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Putting the millions in the bank... how?

Topic closed. 47 replies. Last post 13 years ago by JetSet9.

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hypersoniq's avatar - 8ball
Pennsylvania
United States
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April 6, 2003
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Posted: August 24, 2003, 11:53 am - IP Logged

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...

Playing more than one ticket per game is betting against yourself.

    Thomas Covenant's avatar - money
    South Carolina
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    Posted: August 24, 2003, 1:29 pm - IP Logged

    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's avatar - 8ball
      Pennsylvania
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      Posted: August 24, 2003, 1:46 pm - IP Logged

      I still prefer the total c&

      Playing more than one ticket per game is betting against yourself.

        Thomas Covenant's avatar - money
        South Carolina
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        Posted: August 24, 2003, 2:04 pm - IP Logged

        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's avatar - radar

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          Posted: August 25, 2003, 7:36 pm - IP Logged

          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

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            August 5, 2003
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            Posted: August 25, 2003, 7:54 pm - IP Logged

            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's avatar - hair

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              Posted: August 26, 2003, 10:55 am - IP Logged

              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's avatar - buffalo2
                Virginia
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                June 20, 2003
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                Posted: August 26, 2003, 3:10 pm - IP Logged

                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's avatar - eye3logo
                  light on my feet
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                  Posted: August 26, 2003, 3:25 pm - IP Logged

                  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's avatar - buffalo2
                    Virginia
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                    Posted: August 26, 2003, 3:33 pm - IP Logged

                    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's avatar - eye3logo
                      light on my feet
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                      Posted: August 26, 2003, 5:18 pm - IP Logged

                      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

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                        New Member
                        Las Vegas Nevada
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                        August 26, 2003
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                        Posted: August 27, 2003, 8:20 am - IP Logged

                        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's avatar - Sphere animated_small_ neg2.gif
                          Queens, NY
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                          Posted: August 27, 2003, 11:10 am - IP Logged
                          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's avatar - disney37
                            Atlantic Mine, Michigan
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                            Posted: August 27, 2003, 12:56 pm - IP Logged

                            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's avatar - 8ball
                              Pennsylvania
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                              Posted: August 27, 2003, 3:04 pm - IP Logged
                              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)


                               

                              Playing more than one ticket per game is betting against yourself.