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Assume you hit the power ball and over night you are set to receive several million dollars. While many people think winning the lottery is a dream come true, it’s also a curse with enormous responsibility that will require a great deal of courage and great professional advice to allow you to enjoy the winnings.The first place to go is a local bank, open a safety deposit box, if you don’t already have one, and store your winning ticket until it’s time to collect the winnings. There is no hurry. I probably can’t stress this point enough. Taking the time to formulate a plan for the money before a penny is collected is critical. The money you pay towards the professionals on the front end will be the best money you ever spent.In no certain order I’d contact an attorney, accountant, a good financial planner and a bank with a trust department. If you can withhold your excitement, have all of them in the same room at the same time and have a lengthy discussion of the winnings, your personal goals and immediate plans and discuss a long term strategy for handling the money. Without doing a deep dive you want to know one thing immediately. Will you accept the money as a lump sum or will you accept the payment as an annuity? There are pros and cons to both and you want to make an informed decision.Next you and your attorney and accountant are going to want to talk to the lottery commission to set up the mechanism for collecting the winnings. Only a fool would accept a check and drive home. The money needs to be direct deposited into a bank.With your attorney you will want to discuss whether its advisable to set up a corporation or business entity to hold the money, and whether you want to set up trusts for you and your family members and any number of other legal ways to divide the money and keep it safe and preserved. If you look at your attorney and ask him of his opinions on Alaskan Self Settled Trusts, and he doesn’t know what you are talking about, you might need another lawyer. You will also need to draft a Will the sooner the better.With your accountant, you want to know the tax ramifications of the winnings and the various tax strategies to limit or lower the taxes now and in the future because in the end, the vast majority of your winnings are going to paid to the government in the form of taxes.With your financial planner, you are going to want to know how to best invest the vast majority of your money, and assess both the risks and benefits of certain investments. The watch word here is diversification, you probably will end up with dozens of individual investments spread across a variety of areas, from rank and file bonds, to more sophisticated mutual funds, real estate and business investments.Statistically we know that the majority of lottery winners end up going bankrupt. The same is true of the majority of professional athletes who come into substantial wealth at a young age without sufficient training. The average person doesn’t know how to handle vast wealth because the average person doesn’t have and doesn’t know to have the necessary skills to transition from a person who spends nearly everything they make from pay check to pay check to a person who invests nearly everything and learns to live within an arbitrary budget.Living within an arbitrary budget is much more difficult than it sounds. Having a budget of 500 thousand to 1 million dollars a year sounds like a ton of money — and it is a ton of money — but your life style will evolve as you discover ways to spend 10 to 20 times your current income. A trip to Paris to go shoe shopping is within your grasp, buying a condo in the Greek Islands is something you can do. Hiring a staff of people to manage your new properties means you never have to cook or clean again. You can buy a private jet and hire a pilot. These life style choices are within your reach, and your life style starts to resemble what you do as a regular person. You spend what you make each year without paying attention to the consequences. Maybe you always wanted to go to Las Vegas — stay in the emperors suit at Caesar's Palace — and blow a million dollars playing in the high stakes room. That might be okay, if it was a one off — but next month you do the same thing. Maybe you want to help the underprivileged and decide to build wing to the hospital. It’s a 30 Million dollar project to start but with cost over runs and unforeseen delays, you’re up over 100 million and no way to back out. Point is this, there are a lot of temptations that come with having vast wealth, and you don’t know how these temptations will come at you — but rest assured — they will come — and all of those temptations have one goal — separating you from your money.Critical in the decision making process are a team of professionals who know advanced wealth planning strategies, advanced tax strategies and advanced wealth investment strategies.Since there seems to be some interest in this answer maybe a little more discussion is in order.Let’s assume I win 500 million in the next power ball. First I’d secure the ticket to make sure it isn’t lost, stolen, otherwise destroyed or defaced in a way that renders the ticket useless. Immediately open a safety deposit box. I believe the winner has at least 180 days to collect the winnings but the lottery rules need to be consulted. There is time to make solid plans before the winnings are collected. I’d use the time wisely.My next step if I wasn’t an attorney would be to go to a bank with a trust department who will be able to put me in touch with capable attorneys, accountants and financial planners. I know of one locally, and I’d establish an account for the lottery proceeds.There is one immediate question that needs to be addressed —whether I’d take the money in a lump sum or allow the money to be paid out over a term of years. There are pros and cons to both approaches. A little internet research will advises me to take the lump sum because the investment potential exceeds the payoff potential through the lottery annuity fund. With that said, it’s not a decision to be taken lightly and deserves several hours of research and discussion before the ultimate decision is made. I will say this, for the ordinary citizen without the skill set to manage large amounts of money, taking the annuity and allowing the payout over a term of years is a solid choice because it denies access to vast majority of the wealth over a long term of years. Over that time I’d eventually learn how to manage money wisely. However everyone is different and has different goals and objectives. While everyone dreams of the day, they can be free of the normal day to day bills, mortgages, car payments, and credit card payments, those bills are a tiny fraction of the winnings to the extent they are practically a non-factor. Self control is hard.With the plans in place, it’s time to collect the winnings.Since I know that as soon as the winnings are collected, my name and face are going to out in the public, I know that a lot of people are going to come to me asking for money. I’m going to be an instant celebrity, and people I barely know, and good friends alike are going to approach me asking for money. If I give one person money, everyone will get in line to ask for their “perceived fair share.” This is where I have to be tough and smart. Tough because I’m going to say no to a lot of people and be criticized for those decisions. But I also have to be smart. Other than paying of my bills and other expenses, I will concentrate on dividing the money into trusts for the people that you want to protect. I’d set up a spend thrift trust for each person I care about with a bank as a trustee, and provide the corpus of the trust with enough money that 3–5% per year payout would add up to a nice check every year. Refer all calls from family to their trustee whose job it is to make the decisions regarding accessing some or all of the wealth in their individual trust.For example assume I made a spend thrift trust for crazy Uncle Ivan, who then decides he wants to invest a million dollars in Bitcoins. I want the trustee to deal with this situation. And ultimately I want the Trustee to say no. Uncle Ivan keeps his income stream and I maintain peace in the family.I’d also establish a couple of charitable trusts to funnel donations to worthy causes. Wealthy people call these foundations. Essentially an attorney helps set up a mechanism or a procedure where if someone is asking for a hand out, they are directed to the foundation or the charitable trust to assess whether they receive money and ultimately how much. I can pay a nice salary to people who willingly serve on your foundation’s board who will make these decisions for me. People who might criticize such an approach don’t understand the enormous pressure that can be applied by a handful of people who will not take no for an answer.I’m going to create layers and layers of professionals whose job it is to spend my money wisely, while also compartmentalizing the assets with only a tiny fraction of the money being at “risk.”The vast majority of the money, after taxes, is going to end up being invested, the financial planner becomes a crucial component to your professional team. I’m risk adverse, so I’d invest a very large percentage of the money in low yield/low risk investments like municipal bonds. I’m doing this for a few reasons. One, it’s a lot of money and I don’t need much return on my investment. Second, these sorts of investments are practically on auto-pilot so I’m not going to be worried day in and day out about whether I making money or losing money. Third, I don’t want anyone to have the ability to write a check and access the vast majority of the money. I want there to be steps. For example if I were interested in having access to one million dollars, I’d have to contact the financial planner and decide on which investment I’m accessing, talk to the accountant about the potential tax consequences, wait a day or two for the trade to come in, and wait for the money to be deposited in a discretionary spending account. At any point I can change my mind and reinvest the money.I’d diversify the remaining money across high end stocks (Dow Jones blue chip stocks) and real estate, depending on my interest in investing or “playing” with the money more or less as a hobby. I’d stay away from risky business ventures or start ups or anyone who comes to me trying to sell me on the next great idea. On the contrary, if I saw a business that I wanted to invest in, then I’d allocate money, (money I’m willing to lose) towards that investment. My goal is to have most of the money invested within 30–60 days, leaving me to enjoy my new found wealth. Once everything is put in place and I have reasonable checks and controls over the majority of the wealth, I’d find a couple of nice places to live and retire.

Internet Banking has assumed great importance in view of the changing need of today’s customer for convenient and easy Banking. Traditionally, Banking involves the customer’s visit to the Branch. Internet Banking is the facility by which the customer can carry out his/her banking operations without visiting branch, through the Internet from the comfort of his home/office/mobile.Internet Banking makes banking possible for the customer without the confines of the two main dimensions, namely time and distance. Internet Banking enables a customer to perform internet banking transactions through his desktop/mobile handset 24 X 7 with no geographical boundaries either. Thus, Internet Banking is a powerful medium through which banking can be done from the comfort of your sofa.Apart from traditional facilities like Fund transfer and checking account balance, there are host of other services as well which makes our customers life easy. We are stating here few important services, which you can avail without visiting your SBI branch and are frequently used by our customers.Services related to Payment/Transfer –· Funds Transfer· Intra-Bank Transfer – Transfer of funds between SBI accounts.· RTGS/NEFT· Credit Card (VISA) - Credit Card (Visa) Bill Pay is a special service that allows customers to transfer money online from your SBI account to any VISA Credit Card issued in India.· IMPS Payments - Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc.Services related to E-deposits· E-TDR/e-STDR - Customers can now open e-TDR/e-STDR through their internet banking.· E-TDR/e-STDR under Income Tax Savings Scheme· SBI Flexi Deposit - Unlike Recurring Deposit account, SBI Flexi Deposit offers flexibility in choosing the deposit amount within the minimum and maximum limits per financial year. The minimum period of deposit is 5 years and maximum is 7 years. All resident individual customers including minors are eligible for this scheme.· E-Annuity Deposit Scheme - Under this scheme, a lump sum amount is deposited by a customer which is repaid to the customer over a period in equated monthly instalment which comprises part of principle amount and interest on the reducing principle amount as well. Using the scheme customer can have fixed monthly amount against his onetime deposit. Payment will start on anniversary date of the month. If date is non-existent (29th, 30th and 31st), it will be paid on 1st day of next month. The Minimum deposit amount for Annuity deposit is based on minimum monthly annuity Rs.1000 for the relevant period. i.e. for 3 yrs. minimum deposit amount will be Rs.36,000. The maximum amount limit through Internet Banking will be the same as applicable for Fund Transfer within own account (See Enquiries - > Transaction limit / Charges).· E- Recurring DepositsApart from other services, we present to you list of financial transactions in brief which we offer through our internet banking services.· Intra-bank Fund Transfer.· Interbank Fund Transfer (NEFT/RTGS).· IMPS Fund Transfer.· International Fund Transfer.· State Bank mCASH - Send money and Create/save/print Gift Voucher.· Power Jyoti Fee Collection (PUL).· Instant Money Transfer (IMT)· NPS contribution.· EPFO subscription.· Western Union Money Transfer (Receive Money).· Credit Card (VISA) Bill Payments.· Donation to Religious and Charitable institutions.· NRI e-Z Trade Funds Transfer.· Online request for Issue of Demand Draft.· Utility Bill Payments (Electricity, Water, Telephone)· Mobile Top Up & DTH Recharge.· SBI Life Insurance Premium payment.· Mutual Fund Purchases.· SBI General Insurance Premium payment.· Premium payments of other insurance companies.· Online creation and closure of e-TDR/e-STDR/e-MOD.· Online creation and closure of e-RD/e-Flexi Deposit.· Online creation and closure of e-Annuity Deposit.· Overdraft against Deposit accounts.· My Holiday Saving account.· OD for Corporate Salary package Account.· Auto Sweep facility.· Online payment of State Govt. taxes.· Online payment of Direct taxes.· Online payment of Indirect taxes.· Setting of SI for periodical transfer of amount to other accounts.· Online request for closure of loan accounts.· Apply online for IPO (Equity).· Apply online for IPO (Debt).· NRE Services (Outward Remittance from NRE/FCNR (B))· Request by NRE customers for Inward Remittance Disposal· State Bank Virtual Card (Generate/Cancel/view virtual card details).· Gift Card (Create/Top Up/View History).· Prepaid Cards (Register/Top up/De-Register/view prepaid card details).· Payment of various fees of Educational Institutions.· Online Ticketing (Booking of Rail/Flight/Bus tickets).· Trade in Shares (eZ-trade@SBI).· SBI FX Trade for trading in Currency futures.· Sweep Creation for CSA.· EMI for e-Commerce.List of Non-Financial Services:-View/Download/Print Account Statement (Deposit, Loan, PPF).View Account summary.Reprint Challan.View Income Tax statement (Form 26AS).Link Aadhaar Number.Link LPG customer ID.Online registration for PMSBY (Pradhan Mantri Suraksha Bima Yojana).Online registration for PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana).Online registration for APY (Atal Pension Yojana).Change of Login Password.View Loyalty Points under State Bank Rewardz.Windows App Registration for State Bank Anywhere.Spend Analyser.e-Statement.PAN Registration.Update Email details.Login to e-Filing.Pending Statement.Add Billers.Delete Billers.Modify Billers.View Bills.View payments historyScheduling of Bills.Find Transactions.Interest Certificate on Deposit accounts.Download Housing Loan Interest Certificate.Download Education Loan Interest Certificate.Download Housing Loan (Prov.) Interest Certificate.Status Enquiry.Scheduled Transactions.Pension Slip.Transaction Limit/Charges.Reprint EPFO Challan.Eligible Loan/Withdrawal Limit on PPF.IMPS Status Enquiry.Set Account Nickname.View/modify personal details.High-Security Options.Change Password.Manage IPO Applicant.IRATA Ref. No. Status.Beneficiary Activation by Branch.Define Limit.Manage Beneficiary- Retail customer can add 3 beneficiaries per day.Aadhaar Number/UIDManage Accounts Display (hide/unhide).Online Submission of Form 15G/H.Enquire submission of form 15G/H status.TDS enquiry.TDS Account Linking.Online Mobile Number Registration/Updation.SMS alert registration/updation.Request for issue of cheque book.Online request for stop cheque payment (single/range of cheques).Revocation of stop cheques instruction.Online upgradation of access level.Online Locker.Apply for opening PPF account.Registration, De-registration of State Bank Freedom.Locker availability search.Update Buddy Wallet KYC.Enquire/Registration/Cancellation of Nomination.Sweep creation for CSA accounts.ATM PIN Generation.Block/Hotlist ATM card.Activation of New ATM card.Apply for New ATM card.Set ATM Transaction limit (Cash withdrawal/CNP).Demat Services (Holding details, transaction statement, billing statement)Generate challans/e-Receipts.Add to Favourites.Online Registration for Retail Internet Banking.Online Resetting of Login Password and Profile Password.Filing of Income tax returns.SBG Group services (Register and view SBI MF and SBI Life details).Lock User Access.Transfer of Savings Account

US Income Tax WithholdingNon-US persons (whether individuals or entities, such as foreign corporations) are subject to US. tax at a flat 30% rate on certain kinds of income they receive from US sources. Sometimes an Income Tax Treaty negotiated with the US and another country can be used to reduce this tax rate.The tax is withheld at source by the payor of the income. This payor, also known as a “withholding agent”, has responsibility for withholding the required tax and paying it over to the US Internal Revenue Service (IRS). In the event withholding is required and the withholding agent fails in its duties, the agent can be held personally liable for the tax. For this reason, payors are usually very careful to ensure they have undertaken all the necessary actions, part of which is to obtain a certification from the payee as to whether the payee is a US person or a foreign person.The 30% (or lower Treaty rate) withholding tax is required only for payments made to foreign payees, it is not required when the payee is a US person. Foreign persons complete one of the forms in the Form W-8 series (e.g., Form W-8 BEN). US persons do not complete a form in the W-8 series. Instead, they use Form W-9.When the payor of the income has the W-8BEN on file, the payor will be apprised that the payee is a non-US person and will undertake its withholding duties. If the payee is a US person with a completed Form W-9, the payor will know it does not have to withhold this 30% tax.US Source Income Subject to Withholding TaxListed below are some types of income that are subject to withholding when paid to non-US persons, if the payments are from US sources: Certain kinds of Interest (including certain original issue discount / OID); Dividends; Rents; Royalties; Premiums; Annuities; Compensation for, or in expectation of, services performed; Substitute payments in a securities lending transaction; or Other fixed or determinable annual or periodical gains, profits, or income.Certain types of US source income are not subject to foreign-person withholding. Some examples of such income are:• Broker proceeds (e.g., sales of US stocks / securities)• Short-term OID (183 days or less)• Bank deposit interest• Foreign source interest, dividends, rents, or royalties• Proceeds from a wager placed by a nonresident alien individual in the games of blackjack, baccarat, craps, roulette, or big-6 wheel (a later blog post will cover US tax issues on gambling winnings of foreign persons)However, you may still be required to submit Form W-8BEN to claim an exception from US information reporting and so-called “backup withholding” for these types of US source income.Form W-8BENIf a non-US person (whether an individual or a foreign entity) will receive any of these certain types of income, he must provide the Form W-8BEN directly to the payor of the income (do not submit the Form to the IRS) to establish that he is not a US person and to claim that he is the beneficial owner of the income. Form W-8BEN must be signed and dated by the beneficial owner of the income, or, by an authorized representative as evidenced by a duly completed Power of Attorney (The IRS Form 2848, Power of Attorney, may be used for this purpose).How Long is the Form W-8BEN Valid?The Form W-8 BEN must be kept up-to-date. If it is not, the foreign person may find that the agent has wrongfully withheld tax on the income. It is quite time-consuming, costly and cumbersome to get wrongfully withheld amounts refunded from the IRS.Generally, a Form W-8BEN provided without a US “Taxpayer Identification Number” (TIN) will remain in effect for a period starting on the date the form is signed and ending on the last day of the third succeeding calendar year, unless a change in circumstances makes any information on the form incorrect. For example, a Form W-8BEN signed on September 30, 2008, remains valid through December 31, 2011. A Form W-8BEN with a US TIN will remain in effect until a change of circumstances makes any information on the form incorrect, provided that the withholding agent reports on Form 1042-S at least one payment annually to the beneficial owner.