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hypersoniq

Pennsylvania
United States
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Aug 24, 2003, 11:53 am

Say you won a veritable fortune (like 20 or 30 million, lump sum after taxes)... how would you go about banking it?
(disclaimer... I know that is what the tax attorney and financial advisor would help here if it were for real, just curious on what the general opinion is)
some issues to consider...
1. Insurance... FDIC will only insure up to 100k in an account (corporate accounts, are they higher?)... would you buy insurance on a majority of the money?... would they write supplemental insurance for it?
2. How many accounts?
3. In the "Trusts" name or yours?... you are still responsible for the taxes, but would it be better to keep the bulk in the trust and pay yourself a "trust management" salary to make yourself a less appealing target for lawsuits, etc?
4. Gifts... It might seem like a cool idea to give mom and dad or the kids a cool million, but gifts without tax penalties are limited to $10,000 or $11,000 per year per person...
just curious to see how far everyone thought out actually winning the big bux...

Have an EXCELlent day!
Thomas Covenant

South Carolina
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July 16, 2002
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Aug 24, 2003, 1:29 pm

You could always take a portion lump sum and take a portion in an annuity. You can buy that multi-million dollar house with the lump sum and pay your taxes and expenses each year with the annuity.

Okay, now I believe you can predict lottery numbers
hypersoniq

Pennsylvania
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Aug 24, 2003, 1:46 pm

I still prefer the total c&

Have an EXCELlent day!
Thomas Covenant

South Carolina
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Aug 24, 2003, 2:04 pm

You can buy more bank account insurance, but only up to $200,000. You probably wouldn't have all your money in a regular bank account anyway. You would probably have most of it in investments. And most investments aren't insured. Best thing to do is consult a tax attorney and financial advisors before you claim your jackpot.

Okay, now I believe you can predict lottery numbers
gilla

United States
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August 13, 2002
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Aug 25, 2003, 7:36 pm

Have a bunch of $90,000 accounts and when they reach $100,000 from the interest, take the $10,000 and start some more.

gilla
PAStone

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August 5, 2003
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Aug 25, 2003, 7:54 pm

Buy yourself a nice home and a nice car pay off your bills put your kids through college.
Put the rest in different bank accounts.
You can live off the interest alone for the rest of your life.
I don't trust any accountants or lawyers handling my cash!!!
Watch your so-called friends come out of the closet!!
midwstrngirl

United States
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May 18, 2003
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Aug 26, 2003, 10:55 am

switzerland...no bank there has ever failed

"It is an old maxim of mine, that when you have eliminated the impossible, whatever remains, however improbable, must be the truth. "

"I presume nothing. I imagine nothing. Data! Data! Data! I can't make bricks without clay. "

Sherlock Holmes, The Sign of Four
kbcherokee

Virginia
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June 20, 2003
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Aug 26, 2003, 3:10 pm

Tso-gali-I = "Friends"
Me get many "coffee" cans, (BIG ONES), and bury $ on Reservation. No need Bank...

Hey-yea-yea-yea-yea, Hey-yea-yea-yea-yea

Chief

May the warm winds of heaven blow softly upon your house. May the Great Spirit bless all who enter there. May your mocassins make happy tracks in many snows. And may the rainbow always touch your shoulder.
visiondude

light on my feet
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May 20, 2002
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Aug 26, 2003, 3:25 pm

CHIEF,
you bury under porta-potty. no one look under there (pee-yew)

VISION

"i am .........."meant to"

P.S., that RJoH is a stand up guy. thanks, vision

until further notice, it's france everyday
kbcherokee

Virginia
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Aug 26, 2003, 3:33 pm

Visiondude:
ANOTHER "GREAT" IDEA...
But I don't think I could get Squaw to fetch $ when need it... She no like that smell... It's bad enough getting her to gather up "Buffalo Chip's" for fire.
Chief

May the warm winds of heaven blow softly upon your house. May the Great Spirit bless all who enter there. May your mocassins make happy tracks in many snows. And may the rainbow always touch your shoulder.
visiondude

light on my feet
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May 20, 2002
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Aug 26, 2003, 5:18 pm

i dunno chief. mo

"i am .........."meant to"

P.S., that RJoH is a stand up guy. thanks, vision

until further notice, it's france everyday
Jvb0715

Las Vegas Nevada
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August 26, 2003
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Aug 27, 2003, 8:20 am

Good morning and hello. I am the newbie on the block and I have been enjoying all your posts and learning a bunch of stuff. In regards to large sums of money in the bank here is my thought:
Large monetary transactions take place all the time in banks. Just think of the huge construction loans for hotels, etc. I feel certain large banks are equipped to deal with the issue of a large deposit. For me, personally, I am having the money wired to my bank and use it as a very short holding station for distribution to other accounts. There are many ways to involve your family in your fortune and pay them a salary. Wealthy people have been doing it all the time. Think of all the charities they set up. It just takes a little research and sound tax/financial advise.
Also, it doesn't hurt that my sister has been handling books for 25 years and she and I play together.
megamillionaire

Queens, NY
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April 15, 2002
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Aug 27, 2003, 11:10 am

Quote: O

Megamillionaire

Time is a wonderful teacher, but it kills all its students.

A man must consider what a rich realm he leaves when he becomes a conformist.
Bradly_60

Atlantic Mine, Michigan
United States
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June 23, 2002
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Aug 27, 2003, 12:56 pm

Hey I work in a bank. You can get your money insured up to $2,000,000 in a bank by FDIC. If you have a spouse and two children that is. That is the max you can get from the FDIC. But I dont see what would be wrong with putting 10 million or more in one bank. I mean the only way you would lose over 9 million of it would be if the bank went belly up. Not many banks do that and if they did...i am sure they would get some help before going under. Just make sure the bank is good to their customers like we are:)
Brad
hypersoniq

Pennsylvania
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April 6, 2003
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Aug 27, 2003, 3:04 pm

Quote: Originally posted by Bradly_60 on August 27, 2003

If you have a spouse and two children that is.

got it covered! (spouse + 3 children)

Have an EXCELlent day!

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