People complaining about the amount forget one thing. You ask for a large sum, then the settlement amount likely will be what you expected to get in the first place.
Precisely. If he settles for even 10% of the initial ask, he will have a very, VERY comfortable life. He can buy a nice house in a conservative city, send his sisters to college if they want, give a nice stipend to his mother so she can quit her job, and do whatever he wants. Figure:
Joy and Whoopi: sue for $60 million; settle for $6 million.
Biden: sue for $20 million; settle for $2 million.
CNN: sue for $100 million; settle for $10 million (a pittance to them)
MSNBC: same thing, and settle for $10m.
That‘s $28 million. Less lawyers fees, that’s around $18 or $19 million.
The simple plan:
- Buy a house in cash for $1.5 million.
- Set aside $500,000 for sisters’ education
- Buy immediate annuity with $3 million, throwing off around $10,000 a month income steam for mother
- Buy immediately annuity with another $3 million, for a similar $120,000 a year “base” for himself
That leaves $10 million.
- Give $5 million to charity.
- Have a professional invest and manage the remaining $5 million portfolio, which he shouldn’t touch, and will be $50 million in 40 years, as he approaches age 60, at a conservative earnings rate of 6%