When I hit the Lotto... - PeachParts Mercedes-Benz Forum

Chris Bell · #1 01-07-2009, 08:20 PM

I have got to get me one of these.
http://www.hatchandsons.com/pages/280sl/

davidmash · #2 01-07-2009, 10:34 PM

Sign me up for one too.

MS Fowler · #3 01-08-2009, 07:12 AM

Not that I play with any regularity, but here is my idea...
Before claiming the ticket, I would form a non-profit, charitable corp, and then fund the non-profit with the Lotto proceeds.
I think that would eliminate the taxes on the winnings.

From that point, it becomes simple non profit exploitation:
I become the Chairman at some ridiculous salary. My wife, children and close friends become paid members of the Board. Our charter would require all members of the board to attend the two meetings of the corp each year. These meetings would be held at various locales of interest to the charitable purposes of the Corp--places, like New York, Palm Springs,London, Paris, Mardrid, Barbados, etc, and, of course, all the expenses involved would be paid by the corp. The purpose of the meetings would be to allocate the disbursement of the charitable funds, which would probably be small in comparison to the administrative overhead, but oh well, thats how it works.

Matt L · #4 01-08-2009, 11:01 AM

That might work, but you would have to be very careful. And of course, your "ridiculous salary" would be taxed and probably at the same marginal rate.

Where you win on taxes is allowing your entire family to have income from it, so whatever you pay them is not all taxed at the top marginal rate.

The trips would probably work as you expect.

SwampYankee · #5 01-08-2009, 11:22 AM

Quote:

Originally Posted by Chris Bell

I have got to get me one of these.
http://www.hatchandsons.com/pages/280sl/

Hot damn those are purdy cars!!!

MS Fowler · #6 01-08-2009, 07:19 PM

Quote:

Originally Posted by Matt L

That might work, but you would have to be very careful. And of course, your "ridiculous salary" would be taxed and probably at the same marginal rate.

Where you win on taxes is allowing your entire family to have income from it, so whatever you pay them is not all taxed at the top marginal rate.

The trips would probably work as you expect.

Now that I've given it away, there will be a law to prevent it.

Hatterasguy · #7 01-08-2009, 07:38 PM

I would send the SDL out to the Mercedes Classic Center in CA, I would leave a blank check in the glove box and tell them to make it like new.

I wonder how much they would charge for a proper resto? $100k-$150k I'd guess.

iwrock · #8 01-08-2009, 07:42 PM

Quote:

Originally Posted by Hatterasguy

I would send the SDL out to the Mercedes Classic Center in CA, I would leave a blank check in the glove box and tell them to make it like new.

I wonder how much they would charge for a proper resto? $100k-$150k I'd guess.

I have talked to them about some restoration ideas I had.....

Its $$, but not 150k.

Chris Bell · #9 01-08-2009, 07:43 PM

Quote:

Originally Posted by iwrock

I have talked to them about some restoration ideas I had.....

Its $$, but not 150k.

Really...what ideas and how much?

Hatterasguy · #10 01-08-2009, 07:48 PM

Yeah how much, if its under $50k I can probably actualy think about that 10 years down the road.

I have pretty much come to the conclusion that I'm never going to sell my car, so I might as well get it cleaned up when I can afford it.