Safest Place to Stash Lottery Check?

[billisonboard]

I plan on picking up a check for about $600,000,000 in the next few days. I want to stick most of it somewhere for a few months if not years. Where is the safest place to stash a huge amount of cash that, at most, you want it to keep up with inflation?

[ken a.k.a OMK]

I'll hold onto it for you. 

[haapai]

Winners of huge lotteries don't get to claim their winnings and then set them aside while they make decisions.  The smart ones read the back of the ticket, figure out how long they have to make a claim, and have an extremely detailed plan in place prior to claiming the prize. 

The benefits of having an ironclad plan in place prior to making a claim make inflation an insanely minor detail, at least in the current inflationary environment and with the amounts mentioned. 

[thyme4change]

If you win 600 million, why keep up with inflation?

[billisonboard]

Oct 23, 2018 10:24:34 GMT -5 haapai said:

Winners of huge lotteries don't get to claim their winnings and then set them aside while they make decisions.  The smart ones read the back of the ticket, figure out how long they have to make a claim, and have an extremely detailed plan in place prior to claiming the prize. 

The benefits of having an ironclad plan in place prior to making a claim make inflation an insanely minor detail, at least in the current inflationary environment and with the amounts mentioned. 

You are talking about "smart ones". I'm asking for me.

How about this: Tomorrow I will be starting to develop an ironclad plan for receiving a $6000,000,000 check. My thought is I want a large part of it to be reserve fund for future needs/wants/desires. Where would be a good spot or spots to stash it?

[billisonboard]

Oct 23, 2018 10:42:35 GMT -5 thyme4change said:

If you win 600 million, why keep up with inflation?

"at most". Perhaps I should have asked where to stash it where it would be safe without any concern for growth.

[Tennesseer]

Bill-you probably know most of this.  But just in case, an article from this morning:


How to keep the Mega Millions $1.6 billion jackpot from ruining your life

[tyfighter3]

First of all, you want to Incorporate. You would save around 200 million in taxes right away. Take the tax savings to live on and put the rest into Farm ground. Then the money you clear from the leases, buy more ground. 

[NoNamePerson]

Park it in the Caymens! I know of a small bank there that will be glad to help you out. You will recognize it by the initials NNP. Nice folks to do business with 

[Value Buy]

Oct 23, 2018 10:57:06 GMT -5 billisonboard said:

Oct 23, 2018 10:24:34 GMT -5 haapai said:

Winners of huge lotteries don't get to claim their winnings and then set them aside while they make decisions.  The smart ones read the back of the ticket, figure out how long they have to make a claim, and have an extremely detailed plan in place prior to claiming the prize. 

The benefits of having an ironclad plan in place prior to making a claim make inflation an insanely minor detail, at least in the current inflationary environment and with the amounts mentioned. 

You are talking about "smart ones". I'm asking for me.

How about this: Tomorrow I will be starting to develop an ironclad plan for receiving a $6000,000,000 check. My thought is I want a large part of it to be reserve fund for future needs/wants/desires. Where would be a good spot or spots to stash it?

Please remember the 600,000,000 only assumes the first 24% in Federal taxes are witheld. Your real tax rate is like 37% up their with the likes of Bill Gates, who never pays that much because he donates it so he does not pay his fair share
Now deduct whatever your state tax rate is, another what.....4% or so?

Myself, I am buying a few 10,000 share block purchases of a few Dow stocks, one or two quality utilities, and of course about 75,000,000 in tax free bonds.
Save about 10,000,000 for the family and friends program you have to have, and myself, I am going to build a few new primary and high school buildings in a deserving innercity area, and fund the school system payroll needs for the next decade. Probably an absolute waste of money, but I should be able to use it as a tax deduction  Problem is a good school can cost a hundred million dollars or so......might have to do a thirty year mortgage to get it done!
We do not need another big house, and as long as I can afford $20 cases of beer and $5 to $10 bottles of wine, my wife and I are good.

I think I already over spent and am broke before I got started.......

[NoNamePerson]

Honestly I will spend it as fast as I can on whatever I want to send it on. I'm shallow that way and won't be around to spend it all anyway.  Well, I'll make sure son benefits some.

[billisonboard]

Oct 23, 2018 15:32:24 GMT -5 NoNamePerson said:

Honestly I will spend it as fast as I can on whatever I want to send it on. I'm shallow that way and won't be around to spend it all anyway.  Well, I'll make sure son benefits some.

The problem for me is I can't even imagine how I would use all that money even with spending it as fast as I can on whatever I want. I just don't have that expensive of tastes nor that many wants. I do this wish list in my head of what I would spend/give away and it doesn't even come close to being all of it.

[billisonboard]

Oct 23, 2018 15:26:43 GMT -5 Value Buy said:

Oct 23, 2018 10:57:06 GMT -5 billisonboard said:

You are talking about "smart ones". I'm asking for me.

How about this: Tomorrow I will be starting to develop an ironclad plan for receiving a $6000,000,000 check. My thought is I want a large part of it to be reserve fund for future needs/wants/desires. Where would be a good spot or spots to stash it?

Please remember the 600,000,000 only assumes the first 24% in Federal taxes are witheld. Your real tax rate is like 37% ..
Now deduct whatever your state tax rate is, another what.....4% or so?

... tax free bonds.

...

I read about $900,000,000 is the payout so $684,000,000 after the first 24%. Additional tax is one of those needs from that reserve fund. No state income tax here in Washington.

So are tax free bonds the place to stash cash? Any other details to go with that?

[alabamagal]

Winner bought a ticket in SC. Anyone here? SC is one of states you can remain anonymous.

[kadee79]

I wish, but it weren't to be!  I had my plan all laid out in some pretty good detail.

[haapai]

I had a plan too.  I told my sweetie that if he won, he had to move out.  I didn't want what would be coming for him to come to my home. 

[Tennesseer]

Safest Place to Stash Lottery Check?

This morning?  The trash can.

[billisonboard]

I had agreed to direct our next community theatre play. Was kinda hoping I would have 600,000,000 reasons to get out of it. I pulled the script out this morning. Oh well, it will be fun.