I would keep a chunk for myself, like $25,752.19
Talk about chaos.
Bags of $20.00 dollar bills.
OPERATION: MONEY DROP
Over major cities and highways across America during rush hour. Getting money to the people!
1. Hire an attorney
2. Get an investment manager who has the expertise to deal with that kind of money
3. Take a world cruise where nobody would know me and other people couldn't find me.
4. Deal with the rest when I returned. I would set up a lot of trusts - I would never give anyone in my family large lump sums of money.
I believe you are limited to $10,000 a year as a gift?
I saw that on the news. Your list and the order you put things in. Smart.
I would go 1 step further.
Make sure the lawyer and the finance guy doesn’t know one another. Have one watching the other.
If your lawyer says, “I can help you with a financial planner; I know a guy. He’s great.’” Ditch him!
You are thinking of gift tax. You can gift someone any amount (it's a free country) but over a certain amount (currently $16,000/ year), the giver has to pay tax - https://www.nerdwallet.com/article/taxes/gift-tax-rate
shareTry to invest this amount wisely in order to let the money work for me.
I would make a really nice trip around the world with my family.
Generally speaking I would make sure that my children could have a pleasant life.
To buy a couple of houses around the world.
I would study anthropology.
I would donate money in order to help poor people.
I am sure my wife would have a lot of suggestions what to do with the money..😎
Why exactly $1.7 billion ?
20 ooo emus.
shareI would give a majority of it to reputable charities. I would only keep enough to:
• Build a "green" house; nothing elaborate but something like a "tiny home" on a large piece of land. Powered by solar panels and wind so I can be "off the grid" and not contribute to climate change. Appliances and other components would all be brand-new so I won't have to deal with constant breakdowns and repairs, at least for a while.
• Purchase an electric vehicle (EV).
• Set up an investment fund that pays enough in dividends or interest to cover monthly expenses.
I guessing I could accomplish this for less than two million, so this means the charities would end up receiving a sizable portion of the prize.
*Make sure all relevant taxes are withheld/paid
*Open an account at the Private Bank part of my bank, such as https://www.wellsfargo.com/the-private-bank/
*Do my darndest to ensure I don't become one of those people where sudden wealth ruins their life.
I researched UBS...#5/6 out of 10, an institution that can handle huge sums like this one.
Bank of America was #1 I think. I don’t remember...
All's well with Mr. Drysdale and Miss Hathaway looking after me :)
http://www.brianrxm.com/comimg/cnsmovtv_beverlyhillbillies_bigbank_08.jpg