$1B Lottery Winner

*withdraw*

I'd give each of my siblings $1mil if they signed an agreement to never ask for another cent for themselves or their offspring. EVER.

They'll be dead in a year.

I've never once bought a lottery ticket, but it's still fun to imagine what I would do with such an insane influx of cash.

First: Take the lump sum. It's a billion dollars; you can afford to lose half of it (or whatever they keep) from the lump sum.

Second: Buy my retired parents their dream house and get them to have the best health insurance money can buy for the rest of their lives.

Third: Buy myelf a house overlooking the ocean, a nice car, a few fancy clothes and watches, and then (once Covid is under control) travel the world.

Fourth: Choose a thoughtful, personalized gift for each of my closest friends. It would be something they could never afford even if they worked their entire life but always dreamed of having.

Fifth: Pledge to donate every dollar to charitable organizations by the time I die.

I would wait a year before I gave anyone a cent. Anyone who puts their hand out asking for any of it would automatically go on the chop list.

I would hire a lawyer to create an LLC for me so my name will be hidden from public view and then claim the prize.

Take the lump sum. Contact lawyers and accountants before coming forward. Setup a corporation for anonymity. Payments to family and friends after they sign non-disclosure agreements and promise not to ask for any more money ever. Give my parents ANYTHING they want or have ever wished for.

For myself, setup a foundation for charitable projects. Pursue some ridiculous vanity project that allows me to hire numerous attractive gentlemen and have fun!

Help friends and *maybe* family

I'd give an enormous amount to the local SPCA and to the Feral Cat Society, as well. Both of them do incredible work in my area.

I'd hire a full-time care-giver for my great aunt, who is 88, and has MS plus an enlarged heart. She's a tough one, though. Always the delicate one in the family, she has outlived her four siblings.

I'd make sure that my partner's mother, who is an awesome woman, would never lack for anything for the rest of her life.

I'd probably build a new, larger house on the property where I live now. I'd also buy the house I grew up in.

[quote] get them to have the best health insurance money can buy for the rest of their lives.

The jackpot was $1B. They wouldn't need insurance to pay medical bills.

I think I’d claim it anonymously. I’m already who my family looks to for money, so I’d continue to help family as I normally do, probably increase my charitable giving some, maybe work a bit more, then retire and live life as I desire.

I don’t feel I owe anyone any more than that.

Personally, I hate that they've changed these lottery drawings to create these huge prizes.

They know they sell more tickets if they have larger pots, so they increased the variables in the pool of numbers to make the odds of winning even more remote.

Instead of one winner getting $900 million, we would be far better off in society to have 100 $9 million winners. Or even 900 $1 million winners. More lives would be changed.

I hate these huge jackpots. It's vulgar and makes a win an extreme burden. I'd like to see more winners of smaller jackpots more often.

A third would give their money away. That’s why they are poor and buying lottery tickets. Lotteries should have all multimillion payouts paid to a trust with strict rules to prevent winners from giving it away or losing it.

I certainly wouldn’t tell any of my family. They’d kill me in a heartbeat to get the money. I’m already wary of them trying to get my retirement savings.

I would, Retreat from view and change my name and move, I would Help friends and *maybe* family, Go on a spree and then do what I could, Set up a foundation with a tiny office, Save every mistreated animal I could, I don't drink and I am sure not going to start now and unfortunately I have all the time in the world because I only matched one damn number.

I'm close with my family so I would pay off my siblings' mortgages and their kids' college tuitions, my parents would never have to spend another dime. I have 4 good friends I would trust with my life, two which are struggling, so I would certainly help all of them out too. Extended family who I never see, friends who text once a year, maybe a dinner at Ruth's Chris.

Only some states let you collect anonymously right? I would fear for my life if I lived in a state that didn't let you do that. A few previous winners have been murdered. Not even by strangers.

Is there some way around collecting in a state that doesn't let you do it anonymously? Like open a LLC and collect it under that name or something?

I'm horrible with money. How would you even go about receiving a large jackpot? Do you actually deposit a check at Bank of America for a hundred million dollars or whatever and move money around from there?

Both my parents are deceased, I have one brother who is single (no kids). I think I'll just be a fat whore and spend most of it on myself; of course, after paying my DL annual membership and donating to some choice charities.

I don't particularly care for fancy cars, clothes. I'd invest in a gorgeous post-War apartment somewhere swanky and travel in style.

They say not to say a word to anyone about winning except closest family after awhile so agree with the person who said say nothing for a year, then get family to sign NDAs and don’t give them a cent until at least a year or two out and limit the amount. I’d make sure before accepting that it’d be anonymous and I wouldn’t move or buy anything conspicuous in my town (don’t they report what town you’re from even if it’s anonymous?) so that it wouldn’t arouse suspicion. I’d keep the house I live in and create a business for real estate ventures, then travel when it is safe, but volunteer my time to provide the business services I currently provide, only pro bono after awhile (not with current clients, because it would arouse suspicion that I’d suddenly become rich given my current hourly fees). Mostly live life normally though, just with more travel, charity work part time, and higher security at home.

R21, hah, are you serious? I mean, you know you can’t take it with you. Someone else will gladly spend it after you’re gone.

I've always led a simple life. Have nothing. Want nothing. If I had a major win, first, I'd have a major nervous breakdown. Once recovered, I'd sit down with a lawyer and financial adviser, set up a charitable fund a la the Gates Foundation and give the whole fucking amount away. Money is a mondo responsibility that I have no desire to have.

Good for him but I honestly believe winning such easy huge money could be scary. The universe balances things out. Isn't there a statistics most of them end up miserable?

Agree with the above - I wouldn’t tell anyone and set an LLC to revived it. Then help siblings and their offspring. But I would never tell anyone I have $1 billion (really like $300 million after cash value and taxes). I would upgrade my apartment and get a nice house in CA.

[quote] Like open a LLC and collect it under that name or something

Depends on the sate. Some allow trusts, some don't. You can use an LLC in NY, and that was only discovered by an attorney a few years ago. They didn't make it known you could do that.

You can only claim lottery winnings anonymously in a handful of states.

I would spend the money on a great big five storey Georgian house, park a red Ferrari outside, always wear expensive designer clothes and a big flashy Rolex, and carry a Birkin bag everywhere.

I have a sibling in the winner’s town, I’m going to keep daydreaming about getting a handout.

R30, see R14.

R14 same here. In fact we may be related to some of the same people

The basic problem is that most people have an unhealthy relationship with money. The desperate need to have it mixed with the resentment for those who have it or what one has to do to get it.

When you have been raised with the belief that rich people are jerks who only care for themselves ... let's stick with that for a moment. Someone who believes that and wins the lottery. What is he going to do? He will very likely say "Well, I am not going to be a jerk who only cares for myself... hey you! You need money? Have some. Oh, you need to pay some bills? Here, I get you the money to pay the bills! You and your spouse want to go on a much-needed vacation? Say no more! Here take as much as you need! ... See? I'm not a rich jerk who only cares about himself! ... what? All the money's gone? How?????

When you have a negative based "love" / hate relationship about money a sudden financial windfall will put you into overdrive to get rid of it as fast as possible in order to go back to your comfort zone of loving it and hating it at the same time. That feels safe.

We need time to adjust to change, negative and positive change. But most of us don't give ourselves the time to adjust and instead make hasty decisions based on being overwhelmed and scared while going through the process of adjusting to sudden change.

Give a bit to my family (but no amounts that would get to their head).

Buy a modest home with two bedrooms, with one BR doubling as my study. Somewhere in-between nature and a big city.

Allow for a bit of upscale travelling, but nothing obscene. No need for a presidential suite…

Save the rest, with the blissful feeling of being able to never think twice about buying quality items.

And, of course… spending a lot of my time donating to small, local causes where I know the money will end up right where it's needed.

I don't care if OP corrected it immediately, this is a glorious attack of auto correct and it deserves attention:

[quote]often with drawl from view.

I'm picturing Jessica Lange retreating from a well appointed parlor.

I’d tell everyone I bought the Illuminati - Yep, I’m an Illuminati billionaire faggot.

Then, I’d hire a fleet of alcoholic boomers just to heckle mega-super-yachts with skidoos and bass boats. Those of my alcoholic troupe named Sheila will be in charge of my personal safety and index investments.

I will sponsor Macy Gray Day - bag-o-weed, frisbee, funions, no organized events.

I would tell everyone the truth and I would phrase it this way “I have more money than that piece of shit donald trump”

I’m just glad the winning ticket was sold in Michigan which is now a blue state.

If I won a huge lottery jackpot, I'd immediately quit my job and move someplace VERY secure.

And I'd basically devote the rest of my life to giving the money away, philanthropy would become my job. Sure, I'd keep a few million so I could live comfortably, but my idea of "comfortably" would be a little low-maintenance house in a lovely area. I don't want mansions, designer clothes, or luxury cars. All I really want out of life is a comfy home, a worthwhile occuupaion, knowing my nearest and dearest are in no financial danger, and a really generous travel budget. Norway, here I come!

R4, Except for the fact my parents are deceased, I would follow your plans to the letter!

Some posters here have no idea of the almost unimaginable amount of money this is. "Pay a mortgage"? "Pay off tuition"? Peanuts!

I still think it's insane that some states require that the winner be made public, even for gigantic awards. They claim it's to promote the lottery and to demonstrate that it's legit, but I call bullshit.

I guess technically they can get around it if they set up an LLC and then have the LLC "sign" the ticket. That's what I've heard anyway.

It would be discovered that I have done something so stupid that it has harmed everyone in The United States. Like The Jerk, I’d have to pay out like $3 to every mouth breathing chucklefuck in the union. And, because life shits on the beautiful children, I’d forget to send any money to Puerto Rico and they’d be screwed as usual.

The one good thing my useless governor did was make it anonymous for large amounts. There are some people you can't help knowing you won the lottery. Your bank, tax account and maybe your investment advisor, just to name 3. Problem with a lot of people winning the lottery is they either tell someone or they start spending lavishly. Buying a nice car is one thing, buying a Lamborghini is screaming I won the lottery. People don't pay that much attention to their neighbors selling their home and moving. Buying a multi-million dollar home wouldn't draw suspicion with your new neighbors, but if you invited your old neighbors to check out your new home they would figure out you won the lottery.

I don't have family or close friends so I think I would actually have it easier than others. I would set up a trust where the charities either receive a lump sum or receive the income from the investments when I die. Would consult to make sure what is best for each charity. I would still contribute to charities yearly, but nothing that would draw attention. If I wanted to make big contribution to a charity I would do it anonymously. For myself I would go back to school just to learn and take up a hobby. I always wished I was a better photographer. Take a cooking class. I can follow a recipe, but I would like to be creative in my cooking. I would buy a comfortable home that has the amenities I like, such as pool and fireplace, on a nice sized lot. I would never be cold in the winter or hot in the summer. The most extravagant item would be my SUV. I really want a MB AMG GLE53 coupe. Building it to my wishes would run around $100,000. Other than that I would still be the shorts and t-shirt person and the 501 jeans person I have always been.

[quote] I certainly wouldn’t tell any of my family. They’d kill me in a heartbeat to get the money. I’m already wary of them trying to get my retirement savings.

R14 you know you can prevent all that from happening with a will and medical power of attorney. Write them out of the will and have someone you trust in control of medical decisions in case you can't.

I'm still surprised people still talk about wills instead of trust.

In Michigan? Aww, I hope it was the crazy Meijer lady.

R46, It’s almost as if you have to have grown up with a trust in order to benefit from one.

Trusts have to be set up, respected, and left alone. Life events wipeout any advantage trusts provide.

If you’ve experienced wide fluctuations in fortune, you hate them.

Trust change all the time R48. You can add people to the trust or take people off the trust. You can change the terms of the trust. Usually you have a revocable trust and when you die it becomes an irrevocable trust. And trust can end for one reason or another. I don't know where you get your information R48, but trust are more preferred than wills. They are private and not held up in court.

It will be a retired Contractor married for 50 years to a retired Nurse and they plan to help their kids and their church.

Mine are pretty similar to R4.

I wouldn't want my name on any properties. People can look you up in online record searches and see you now live in a million dollar home. I'd create some kind of cover name like GWM LLC.

I have experience with bank fraud and I've heard horror stories about money disappearing from people's accounts. Would all that money be safe in a bank?

First rule: no new friends.

You are going to invest it R52. You can only put $50 million in accounts insured at $250,000. So that is 200 accounts. You go to a bank that deals with CDARS. The rest you invest. The brokerages have insurance so if an employee gets your money they will reimburse you. The hard part would be who do you trust as your financial advisor. Personally I would not let anyone have control of my account and for the most part they only have control of your account when you tell them to buy or sell.

I think people are underestimating the time it takes to investigate good causes for donations and the amount of time it takes to manage a fortune. One good point, you won’t ever have to wait in line at the bank anymore. You’ll have a private banker who has an office on a different floor.

CDARS is one course of action. Massachusetts is the other. There is no FDIC insurance at some banks - there is something much better! Every dollar is insured, so choose about ten different banks and deposit a good chunk there. Some in the banks "too big to fail." The interest is going to be she'll of a lot of money. Trust fund for immediate family providing a substantial annual income. The sooner walks away with just under 400 million by my estimation.

First I would give the $14,000 gift to the 15 people on my list that I would like to help. I would gauge whether to continue them on the list every year based on their reactions. Start college funds for their kids. Plus everyone would get a fat handful of gift cards.

Then I would piss off to a private spa for a month and start making decisions. Charities would include orca study in New Zealand, feral cat associations (good one in Brooklyn) help for dogs etc.

Then I would start buying some properties so that my closest friends would always have a safe place to stay whatever their life situations. Nothing too fancy just good safe places. I would own the houses but eventually I would include them on the deed or on the trusts deed.

I would buy the land that my parents had a home on by the ocean and try to rebuild on it. If not possible then I would turn it into a park and dedicate it to them.

Then I would build or buy my house or houses. Nothing too fancy, an indoor pool would be my only real extravagance.

I have a friend who is a crazy cat lady and I would set her up with a charity for a cat rescue so she could have a good salary and benefits. She would not however be entirely in charge because she is actually a bit mentally ill.

And I would put everything in trusts. Trusts are the only way to go. Fuck wills.

Brokerage accounts, trusts, a few bank accounts under the $250,000 insured by FDIC, and, of course, buying mortgage-free real estate so some of the assets aren't liquid but reliably saleable, providing it is upscale but not too lavish to sell in hard times (like the family homes selling like hotcakes in upscale suburbs now). Bonds, high-yield CDs but at different levels of maturity so you don't have to wait for your money at sudden need.

A mosaic of safe places.

If you're a person like me who's never had anything so I've never had any contact with lawyers or accountants or financial advisers and I don't have many friends and those I have never had any contact with these kinds of professionals either.

So how do you find people you can trust? Who better to rob you blind than a lawyer, an accountant and a financial adviser? They put their name or their company name on the ticket and it's no longer yours. How do you prove you're the winner? What's to stop them from taking it all? The second I would walk in the door they would know I'm a schmuck who knows nothing about anything financial and I'd be easy pickings.

First, I would want to protect my privacy. Toward that end, I'd go to court to file for a change of name. Something really common, like "Robert Miller" or "James Wilson". I'd get a new ID & social security card with that name and use it to claim my prize. Then after I'd collected my winnings I'd go to court again in a different location and file another name change to go back to my original name. In my state the names of lottery winners are withheld for 90 days after the prize is claimed. By the time my new name was released I'd be back to my old name, laughing at the media people, salesmen, scammers and hustlers beating the bushes looking for someone who doesn't exist anymore.

I think it would be a legitimate reason to wear a cape.

R61 = the ghost of Leonard Bernstein

Fortunately my state allows winners of large prizes to withhold their names from being released.

There are law firms that specialize in handling lottery winners. I'd get a trusted lawyer (yes, there are good ones), accountant, and financial advisor. I'd also have an independent accounting done every couple years. I'd set it up so I had guaranteed income coming in. I'd splurge that first year but set a limit of say $2 million. After that, I'd try to live mostly within whatever my income stream from investments is. I'd pay off my house, get a new car, and be generous to some family members and a couple very close friends.

I'd definitely start living someplace warm in the winter and have a nice lake house for the summer, probably in New England where I grew up. I'd love to buy my grandmother's old house and fix it back up. When she died, my mother, aunt and uncle all had their own places and sold it. It was a place of family gatherings. It would be nice to have that back and spend Christmas there. With that much money, why not?

Definitely would do a lot of traveling. It would be first class flights and high-end hotels. It would be fun to spend a summer along the Mediterranean, going from the Riviera to the Amalfi Coast and then on to some of the Greek Isles.

I love tennis, so I'd go to all the big tournaments and some smaller ones. That might get old, fast, so I'd pick maybe 3-4 a year to attend.

Lastly, I'd set it up so various charities would benefit while I'm alive and when I die. I'd also set up my brother's daughter and her children.

I love threads like this.

For all of your guys terrified about it becoming common knowledge that you're rich or living in a $1 million house, just think about this: there are thousands of Americans living in $5 million + houses who are not doing so secretly. Their names are online; their names are prominently on the buildings of charities. They obviously live wealthy lives.

What exactly do you think you're protecting yourself from?

Create a Trust to claim the winnings, with myself as the only trustee, to maintain anonymity. The, for a private foundation and start giving a lot of money away, especially to scholarships for women of color and animal rescue/animal rights organizations. And my best friends would all be rich.

R65, if they have to pay off every dick they’ve sucked it could get pricey.

Did you suck my client’s dick?

I don’t know. Maybe? Can I see it?

Posted from a Massachusetts bank:

Your money is 100% safe. 100% insured. As a mutual bank headquartered in Massachusetts, our personal and business customers' deposits are insured in full. 100% insured. 100% safe.

The FDIC insures all deposits up to $250,000 per depositor, and because we are a mutual bank headquartered in Massachusetts, all deposit amounts above the FDIC limit are insured in full by the Depositors Insurance Fund (DIF). This unlimited coverage protects ALL of your deposits with PeoplesBank.

The FDIC and DIF cover funds in personal and business deposit accounts, including checking, savings, money markets and certificates of deposits. Not all banks are able to provide this full coverage to you.

-R56

I want kids and would go the surrogate route.

“buying mortgage-free real estate so some of the assets aren't liquid but reliably saleable, providing it is upscale but not too lavish to sell in hard times (like the family homes selling like hotcakes in upscale suburbs now)”

Are you sure? You’d buy houses in upscale suburbs, hopefully not McMansions which have a shitty build quality, and then what, rent them out? That’s a huge hassle. My sister lived in a very wealthy semi-rural county, bought a house to rent out but here’s the thing: most people who wanted to live in that area had the money to buy a house.

Buying land now, that would be viable. Sooner or later someone will want to build a subdivision or put a highway there. Actually, I’d rather go around buying land that speculators have bought up. Sure I’d pay a premium (but I’ve got a billion dollars so who cares) and then I’d make it a permanent green space.

Wait, can you only have one account at $250,000 or one person have multiple/endless accounts with that max?

I'd do the $19.00 a month St. Jude thing.

I’d finally pay a DL annual subscription.

I would run attack ads against dead people.

Everyone watching Lifetime would know Mr. Brandt was a sadistic asshole who picked his nose through a torn hanky.

And there would be many more. I’m sure.

I’d buy Mar-a-Lago and raze it.

Buying land is speculative R70. It produces no income while you pay taxes on the land. Subdivisions are not easy to build. They require a lot of permits and restrictions. Investments are not a one size fits all. It is dependent on your age and your risk factor. At my age I don't need to produce income and could live happily with a few million.

Does anyone know the first thing you do if you have the winning ticket? Of course sign it. But then DO you have to go to a corporate office and turn it in? Do you have to call ahead?

It's really hard to find instructions anywhere that says: HERE'S WHAT YOU DO IF YOU HAVE THE WINNING TICKET.

[quote] Toward that end, I'd go to court to file for a change of name. Something really common, like "Robert Miller" or "James Wilson".

A study showed that James Smith was the most commonly used name, but I would suggest using the 4th most common, Maria Garcia, for extra disguise.

R65 has a point. Despite all the hand wringing and worst case scenarios, few big winners meet their demise or are harassed by someone who knows they won. Some are subject to financial scams, but even those aren't the majority.

But it's only natural to be fearful. It's not like nothing bad has ever happened to a winner and that sort of money is naturally motivation for people to maybe do bad things.

I'd go on Prep and hire Drew Sebastian, Derek Anthony, Jack Allen and Jack Dixon to use me RUTHLESSLY, but they couldn't cum in my ass because I want to swallow all their loads.

I'd also give money to animals and charity and stuff.

I will torture people with charity.

“Yes, I hated all the rooflines of your mcmansion so I used a crew of differently-abled Inuits to change things up because I’m a fucking job creator.”

I would retire the poosey, stop working out the jaw muscles, and divorce the Cheeto for good.

I wouldn't tell a soul. I would still keep working until i could come up with a legitimate sounding excuse to leave...a new job in a town far away...I'd move, delete my facebook, change my name then live it up.

I can already tell that the hand holding the winning ticket in the photo in OP's post belongs to a nasty cunt. Most likely a Karen.

What is the first step when the Lotto people hand you the big check? Where does the money sit until you meet with a financial advisor. You can't just deposit 25 million in a Bank of America savings account, right?

I would rent a cheap apartment and buy a nice house on the beach and live a double life hoping nobody finds out. I would probably do some volunteer work twice a week and the rest of the time I'd go hiking, cook some nice healthy food, watch some movies and otherwise be lazy.

Collect the money thru my LLC.

Tell no one except a friend who is a respected trusts and estates attorney.

Hire her or get her recommendation as to whom to hire.

Give some money to my siblings and maybe the one nephew who is an adult. (He’s only 20, so maybe not.)

Set up trusts for the younger nieces and nephews.

Help out a few friends who are struggling or who’d do something brilliant and creative with the money.

Probably not even tell any of the above the full story—I’d definitely downgrade the amount I won.

Do a bunch of charitable giving. Jose Andres’ World Central Kitchen would def make the list, as would Planned Parenthood or NARAL, and organization that helps immigrants and refugees. Probably donate to some local food pantries and other local orgs, too.

Buy a fabulous apartment in NYC, where I currently live unfabulously.

Buy a beach house in the northeast for summer and a little place somewhere warm for winter.

Travel!! (if we ever can again)

Never tell a soul. Not change a thing right away, so as to not invite questions from friends and family members. "Why on earth did you just up and quit your job??!," coming at me from all sides? HELL NO.

Immediately place the ticket in safe deposit to get a few things in order. Contact an estate attorney and set up a trust, with myself and attorney as co-trustees and me as sole grantor. Get necessary brokerage accounts established in the trust's name, ready to receive the wired payment. Sign the ticket in the trust's name. If publicly claiming the prize is required by the state for one of their corny big-check photo ops, send the attorney to claim it on behalf of the trust. Once the cash is wired, amend the trust to remove attorney as co-trustee and work with him/her to set up a family office with full-time financial advisor and business manager to handle investment and philanthropy portfolios, etc. Set up additional trusts to benefit family members. Never tell family where money came from, never discuss money in any detail with them, just assure them I've done well and it's all legal and legit.

I've had a startup idea for several years that's been a struggle to bootstrap, so I'd use a few million to seed fund it and quit my job. As far as extravagances go, maybe a luxe vacation apartment in Paris for starters?

Short story long....I'd be smart and strategic about the whole thing. (This was a lot of fun to think about!)

[quote] set up a family office with full-time financial advisor and business manager to handle investment and philanthropy portfolios, etc.

Why try to be some kind of investment tycoon? A person could just keep it simple and invest some of the money in a S&P 500 ETF and some in bonds. The taxes for such a simple investment strategy could be done yourself. I think people get in trouble by trying to overly complicate it and to act like a big businessman.

[quote]The universe balances things out.

Oh, really? Does it?

"Eat Pray Love" style Housewife logic, like those who believe in "karma" and horoscopes astound me.

R89, we're talking about $1b here. No shame in large cap ETFs and fixed income being part of the mix, but this is a lot of cash that can be split up to serve a number of different purposes and needs.

But should you win a jackpot one day, you do you and report back to let us know how going it alone and doing your own taxes on $1b is working out for you.

I’d bring back mandatory Roll Rinks for seniors and charge my fleet of cars with their kinetic energy.

Then, I’d payadopt a monkey and we’d travel around fighting crimes, crimes of passion, and crimes of taste. There would be weed.

[quote] But should you win a jackpot one day, you do you and report back to let us know how going it alone and doing your own taxes on $1b is working out for you.

Believe it or not, putting a very large number in the box for how much interest you earned, or how much capital gains you had, is no harder than putting in a small number. You’re suggesting that because it’s a billion, a person would want or need to go crazy buying exotic financial instruments, real estate, hedge funds, etc. There’s no reason to do all that. A person doesn’t need much to live on and could exist quite comfortably on simple interest.

I’d have the best pool parties with the hottest twinks and jocks around. Really? No one else said this?

First I'd pay off my student loans and credit card debt. Whatever amount I have left, I'd give half to my parents and sibling. Then I'd split the remaining amount in half again to put into my savings account. After that, I'd donate *another* half of the new amount for a charitable cause. Then I'd use the remaining amount to treat myself.

R89 / R93, "You’re suggesting that because it’s a billion, a person would want or need to go crazy buying exotic financial instruments, real estate, hedge funds, etc."

No, *YOU* are suggesting I said that. Which I did not. I went into no detail on what my investment or philanthropic strategies and tactics would be. I simply said that because of the size of the fortune, I'd get professional support and advice to help in those areas. Kindly stop making inferences.

It's neither here nor there because this whole thread is a hypothetical. How small you must be to have to pick apart someone's ideas in a lottery jackpot fantasy to try and claim some superior intellectual ground. Then again, this *is* DL. By the way: your tax idea of simply plugging the larger interest and gains numbers into the free version of Turbo Tax, without any professional guidance on how to offset your income taxes with deductions that you could gain on a fortune that size, is fairly revealing as to how well you'd hold on to your windfall. Fool + Money = Soon Parted. Bye.

r96, your freaking out over someone disagreeing with you may indicate you should take a break from the computer for a while and get some fresh air.

A simple investment strategy of investing long-term in the S&P and government or AAA bonds will not lose money and would allow self-management.

R97 You're sounding foolish now. R96 is very sensible.

Haven’t a shocking amount of these winners ended up dead? I’d hide from everyone.

Not to sound like a conspiracy theorist, but I've always suspected that no one actually wins the lotteries -- that they hire people to say they won, but the state actually keeps ALL of the money. That would also account for the "winners" dropping out of sight...

R98, thanks for the backup. :-)

R89 / R93 / R97: As I said before, You do you. Your approach is not insensible as an investment strategy, but it oversimplifies to a point of omitting the nuances that come with the amount of money we're discussing here. For example: If you think you're just going to have $1B wired into some brokerage firm and put it in SPY and AAA bonds as a self-directed investor, the reality you're omitting (or not seeing) is you will spend every waking day and night dodging cold calls from every single broker with a valid Series 7 license trying to win you into their books of business. That's just one of many reasons why ultra high net worth people set up their own family offices and enlist professional help. Managing that kind of money, no matter how simple the investment philosophy, inevitably becomes a full-time job. Is dodging cold calls how you want to spend your hypothetical billionaire life? That's rhetorical, couldn't care less here, have a good life and try being nicer to people.

r101, are you unwell? You seem very fragile to overreact so when your mistakes are pointed out.

R102: Not fragile, just impatient with trolls proclaiming their aggressive ignorance as expertise. Hope you're not among them. Be well.

R102: PS, I make mistakes all the time, but so far none in this thread. Except perhaps engaging in actual dialog.

Girls, girls, you’re both never going to win a billion in the lottery, so can’t you just have fun with the thread instead of fighting over your fantasy investment strategies?

First of all winners only receive the full announced $1.05 billion if they take the money in annuity payments; which few if any do in these instances.

Claiming lump sum (most popular option) will get winner or winners (we still don't know if a single person bought ticket or if things were part of a pool) gets $776.6 million USD. Right off the top state of Michigan takes 4.25% tax on either the lump sum payment, or if winner(s) choose annuity payments taxes would be taken out over period of payouts. By law power ball lottery winnings are taxed where ticket was sold. So even if this winner or winners move from Michigan say two years from now and took the annuity payments they still would pay tax to Michigan (IIRC) on those future payments.

Of course none of this begins to touch federal tax treatment, which is probably why winner(s) may not have come forward yet. You get one chance to do this right and need the best financial and tax advice can obtain. Most winners of huge lottery pots are not part of the one percent and don't have expert professional financial or tax advice at that level on call.

When that elderly woman in Florida hit the number for another of the history making Powerball jackpots, it was a few weeks before she and her son stepped forward.

You could mail a box to everyone in Tanzania.

I don't understand this delay to 'come forward'. You are holding a flimsy little piece of paper. You'd better turn in that little slip before it gets lost or stolen or floats out the window.

I would take yearly payments in this case. I don't trust any financial institution to safeguard that kind of money anymore. I'd put the first couple year's payments in real estate and land and a couple million in separate banks. After that, who cares?

I can't even figure out how to check my tickets online. SC is so backwards.

I wasn't raised in a rea or home that participated in the lottery so I'm curious- how does it work? Also, what do you say when buying the tickets? Why is it such a process? I always get behind someone buying tickets and it takes forever. Is there some secret? I saw where KIm Zolciak bought 50 tickets once and won 50k. Is it that easy?

[quote] Also, what do you say when buying the tickets?

You have to know a secret code, Rose. No, really, you ask for a Powerball, Megamillions, or whatever kind of ticket you want.

[quote] Why is it such a process? I always get behind someone buying tickets and it takes forever

It's not such a process; it's just that some idiots like to spend their life savings buying a zillion tickets at once.

[quote] I saw where KIm Zolciak bought 50 tickets once and won 50k. Is it that easy?

Are you asking whether everyone who buys 50 tickets will win a substantial prize? Of course not. Do you find everything in life this confusing?

I’d buy an oceanfront home, start and finance a local community theatre that also has art classes for children, and live simply.

Oh, and I MIGHT purchase the small newspaper where my ex works and have him fired.

R108

In no small number of cases people don't realize they're holding winning ticket. They bought the thing, put it away and forgot or otherwise moved on with life. A portion of winnings (sometimes very large) are never collected and period to claim expires.

Again with instances of large to huge winnings even lottery officials strongly advise winner or winners contact an attorney and financial planner before coming forward. There isn't any rush, long as signed ticket is kept in a secure place there is a decent amount of time to claim.

Some people may wait for all the noise over a massive win dies down a bit. But you also have to realize just how much winning these sort of huge prizes is a life altering event which must be considered carefully. Things will never be the same for winner, their spouse and family along with extended family. Distant relations you haven't seen in ages (if ever) likely suddenly will reach out looking (hopefully) for a touch.

Family dynamics also will play a huge role. Many families parents consider any of their children's achievements or whatever *theirs* as well so likely soon will be offering advice if not outright dictating where some of that money should be going.

Finally main reason you want an attorney and financial planner is because once it is know you've won will be inundated with all sorts of investment solicitations, requests for charitable donations, but you've got to pick someone reputable. See link.

You are assuming people will know you won the lottery R114. Many states allow anonymity. If you are stupid enough, which several winners have been, to announce you won the lottery you deserve to be hounded by your relatives, co-workers, etc. As far as waiting, you are not going to claim your winning ticket and they cut you a check that day. It could take weeks before you finally receive that check. Claim the prize and seek advice, legally or financially. You will receive that advice before you receive your check.

R115

If one is going to claim via a trust or LLC, then they need to be set up before claiming IIRC.

Only about 10 states (New Jersey recently became one IIRC) allow lottery winners to collect anonymously, that is not a huge number out of fifty......

If you are married then lottery winnings will become part of marital estate far as most states are concerned. So off the bat the spouse (and likely her/his family) are going to find out even if winner claims anonymously.

Furthermore while it is possible to claim lottery prizes anonymously in Michigan the scope is very limited, and does not apply to multi state games like PowerBall. Thus God and the world will certainly know who comes forward to claim this prize.

If I won hundreds of millions, I would want to set-up a foundation where my name was mentioned after PBS shows. Like, "Made possible by the generous contribution of the John Q. Doe Trust, working to bring arts and education to the world".

First thing anyone who wins lottery should and must do is ensure they have a legally valid last will and testament. Should one already exist then better to many any changes sooner rather than later.

If winner dies intestate before claiming prize and or afterwards all sorts of hell is going to break loose. In worst case absent spouse and immediate family as legal heirs state will take over the estate, take a cut for dealing with probate costs, then attempt to track down any distant heirs. If none can be found or come forward then after a period mandated by state law unclaimed funds normally go to state.

OTOH if relations between spouse, parents, children or extended family members aren't what they should be, again sooner rather than later would be a good time to contemplate that situation.

As it relates to denizens of DL thankfully SSM is now legal, but if you're living with a partner without benefit of marriage, again you need to think about what would happen after hitting lottery if you die and he isn't provided for by something that will stand up in court.

R116 I didn't say you should hide the winnings from your spouse. I'm talking about people that are relatives in name only. Recently my state made it so you could collect anonymously. I believe all states should allow people to collect anonymously.

[quote]Not to sound like a conspiracy theorist,

But you do.

Winners came forward! All four were members of a Detroit lottery club and will split the one billion prize.

None of the Above.

I would set up a trust to take the money. Never tell anyone in my life and start a new business.

I'm totally clueless about this sort of thing. If you set up a trust so you're not named, where the does the money physically sit?

Trust holds money, assets, property, etc that is administered by a trustee (or trustees) on behalf of a beneficiary or beneficiaries.

Things are complicated because both federal tax laws and local affect trusts, so best to read something like linked below to get a clearer idea.

Nothing prevents a lottery winner or anyone else from putting money or whatever into a trust, then naming themselves a beneficiary. This is done all the time and is one reason trust figure prominent in not just estate planning, but asset management, tax shelters, etc....

As discussed in thread about Cora and Downton Abbey, trusts (in that instance fee entail) also can tie up assets so creditors or anyone else cannot get at them.

See also:

I would have extensive plastic surgery, change my name, fake my death and disappear.

One billion would end up being closer to 550-600 million if one took the lump sum.

Then pay taxes, more like 350-400 million.

Not anything to sneeze at, but just putting that into context.

A Billion is never a billion in the Lotto, Cash payment is somewhere in the 600 million part, then after taxes you are probably in for about 350 million. Still a lot of money but nowhere near 1 billion

The article said $557 million after taxes.

Donate a good portion to my alma maters.

I would look after myself and my partner, his family, and many friends, and lesser help to acquaintances and strangers doing this I like.

My own family already helped themselves to a good enough part of my share of our collective inheritance. I wouldn't have any trouble reminding them that they had no trouble putting their own interests far above mine.

And as for being suddenly plagued by people with their hands out, it wouldn't be a problem. I'm fairly anonymous now and like it that way. It's not difficult to say "no, I've thought through what I want to do with my good luck and it's all planned, for now and for when I die to I have plans to try to direct the money to the people and projects that matter most to me "