I haven’t decided what I would do with a million dollars, tax free. Off hand, I’d like to buy a new wardrobe; get my annual check-up; get new pairs of hearing aides and eyeglasses and/or contact lenses; visit my impoverished “my family” down south and relatives overseas; buy a new car and a mansion; and pursue business opportunities.
But based on my readings, I would like to do the following:
- Minimize (further) taxation through off-shore bank accounts and foundations.
- Avoid probate through trust accounts to my kids upon my passing.
- Keep cash and valuables in a safety deposit box for instant access.
- Invest cash in tangible assets, such as real property, buildings, precious metals, etc.
- Pool my assets and form PRIVATE ASSET MANAGEMENT UNIONS OR COOPERATIVES.
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Topic #50: What would you do with a million dollars, tax free?
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