Divide the windfall profit into 3 parts.
1 part for Taxes
1 part for Charity
1 part for You and your dependents and/or loved ones.
Again divide your share into 3 parts as above.
Use only what you keep for yourself.. Do not even touch the other parts otherwise you will go bankrupt soon.
Also, if you you think you have hit a jackpot then before claiming the money, talk to a financial planner and most importantly your attorney. Make a will b4 claiming and have it notorized or recorded.
If you are married and have children than you can divide your share before claiming the money.
Example: Keep 25/30% for yourself, 40/50% for spouse/parents, 35/20% for others.
You can declare that the beneficiaries contributed in a/b/c %
This will avoid you to pay gift tax and your dependents will avoid paying estate tax at a later date.
Also, keep it a secret that you have won a windfall profit.
Lot of charitable trusts or scams will be asking for donations and also your relatives whom you may not even know.
Lot of charitable trusts or scams will be asking for donations and also your relatives whom you may not even know.
Also, when you are making charitable donations, do not use your name.
Donate in the name of those loved ones who are no longer with you.
Let them come to life in places where you make such donations.
Also, go in search of people and organizations who genuinely do something for the needy.
Remeber, International Red Cross Society witholds 33% of your contribution for their management expenses.
So, share your God's gift(windfall profit) with the genuine needy people.
God Bless You and MOST IMPORTANT.. DO NOT FORGET ME.... HEHEHE
Ash
Sujatha Nokira <sujathanokira@yahoo.co.in> wrote:
Sujatha Nokira <sujathanokira@yahoo.co.in> wrote:
Dear All Group Members,Suppose you get a lot of money & how do u want to use it.Regards,Sujatha..