3-4 million of it. There are so many people in the world that need so much, that I couldn't rightfully keep it all. It would be selfish, greedy and foolish to squander such a gift.
2006-07-04 03:46:30
·
answer #1
·
answered by Andrew T 4
·
6⤊
0⤋
You will pay 20% gift tax to start with leaves you with 4 million. Plus there are state and local taxes which totals to about 13% from the full 5 million which is 650,000 dollars. so right off the bat you will pay 1,650,000 dollars in taxes. You are now down to 3,350,000 dollars.You can give a million of this to chairty if you feel like it. But keep in mind only abut 20% ($200,000) makes it to the people needing the help. The rest goes to lining pockets and buying from best freinds who owns businesses at higher then normal prices. Out of this 1 million you can get back maybe 7.5% from the taxes you paied, so you wil be able to reclaim about $75,000. So you are at $2,425,000 and still have not gotten your money invested or paied the lawyers, the accountents and brokers yet. Lets say you end up with $2 million after all paied.
Next lets build your new home. Nope you are too poor to build one in Cali or any place like that. So you could move to Arkansas and get a fairly nice home for around 500,000 dollars and just barly be above the middle class. You are down to 1.5 million now. You will have to have a nice car so may as well at a minum get a Vet for around 100,000 dollars. 1.4 million now. Better get the wife a car so there is a 100,000 for a Cady or a big nice SUV. The two kids need a car so 40 grand each for them. Now you are down to 1.2 million dollars. Whoops you forgot your mom and dad and you brothers and sisters and your wifes family. I would say you are down to a million dollars now. You will want to travel some and check things out. So spend a 100,000 on this you are down to 900,000 dollars. and it has not been 6 months yet.
So with the way of thinking and planing of most poeple you will be broke in a years time and maybe have to sell your home to pay your insurance and land and personal taxes. Now you sold your home or one of your cars which will be well over the taxable limiits so you have to pay taxes on them again.
Now what are you going to do?
2006-07-04 10:47:12
·
answer #2
·
answered by Itsme 3
·
0⤊
0⤋
1 million, but it would have to be a very well trusted charity. I would rather just go find the people and set them up in houses and pay for their water and electricity, and education, but there are TOO MANY people living in poverty, so I guess I would have all that money, be unhappy, and give 3 more million to a charity (well trusted charity*)
2006-07-04 10:11:10
·
answer #3
·
answered by Johanna 2
·
0⤊
0⤋
Seeing as half of that would automatically go to taxes, I would give one million to charity, leaving me with 1.5 million. I would split that between my mom, sister, and me so we could pay off any outstanding debts we've accrued and live comfortably on what was left over. I don't think any of us would ever quit our jobs just because we were given a large sum of money.
2006-07-04 10:12:05
·
answer #4
·
answered by Lily Iris 7
·
0⤊
0⤋
I'd use 4 million for charities that I myself set up and sponsored for single parents who fall through the cracks, children who's parents think drugs and alcohol are more important...and invest the other million for my family's welfare.
2006-07-04 10:12:56
·
answer #5
·
answered by CoastalCutie 5
·
0⤊
0⤋
I'd pay my taxes, invest the rest, and divide the income between myself and the charities and causes I hold dear.
2006-07-05 00:58:37
·
answer #6
·
answered by Caffiend 3
·
0⤊
0⤋
10-15 %
2006-07-04 10:09:37
·
answer #7
·
answered by Help 3
·
0⤊
0⤋
Over my dead body I will give it to charity. Instead I will give it to nature funds and help to purify polluted waters, air and land.
2006-07-04 10:16:24
·
answer #8
·
answered by silvs 5
·
0⤊
0⤋
Proper etiquette for this matter would be at least 10%, which would be $500,000. I would start there and possibly give even more after that....
2006-07-04 10:42:12
·
answer #9
·
answered by Ξ▼Ξ 3
·
0⤊
0⤋
40%
2006-07-04 10:11:31
·
answer #10
·
answered by kristin 1
·
0⤊
0⤋