The revised estimate on the Mega Millions lottery drawing scheduled for tomorrow, March 30, 2012 is now $540,000,000 (with a cash payout of about $390 Million). So what would you do if you suddenly became the owner of half a billion dollars?

I would hope that you would contact your local tax/estate planning attorney. If you took the cash payout, you would be subject to roughly $136,500,000 in U.S. income taxes, and if you’re an Oklahoma resident, an additional $21,450,000 in Oklahoma income taxes. I’m not claiming your tax attorney can reduce these taxes, but he could sure have a fun time trying some strategies.

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All of this is just to say, “Good luck, and good planning.”