Lottery Winnings... What would you do?

[cassandrasdaddy]

my goal

is to be able to fire a gun out any window in my house and know if i hit someone they were trespassing

 

[Stevie-Ray]

A house overlooking the ocean in Kona on Hawaii, or possibly a more secluded island. At any rate it would include a huge garage which would contain my present vehicles along with a Ford GT and a Superformance 514 Cobra. The boathouse would contain a 40 or so foot offshore with twin 514s. I would also have a place in a gun-friendly state with many acres of land to build a range on and support my appetite for guns that can't be quenched in a place like Hawaii. The garage in this place would contain an F350 4X4 turbodiesel and a bunch of quads and snowmobiles.

But I'd trade all of it if that much money would cure my wife.

 

[Werewolf]

BTW my friend's daughter won 36 million.
It's interesting to see what happens and how people act around that much money.
One of the first things I saw was the government has hidden laws in place to cheat you out of the money if possible.

Interesting. Please provide more details about the hidden laws.

 

[Nio]

I would buy an island, stockpile the place with arms, ammo, food, water, and porn. I would them move there and live out my paranoid fantasies in peace and quiet. I would enjoy living alone, becaus that way I'd only have one arrogant, self-centered know-it-all to deal with.

Nio

 

[SigfanUSAF]

oh and see if you can get a GAU 10 off an A-10 warthog lol

Trade in the wife for a newer model.
I believe I'd take the A-10 as well.
Then I'd start thumbing through catalogs, bushmaster, RRA, Colt etc: I'll take one of each.
A deuce n' a half with a quad .50 mount would do.
Perhaps then a battleship, see what the Gov't would sell the Iowa or Wisconsin for these days.

 

[MechAg94]

So where could I find the mail order bride catalog that starts at $1 Million?

Personally, after taking care of my immediate family, I would make sure a big chunk goes into tax free bonds or something that would guarantee a lifetime of comfortable income. I think spending 5K or 10K on lawyers/accountants/financial experts would be well spent if getting that kind of money.

After that, I might have to find a place with land for shooting in Texas where I could set up a house with a big, big safe. Class III weapons!!

 

[hksw]

I would buy a big chunk of HK and Swiss/Sig Arms and MAKE them build 10 mm guns.

 

[lionking]

Bob R lol!

quote fbodyninja:buy a about 1000 acres in montana or some other really open state with relaxed gun laws and buy every toy you've ever dreamed up. oh and see if you can get a GAU 10 off an A-10 warthog lol

actually I be even happier to buy a helicopter,say a UH-1 or Hughes 500 and I would devote my time to learning to fly.Get a license for turbine rating.Then I would mount the gatling on it lol!

Firearms?Well Id get alot but off the top of my head Id get a all original WW2 Garand (or 10)and Barrett .50.

Id have a awesome jam room for music.Unfortunately money cant buy good friends and right combination of players to make a band.

Id travel alot,I want to do that badly.Get it out of my system.

Id set my dad up with a nice pad,he is my dad I love him much.Some family and friends would be helped also.

Cancer charity,that frickin disease is the reason anybody Ive lost,including my doberman

thats to start with anyway

above all Id pray to remember to keep my treasures in heaven ,not on Earth.I count my dad and friends,and health among those treasures.

 

[profshadow]

LOTS of things I'd do...but first, I'd get those little swiss miniguns that I've had my eye on for some time (www.swissminigun.com)

Travel. Spend it on family. I'd make them all "debt free" by buying their mortgages and forgiving each year's payments and such.

Set up trusts for the kids.

Travel. Oh yeah, travel a lot!

Give a few endowments, etc, etc.

 

[HankB]

Thanks to taxes and the "lump sum" penalty, figure you'll only get to keep a little over 1/3 of the money . . . less if you're in some backward commie place that collects a state income tax.

I figure I'd initially put the money into short-term treasury securities - 6 month T-bills are paying around five percent now. Then I'd study the issue carefully and put some of it offshore - "Flight Capital" if you will - before beginning my spending spree.

I figure with 50-60 million earning five percent, I could live pretty well on what the tax man left me.

I'd get some place either in the Texas hill country or elsewhere in the South/Southwest, and build a home on enough land to have a 1000 yard range . . . and a big trophy room for the African game I'd be going after . . . I'd actually be able to AFFORD an elephant hunt then!

In terms of charitable giving, yes, some, to places that a) I thought were deserving, and b) which did NOT contact me looking for a handout.

 

[RNB65]

One of the first things I saw was the government has hidden laws in place to cheat you out of the money if possible.

Oh, I'm dying to hear this. What hidden laws?

 

[lionking]

the feeling of security would be one of the best things.

Setting yourself up with a place paid off,that no matter what happened you would never have to worry about losing your home.

No matter if the company decides to "expand" while cutting into your paycheck to make up the costs,or insurance and taxes rise to the point of all you do is pay bills.

To have the power to say "I quit" "take this job and shove it" without worrying about being a slave to your mortgage and how would you pay the bills...to not have to eat **** from others.....I dont need 63 million for that and as soon as my house sells Ill be at that point....

to be your own man

Ill settle for a nice M1A(M14) after that lol!

 

[10 Ring Tao]

An indoor 5 stand/skeet/trap range inside one of those big inflatable golf domes. Year around clays.

An indoor range that is open 24 hours, and totally automated. Swipe a membership card to get in, swipe it at the lane to activate the lane. The card is linked to a credit card or prepaid range time, and charges you automatically.

Usual list of charities, especially cancer research and those that prevent young women from increasing the welfare burden by having unwanted children.

Usual list of toys. 50 BMG, NFA, EBR, SBS, SBR, etc.

Usual list of 2A contributions, including those in my state (except MCRGO).

A house for my fraternity, totally free from the absolutely ridiculous rules of the university.

Invested in such a way that with compounding interest, it should last well beyond my grandchildren.

 

[Shell Shucker]

I would give a 2-3 REAL friends and certain family members a million bucks each. I would pay off the debt on my beloved local shooting range and buy enough extra surrounding land to garrantee it will always be there for me and the locals. Invest the rest SAFELY. Then the wife an I would disappear!

You will find us (hopefully not!) living on a Carribean island on a small boat or in a shack. We'll be driving a 1987 Samari dressed like the locals. Days will be filled with things like eating sea food, scuba diving, and drinking local beer and cocktales. When we get the itch we will travel. When I need some trigger time I'll spend a few weeks at my home town range (rifle and pistol) and bust clays at any place that intrigues me! I'll probably end up doing repair work on coin-op machines, lawn mowers, outboards, ect (part time!) to keep from getting bored. Maybe I'd use my shop (tech-ed) teaching degree to help out some local kids.

I guess what I'm saying is that I don't want to live extavagantly. I'd just like the freedom to live modestly where I'd like to be and enjoy a few perks! Many lottery winners live like rock stars for a while and end up broke......

 

[M2 Carbine]

silliman89
BTW my friend's daughter won 36 million.
It's interesting to see what happens and how people act around that much money.
One of the first things I saw was the government has hidden laws in place to cheat you out of the money if possible.

You mean hidden laws like taxes? Go figure.

BTW, you should marry her. Doesn't matter if she's half your age. Get your proposal in quick before everyone else.

No, I don't think so.
I've never cared about money all that much.

If I had it I'd just give most of it away and she probably would get upset if I started giving away her lottery winnings.

 

[pete f]

Create a foundation, a legally registered 501c3 and let it win the lottery, no money to uncle sam no money to the state. A foundation devoted to education and financial security for some very narrowly defined functions.
The foundation would of course need a board of directors and would of course be me and family. Apply incentive based educational security notes.

A average in past year, we pay that year and guarantee the next.

B average in past year, we pay 75 percent of past and future year, will up future year to 100 percent if student gets A's

c average, pay 50 percent, and same as above.

Also work to promote hunter ed for all kids in 8 th grade. same as sex ed, the more the kids know, the better off they will be.

As we would be working with about 5 million a year for the first few years, we can not fund the world, but in time, not that long, it would become a massive fund for change. No where near what Buffet or Gates can do, but still a lot.

 

[Father Knows Best]

Create a foundation, a legally registered 501c3 and let it win the lottery, no money to uncle sam no money to the state. A foundation devoted to education and financial security for some very narrowly defined functions.
The foundation would of course need a board of directors and would of course be me and family.

1. For that to work, the foundation needs to exist long before you buy the lottery ticket, because the foundation must own the right to the prize before it is awarded. Once you win the prize, it is taxable as income to you, even if you transfer the ticket to someone else before cashing it in. You might get a deduction for donating the proceeds to a 501(c)(3), but deductions for charitable constributions are limited so you will still end up paying substantial taxes.

2. A 501(c)(3) is difficult and time consuming to establish. Setting up the foundation is easy and can be done in a day or two. Getting the 501(c)(3) determination from the IRS takes time and effort. Figure at least 6-12 months for the process, if you do everything right and have good advisors.

3. You will never get 501(c)(3) status unless you can convince the IRS that the foundation really does serve charitable interests, and is not run for the benefit of insiders. I'm not sure what you mean by "devoted to education and financial security for some very narrowly defined functions". I can tell you that if by "financial security" you mean the financial security of the directors (you and family), that is not a permissible purpose. Also, if you and family members control it and benefit in the form of salaries and expenses, that's a difficult hurdle to overcome. IRS will be very skeptical, and will probably deny 501(c)(3) status. You MAY eventually get it if the foundation has excellent controls and you can show a track record of making only reasonable payments to insiders while spending significant assets on the foundations charitable objectives. That will require years, and probably legal proceedings with IRS.

4. You may also run afoul of "private inurement" state laws that require that all non-profit organizations (which all 501(c)(3)'s must be) be run for the benefit of the public.

5. As a 501(c)(3), your tax returns will be public documents. Everyone will know how much money you have, how much you are paying yourself, and how the foundation is spending its money.

Good luck!

 

[ozwyn]

Get a really good financial/legal guy to set up a system in place to protect the wealth for future generations while supplying me with a small salary in the process. If in the process of re-investing interest/profits i can make a few friends/relatives millionare's, that would be perfect.

Then hit some gun classes, because you can't have too much training, then buy some nice toys based on class experience for what I know I will actually like and work well with.

It is not an exciting plan, but it's a plan.

 

[P0832177]

Well, first things first get legal and financial advice!

Take care of family first! Set up a foundation to allow for edcuation.

Some indulgences would be land with plenty of room for 1K known distance range. A few smaller distancse ranges for other use. Then several 360 degree bays with plenty of steel! A nice indoor range of the static variety to 100yds, and a 360 shoot house for fun! Secure the area! Hire a caretaker / range master. Then sell memberships that are reasonable with strict requirements.

 

[Justin]

Invest wisely.
Fund a startup or three.
After I've put the majority of the winnings to work generating even more money, I'd buy a Senator and a couple of House members.

From there it'd be training. Lots of training. Rifle time with Tubb. Pistol time with Zins and Burkett. Gunsite. Thunder Ranch, Yavapei Firearms Academy...

Eventually I'd look into getting my own little chunk of The World.

 

[BobTheTomato]

Well after paying federal tax, state tax, local tax, excise tax, this tax, that tax......if I had any money left I would do the following:

1) Sponsor pro-self defense billboards, radio, and tv ads. I forget which group did them awhile ago till they ran out of money. They got more more into gun ownership when I heard them.

2) Buy alot of land.

3) Buy guns and ammo.

4) Take care of my kids but not spoil them.

5) Do the happy dance.

 

[ilbob]

Sudden wealth seems to tend to bring on bad things to many who experience it. Fully knowing that, I am willing to help you out and take on the responsibility of spending the money you won, just to protect you from the potentially bad things that might happen to you.

I was talking to my wife about this the other day. She wasted $5 on lottery tickets last week when we were passing through (either TN or WV). I told her that we had to put the money in the bank (or some other safe place) for at least 6 months before deciding what to do with it.

She wanted to give some to her nieces and nephews, but I think that would be the absolute worst thing that could happen to them. They are not especially responsible now and having a few bucks would probably not encourage them to act more responsibly.

I like the foundation idea. No kids to pass it on to anyway.

 

[slzy]

i would write travelogues. Favorite Black Sea Nightspots of Russian Ballerinas would be a good place to start.

 

[silliman89]

Justin --

Eventually I'd look into getting my own little chunk of The World.

You want to live in Dubai?

I've been there, and it was nice and all, but I wouldn't want to live there. If you want a private island I'd look in the South Pacific myself.

 

[Justin]

I was under the impression that all of the decent islands in the South Pacific had already been purchased.