Saturday, March 26, 2011

If I win the lottery, how do I give millions to friends and fam?

This may sound like a stupid question, but firstly, sorry im not rich and i have never dealt with bigger than 4 figures, and secondly, most of my family lives international. In previous experiences traveling to visit family, I have noticed the custom and claims forms have questions about carrying more than a certain amount of cash. I assume i would run into thorough questioning about drug transactions and major challenges trying to bring millions into a country, like just straight up in a suitcase. Also i dont really hear about people keeping millions in bank accounts, because if something goes wrong with the bank, the federal bank only covers up to like a quarter mil or something, according to what i learned in economics; once a person has a certain amount, they put the max in the bank and then convert the rest into stocks and bonds. So i was just thinking, if I won the lottery, I would definitely want to give at least like 2 mil to my little neices and their parents so they could get a house and car and set up for college. My mom comes from a family of 14 siblings in Venezuela so i would like to send a significant amount of $$ out there to set everyone up too, redo my abuelitas house, get everyone out of the barrio so everythings nice when i visit. Just stuff like that, what would i do? Do i just get millions in cash and give out brief cases? If i won the lottery, how would i even recieve it, would they send it to me in briefcases? What is the typical way to transfer millions of dollars, domestically and internationally? and are their taxes fees and claims involved?

No comments:

Post a Comment