Author Topic: Mega Millions jackpot is $1.6 Billion (Read 2868 times)

bluestreak · « **on:** October 22, 2018, 08:34:40 pm »

I figured I’d start a thread. The jackpot is big enough that the expected value of the ticket is likely more than what it costs.
Most of the value I get from a ticket is imaging for a day or two what’s I’d do with the money (strippers and blow), how quickly I’d quit my job (immediately) who I’d tell (no one) and other fantasies.

What would you guys do with that much money?

wj73 · « **Reply #1 on:** October 22, 2018, 08:54:33 pm »

Not sign the ticket right away, put it in a safe deposit box, and consult with a lawyer and tax accountant about forming a LLC or similar entity to sign the ticket and claim the jackpot in such a way that my identity would be protected and my tax liabilities would be minimized.

Only then would I start deciding how to spend it!

Natsinpwc · « **Reply #2 on:** October 22, 2018, 08:55:10 pm »

Quote from: bluestreak on October 22, 2018, 08:34:40 pm

I figured I’d start a thread. The jackpot is big enough that the expected value of the ticket is likely more than what it costs.
Most of the value I get from a ticket is imaging for a day or two what’s I’d do with the money (strippers and blow), how quickly I’d quit my job (immediately) who I’d tell (no one) and other fantasies.

What would you guys do with that much money?

Become a counterpart to Marlins man.

bluestreak · « **Reply #3 on:** October 22, 2018, 08:56:12 pm »

Quote from: wj73 on October 22, 2018, 08:54:33 pm

Not sign the ticket right away, put it in a safe deposit box, and consult with a lawyer and tax accountant about forming a LLC or similar entity to sign the ticket and claim the jackpot in such a way that my identity would be protected and my tax liabilities would be minimized.

Only then would I start deciding how to spend it!

If you buy the ticket in Maryland, you have the option to stay anonymous. Also for that much money I’d probably hire two lawyers and two accountants that didn’t know each other to check their counterpart’s work.

bluestreak · « **Reply #4 on:** October 22, 2018, 09:22:39 pm »

Also, how does one go about properly securing what is basically a bearer instrument worth more than the GDP of the Seychelles?

HalfSmokes · « **Reply #5 on:** October 22, 2018, 09:36:46 pm »

Quote from: bluestreak on October 22, 2018, 09:22:39 pm

Also, how does one go about properly securing what is basically a bearer instrument worth more than the GDP of the Seychelles?

Sign it, take photos, record turning it in....

Seriously, put it in a safe deposit box, find a lawyer to create an entity to cash it so you can stay anonymous

Panther Modern · « **Reply #6 on:** October 22, 2018, 09:41:13 pm »

Always take the lump sum.

tomterp · « **Reply #7 on:** October 22, 2018, 10:08:29 pm »

Quote from: HalfSmokes on October 22, 2018, 09:36:46 pm

Sign it, take photos, record turning it in....

Seriously, put it in a safe deposit box, find a lawyer to create an entity to cash it so you can stay anonymous

Some states permit that, others do not. They generally want to market the event.

http://www.megamillions.com/faqs

Quote

Can a Mega Millions jackpot winner claim the prize anonymously?

Public disclosure laws vary from state to state. Some states require their lotteries to publicly identify winners, while others do not. Check with your Mega Millions state lottery.

bluestreak · « **Reply #8 on:** October 22, 2018, 10:10:16 pm »

Quote from: Panther Modern on October 22, 2018, 09:41:13 pm

Always take the lump sum.

I’m not sure. Initial payment of 24 million increasing every year to a last payment of 100 million. I have no idea what an infusion of that much as a lump sum would affect my life. I can think of many bad ways though. The only issue is if I expect taxes to go up in the future. Then the lump sum makes sense.

bluestreak · « **Reply #9 on:** October 22, 2018, 10:11:56 pm »

Quote from: tomterp on October 22, 2018, 10:08:29 pm

Some states permit that, others do not. They generally want to market the event.

http://www.megamillions.com/faqs

Delaware, Kansas, Maryland, North Dakota, Ohio and South Carolina allow winners to stay anonymous.

Slateman · « **Reply #10 on:** October 22, 2018, 10:56:28 pm »

When it was up to a billion last time, I would spend my staff meetings doing all the math on how to spend it. I'd figure the taxes, how much to donate, how to set up blind trust funds for family, where to send my parents on vacation .... the whole nine.

Staff meetings tend to be a little long and I have a lot of time on my hands during them

JCA-CrystalCity · « **Reply #11 on:** October 23, 2018, 12:09:34 am »

I'd invest double or nothing on more lottery tickets!

Or better yet, I will become the 3d Itkin brother!

bluestreak · « **Reply #12 on:** October 23, 2018, 12:13:55 am »

The lump sum after taxes at 5 percent interest would yield you $27 million per year...without ever touching the principal.

bluestreak · « **Reply #13 on:** October 23, 2018, 12:14:49 am »

Quote from: JCA-CrystalCity on October 23, 2018, 12:09:34 am

I'd invest double or nothing on more lottery tickets!

Or better yet, I will become the 3d Itkin brother!

Itkin like tickets would be a given.

I wonder how much Michigan would hit me up for...

blue911 · « **Reply #14 on:** October 23, 2018, 05:14:32 am »

I'd spend 75% on Irish Whiskey and fast women, the rest I'd probably blow.

Mathguy · « **Reply #15 on:** October 23, 2018, 05:21:41 am »

Blue - don't you have enough women hanging on you already ?

Quote from: blue911 on October 23, 2018, 05:14:32 am

I'd spend 75% on Irish Whiskey and fast women, the rest I'd probably blow.

aspenbubba · « **Reply #16 on:** October 23, 2018, 06:38:53 am »

No one wants to buy a piece of the Nats?

Ali the Baseball Cat · « **Reply #17 on:** October 23, 2018, 12:02:39 pm »

I'd give #34 a 20 year contract and put him to work as a gigolo for senior citizens.

UMDNats · « **Reply #18 on:** October 23, 2018, 12:03:32 pm »

I'd be the best Nats owner because I would tell my GM to read the board and do whatever zimm da kid says.

Minty Fresh · « **Reply #19 on:** October 23, 2018, 04:14:24 pm »

I’d pay off all my debts, my family’s debts, set up trust funds for the kids, budget for early (and modest) retirement and give the overwhelming amount of it to various charities.

imref · « **Reply #20 on:** October 23, 2018, 04:21:33 pm »

Quote from: Minty Fresh on October 23, 2018, 04:14:24 pm

I’d pay off all my debts, my family’s debts, set up trust funds for the kids, budget for early (and modest) retirement and give the overwhelming amount of it to various ~~charities~~ lawyers.

fixed for you

Minty Fresh · « **Reply #21 on:** October 23, 2018, 04:26:45 pm »

Quote from: imref on October 23, 2018, 04:21:33 pm

fixed for you

Maybe.

I’ve got a lawyer friend. I’d solicit her help in getting rid of the money. I don’t want the burden of money I’ll never be able to spend on my own. If she takes a ton of it, so be it.

DPMOmaha · « **Reply #22 on:** October 23, 2018, 04:30:45 pm »

Quote from: Minty Fresh on October 23, 2018, 04:14:24 pm

I’d pay off all my debts, my family’s debts, set up trust funds for the kids, budget for early (and modest) retirement and give the overwhelming amount of it to various charities.

This is what I want to think I'd do with it. I honestly have no idea what I'd do if I came into a windfall like that. Or even of say half a mil...

UMDNats · « **Reply #23 on:** October 23, 2018, 05:09:02 pm »

I'd probably actually start a dog rescue, or give an overwhelming amount to the one I work with now.

I'd also continue my annual gift of $10 to the university of maryland

HalfSmokes · « **Reply #24 on:** October 23, 2018, 05:24:58 pm »

Quote from: UMDNats on October 23, 2018, 05:09:02 pm

I'd probably actually start a dog rescue, or give an overwhelming amount to the one I work with now.

I'd also continue my annual gift of $10 to the university of maryland

I wonder how much it would take to get a school to give you the Jermey Bentham treatment and roll your petrified corpse out for all board meetings