You could wait? Really?
BTW, when setting up a blind trust, the kind of lawyer you’re looking for is a PROBATE lawyer.
Need time to get passports and shots in order.
Hire a good independant auditor. And a seperate tax lawyer (There’s a difference - you need both).
Make sure you sign all the checks - do NOT deligate this.
Damn guys, you’re intruding reality on my fantasy.
I’ll tell ya what, I’ll worry about when I win that $100 million.
:rolleyes:
Not only will I be the only one signing the checks, I’ll be using a special biometric DNA ink to help eliminate counterfeit signatures.
You know, custom stamps aren’t that expensive; we could do this NOW.
So you’ll be signing in blood, then?
If you wish to assume blood is the fluid I’ll be using, who am I to disillusion you?
While this may get you good care, I am not sure its the best advice. If you have ever had a long stay in a hospital, the difference between what the hospital bills and what insurance actually pays can be staggering. I would want someone knowledgeable to be able to negotiate for me, and outside of insurance, I don’t know how I would go about this.
Win.
I’d still want insurance for catastrophes, but for regular healthcare, I’d sign up with a concierge or executive healthcare practice. Some doctors develop such practices because they don’t want to deal with insurance companies. So all of their care is on a cash basis. (Not cash literally, but they want the patient to pay directly for all of their care.)
Why? What health care catastrophe can you think of that could conceivably begin to threaten your $160 million nest egg?
Even a heart-lung transplant (plus 30 years’ worth of immunosuppressive drugs) costs less than $2M. (and would be tax-deductible.)
Well for one thing, when I’ve got that $160 million fortune, I’m going to be spending a good part of the year traveling around the world. So I want to have a contract with a good air ambulance company that will arrange to fly me out on a private jet with medical personnel aboard. While I could pay for this out of pocket, the companies that specialize in this already have the staff and experience to expedite such things.
Maybe he plans on having a few thousand kids?
First of all, I’d wait a long while before collecting.
I would hire a good lawyer to help me obtain the money with as little publicity as possible. And visit a tax consultant.
I would give the amounts I would want immediately spread around, to my friends and family, anonymously, perhaps even including myself to throw them off the scent, through the lawyer, of course.
I would stash the money in the best banking situation I could find. I would never own anything again, (with the exception of my current home which I would pay off, and pay to have maintained. It’s modest but I love it, and where it’s located).
Beyond that I would rent whatever I wanted for as long as I wanted without the headache of ownership. Expensive jets and cars have to be insured, licensed, stored, checked on. No thank you.
I would travel, because that’s what I’ve always done. And I would spend some of my hammock time, learning what I need to know to manage my own finances/investments by myself.
But why would I bother to invest? I’m set. In scholarships perhaps. Maybe educational trusts for some young people I know. Pay off some student debts, etc. All done anonymously, of course. (My lawyer will be kept busy sending letters explaining about anonymous benefactors, and dodging calls from people who ‘need’ to know who it is!)
That’s about it. I’d give money to whoever I wished, whenever I wished. Answer to no one about what I’m doing/did with it. I’d continue to travel on a shoestring, as that’s what I like most. But from time to time, I’d go somewhere expensive or spring for an expensive dinner, or fly where I could have taken a train, like that.
If people became suspicious, after a time, I would say I’d inherited from a distant relative I’d never even met, then invested it wisely. Never, ever revealing the truth or letting on how much.
I’d still have the same car, and furniture, etc. I just wouldn’t sweat it, over repairs or whatever. I am very comfortable living at the economic strata I currently inhabit and would be uncomfortable, in the extreme to shift from it.
That’s what I’d do!
Escrow account. Why would you need ANYTHING that incurred tax implications after your initial tax bill?
Really, 56 MILLION TAX PAID DOLLARS.
I don’t understand this post.
Neither do I. How does an escrow account somehow let you avoid taxes while presumably still being able to spend some of the money?
I may be wrong, but an escrow account wouldn’t earn interest. It’s just a bucket that holds the money. You pay taxes on it once when you get it, then, because it’s not generating any additional income, no more taxes on it.