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I won over $55M in the lottery, but didn’t tell my friends or family

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Re: I won over $55M in the lottery, but didn’t tell my friends or family

#241

Post by silicon2401 »

s5300 wrote: post #202
silicon2401 wrote: post #87

Earlier quoted context omitted.

Funny how Peter Singer condemns comfort while living comfortably enough to have the time to write and publish a dozen books [1]. That time could've really helped a lot of people. Wonder what his thoughts on hypocrisy are. For me, other people's problems aren't my problem. If I won a billion dollars I'd probably donate to things generously out of mild interest in trying to make the world more to my liking, but that's…

>For me, other people's problems aren't my problem. Just hope that in whatever society you live in, the people who do have problems don't get to a point in which they're so desperate they turn to violence against you, if you so have a lifestyle in which they feel you should be helping maintain said society.

> if you so have a lifestyle in which they feel you should be helping maintain said society.

I don't understand this but protecting myself from other humans is part of my goals, just like making sure I'm never in serious danger from wild animals either.

Re: I won over $55M in the lottery, but didn’t tell my friends or family

#242

Post by ghaff »

philwelch wrote: post #235
ghaff wrote: post #227

Earlier quoted context omitted.

I'll point out that, like it or not, the sort of money you're talking about is in the range of many CEOs or other senior execs of large US companies. Yes, some of these do have security services especially those at the high end of the range, but tens of millions of dollars pretty much puts you in the wealthy but not Uber-rich in the US.

Yeah, I think it’s the shape of the transition that makes the difference, and even then it can be weird. If you’re an executive at a large company, you’ve spent so much time working on that that your social circle has changed. Even if you’re a startup founder, you’re not surrounded by the kids you went to high school with, you’re surrounded by enough other rich people that they aren’t gonna mooch off of you. Winning…

Good comments.

As an extremely wealthy person or the very visible CEO of a company/division that stirs a lot of passion, you may want security against the nut cases. (I have some knowledge of this from trade shows.)

But for someone who has "just" become 8 figures wealthy over the course of their career, they may have some family branch that resents it but their relative success isn't an out of the blue thing. And CEOs are pretty good about saying no to people who want money for things.

Re: I won over $55M in the lottery, but didn’t tell my friends or family

#243

Post by Jxl180 »

daniel-thompson wrote: post #77
Jxl180 wrote: post #31

Earlier quoted context omitted.

Setting up an LLC to be used as your personal incognito identity is definitely illegal. LLCs are meant to be for operating a legitimate business, not a second personal identity.

Definitely consult a lawyer, but it is legal in some circumstances in some states to (for example) anonymously claim lottery winnings or buy real estate. See https://www.natlawreview.com/article/using-llc-or-trust-to-r... for more information.

That would make sense since many businesses invest in real estate and there’s a few states like Delaware that allow anonymous formation of LLCs.

Re: I won over $55M in the lottery, but didn’t tell my friends or family

#244

Post by Jxl180 »

abeppu wrote: post #60
Jxl180 wrote: post #31

Earlier quoted context omitted.

Setting up an LLC to be used as your personal incognito identity is definitely illegal. LLCs are meant to be for operating a legitimate business, not a second personal identity.

Can you elaborate on this? I think perhaps there's a gap between what the structure is "meant to be for" (meant by who?) and what's legal.

IANAL, but yeah, I’m sure tons of people toe the line or try to use LLCs as their personal piggy bank but I imagine it can come back to bite you if you are taking business tax deductions for personal expenses. I think “influencer” Dan Bilzerian may be in hot water for this (or could be). Every major personal purchase of his is done through his company. https://www.forbes.com/sites/chrisroberts/2020/07/09/dan-bil... > According to the suit, the accountants flagged $843,014.06 in company expenses that appeared to be “personal in nature.” These included payments for charges racked up on one of Dan Bilzerian’s credit cards: a half-million dollar yacht rental; a six-figure, two-night trip to London; a $65,000 “Four Elements Guns & Star Wars Set”; a $50,000 bed fame, a $75,000 paint-ball field, an $88,000 vault, “to name a few.”

Maybe it’s not illegal per-se and maybe just a bad idea:

If owners don't treat the LLC as a separate business, a court might decide that the LLC doesn't really exist and find that its owners are really doing business as individuals who are personally liable for their acts.

https://www.nolo.com/legal-encyclopedia/llc-basics-30163.htm...

Re: I won over $55M in the lottery, but didn’t tell my friends or family

#245

Post by Jxl180 »

jessaustin wrote: post #51
Jxl180 wrote: post #31

Earlier quoted context omitted.

Setting up an LLC to be used as your personal incognito identity is definitely illegal. LLCs are meant to be for operating a legitimate business, not a second personal identity.

IANAL, but this seems more theoretically correct than practically correct. The truly wealthy have hierarchies of LLCs for the purpose of tax "minimization".

IANAL as well, but I’m sure that is very well the case.

Edit: maybe it’s not illegal, just a bad idea:

https://www.nolo.com/legal-encyclopedia/llc-basics-30163.htm...

If owners don't treat the LLC as a separate business, a court might decide that the LLC doesn't really exist and find that its owners are really doing business as individuals who are personally liable for their acts.

Re: I won over $55M in the lottery, but didn’t tell my friends or family

#246

Post by zanmat0 »

throwaway1981xx wrote: post #89

This week I have had two of my few friendships hit the rocks who have approached me for money. One is pushing me to invest in his business, and one approached me for a reasonably large loan. I've explained to both that I don't feel able to, but I can tell that both feel I am being unreasonable because it's only $XXk which they know isn't that significant to me. I wish they hadn't have asked as it feels fatal for the…

Unfortunate situation for sure, try to make friends with people who have similar levels of wealth I guess.

Re: I won over $55M in the lottery, but didn’t tell my friends or family

#247

Post by bostonsre »

bityard wrote: post #223
bostonsre wrote: post #195

Earlier quoted context omitted.

> I never cease to be amazed at how terrified people commonly are of trivial confrontation and worthless opinions. So... you don't care if your family never talks to you again? I would.

If your family refused to speak to you because you didn't share your "wealth" with them, you would pay them off just so they would speak to you again?

Lying to your family and not telling them that you came into a ton of money would be the thing that could piss them off the most. It would seem like either you are being selfish and want it all to yourself or they will think that you think they are money grubbing moochers.

Also, yea, I could see not sharing some of that wealth with your family could come off as bad as well.

It's not about paying them off. If you love someone, you want to help them and make them happy. Not doing so seems selfish and the opposite of that.

Re: I won over $55M in the lottery, but didn’t tell my friends or family

#248

Post by jessaustin »

Jxl180 wrote: post #245
jessaustin wrote: post #51

Earlier quoted context omitted.

IANAL, but this seems more theoretically correct than practically correct. The truly wealthy have hierarchies of LLCs for the purpose of tax "minimization".

IANAL as well, but I’m sure that is very well the case. Edit: maybe it’s not illegal, just a bad idea: https://www.nolo.com/legal-encyclopedia/llc-basics-30163.htm... If owners don't treat the LLC as a separate business, a court might decide that the LLC doesn't really exist and find that its owners are really doing business as individuals who are personally liable for their acts.

I have no criticisms of Nolo, but "the truly wealthy" hire lawyers. Those professionals are skilled at determining whether to set up partnerships, C-corps, LLCs, whatever. Besides we're talking about anonymity for anonymity's sake (well, also tax minimization and probably lots of other rich people priorities we peons can't imagine), not for dodging creditors. If the principal is poor enough to need to dodge creditors, probably the whole house of paper collapses.

(Probably also the lawyers are the first to know, so they'll get paid up front and be long gone at the time of collapse.)

Re: I won over $55M in the lottery, but didn’t tell my friends or family

#249

Post by antisthenes »

spuz wrote: post #25
42069 wrote: post #17

Earlier quoted context omitted.

No, they kept it quiet. My close friend group is pretty distinct and tight so there wasn't really anyone on "the cusp".

That's probably a good clarification to make - some people have more friends than others so when you say you bought them each a house that could be just 4-5 people or 40-50. Good for you that you can share your good fortune with your friends without it affecting your relationship negatively.

No one has 40-50 close friends. Certainly not friends who you'd consider buying a house for.

Re: I won over $55M in the lottery, but didn’t tell my friends or family

#250

Post by sushisource »

Haha, from the article:

> We live in a culture where millions of people want to get rich quick — exhibit A: cryptocurrency, something that has no intrinsic value except as use as a form of exchange outside the banking system

I mean, a lot of people argue that is the value.

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