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Thread: 20 Year Old Florida Man Wins $451 Million in Mega Millions Jackpot

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  1. #26  
    Conservatives, Patriots & Huskies return to glory Willie99's Avatar
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    Quote Originally Posted by wilbur View Post
    I think they did a show in the 80's or 90's, and most are broke.
    Stupid people can't manage money.
    I don't think those people pocketed 281,000,000, just saying

    It's true, a lot of people who won smaller jackpots blew it all. I see people blow money all the time, and some of them came into money in their 60's and have nothing left at age 70
    "The best argument against democracy is a five-minute conversation with the average voter". "A rising tide raises all boats". "MAGA"
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  2. #27  
    Conservatives, Patriots & Huskies return to glory Willie99's Avatar
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    Quote Originally Posted by fightgood View Post
    Any financial guys out there know the reason for setting up a LLC ? In case he gets sued or something?
    Nothing from a financial perspective that I can think of, doesn't save on taxes either (federal anyhow, can't speak for all 50 states). Florida does not have an income tax and it repealed a tax it used to assess on investments.

    It must be more of a legal issue than a financial issue. Control of assets, maybe during one's life or maybe after death or disability. Protection from creditors, although I think that's much less of an issue when you have that type of money, I'm assuming you're still going to establish a pretty healthy income stream for yourself to live on which can be tapped by creditors.

    I might be missing something, but it might just be an opportunity for some attorney to benefit from a windfall
    "The best argument against democracy is a five-minute conversation with the average voter". "A rising tide raises all boats". "MAGA"
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  3. #28  
    RX Senior tanner12oz's Avatar
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    Will be broke within 5 years
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  4. #29  
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    Quote Originally Posted by Willie99 View Post
    Nothing from a financial perspective that I can think of, doesn't save on taxes either (federal anyhow, can't speak for all 50 states). Florida does not have an income tax and it repealed a tax it used to assess on investments.

    It must be more of a legal issue than a financial issue. Control of assets, maybe during one's life or maybe after death or disability. Protection from creditors, although I think that's much less of an issue when you have that type of money, I'm assuming you're still going to establish a pretty healthy income stream for yourself to live on which can be tapped by creditors.

    I might be missing something, but it might just be an opportunity for some attorney to benefit from a windfall
    I agree with you it probably doesnt reduce his taxes on this lump sum payout. But I googled Llc and taxes and found this:

    "An Llc business doesn't pay income taxes on its profits, rather any profits or losses are passed through to the owners personal tax returns."

    Sounds like he might be starting a business and gets personal tax breaks next year with it.
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  5. #30  
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    Quote Originally Posted by fightgood View Post
    I agree with you it probably doesnt reduce his taxes on this lump sum payout. But I googled Llc and taxes and found this:

    "An Llc business doesn't pay income taxes on its profits, rather any profits or losses are passed through to the owners personal tax returns."

    Sounds like he might be starting a business and gets personal tax breaks next year with it.
    Maybe, but he would have to establish a business purpose. If 60% or more of it's income is derived from passive activities, like investment income, then it's taxed at the maximum rate

    I do have to concede two things
    1) I have no experience with such a "Personal Holding Company", only know the laws exist
    2) I have no idea how the new tax bill changes PHC's, or if it does
    "The best argument against democracy is a five-minute conversation with the average voter". "A rising tide raises all boats". "MAGA"
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  6. #31  
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    Although Iím young, Iíve had a crash course this week in financial management



    I think he's going to be suckered into losing a large portion of this in sketchy investments.
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  7. #32  
    Conservatives, Patriots & Huskies return to glory Willie99's Avatar
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    Quote Originally Posted by Acebb View Post
    Although I’m young, I’ve had a crash course this week in financial management



    I think he's going to be suckered into losing a large portion of this in sketchy investments.
    Many of his comments sound as if they were written by an attorney, I think at least two people struck gold last week

    And if he hires a similar thinking accountant, maybe one referred by the attorney, he's going to pay $ 25,000 for a return that takes an hour to prepare (again, I've seen this shit first hand)
    "The best argument against democracy is a five-minute conversation with the average voter". "A rising tide raises all boats". "MAGA"
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  8. #33  
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    LOL, you're absolutely correct Willie.

    On the LLC thing. I believe that he is going to make it a single owner and use any income gains as passthrough so he can avoid double taxation. LLC’s enjoy pass-through taxation benefits where the owners report their own share of the LLC’s loss or profit on their individual tax return. So, let's say he buys a movie theater, the profits go to the LLC and since he is the owner, does an individual tax return avoiding taxes at corporate and individual levels (if I'm understanding this correctly). Also, if he does that, he can deduct his health insurance (and make his family employees and deduct theirs) as well as any contributions to a retirement plan.
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    If he is a single member LLC, then he is going to have to pay S/E tax on his profits. That’s too much tax to pay.

    He is best off either
    1) forming an LLC And being taxed as a sub s Corp
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  10. #35  
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    he may be better off hiding his money in bitcoin ada htc hdy wja jwe eth
    GO LEAFS GO
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