If you win the lottery, what are your...

If you win the lottery, what are your options for restricting withdrawls?

Posted in the Dubuque Forum

jobynaqvp889

Atlanta, GA

#1 Sep 28, 2013
If you win the lottery, what are your options for restricting withdrawls?
-
No, I haven't won the lottery but I'm just curious.

Say my wife and I win the 30,000,000 dollar jackpot. We give 5,000,000 to charity. Use another 5,000,000 for a nice house, car, RESP for our kids and trusts for our kids then split the rest of the 5,000,000 for spending money for each of us. Then we want to put the remaining 20,000,000 away to be withdrawn at 200,000 a year (yes, 100 years).

What options does one have for an account for very large sums of money that restricts (very strictly) the amount you can withdraw? Do these accounts accrue interest?

Who would you hire to look after the money? I'd imagine you'd have to have a lot of trust in that person!
kajo

Los Angeles, CA

#2 Oct 22, 2013
If you win the lottery, what are your options for restricting withdrawls?No, I haven't won the lottery but I'm just curious.

Say my wife and I win the 30,000,000 dollar jackpot. We give 5,000,000 to charity. Use another 5,000,000 for a nice house, car, RESP for our kids and trusts for our kids then split the rest of the 5,000,000 for spending money for each of us. Then we want to put the remaining 20,000,000 away to be withdrawn at 200,000 a year (yes, 100 years).

What options does one have for an account for very large sums of money that restricts (very strictly) the amount you can withdraw? Do these accounts accrue interest?

Who would you hire to look after the money? I'd imagine you'd have to have a lot of trust in that person!
odox

Los Angeles, CA

#3 Oct 22, 2013
kajo wrote:
If you win the lottery, what are your options for restricting withdrawls?No, I haven't won the lottery but I'm just curious.

Say my wife and I win the 30,000,000 dollar jackpot. We give 5,000,000 to charity. Use another 5,000,000 for a nice house, car, RESP for our kids and trusts for our kids then split the rest of the 5,000,000 for spending money for each of us. Then we want to put the remaining 20,000,000 away to be withdrawn at 200,000 a year (yes, 100 years).

What options does one have for an account for very large sums of money that restricts (very strictly) the amount you can withdraw? Do these accounts accrue interest?

Who would you hire to look after the money? I'd imagine you'd have to have a lot of trust in that person!.
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