Powerball’s drawing tomorrow is up to $210 million. You know what that means?
LOTTERY POST!
Take home in SC is $66 mils (we pay 7% state tax here).
- $6.6m to churches
- $6.6m in charitable donations
- $6.6m split into two trusts for children, payable in equal thirds on their 30th, 35th and 40th birthdays
- $6.6m into various investments
- $5m divided into gifts for friends and family
- $2m scholarship endowments to a university or two
And even after that, we’d still be left with $33m or so left over.
I was playing this game in my head this morning on the way in to work. đŸ™‚ Of course, I won’t even buy a ticket – but it’s fun to dream.
First of all… I LOVE this new layout. It is my favorite EVER.
As for the lottery, I totally need to go get some numbers, eh? I like how you split up the money. Though, for me, I think I would give about half of it to my family. You know, ‘cuz I owe them for dealing with me for 33 years!
In any case – GOOD LUCK!!
Meghan – I’d definitely be giving more to my family as well, but to avoid tax issues, the monetary gifts would have to be kept at $12,000 per person per year so that the gift-receiver wouldn’t incur taxes. And the rest of the “gifts” would be real property – cars, paid off mortgages, vacations, etc.
That’s so smart to delay the trusts until they’re older – I know so many who burned through their trust funds before they were even 25!
Good luck…no wait… *I* want to win! haha!
Cristan – my attorney has a client who started a trust for his kids, and they don’t begin paying out until the “kids” each turn 40! 40, 45 and 50 are the payout years.