'd have:
1)the most badass truck
2) a very well equipped garage
3) well, that's about it... (what else do I need?)

 

Ok...instead of gifting I would wind up owning a lot of properties I guess...

I would be paying good money to someone to figure out the tax implications...A wonderful problem to have in this case.

 

I was kind of hoping our resident tax expert/ accountant would add his professional opinion...

Where are you, Texastech_diesel???