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

[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.

[bigblue_dl]

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

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.

Understood on the charitable stuff, I'm just saying I wouldn't do it right away. I'd do the same kind of thing, several years down the line, once I had the new business functioning, and operational, and turning a profit. At that point, I could set aside funds specifically for that. I would want 100% of the funds somewhat liquid at the beginning, for at least a few years, and available for investments, until I was established.

[St. Clown]

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

Understood on the charitable stuff, I'm just saying I wouldn't do it right away. I'd do the same kind of thing, several years down the line, once I had the new business functioning, and operational, and turning a profit. At that point, I could set aside funds specifically for that. I would want 100% of the funds somewhat liquid at the beginning, for at least a few years, and available for investments, until I was established.

Therein lies the difference. I have no real interest in establishing a business.

[bigblue_dl]

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

Therein lies the difference. I have no real interest in establishing a business.

Theoretically, if I won $700M, my goal would be to turn it into $2B. I would envision starting a company modeled after Berkshire Hathaway, and invest in, and/or buy other companies, and build a diverse business portfolio, in addition to stocks, bonds and real estate.

[Scarlet]

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

Theoretically, if I won $700M, my goal would be to turn it into $2B. I would envision starting a company modeled after Berkshire Hathaway, and invest in, and/or buy other companies, and build a diverse business portfolio, in addition to stocks, bonds and real estate.

I would hope any business manager I would hire would help me do something like that.

I'd buy places to stay in a few place - i.e. Cape Cod, somewhere in Florida, LA, maybe Hawaii. Stock with wardrobe. And maybe a car. So, I could say on a Thursday "I want to go to Florida!" and just buy a ticket and go and not have to worry about packing.

I would pay off the mortgage for my church, and provide them with an operating budget. However, it would come with a caveat - I want to take over the parking lot. We have idiots at our church that just park wherever and not in between any lines and it annoys me so I want the authority to have a tow truck at church every week to tow cars that park incorrectly. They don't get the mortgage paid off an their operating budget if they don't agree to it.

Definitely will plan to donate to BU - both the overall school, my school within BU, the athletic department and obviously they hockey program. Watching their dismal performance on Saturday night, I was jokingly saying the gift would come with performance based bonues. A flat level donation. If they fail to win the faceoff while on a power play 60% of each game, I take money away. And so on. I know, I know. You can't do something like that. Well, at least you shouldn't. But I was so annoyed, it was fun to come up with things.

Set up immediate family members. Would need to figure out what to do with extended family, because they'd all come calling.

I would definitely not let anyone know till trusts, etc. are set up. Including at work. Then, once I'm ready to accept the prize, walk into the office with a stack of $100s and hand them out to all my co-workers as I leave.

[bigblue_dl]

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

Scarlet, when you have that kind of money, you don't buy a ticket and fly commercial. You call NetJets and you're in the air within 30 minutes.