Support NeoGAF

[Linkstrikesback]

Would probably give enough to family to pay off any debts they have, and then keep the rest a secret for me and me only. Would basically do nothing that would risk anybody at all finding out i had lots of money. Not worth all the constant begging bs people get when they win.

On my deathbed I'd split it some percentage between descendants and charities depending on how much i think my descendents are assholes.

 

[MattKeil]

ITT people don't know about the gift tax.

 

[Rhomega Beta]

$30m to family, keep $15m for myself, donate the rest to charity.

 

[pablito]

Not sure of the amounts but family would get some, some for investing, some for my expenses, some for charity.

 

[Rembrandt]

They can have whatever's left after I overdose.

 

[NOLA_Gaffer]

Half would be saved, half would be given out to friends and family, definitely.

My life wouldn't change, I'd just love to have a substantial financial backup should something terrible happen in my life.

Edit: If I were to break it down, out of $50 million.
$25m Saved
$5m to my Sister & Brother-in-Law
$5m to my Parents
$1m each to fifteen friends and extended family members of my choosing.

 

[Lovely Salsa]

Would give some to family members, few to friends and keep the rest. Its that simple

 

[SparksterMeta0]

Half for my mom for all she's done for me.

Half of my half for my brother since he's closer to family.

A thousand or two for each of my more distant families.

And the rest for myself to do as I see fit.

 

[muu]

Probably either keep it all or donate 100%, either to cycling advocacy or multiple sclerosis research. There'll be no way to distribute money among family or something and not inadvertently cause some kind of ill will.

 

[The Real Abed]

Charity
Family members
Closest friends

Just enough to make them comfortable.

 

[krae_man]

ITT people don't know about the gift tax.

https://www.youtube.com/watch?v=cMuam1MObtI

Also what difference does that make?

Sorry Mom and Dad. I was gonna give you $15 mil of my $50 but the government would take a % so now I'm just gonna give you nothing and keep it all to myself.

If you're giving people lots of money, they can hire a tax attorney to mitigate taxes.

 

[subrock]

Would probably invest it all and live on/give away the interest

 

[Krakatoa]

Probably none of it.

 

[Quonny]

$50m after taxes?

$10m to immediate family. Would just give $6m to my mom (she's already sitting on a couple million that she refuses to touch), give $500k to my two brothers, put $1.5m in each of their accounts but they can't touch it until they graduate college and get a stable job for a couple years.

$1-2m to extended family. Pay for my grandmother's healthcare, pay for my mother-in-laws house updates, etc.

Just blow $5m or so on a house, cars, stuff for my wife and I. Just go all out with that money, no ragrets.

Save rest, live off interest, travel or invest in indie games.

 

[thelatestmodel]

ITT people don't know about the gift tax.

Only applies in the US, other countries give you the full amount.

I would make sure my family and close friends are sorted and don't have to worry about housing and so on. If I won $50 million, I'd be comfortable giving like half of it away.

 

[triplestation]

I'll give all of it to my parents

 

[Aselith]

None. You are not taking my bootstraps away from me.

 

[vainya]

Zero dollars. It's better to just buy gifts or pay off debts. My family would never stop asking for dollars.

 

[Maintenance]

50m?

5m family, 45 mine.

 

[Meatfist]

5 mill to family/friends
4 mill to charity
1 mill to my alma mater's arts program
2 mill for stupid shit - Cozy house, a few cars, musical instruments, drugs, etc.

the rest gets invested.

 

[mackattk]

I would do my best to not let anyone know I had it. Let a law firm "win it", they take their cut and I will get the rest. Close families/friends that have stuck with me without giving me too much shit or being assholes I will cut them in. I would speak with a financial adviser and see how much I would need to get like $200k/year in interest without spending the money. Any amount over that would be split among the people I deem worthy with the stipulation of them being quiet of where they got the money or let it be public that they even have it. Shit like this can break up friendships and families, and reign hell upon the unsuspecting winners from the general public who think they deserve some of it.

 

[FairyD]

I would change my name and move to a different part of the world and start over. In essence, I would give away zero percentage of my money.

 

[Jesus Carbomb]

I'll help out family and friends when they need it but I'm not giving out big chunks of money to anyone.

 

[Omegasquash]

$50 mill AFTER taxes? Damn.

Probably keep $20 mil.

I'd pay any debts my close family has, and establish accounts so that our parents could live comfortably off of interest in a realistically decent place for the rest of their lives. Not buying anyone a Benz, but they won't need to worry about the bills and groceries after retirement.

I'd also provide a chunk for my nieces and nephew to attend college/grad school. My only request is that they themselves would NOT be made aware that it existed, so that they'd work hard and earn as much as they could.

Other than that, I'd establish trusts for my children and their children, and possibly the generation after that, if possible. Pretty much whatever would be left after I built my own personal arcade

Edit: I should also be clear that donating is a priority, however you NEED to be careful about that. Major donor relations people will hound your shit non-stop if you let them in once. Best to set up recurring donations online for organizations that you support.

 

[itsbenoclock]

I'd set up my parents for retirement, then enjoy the rest in about a decade, then go back to work.

 

[DMONKUMA]

30 mil myself
10 mil family,friends, etc.
10 mil charity

 

[bebop242]

Prob around 5 each to my mom and inlaws. Another 5 split up to a small group of friends. Spend 5 on a house, a couple cars and wtf else. Pocket the remaining 30 and live on interest.

 

[Josh5890]

I would set up my parents for life, as well as my godmother. I would pay off the mortgage for each of my siblings. I would set up a generous college fund for each of their kids. I would put away enough to not have to worry about money anymore. I would give my church a little something. After than I would pick a few charities to throw the rest at.

Also, I would have a little stash to give to random homeless people whenever I'm in the city.

Spoiler

Who am I kidding. I would bet it all on black.

 

[ArgyleReptile]

Invest half.
1-2 million for various charities.
2-5 million to my best friends.
Family has no limit.
The rest as I see fit.

 

[Dynasty]

I would give it to Gaf

 

[kswiston]

I would do my best to not let anyone know I had it. Let a law firm "win it", they take their cut and I will get the rest. Close families/friends that have stuck with me without giving me too much shit or being assholes I will cut them in. I would speak with a financial adviser and see how much I would need to get like $200k/year in interest without spending the money. Any amount over that would be split among the people I deem worthy with the stipulation of them being quiet of where they got the money or let it be public that they even have it. Shit like this can break up friendships and families, and reign hell upon the unsuspecting winners from the general public who think they deserve some of it.

200k a year on interest on anything more than 20M wouldnt require a financial planner. You'd make that just sticking it in a crappy savings account.

 

[KorrZ]

50m is a lot, I would make sure my immediate family is taken care of and help out my closest friends. Give away a good chunk to charity and not sure...invest the rest?

 

[Flo_Evans]

Only applies in the US, other countries give you the full amount.

I would make sure my family and close friends are sorted and don't have to worry about housing and so on. If I won $50 million, I'd be comfortable giving like half of it away.

What always ends up happening though is you give someone a house then they stop paying property taxes or can't afford the electric and end up hitting you up for more.

Take my bro. Love you bro, but you are already in shit for not paying your taxes. I guarantee if I bought him a house it would be disastrous and he would just run up more bills. Then ask for more.

 

[kingwingin]

I'd help out my sister, pay off her house, and maybe use ten million to set up a trust for student scholarships. I don't know of I could part with much more than that, I've never had anything so it's painful to imagine giving it away.

but knowing what its like to have nothing is the best reason to give. Why would you want to be selfish and not help out others when you know how they feel and the struggles they go through

 

[Hippopuncher12]

I would give a bit to my parents and my wife's parents, but I wouldn't even tell any other family or friends we won let alone give them anything. Nothing like people you don't want to give anything to coming at you constantly asking for shit...fuck that. I would give a bit to a few charities, and invest everything else for my children except a couple of million for us to live on for awhile.

 

[Zen Aku]

I would probably give away 10 million to charity or invest it in education foundation.

Probably spend a big chunk of it on family and close friends that need help. The rest for my parents, set up a college fund for my brother. Buy a place for myself and invest the rest.

 

[Grym]

If I understand the gift tax exclusion properly it means something like $14,000 per year per individual. And I'm married so I can double that by having my wife giving the same to each individual.

So:
My mom gets $28,000/year
My dad gets $28,000/ year
= $56,000 for the household/year

Wife's mom gets $28,000/year
Wife's dad gets $28,000/year
= $56,000 for the household/year

My siblings and their spouses
= $56,000 for each household/year

Wife's siblings and spouses
= $56,000 for each household/year

I think a $56,000 gift every year per household over time would change their lives significantly. If they needed more for something, it is obviously something I could do and be taxed on (and definitely would) but why throw away the extra if unneeded?

I'd also give about 25% to charities I support and start gifting money to accounts for my children each year.

That said, I suck at money and have no idea if the above is how things actually work so the first thing I'd do would be to hire an estate professional

 

[Az]

ITT people don't know about the gift tax.

How much fun is it to talk about trust funds and crap.
People are talking about who they would help, not the logistics in accomplishing that

 

[Bluenoser]

I would give it away to all of the people who suddenly came back into my life after hearing that I'd won it.

Spoiler

lol no I wouldn't.

 

[Mammoth Jones]

Immediate family only. Everyone else can kick rocks with their sob stories.

 

[old]

None. I'd invest it all in index funds and live off the residuals. Any donations would come out of the discretionary spending portion of my residuals.

 

[Nabbis]

I can't really give away money because of gift tax but i will buy my close family property that they want and give them a monthly budget that is about as big as the tenth upper percentile of salaries in the country to use. Bulk of the money will be invested and i would try to balance the expenditure/earnings to at minimum increase the original amount of money at the same rate as inflation. I don't have any interest in charities, society has taxes to solve it's problems.

 

[.JayZii]

I was just thinking about this recently. I would probably have 5-10 million that I would divide among family and friends and then invest the rest and/or give it to charities. I'm pretty simple, so if I could live comfortably and not have to worry about finances anymore and travel whenever I felt like it, that would be more than enough for me.

I would have a real fear of giving people way too much money and ruining their lives. Some people just don't mix well with money. Also, people constantly begging for money sounds nightmarish.

 

[Mighty Chin]

Half

 

[Netherscourge]

I'll give away whatever the tax is on it - to the IRS.

That's about it.

 

[openrob]

Lots of it

Spoiler

in exchange for goods and services

 

[Akuun]

Probably a lot of money to closest friends and family to help them out.

Dunno how much, though.

 

[see5harp]

I'd give away the "give it to charity" slice of the pie.

 

[Glass Rebel]

Giving away money?

Fuck that.

 

[B.O.O.M]

10 mil family
10 mil charity
20mil in savings
10mil for myself