Powerball Winnings
- Thread starter Young and Horned
- Start date
SFA Frog
Member
QUOTE(crunch @ Apr 7 2010, 04:33 PM) [snapback]541851[/snapback]
There are also lots of other things I would do, but I don't buy lottery tickets.
Same here but...
1. Pay off my debt of which I have way too much.
2. Finish my last 15 hours at TCU for my degree in religion (if they would let me start where I left off on the same catalog).
3. Finish my elementary education degree at SFA (24 more hours after this semester) so that I would have a degree that allows me to get a stable job.
4. Get myself a house and set back enough to make sure that I could keep it up and pay taxes on it for the rest of my life and do the same for my mom.
5. Donate to my church to allow it to update their facilities to be able to do local outreach and be more of a community center for the neighborhood it is in.
6. Get a teaching job at the school where I currently work and set up a scholarship that substantially helps a few of its graduates that financially need it to go to college each year.
There are also lots of other things I would do, but I don't buy lottery tickets.
Same here but...
1. Pay off my debt of which I have way too much.
2. Finish my last 15 hours at TCU for my degree in religion (if they would let me start where I left off on the same catalog).
3. Finish my elementary education degree at SFA (24 more hours after this semester) so that I would have a degree that allows me to get a stable job.
4. Get myself a house and set back enough to make sure that I could keep it up and pay taxes on it for the rest of my life and do the same for my mom.
5. Donate to my church to allow it to update their facilities to be able to do local outreach and be more of a community center for the neighborhood it is in.
6. Get a teaching job at the school where I currently work and set up a scholarship that substantially helps a few of its graduates that financially need it to go to college each year.
57Frog
New Member
If I won .....A pair of full quill ostrich boots and a double barrel (over and under )12 gauge shotgun
Now I have a question . If a winner set up a corporation or trust to accept the winnings as a 25 year annuity would that be legal or workable ? Doing that so all the family could share the money over time without cutting it in half with the lottery . Is that possible ?
Now I have a question . If a winner set up a corporation or trust to accept the winnings as a 25 year annuity would that be legal or workable ? Doing that so all the family could share the money over time without cutting it in half with the lottery . Is that possible ?
Frog_Fan71
Active Member
QUOTE(57Frog @ Apr 7 2010, 10:15 PM) [snapback]541938[/snapback]
If I won .....A pair of full quill ostrich boots and a double barrel (over and under )12 gauge shotgun
Now I have a question . If a winner set up a corporation or trust to accept the winnings as a 25 year annuity would that be legal or workable ? Doing that so all the family could share the money over time without cutting it in half with the lottery . Is that possible ?
No. Because the "legal entity" would be recognized after the fact and not deemed as the original purchaser. Remember, the line between tax evasion and tax avoidance, is very thin. The IRS always looks to the former in instances such as this.
However, placing the winnings in the account of an LLC or better in an LLC inside of a S or C Corp, depending on if you want double taxation, S Corp may be the better entity for that extra layer of protection. Consult a qualified CPA for more exact benefits of such entities, as single owner LLC's are taxed at self-employment tax rates and are reported on your personal income tax statements as earned income.
On a side note to that. That is the model that almost all of the wealthy people assume. I believe the rule of thumb is to "Control everything, but own nothing." They use their LLC's and S or C Corps to purchase assets with. They use the entites to purchase items in the name of the entity its self. This limits legal exposure and thus liability. As a rule LLC members are liable only for the amount of money that they invest in the LLC.
A meager investment of $500, and the rest given to the entity as a gift or donation, may be permissible, but again, refer to a CPA to the correct means to go about this.
QUOTE
Doing that so all the family could share the money over time without cutting it in half with the lottery
Any member of the family wishing to have access to the money would need to be made a member of the entity. But beware. Without a proper Operating Agreement, one could find themselves in much trouble.
If I won .....A pair of full quill ostrich boots and a double barrel (over and under )12 gauge shotgun
Now I have a question . If a winner set up a corporation or trust to accept the winnings as a 25 year annuity would that be legal or workable ? Doing that so all the family could share the money over time without cutting it in half with the lottery . Is that possible ?
No. Because the "legal entity" would be recognized after the fact and not deemed as the original purchaser. Remember, the line between tax evasion and tax avoidance, is very thin. The IRS always looks to the former in instances such as this.
However, placing the winnings in the account of an LLC or better in an LLC inside of a S or C Corp, depending on if you want double taxation, S Corp may be the better entity for that extra layer of protection. Consult a qualified CPA for more exact benefits of such entities, as single owner LLC's are taxed at self-employment tax rates and are reported on your personal income tax statements as earned income.
On a side note to that. That is the model that almost all of the wealthy people assume. I believe the rule of thumb is to "Control everything, but own nothing." They use their LLC's and S or C Corps to purchase assets with. They use the entites to purchase items in the name of the entity its self. This limits legal exposure and thus liability. As a rule LLC members are liable only for the amount of money that they invest in the LLC.
A meager investment of $500, and the rest given to the entity as a gift or donation, may be permissible, but again, refer to a CPA to the correct means to go about this.
QUOTE
Doing that so all the family could share the money over time without cutting it in half with the lottery
Any member of the family wishing to have access to the money would need to be made a member of the entity. But beware. Without a proper Operating Agreement, one could find themselves in much trouble.
Frogs On A Plane
Ticket Exchange Pass
QUOTE(Frog_Fan71 @ Apr 7 2010, 11:29 PM) [snapback]541954[/snapback]
No. Because the "legal entity" would be recognized after the fact and not deemed as the original purchaser. Remember, the line between tax evasion and tax avoidance, is very thin. The IRS always looks to the former in instances such as this.
However, placing the winnings in the account of an LLC or better in an LLC inside of a S or C Corp, depending on if you want double taxation, S Corp may be the better entity for that extra layer of protection. Consult a qualified CPA for more exact benefits of such entities, as single owner LLC's are taxed at self-employment tax rates and are reported on your personal income tax statements as earned income.
On a side note to that. That is the model that almost all of the wealthy people assume. I believe the rule of thumb is to "Control everything, but own nothing." They use their LLC's and S or C Corps to purchase assets with. They use the entites to purchase items in the name of the entity its self. This limits legal exposure and thus liability. As a rule LLC members are liable only for the amount of money that they invest in the LLC.
A meager investment of $500, and the rest given to the entity as a gift or donation, may be permissible, but again, refer to a CPA to the correct means to go about this.
Any member of the family wishing to have access to the money would need to be made a member of the entity. But beware. Without a proper Operating Agreement, one could find themselves in much trouble.
Did 57 win it tonight or something? :biggrin:
No. Because the "legal entity" would be recognized after the fact and not deemed as the original purchaser. Remember, the line between tax evasion and tax avoidance, is very thin. The IRS always looks to the former in instances such as this.
However, placing the winnings in the account of an LLC or better in an LLC inside of a S or C Corp, depending on if you want double taxation, S Corp may be the better entity for that extra layer of protection. Consult a qualified CPA for more exact benefits of such entities, as single owner LLC's are taxed at self-employment tax rates and are reported on your personal income tax statements as earned income.
On a side note to that. That is the model that almost all of the wealthy people assume. I believe the rule of thumb is to "Control everything, but own nothing." They use their LLC's and S or C Corps to purchase assets with. They use the entites to purchase items in the name of the entity its self. This limits legal exposure and thus liability. As a rule LLC members are liable only for the amount of money that they invest in the LLC.
A meager investment of $500, and the rest given to the entity as a gift or donation, may be permissible, but again, refer to a CPA to the correct means to go about this.
Any member of the family wishing to have access to the money would need to be made a member of the entity. But beware. Without a proper Operating Agreement, one could find themselves in much trouble.
Did 57 win it tonight or something? :biggrin:
Frog_Fan71
Active Member
QUOTE(Frogs On A Plane @ Apr 8 2010, 12:33 AM) [snapback]541959[/snapback]
Did 57 win it tonight or something? :biggrin:
Dunno. I recon if he has, you may want to send a PM for a loan.
Did 57 win it tonight or something? :biggrin:
Dunno. I recon if he has, you may want to send a PM for a loan.
QUOTE(Frognosticator @ Apr 7 2010, 09:41 PM) [snapback]541856[/snapback]
I'd pay the Dallas Police Department to beat the ever-lovin-crap out of Steelfrog, and pay Ridley Scott to film it. Then I'd buy myself some popcorn and watch it.
Man, what an ignorant buttwipe. Have you SEEN the DPD? They are union, Son! Now, Mesquite (which has its own quite successful boxing team) maybe. Not DPD. Do not disrespect Steel like that.
I'd pay the Dallas Police Department to beat the ever-lovin-crap out of Steelfrog, and pay Ridley Scott to film it. Then I'd buy myself some popcorn and watch it.
Man, what an ignorant buttwipe. Have you SEEN the DPD? They are union, Son! Now, Mesquite (which has its own quite successful boxing team) maybe. Not DPD. Do not disrespect Steel like that.
Frognosticator
Tier 1
QUOTE(steelfrog @ Apr 8 2010, 08:31 AM) [snapback]541995[/snapback]
Man, what an ignorant buttwipe. Have you SEEN the DPD? They are union, Son! Now, Mesquite (which has its own quite successful boxing team) maybe. Not DPD. Do not disrespect Steel like that.
You gotta admit Ridley Scott could do a great job filming it though.
Man, what an ignorant buttwipe. Have you SEEN the DPD? They are union, Son! Now, Mesquite (which has its own quite successful boxing team) maybe. Not DPD. Do not disrespect Steel like that.
You gotta admit Ridley Scott could do a great job filming it though.
toad horny
Active Member
QUOTE(57Frog @ Apr 7 2010, 10:15 PM) [snapback]541938[/snapback]
Now I have a question . If a winner set up a corporation or trust to accept the winnings as a 25 year annuity would that be legal or workable ? Doing that so all the family could share the money over time without cutting it in half with the lottery . Is that possible ?
I agree with everything Frog Fan 71 said, but I would like to add to it. Never, ever take the annuitized amount. When you die, it dies with you. Always take lump sum - it's really a time value of money analysis. A dollar today is worth more than a dollar in the future. I've had and still do have clients that have taken the annuity - it never works out near as well as taking the lump sum.
Now I have a question . If a winner set up a corporation or trust to accept the winnings as a 25 year annuity would that be legal or workable ? Doing that so all the family could share the money over time without cutting it in half with the lottery . Is that possible ?
I agree with everything Frog Fan 71 said, but I would like to add to it. Never, ever take the annuitized amount. When you die, it dies with you. Always take lump sum - it's really a time value of money analysis. A dollar today is worth more than a dollar in the future. I've had and still do have clients that have taken the annuity - it never works out near as well as taking the lump sum.
Frognosticator
Tier 1
QUOTE(steelfrog @ Apr 8 2010, 08:57 AM) [snapback]542012[/snapback]
No, I don't. Who is Ridley Scott?
You are a true idiot, especially considering you could easily google the name.
No, I don't. Who is Ridley Scott?
You are a true idiot, especially considering you could easily google the name.
Mike Brooks
New Member
I would first pay Dr Phil to personally attempt to repair the fractured relationship between Top and GDU.
allclearforfrogs
Active Member
Ok in all seriousness?
I would buy back my childhood home in the Silicon Valley. It is worth roughly about 15x what it was when I grew up there (84-95). Not exaggerating.
I lifetime first class pass on American Airlines ... Yeah I work for one of their competitors...but ill admit that would be a sweet deal. You can get one for about $500,000.
Charity.
Kids.
I would buy back my childhood home in the Silicon Valley. It is worth roughly about 15x what it was when I grew up there (84-95). Not exaggerating.
I lifetime first class pass on American Airlines ... Yeah I work for one of their competitors...but ill admit that would be a sweet deal. You can get one for about $500,000.
Charity.
Kids.
Young and Horned
Active Member
Well guys. I am sorry. I failed you all. I did not win the Powerball. I apologize.
