Dealing with your family when you won.

Reply #27

sirbrad — Wed, 12 Oct 2005 15:05:45 GMT

Good idea! Perhaps if I win on Halloween I will show up in costume. Oh I won the lottery???!! Hold on! Ok I am here to claim my prize.

Reply #26

Littlemanjen — Wed, 12 Oct 2005 14:35:04 GMT

Would a person be allowed to dress incognito as a clown or in a halloween costume as long as they were there in person? That way anonymity is intact and you can go about your life without being recognized from a large jackpot.

Reply #25

sirbrad — Wed, 12 Oct 2005 10:02:06 GMT

The person who claims the ticket is declared the winner; no individualmay claim a prize for another. PA LotteryDoes that include lawyers? I did ask about lawyers, and trust funds, but still got the same response. Maybe that is exactly what they want you think.

Reply #24

sirbrad — Wed, 12 Oct 2005 09:41:29 GMT

What family? :) I actually never had that much family, just a mother and a dad who left long ago when I was about age 7. Thankfully I did not become as he did. But that is another story. I also live in a relatively dead area, and do not have many friends (by choice) as I like to keep to myself for the most part. So I am 'tailor-made' to win a HUGE jackpot. Although I know long lost buddies would then come out of the woodwork, but my town is so dead that no one would even know or care. Also as... [ More ]

Reply #23

orangeman — Tue, 11 Oct 2005 04:44:23 GMT

I would tithe to my church and hopefully have enough to top off the current building program. That would come first before anything or anyone else. We need $6 million for the building program and winning Mega Millions would do it for us.I would probably lose every friend I have left because I couldn't provide for all of them and they would be seriously upset about it. So much for friends . . .Would probably have to move and would ironically never get to visit the church I helped build. Provi... [ More ]

Reply #22

delS — Mon, 10 Oct 2005 23:27:59 GMT

The Game Girl- Thanks for the compliment! I appreciate it

Reply #21

TheGameGrl — Mon, 10 Oct 2005 22:58:49 GMT

Its absolutely feasible to set up the winnings IN TRUST. Talk to any good Pennsylvania lawyer and they will acknowledge this as an avenue to consider. Going public in announcing the TRUST holders is another matter. The PA lottery Powerball has no ruling saying this cant be done. DelS- Thank you for your post! Its inspiring to see a person prepared and knowledged in how best to regulate the winnings! Im glad to read that you will *spend* and *invest* wisely. Moderation between the two is the ke... [ More ]

Reply #20

Littlemanjen — Mon, 10 Oct 2005 20:19:49 GMT

Geez, delS......your post is amazing..... how many other posters on here have gone to that extreme? Planning to win a lottery just seems pretty out there to me. But if you win, I will say you are 32 pages worth of prepared, LOL.

Reply #19

delS — Mon, 10 Oct 2005 13:48:21 GMT

I have a 32 page document that has everything planned out. I have the tax, accounting, and financial institutions listed with bio's on those whom I would contact. I have a list of every family and friend who would receive monetary gifts. I have retirements, investments, insurance planned out. I have my passion gifts listed, where I would purchase them from, etc. I have worked on this document for a long time, and I update it at least twice a week, depending on MM or PB jackpots. I'm fortuna... [ More ]

Reply #18

rundown99 — Sun, 09 Oct 2005 22:01:40 GMT

You could set up a trust but it totally depends on which state you win it in if you can be anonymous. If you win a $240 million jackpot in Pennsylvania, you will NOT be anonymous. If you win it in Delaware, then you can be anonymous, because Delaware state law allows it. If you win it in Ohio, New Hampshire, or Louisiana, then yes, you could become anonymous ONLY IF you form a trust. But if you win it in some state where a lot of people win , such as Pennsylvania, New York, California, India... [ More ]

Reply #17

hypersoniq — Sun, 09 Oct 2005 14:18:32 GMT

hmm, first thing is to get a handle on how much you really will recieve. I made up an excel sheet that takes as input the cash value, deducts the 27% the MUSL withholds and also the other 8% you will owe at the top of the tax bracket... now I have a real number to work with... if I won last night, I would have planned on managing 65 million (not the posted 100 millon).second, planning the anonymous trust to claim it quietly. Even the trust lawyer would not know at this point since I'd start the... [ More ]

Reply #16

scorpio — Sat, 08 Oct 2005 16:09:31 GMT

i haven't had problem with any winnings yet but if i did:if i was married,i'd pay off all bills,give some to relatives,then split the rest with spouse.if i wasn't married,i'd rent a cruise ship manned by all women,go on a year cruise,and never touch land.

Reply #15

Prob988 — Sat, 08 Oct 2005 15:42:37 GMT

My guess is that a healthy economy - and a healthy future - is maintained not by spending so much as investing. It is investing that makes for innovation and the possibility to make cheaper goods. Everything we have today is the result of previous generation's investments.I think that we simply don't care about our children or their future in this culture any more, which is why we are content to spend like drunken sailors and leave the bills for our grandchildren and our great grandchildren to... [ More ]

Reply #14

TheGameGrl — Sat, 08 Oct 2005 00:09:45 GMT

Prob988- I applaud your honesty on how you would manage such a winning. The Logic you maintain is noteworthy. I do agree though that in order to aide in the economy one must spend. Without the economy having folks buying products and services the average community suffers. So each side of both investing and spending need to be in moderation. I personally live by the philospohy that ya cant take it with ya so why save it for the kin folk? give when you can and let each generation take care of the... [ More ]

Reply #13

Prob988 — Fri, 07 Oct 2005 02:42:06 GMT

Well Lotta, you are going to need a very, very, very big prize. I hope you're in on the current Powerball.Even then, I suspect your money wouldn't last too long. The secret of wealth is not to spend, but to save. This is true even when it comes to spending on people you love in your family. I would guess that my children would benefit more by having an intact fortune than they might benefit from any impulse for a grand time.My wife would never let me spend all that money, and that's why I lo... [ More ]

Reply #12

lottaloot — Fri, 07 Oct 2005 01:30:11 GMT

I would spoil my spouse--buy him a yacht, a cabin by the lake for finshing in the summer, and send him on a long, long hunting trip. My children would have trust set up for them (they can touch at age 27). Send them off to great colleges set up a college fund for the grand chaps. :)Buy my mother a big home.And last but not least (ME) a1. Jag --no older than a 1980 model2. 4 bedroom home3. maid that cooks, cleans irons4. pool (even though I can not swim a lick)5. cruise around the world6. i... [ More ]

Reply #11

Just6ntlc — Thu, 06 Oct 2005 22:17:18 GMT

I would definately talk to my family. The family will have dreams come true.

Reply #10

Bradly_60 — Thu, 06 Oct 2005 21:07:33 GMT

This is one of the things you have to control if you do win a big prize. I mean look at the guy that just hung himself....when he won he was buying TV's and cars for everyone. A few years later he was broke. I mean you can give people money but you have to know how much you can give and know how to say the magic word NO. You might look like a tight ass but at least you will be a rich tight ass. Only at most 20% of your winnings should be given out to family members and splurging on them. Y... [ More ]

Reply #9

BaristaExpress — Thu, 06 Oct 2005 20:56:28 GMT

God bless my mother father since they have both passed on. My daughter would only know when an attorney told her that she has a trust fund with X amount of dollars! My son would be taken care of with his trust fund (he's only 2 1/2). My brother would know when I showed up at his door, same for my sister. The rest of the family that I do have (1st 2nd cousins, uncles) wouldn't know

Reply #8

destinedtowin — Thu, 06 Oct 2005 13:44:24 GMT

Welllllll the first people I would tell is my parents( my dad is a great finicial wizzard, he can make a penny into a dime). Then I have to let my sisters know they no longer have to depend on their @$$hole husbands for anything. I would have to support them. My best friend in the world who has stuck by me in everything I ever done. Some other family that has always been there I would give them a certain amount to be given out in monthly payments. The rest of the lazy family can go to you know w... [ More ]

Reply #7

angelm — Thu, 06 Oct 2005 13:35:20 GMT

money isn't everything and you can't take it with you when you go,so i wouldn't be stingy

Reply #6

Elizabeth03 — Thu, 06 Oct 2005 13:30:03 GMT

I would tell my mother that I won, my brother and nefew I wouldn't want to tell because they are greedy people.

Reply #5

dvdiva — Thu, 06 Oct 2005 05:51:42 GMT

I plan on giving my family a percent of the prize if I win. Just nothing after that. If you play for big prizes like I do life is too short to be greedy with the people you are close too. For those that had less control on their spending habits I would put them on a perpetual annuity.

Reply #4

weshar75 — Thu, 06 Oct 2005 05:28:49 GMT

I would tell my mother and then collect the winnings and buy a new house for us to live in.

Reply #3

Down — Thu, 06 Oct 2005 05:23:18 GMT

i would tell my family i won, but i would not just give them anything they wanted, maybe i might take them all out to dinner at a fancy restaurant and pick up the bill, but thats about it

Reply #2

bellyache — Thu, 06 Oct 2005 05:22:37 GMT

Wow some of those choices seem quite negative. lol. I'm not married or have kids so I wouldn't do most of them.

Reply #1

mt7895 — Thu, 06 Oct 2005 02:45:16 GMT

Buy my spouse all of his or her dreams. (But not to the point of going bankrupt.) Of the two of us, she is even more frugal than me.

Dealing with your family when you won.

Prob988 — Thu, 06 Oct 2005 02:35:37 GMT

So what say you?I've got a very promising business going and many are my family members lining up with their hands out.