Rep Retirement Lodge 198 - A New Season Begins...

[Hammer]

Re: Rep Retirement Lodge 198 - A New Season Begins...

we were talking about that the other day. lilnsl said he would put it all in a trust and live like a normal person. I don't think that would be possible.

No. He would not. My sister and I had a conversation about that the first time there was a $1 billion jackpot.

If you hit that by yourself, you gotta go. Somewhere. Elsewhere. You can't stay where you're at. Anyone and everyone that thought they knew you at any point in your life is going to come out of the woodwork. Everyone that thinks they might be related to you, eight times removed. That kid you rode the school bus with, back one afternoon on a 3rd grade field trip, the one that split his cookie with you? YOU OWE HIM!!! And when interest is figured in, the way they see it, you owe them about $400,000 for that cookie. And there's going to be tons of people like that. And a simple "no" isn't going to suffice, especially when they figure out where you live (and they will). Have a family? If you stay where you are, they're targets now. Think you're going to keep a billion dollar jackpot a secret? Yeah, right. You'd have better luck hiding a nuclear power plant in your back yard.

That kind of money changes your life, whether you want it to or not, in ways most people cannot comprehend.

 

[Twitch Boy]

Re: Rep Retirement Lodge 198 - A New Season Begins...

No. He would not. My sister and I had a conversation about that the first time there was a $1 billion jackpot.

If you hit that by yourself, you gotta go. Somewhere. Elsewhere. You can't stay where you're at. Anyone and everyone that thought they knew you at any point in your life is going to come out of the woodwork. Everyone that thinks they might be related to you, eight times removed. That kid you rode the school bus with, back one afternoon on a 3rd grade field trip, the one that split his cookie with you? YOU OWE HIM!!! And when interest is figured in, the way they see it, you owe them about $400,000 for that cookie. And there's going to be tons of people like that. And a simple "no" isn't going to suffice, especially when they figure out where you live (and they will). Have a family? If you stay where you are, they're targets now. Think you're going to keep a billion dollar jackpot a secret? Yeah, right. You'd have better luck hiding a nuclear power plant in your back yard.

That kind of money changes your life, whether you want it to or not, in ways most people cannot comprehend.

CO lets you designate a trust to claim the ticket on your behalf, and with some slick lawyering you can put some distance between your name and the money.

Still, this is 2018 - one Millennial fifth cousin with too much time on his hands and you're a superstar.

 

[The Rube]

Re: Rep Retirement Lodge 198 - A New Season Begins...

I'd contact my family's money guy, as he's been with them for years, and is trustworthy. And then of course, lawyer up.

Your life would definitely change, I would still try to keep it as normal as possible, though. You wouldn't find me buying up businesses or starting up restaurants or anything. Might get a nice Wrangler for winter or something. Definitely would get a converted Greyhound (one that is basically an apt on wheels) and travel around the country a little.

 

[Twitch Boy]

Re: Rep Retirement Lodge 198 - A New Season Begins...

There's a copypasta from AR15.com (of all places) that's well worth reading on just how farked you are if you win, and what to do.

https://www.ar15.com/forums/general/-/5-749519/?page=1

My plan:

1) Lawyer. Big one. Partner level. Out of state, big city.
2) Have lawyer set up a whole mess o' trusts.
3) Lawyer claims ticket using a trust, take the lump sum, get Uncle Sam's share out of the way.
4) 25 percent to family in a trust. They are to be informed in no uncertain terms that this is it, they are not to expect any further contact. Lawyer will manage trust and hopefully prevent them from Kardashianizing themselves.
5) At this jackpot level, to be honest just throw most if not all of it into US Treasury bills. Keep it simple, stupid. Minimize hands in proximity to the cookie jar. Those will make more than enough interest to live comfortably. Maybe a little in Germany or Switzerland just in case we elect Lady Gaga next time or something.
6) 10 percent to me free and clear, to assist with Steps 7 and 8.
7) GET. THE. FARK. OUT. Ghost. Quit job first, though. Total makeover. Hire a PR company to obliterate social media, possibly even set up bogus profiles to throw people off. Burner phones. Only contact in phone is the lawyer. Go to one of those places Rockapella sang about for 2/3 years or so.
8) Fun time stuff: penthouse suite in Vegas, personal arcade loaded with pinballs and monster MAME cabinets, loaded RV with car transporter, "fark you money" tier cars yet ones that are somewhat daily drivable (to be honest a 911 Turbo S, Nissan GTR, McLaren 720S, and/or '05 Ford GT would work just fine. Maybe a Koenigsegg Agera just for lulz.)

 

[The Rube]

Re: Rep Retirement Lodge 198 - A New Season Begins...

I would definitely blow some of the money (a couple hundred thousand). Good idea on the PR firm. Totally agree in limited hands in the cookie jar.

I did forget one promise I made to a couple close friends:
Fly to Vegas, my dime, private jet. The ones I invited will get 10K (IIRC that is the limit before they are taxed) each. HOWEVER: they must put all of that 10K in gambling. Whatever they win, they win. But that 10K must be gambled with. I like having a little chaos happen.

And I'd wipe my arse with $100 bill, just to say I did it.

 

[FadeToBlack&Gold]

Re: Rep Retirement Lodge 198 - A New Season Begins...

We were talking about that the other day. Lilnsl said he would put it all in a trust and live like a normal person.

LOL, funny.

 

[Twitch Boy]

Re: Rep Retirement Lodge 198 - A New Season Begins...

I'd start a foundation of some sort once I got to my "can't take it with you" days as well. Problem is most charities are scummy AF - I want my money to do the most good possible, so I honestly wouldn't know what to fund.

Also, tSBFitW gets the works. Top of the line instruments, practice space, big ol' Madden cruisers, custom music/ditty/skit/whatever writing staff.

 

[The Rube]

Re: Rep Retirement Lodge 198 - A New Season Begins...

I guess, I don't know what it's like to have a lot of money, much less THAT kind of money. After the initial spending spree, which would barely dent what I actually would have, I wouldn't really know what to do with it/how to spend it. Maybe get that steak that's a little more expensive when I eat out? *shrug*

I think it goes without saying among any of us, that some would be given to some charitable causes/etc.

 

[Twitch Boy]

Re: Rep Retirement Lodge 198 - A New Season Begins...

My big concern would be buying stuff with utility. Why buy a mansion I'll use 10 percent of if I'm lucky? The penthouse suite would be more useful and probably a heck of a lot more fun. Likewise, I'd buy a Chiron and it would become a garage queen.

 

[bostonewe]

Re: Rep Retirement Lodge 198 - A New Season Begins...

There's a copypasta from AR15.com (of all places) that's well worth reading on just how farked you are if you win, and what to do.

https://www.ar15.com/forums/general/-/5-749519/?page=1

My plan:

1) Lawyer. Big one. Partner level. Out of state, big city.
2) Have lawyer set up a whole mess o' trusts.
3) Lawyer claims ticket using a trust, take the lump sum, get Uncle Sam's share out of the way.
4) 25 percent to family in a trust. They are to be informed in no uncertain terms that this is it, they are not to expect any further contact. Lawyer will manage trust and hopefully prevent them from Kardashianizing themselves.
5) At this jackpot level, to be honest just throw most if not all of it into US Treasury bills. Keep it simple, stupid. Minimize hands in proximity to the cookie jar. Those will make more than enough interest to live comfortably. Maybe a little in Germany or Switzerland just in case we elect Lady Gaga next time or something.
6) 10 percent to me free and clear, to assist with Steps 7 and 8.
7) GET. THE. FARK. OUT. Ghost. Quit job first, though. Total makeover. Hire a PR company to obliterate social media, possibly even set up bogus profiles to throw people off. Burner phones. Only contact in phone is the lawyer. Go to one of those places Rockapella sang about for 2/3 years or so.
8) Fun time stuff: penthouse suite in Vegas, personal arcade loaded with pinballs and monster MAME cabinets, loaded RV with car transporter, "fark you money" tier cars yet ones that are somewhat daily drivable (to be honest a 911 Turbo S, Nissan GTR, McLaren 720S, and/or '05 Ford GT would work just fine. Maybe a Koenigsegg Agera just for lulz.)

Having hypothesized about what it would be like for years, it's good to know that I am more or less on the right track with plans (at least according to the link you posted). I would definitely never want my name associated with the win -- in NH, you can claim as a trust, but you have to have it set up before you claim. You also don't pay any state taxes on your winnings.
I've always said that I'd want to buy a chunk of land either in the West or in Vermont and live privately for awhile to just get away from everything, so that would be appealing.

 

[The Rube]

Re: Rep Retirement Lodge 198 - A New Season Begins...

My big concern would be buying stuff with utility. Why buy a mansion I'll use 10 percent of if I'm lucky? The penthouse suite would be more useful and probably a heck of a lot more fun. Likewise, I'd buy a Chiron and it would become a garage queen.

If I bought anything to be a residence/vacation home, it'd be a condo. As you point out, do I really need a 30-BR 20-bath mansion?

Edit: in MN, you cannot remain anonymous.

 

[Twitch Boy]

Re: Rep Retirement Lodge 198 - A New Season Begins...

Having hypothesized about what it would be like for years, it's good to know that I am more or less on the right track with plans (at least according to the link you posted). I would definitely never want my name associated with the win -- in NH, you can claim as a trust, but you have to have it set up before you claim. You also don't pay any state taxes on your winnings.
I've always said that I'd want to buy a chunk of land either in the West or in Vermont and live privately for awhile to just get away from everything, so that would be appealing.

As I understand it:

Lawyer helps you set up your own trust. Lawyer sets up his own trust and claims the ticket with that trust. Lawyer <strike>farks off to somewhere I can't spell</strike> slyly transfers the money to your trust and dissolves his.

 

[The Rube]

Re: Rep Retirement Lodge 198 - A New Season Begins...

As I understand it:

Lawyer helps you set up your own trust. Lawyer sets up his own trust and claims the ticket with that trust. Lawyer <strike>farks off to somewhere I can't spell</strike> slyly transfers the money to your trust and dissolves his.

In Anon states, yes, that's the way it works. There was a lawsuit recently about such a case.

 

[MarkEagleUSA]

Re: Rep Retirement Lodge 198 - A New Season Begins...

Good morning to tLodge!

 

[Ralph Baer]

Re: Rep Retirement Lodge 198 - A New Season Begins...

Good Morning, MEUSA!


Good Morning to the rest of Lodge!

 

[bigblue_dl]

Re: Rep Retirement Lodge 198 - A New Season Begins...

So, in this hypothetical, which is a fun thought exercise, here's what I'd do:

1. Pack up everything in the house that we need, everything sentimental and essential, not worrying about material stuff. As if we're planning on never going back.
2. Get safe deposit box, and put winning ticket in box, ASAP, without telling anyone we won, or where the ticket is.
3. Go to parents house, drop off the dog for the time being, tell them that we won, then identify one friend (different last name) to also tell. Have the trusted friend, for a sum of money, get us new cell phones under his/her name, rent a storage unit for us, and book a hotel room for us.
4. Visit the best business law lawyer I can find, and get him/her on retainer. Begin the process of setting up a corporation, and the proper accounts needed to put the money in.
5. Lay low for a while, all while deleting, putting on hold, etc. all social media, and email and possibly creating some new accounts under aliases.
6. After all of the accounts are setup, claim the prize.
7. Invest, initially, 90% of the money in low-yield bonds, where it will be safe and sound. Keep 10% in a separate account, to assist in setting up a new life.
8. Find a more permanent, temporary place to live, under the corporation name, not my own.
9. Pay off all debts (including making sure my parents, and my wife's parents are debt free), and sell the old house, as quickly as possible.
10. Work on finding a new permanent residence.
11. Hire a full time manager for my new corporation (someone I've known for a long time, a friend, or family member) reporting to me, to manage my accounts. I would never completely hand over management responsibilities, because I would need to know where my money is, and make sure I'm not getting stolen from.
12. Begin to diversify, with investments in stocks, bonds, real estate and business ventures.
13. After a while, once everything settles down, start the fun stuff. Buy a vacation home, new cars, travel, etc.

Note: I would not give a single person money, besides paying off our parents debt and paying salaries/fees for a manager and lawyers, for at least 5 years. Not a single person, no matter what. After that, depending on the situation, maybe. If you start giving out money to some family members, then others want some. So, just don't give any away.

 

[Twitch Boy]

Re: Rep Retirement Lodge 198 - A New Season Begins...

Add a badass setup for livestreaming to my list - always wanted to try it, but I don't think I could sustain it with a day job.

 

[St. Clown]

Re: Rep Retirement Lodge 198 - A New Season Begins...

I'd start a foundation of some sort once I got to my "can't take it with you" days as well. Problem is most charities are scummy AF - I want my money to do the most good possible, so I honestly wouldn't know what to fund.

Also, tSBFitW gets the works. Top of the line instruments, practice space, big ol' Madden cruisers, custom music/ditty/skit/whatever writing staff.

I would have three main trusts established. One for my immediate family (me, wife, and future children), one for family such as my brothers, in-laws, etc., and one for charitable works. I'd like for the charitable works to focus on food shelves, educational advancement, and research; my wife would want some to go towards religious this and that.

 

[bigblue_dl]

Re: Rep Retirement Lodge 198 - A New Season Begins...

I would have three main trusts established. One for my immediate family (me, wife, and future children), one for family such as my brothers, in-laws, etc., and one for charitable works. I'd like for the charitable works to focus on food shelves, educational advancement, and research; my wife would want some to go towards religious this and that.

I wouldn't do anything for charity initially. At some point, yes. But initially, there are so many other things to deal with. Several years down the line, if there are charitable causes that I want to support, that is fine. And I'd do whatever I could to make sure none of the money goes anywhere near any religion. No need to perpetuate that cancer.

 

[St. Clown]

Re: Rep Retirement Lodge 198 - A New Season Begins...

I wouldn't do anything for charity initially. At some point, yes. But initially, there are so many other things to deal with. Several years down the line, if there are charitable causes that I want to support, that is fine. And I'd do whatever I could to make sure none of the money goes anywhere near any religion. No need to perpetuate that cancer.

While I agree on the religious aspect, that's a fight simply not worth having when you're the owner of such a large sum of cash.

As to the charitable works, setting up a trust to create funds for distribution in perpetuity, and limit the overall exposure to enticement when the beggars come knocking. You draw a hard line, saying that all charitable contributions will come from that trust, and that's it. Those funds have already been allocated.