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Old 12-17-2013, 11:03 AM   #21
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I always thought setting up a trust that paid ONLY college expenses for direct decendants would be worth while. Maybe expand it upward to siblings kids and thier decendants if the wad was big enough.
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Old 12-17-2013, 11:14 AM   #22
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I would tell my Dad that I was going to pay for his assisted living facility from now on. He can still afford it but I know it bothers him to see his asset balance getting smaller every month. I'd just like to be able to take that burden from him.

I'd get a kitchen designer to create a spiffy new kitchen for us. I seem to have very little sense of style or design so I'd appreciate input from a professional. But no "open concept" stuff. I like my walls where they are and my kitchen separate from my living areas. I just want new and current and all the extra add-ons and options that make a new kitchen easy.

I'd buy my younger son a new Subaru Forester. He's driving a 1999 Forester with about 150k miles and it's a constant worry for him. I'd give the older son the equivalent amount in cash and let him decide what to do with it, I know he's a smart investor.

As for charity, I'd love to be able to help people or families that I read about locally, like someone who loses a child in a house fire and can't pay for a funeral or the animal shelter who rescues the animals from a hoarders house or any number of sad situations where people need some cash. There's usually a bank account set up to make donations but it would be nice to be able to write a check and give the entire amount that's needed.

The last time I bought a lottery ticket was last year when I thought about how I never spend my monthly pocket cash and that I really should try to spend more of it. So I bought $5 in lottery tickets, had a few hours of hoping to win something and then a full day of feeling just dumb that I had bought lottery tickets.

I haven't felt that dumb in a long time, maybe it's time to play the lottery again!

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I always thought setting up a trust that paid ONLY college expenses for direct decendants would be worth while. Maybe expand it upward to siblings kids and thier decendants if the wad was big enough.
My FIL did this. It wasn't lottery winnings, it was just his investments and then later some of his life insurance money. There are 7 grandkids, my 2 sons are the oldest and they each had about $20,000 in 529 college savings accounts distributed over their 4 years of college. Younger grandkids ended up with more as the investments grew. One granddaughter let her portion grow as she cash flowed her undergrad at a local community college and she is now finishing at a private college using the 529.

The college trust didn't cover the entire tuition costs for my sons but it was a significant help and greatly appreciated.
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Old 12-17-2013, 11:19 AM   #23
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Take care of family with a moderate gift.
Split the rest between the charities with the lowest overhead, starting with the Salvation Army.
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Old 12-17-2013, 11:30 AM   #24
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I would keep some amount (probably $10m) and live larger (even though I'm actually pretty content with my current station in life). The rest would be invested and the income would be donated to worthwhile causes. Or perhaps use it to build some businesses that would help people.

One thing I think I would do is help people out. 60 minutes had a feature recently on a rich businessman that goes around giving $100 bills to people who seem like they could use it around the holidays (but I'd do it year round) ....and big tips to waitresses like you occasionally read about in addition to normal charitable contributions to worthwhile causes.
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Old 12-17-2013, 11:56 AM   #25
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When I win(I'll buy 2 tickets today), I'll: 1. Manage my own finances. Having someone else do it would be a disaster 2. I would put most of the winnings in cd's at as many banks as it would take to still meet FDIC insurance limits. I would probably also invest in some real estate. 3. I would help out the family by paying off mortgages (there's maybe 3-4), and getting the MIL a condo with a garage so she doesn't have to park her car outside, and set up grandnieces/grandnephews with education funds 4. I'll wait a few months for the news to die down and for me to get my investment research done
Ya this money is way over my head, and converting this all to online digits would scare me. I imagine the lump some is around 200 million. So I would rent an armed crew money truck business (with money fully insured) and drive to 800 banks to deposit $250,000 CD. I want a written receipt from each.. That should keep me busy for 6 months. I better make them automatic renewal after 5 years..
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Old 12-17-2013, 11:59 AM   #26
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OK , the annuity was a bad joke.
I'd help out my sisters. If money could help DF situation(nicer facility) that would happen.

The one thing I'd do for myself is bid(big) on the annual Warren Buffet lunch auction. Much of that conversation would be on how to gift effectively. I'd probably seek his wisdom on some of the OPs questions.

I saw the piece on 60 minutes, he's a local guy that took over, after the original fellow passed a few years ago. Thought he was trying to get a larger group to do the same around the country. I love that cause. I'd be there, in ragged jeans, tee shirt, and work boots; let others pass out the cash.

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Old 12-17-2013, 12:08 PM   #27
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...I saw the piece on 60 minutes, he's a local guy that took over, after the original fellow passed a few years ago. Thought he was trying to get a larger group to do the same around the country. I love that cause. I'd be there, in ragged jeans, tee shirt, and work boots; let others pass out the cash.
Same here - I think the trick would be differentiating between those really in need and those who are going to take the $100 and blow it up their nose (or similar). The folks I saw on the 60 minutes piece appeared to be the former, but it is hard to know.
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Old 12-17-2013, 12:27 PM   #28
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If I won the big prize I would take it over 10 years because I would not need it all in one year and you are not subject to present value discounting and the tax bite is probably smaller. I am surprised more people don't do that.

Not having any children and not having a large set of friends or relatives in need of money (although who knows what would crawl out of the woodwork to hit me up for money LOL!), I would not have to set up any trusts for others. This would leave charities, so the ones I donate to now would get a big raise from me.

I would surely move out of my tiny apartment and buy a decent but not necessarily extravagant house. My ladyfriend would, of course, join me. She would probably want to keep working although maybe only part-time so it would not wear her down so much.

I'd be quite happy with one of those lesser prizes. When I cashed out my company stock 5 years ago, that was the closest thing to "found money" because I did not have to contribute anything toward the shares I accumulated while I was working. That stock was worth $300k so I felt like I had won a "lottery" anyway.

I like the idea of leaving some bigger tips to restaurant wait staff. Maybe not $500 a pop like I have seen on news stories but an extra $100 if the service was good would surely make that person's day.

Then again, the last time I actually played the lottery was in an office pool at least 5 years ago when I was still working.
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Old 12-17-2013, 12:36 PM   #29
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Originally Posted by pb4uski View Post
One thing I think I would do is help people out. 60 minutes had a feature recently on a rich businessman that goes around giving $100 bills to people who seem like they could use it around the holidays (but I'd do it year round) ....and big tips to waitresses like you occasionally read about in addition to normal charitable contributions to worthwhile causes.
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I saw the piece on 60 minutes, he's a local guy that took over, after the original fellow passed a few years ago. Thought he was trying to get a larger group to do the same around the country. I love that cause. I'd be there, in ragged jeans, tee shirt, and work boots; let others pass out the cash.
I really enjoyed that segment also. I wish I could do the same on his scale...maybe one day.
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Old 12-17-2013, 12:45 PM   #30
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I would like to perform random acts. Once I was shopping in Costco and saw a woman with 4 or 5 kids. It was a really hot day and the family looked beat. But they were getting the shopping done without complaints from the kids.

Later I thought of how I should have given her a few larger bills to fill the cart with lots of cold treats. I'd like to just be some anonymous schlepp who makes kids and parents smile a bit more.
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Old 12-17-2013, 12:47 PM   #31
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I'd worry about some of the extended family showing up with their hands out. Given how they acted when FIL died (throwing MIL under the bus looking for big inheritances from their blue collar father) I'd expect some bad behavior.

I like the idea of funding nieces/nephews college or advanced degrees.
I like the idea of finding a VERY nice assisted living or CCRC for MIL and paying for it.

But I think it would be highly stressful and frustrating to hear demands from extended relatives for money.
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Old 12-17-2013, 01:29 PM   #32
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I'd worry about some of the extended family showing up with their hands out. Given how they acted when FIL died (throwing MIL under the bus looking for big inheritances from their blue collar father) I'd expect some bad behavior....

But I think it would be highly stressful and frustrating to hear demands from extended relatives for money.
I don't think continually saying no to people like that would bother me one iota. In fact, I think I would rather enjoy being a bit of a @&ick to any greedy relatives.
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Old 12-17-2013, 01:36 PM   #33
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Here's how I'd start, not necessarily in this order:
1. Pay off our church's mortgage and give them several million to invest and use for day to day items
2. Build the new parochial high school we just can't seem to get started on here
3. Pay off some family & friends' mortgages, and give them each $1 million
4. Take our group of friends on a big a$$ cruise
5. Give each of my kids $5 million
6. Set up an educational trust for my yet to be born/unnamed grandchildren
7. Keep about $5 million for us
8. Start a not-for-profit to teach people how to manage their own money, and give enough $$$ to our state legislators to make sure this became a required course in high school.
9. Go to thrift stores during the holiday season and hand out wads of cash to those less fortunate than me.
10. Get a facelift.

I think I have some leftover, but I'm not sure how much Uncle Sammy would take, so this is probably good for now.
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Old 12-17-2013, 01:44 PM   #34
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Another thought came to mind. When I was growing up we had a local community ski area that a lot of us kids went to and was one of the winter centers of activity for the area. It closed in the late 60s for economic reasons, the ski lifts were taken out and the place is overgrown. I always had a dream as a kid of going away, being hugely successful, buying it and putting it back to the way it was as an affordable local ski hill. If I win the $586m I can do that and make it free to all residents.
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Old 12-17-2013, 02:22 PM   #35
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+1

And the nightmare begins as soon as the winner's name is made public, ensuring that all your friends and family know exactly how much you won. It also helps you make many new friends .. an endless stream of extreme charity cases and con men people asking for help or offering their expertise. One quickly becomes a fugitive.

We have enough and hope to fade away slowly, safe in our anonymity.
This is why I would accept the prize anonymously.
I also would change my voicemail message to indicate anyone calling to ask for money will be removed from my list of charitable organization donations.
And then, there would be a number of charities that would have a very merry Christmas:-)
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Old 12-17-2013, 02:40 PM   #36
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I did not buy any ticket, not this time nor in any previous draws with big pots.

I find this news story from Canada inspiring, and Mr Crist admirable.

Calgary lotto winner Tom Crist to give $40M prize away - Calgary - CBC News

The man won 40 million dollars Canadian in a lottery draw, and he plans to give away the entire sum to charities. On the top of his list, cancer research and treatment, after he lost his wife of 33 years to cancer at the age of 57.
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Old 12-17-2013, 02:47 PM   #37
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I do not think one can claim the prize anonymously. The state(s) has(have) to declare the winner so that nobody can say there's underhanded cheating.

Anyway, if I were so rich, besides giving to charities, I would go around doing random acts of kindness, like a guy who has been traveling around leaving large tips of several thousand dollars to servers, who I guess were nice to him.

But of course I need to get some tickets, which I don't.

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Old 12-17-2013, 03:07 PM   #38
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1. My brothers and my wife's kids would get a little bit.
2. I would move to a slightly milder climate....but still with some winter.
3. Buy 200 acres.
4. Buy several tractors
5. Make a 9 hole golf course....and let only "special" people on it.
6. Hire another person after a year of mowing that much grass.
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Old 12-17-2013, 03:19 PM   #39
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I do not think one can claim the prize anonymously. The state(s) has(have) to declare the winner so that nobody can say there's underhanded cheating.
Supposedly 6 states allow winners to remain anonymous. They are SC, KS, ND, MD, OH, & DE.

Powerball winner: Should lottery winners remain anonymous? - CSMonitor.com
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Old 12-17-2013, 04:05 PM   #40
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A big +1 to all those who have said they wouldn't want to win such a large amount. I have played a scenario like this in my mind many times and have come to the conclusion that it would create many problems for me in trying to decide which people and charities I should give money to and how much each should get. To further complicate matters, no amount of money can ever save a person from themselves and I'm not sure how much I would be really helping anyone.

I'd be happy to come by an extra million or so but more than that would be a headache.
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