What would you do with Five Meeeeelion Dollars

oregomike

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Mar 28, 2019
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Morning musings after a conversation I had over lunch yesterday.
Suppose you were gifted $5,000,000 tax free. What would you do with the money.
Here would be my plan:
I would buy my daughter a nice new house and give her some amount of cash.
I would put $250,000 in a trust for each of my two granddaughters (for college, etc)
I would set aside some funds for my sister should she need long term care. (She's 81)
I would retain an amount sufficient to cover my living expenses for 20 years should they sunset Social Security and Medicare in the future. (it's a thing)
Anything that is left would be "mad money" for fun, travel, donations to worthy causes or I might run for office.

It's funny, I always thought if I came into a large some of money I would use some of it to buy a new house with a studio and fill it up with guitars etc. Now, that doesn't even make the top 10 of my wish list.
5 Mil ain't what it used to be...
Invest in property.
 

zimbo

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Money is overrated. If you're a single guy and you have a nice house, car and really nice guitars what next?
 

koen

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I would retire and find a nice place to live in the south of France.
 

theleman

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Retire properly. Buy some Gibson and Fender USA CS guitars and tube amps.
 

keithb7

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Quit working full time. Actually probably any time. Did anyone mention that one yet?
I'd help my sons. I'd pay for my one son's graduate school tuition. Get them both set up with some real estate.

I'd like to have some private space, larger bit of land. Flat. Treed. Grass. Fencing. Some type of cool zero radius ride-on mower. A house that is smaller than the 4-5 bay shop. Sell my current house and find that land. Get well out of city limits.

Rest I'd figure it out. Invest it. Pull capitol gains. Help out some folks in need. Live freely.
 
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Brad Pittiful

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You should buy the house as an investment and grant your daughter a life estate. Significant tax benefits.
Put an amount into a 529 program for college for all future generations. Significant tax benefits.
Set up a 503c Family Foundation to take care of your sister. Significant tax benefits.
Invest the rest in some sort of tax deferred, inflation adjusted annuity. Public colleges are good vehicles for this. Significant tax benefits!

As you can see, keeping Uncle Sam, the effects of inflation, and risk out of your pocket should be job 1.

The first thing you should do, is hire a savvy attorney and financial planner.
what would i do with 5 million?...hire mr stanford first thing!
 




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