After a $100 Million jackpot win, how would you deal with family?

Reply #54

manzplan — Sat, 23 Jun 2007 05:21:11 GMT

I wasn't the one who told people I had the windfall and they weren't from lottery jackpots. I kept it quite except for people who basically had to know about it and they told others.

Even when I sold my house when I remarried and relocated to Canada from Michigan I had a cousin come along with their hand out. She didn't need the money at all. Hadn't seen her in some time either. But another cousin that lived close to me told her I was selling my house and moving and yeah.

As for the musi... [ More ]

Reply #53

Coin Toss — Sat, 23 Jun 2007 04:06:45 GMT

Stack47

Is there a thread in any of these forums saying This is what I did when I hit the jackpot ?

No, and I doubt we'll ever see one, because of somethig earlier in your post above:

I hit the Pick-4 pretty good a few times but the only people that knew were my immediate family so if people wanted money from you, it's probably because you made it know that you had won it.

Reply #52

Stack47 — Sat, 23 Jun 2007 02:47:02 GMT

Most of the lottery jackpots are in the $5-20 million range, but their mail boxes are probably just as full with requests for money as a $100 million winner though the requests probably continue longer for the bigger prize winners. The reason for this is during the press conference, they ask the winner about their plans for the money and many will say they will contribute some of it to charity so the floods gates are opened.

The reason that people like Gates, Trump, and Wynn don't have as ma... [ More ]

Reply #51

Uff Da! — Sat, 23 Jun 2007 01:39:54 GMT

Unlike the many people who feel that their family members would all be there with their hands out should they have a big lottery win, my own family (blood relatives) isn't like that. There were no squabbles about possessions or money inheritance when our parents died. Each of us six children took the attitude that anything we got from our parents was a bonus, since it wasn't something we earned. All of us are now retired and none of us really have any desire to live extravagantly at this poin... [ More ]

Reply #50

manzplan — Fri, 22 Jun 2007 19:43:48 GMT

My mind is off huge jackpot winners winnings in regards to my own ideas of how they should spend the money in regards to an actual going after them to spend the money in a way that would benefit me personally. That is what I meant by that.

Reason I am discussing these things here is that ya know what........ if people do a google search that says what to do if you win the lottery ya know where one of the website that they are directed to is? This one.

I disucss these things so that o... [ More ]

Reply #49

Stack47 — Fri, 22 Jun 2007 04:24:25 GMT

However the reality is that if you won 100 million after taxes you would have alot of people you know and don't know knocking on your door not only asking for but demanding a share of it. And people can get really nasty when it's not given to them.

I understand where you're going but only a handful of people have won $100 million playing the lottery but thousands of people have accumulated $100 million in personal wealth so there must be a strategy preventing that. I seriously doubt there is... [ More ]

Reply #48

manzplan — Thu, 21 Jun 2007 23:03:46 GMT

personally only spend about 15 dollar when the lottery gets over say 20 Million (In Canada large Jackpots are rarer here) ... don't play until it gets over 10 Million to 15 Million. Which are amounts that I would be happy to win that would allow me to do what I dream of doing on a lottery win.

I play the lottery simply because it would speed up plans we're already working on. I don't play daily games and only buy the odd instant ticket a very few times a year. Maybe 20 dollars a year at the... [ More ]

Reply #47

manzplan — Thu, 21 Jun 2007 22:47:51 GMT

if you form a trust when you collect the winnings and provide for everyone you are going to provide for within that then you don't have to worry about it. In the trust you put a set amount for each person and if they choose to blow it then they don't get anymore. You tell them that upfront.

It not so much that it would matter to the IRS but if you want to have that relationship good... nickle and diming gifts to people will turn them into someone who will nickle and dime your money away ver... [ More ]

Reply #46

JackpotWanna — Thu, 21 Jun 2007 20:55:58 GMT

I agree with you. You don't have to tell anyone, since they will see you on TV. Here in New York winners can't hide. Your name and picture will be everywhere. You have 1 year to claim your prize. I plan to use that time to plan my escape from NY. I know I will lose out interest payments but safety is more important. LOL

Reply #45

justxploring — Thu, 21 Jun 2007 20:43:14 GMT

Don't you think it would get around that you filled up so and so's gas tank? or so and so's groceries? Yeah then you would have countless people following you around and wondering why you didn't do that for them. It can get out of hand.

I think you misunderstood my point here. Although I'd like to help needy people anyway, I was referring to family and that $12,000 you mentioned. Read my comment again. I wouldn't have said anything about the IRS if I was talking about strangers at t... [ More ]

Reply #44

Stack47 — Thu, 21 Jun 2007 20:29:19 GMT

that's the thing so many people who play to lottery are not ready to win in that respect.

When Mega Millions had the estimated $370 million jackpot over 212 million tickets were sold. Nobody knows exactly how many individuals purchased tickets, but if the average wager was $40, over 5 million people took a chance of winning yet there were only 2 winners. Nobody knows how many of those people were not ready to win and maybe that's because most people don't expect to win because they know e... [ More ]

Reply #43

manzplan — Thu, 21 Jun 2007 19:13:21 GMT

you're welcome, I might come off as a jerk at times, my stance on charities and giving to friends and family etc etc. But I really care what happens to people and if anyone wins big on here I really want them to be prepared. I like seeing lottery success stories on tv not lottery failure stories. So I say things to get people really thinking about just what a windfall can and can not do.

I've had this happen a couple times in life. 10k once when I was younger and 70k more recently and yeah p... [ More ]

Reply #42

spy153 — Thu, 21 Jun 2007 18:34:43 GMT

Thanks for the heads up manzplan.

Reply #41

Tang — Thu, 21 Jun 2007 18:30:00 GMT

More money, more problems.............tell no one

Reply #40

chasingadream — Thu, 21 Jun 2007 18:27:15 GMT

with a 10 foot pole

Reply #39

manzplan — Thu, 21 Jun 2007 18:07:38 GMT

Well they can and most likely would be able to sue you the individual, However since the trust would not own the property or say a vehicle then the trust on paper owns the lottery winnings although you in reality own the trust, the trust can not be sued if the accident happens on your property they would have to sue you and not the trust. There are other ways of protecting your cash as well that involve things like trusts and corporations and the like. It's a matter of legal definitions and not... [ More ]

Reply #38

spy153 — Thu, 21 Jun 2007 15:28:40 GMT

this is very interesting., How would a trust stop them from suing you ? Don't laugh, I really don't know much about the whole trust thing.

Reply #37

MissNYC — Thu, 21 Jun 2007 15:04:34 GMT

I'll make sure my two grandmothers live in an upscale assisted living apartment so they never have to lift a finger again. My dad has enough money, so I'd probably pay him back what he spent on my college and stuff, then buy him a sick car. I'd set my mom up for life, pay off her house, etc. Hey here's a question. Let's say you get your lump sum, after taxes, you want to give a family member their own lump sum, does that get taxed as well? Either way, that's probably the most I would do for my f... [ More ]

Reply #36

Rick G — Thu, 21 Jun 2007 12:53:19 GMT

HA! That's exactly what I was going to post.

Reply #35

chezel30 — Thu, 21 Jun 2007 12:25:05 GMT

i would pay there motgages and buy others homes buy them all new car's by myself the machion of my dreams. i would buy my mother a life time supply of ciggerettes so she stops smoking all of mine lol, and i would take them all on a cruise, and ask them what they desire and try and make that happen for them. also i would give 10% to charaties of my choice, i would like to think my family would be greatful for the gift and that it would make them all exstatic. we would have the party of all partie... [ More ]

Reply #34

psykomo — Thu, 21 Jun 2007 07:26:51 GMT

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Reply #33

csfb — Thu, 21 Jun 2007 07:09:41 GMT

For immediate family, it's just my sister and myself. But I have quite a few relatives and friends. They'll all share, I'm sure. About 40% will go to a charitable foundation to finance my dream projects.

Nice to dream ...

Reply #32

manzplan — Wed, 20 Jun 2007 08:13:07 GMT

Thing is you can look at this gift tax thing as a way to help you control your giving. Sure you could buy gas for people and extra groceries and such. But even with 100 Million dollars a person can go overboard and spend too much it has happed IE Jack Whittikar, Most of his winnings went to helping others and often they were ungrateful they didn't get more of it.

Or look at David Edwards with his standard 1000 tips to waitresses. If you do stuff like that the money can go quickly even 100 Mi... [ More ]

Reply #31

manzplan — Wed, 20 Jun 2007 07:26:39 GMT

I have one Sister and my Wife has 2 Sisters and One Brother none of which would expect a dime of a lottery win. Not one. My Parents have passed and My Wife's Parents really don't need the Money. Father n Law has steady royalty checks as he writes books.

So it's just extended family and friends that we'd have to worry about but not really. Cos most of my extended family doesn't even know where I moved to. Ones that do will die soon enough anyway as they are old and such. They would be happy... [ More ]

Reply #30

manzplan — Wed, 20 Jun 2007 07:19:59 GMT

that's the thing so many people who play to lottery are not ready to win in that respect. They have no idea how to handle it and they get caught up in the whirlwind of it all. Everyone telling them what to do and such. All those Cousin Pearls out there telling them to Pack up and move to Beverly and most wins aren't 100 Million after taxes. Which is why we hear those lottery horror stories from time to time. Simply because people arent prepared to win and alot of people have just plain outrago... [ More ]

Reply #29

manzplan — Wed, 20 Jun 2007 07:14:28 GMT

a trust protects all of you and your winnings. It's the only way to go in my opinion regardless if you have a group or not. A trust also limits people from being able to sue you if they say walk on your porch throw down a banana peel and just happen to slip on it. There are so many reason to from a trust beyond dividing money between friends and family.

Reply #28

manzplan — Wed, 20 Jun 2007 07:09:26 GMT

funny when I married and moved to Canada I sold my house in the US and a cousin that I hadn't really had dealings with in years called me up and wanted me to help them out with some cash. Giving me all this BS that they didn't have any food which I knew was BS. I gave them an address for a soup kitchen which they didn't go to cus they didn't really need food.

No matter what type of money you come into that is sizable there will always be some friend or family that wants a piece of it. Mo... [ More ]

Reply #27

manzplan — Wed, 20 Jun 2007 06:48:49 GMT

after going through all of this I realized that with a 30 or 40 Million Dollar win in 6/49 that we could do all we want to do and still have alot of money left over ... it was a good exercisefor me in that respect.

Reply #26

manzplan — Wed, 20 Jun 2007 06:11:03 GMT

Providing that it was 100 Million after taxes...... here's the breakdown.

1,000,000 would be taken off the top to blow in crazy ways at first to get that out of our system first thing.

3 to 4 Million on building an Earthship Hybred house. This house would have different levels and area where food could be produced year round. Also a larger Art Studio within it and those toy type things theater room indoor pool. Cost is less than conventional building as it will be part recycled items and... [ More ]

Reply #25

JackpotWanna — Wed, 20 Jun 2007 05:19:19 GMT

If you are married then you have to consider 2 families. lol

Reply #24

BaristaExpress — Wed, 20 Jun 2007 05:08:43 GMT

Reply #23

DoubleDown — Tue, 19 Jun 2007 21:54:25 GMT

This kind of thing is relatively ( no pun intended ) easy to set up, which is another reason not to go running down to the lotto office without a plan in place...

Reply #22

Guru101 — Tue, 19 Jun 2007 21:54:08 GMT

Well, I don't know for a fact that I'm going to win, but I think I have a very good chance. It could happen any day now.

Reply #21

Coin Toss — Tue, 19 Jun 2007 21:44:33 GMT

Guru101

Yes, sure, you want them to get a piece. But without something drawn up and only a ticket with multiple signatures, each person signing the ticket will get an equal piece.

We can never assume that we will indeed hit a jackpot, but just in case it does happen, nice to know this kind of thing beforehand.

Reply #20

DoubleDown — Tue, 19 Jun 2007 20:56:29 GMT

What family

Reply #19

Blackie — Tue, 19 Jun 2007 20:04:18 GMT

And who did you say you were ???????? I dont remember any Uncle Albert!! Auntie who

Reply #18

JackpotWanna — Tue, 19 Jun 2007 19:49:57 GMT

On the other hand. Wouldn't you want them to share or give more if they had won $100 Million. Things to think about.

Reply #17

Guru101 — Tue, 19 Jun 2007 19:13:07 GMT

Well I want my parents and sister to get a piece. They deserve it. My mom could get her dream home. My dad could get his dream truck. My sister could get into a career she loves. Also, the $1,000,000 extra would be initially be mine. It's just an certain amount that I would allocate towards non-immediate family. It would just be the 4 of us claiming the prize. Geez, I hate gift tax.

Reply #16

Coin Toss — Tue, 19 Jun 2007 18:55:42 GMT

Sine the U.S. taxes gambling winnings, somebody is going to pay taxes on the winnings.

If several people all had the same winning tickets (same numbers, multiple tickets), that would be one scenario.

But if a group of people, not all immediate family, is claiming the same winnings, I'm not sure you can do that without a trust.

Especially if the other people did not buy in to the ticket, but you're just going to be ultra-generous, I'm not sure how the taxes would work on that, other... [ More ]

Reply #15

Dr Lottery — Tue, 19 Jun 2007 18:43:19 GMT

Iwould buy up some land and build a subdivision for my family members and I would set rules that they must pay the taxes on the house that I build for them and that they cannot sell.so basically they would have free rent .what more could you ask for .they could get a job or keep there job and be on the road to finacial freedom .

Reply #14

justxploring — Tue, 19 Jun 2007 18:36:28 GMT

Good idea. LOL Believe it or not, I thought of that once! It would also include a privacy/secrecy agreement. I wouldn't worry too much about the $12,000 figure, especially if I had $100 million, but I'd be more concerned about word-of-mouth advertising. Hi. You probably don't remember me, but we met at your cousin's wedding 17 years ago. I just heard you won a big chunk of money!

In addition to the $12,000 annual exemption you can pay insurance premiums and qualified medical expenses... [ More ]

Reply #13

LuckyLilly — Tue, 19 Jun 2007 18:34:38 GMT

One of the main reasons I continue scheming to find a way to remain anonymous when I win is so that my family would never find out. I'm not close to any of them, and there's only one that I even kinda sorta like. If he were the only one, I'd probably give him a couple hundred thousand. But since he'd tell the rest and then there'd be real trouble, I won't tell him or give him anything either.

If it ends up that it's impossible to claim anonymously, then as soon as I get the check I'll move... [ More ]

Reply #12

JackpotWanna — Tue, 19 Jun 2007 18:10:45 GMT

How about this.

Draw up a contract stating if they ask for more money then their yearly gift of $12000 will be void.

Make them sign it before giving them the $12000. If they don't sign it don't give them $12000. Warning!!! You will be hated. lol

I can live with that.

Reply #11

weshar75 — Tue, 19 Jun 2007 17:26:34 GMT

After winning the lottery my concern would be self preservation. Helping myself would be my first priority. My family such as my mother, sister and her family would be secondary. I really like myself a lot. Did I tell how much I like myself. Yeah I like myself aaaaaaaaaaaaa llllllllllllllllllllooooooooooooooooooootttttttttt!-weshar75

Reply #10

lottolaughs — Tue, 19 Jun 2007 17:05:36 GMT

I look at it this way. There will be problems, period.

Even when someone passes on and leaves a will, I cannot tell you the arguments and inhouse fighting I have witnessed through various friends and their families that I know with no where near the value of 100Million coming into play.

I couldn't even imagine the jealousies and spitefulness you might find yourself up against. People get crazy when it comes to money like that.

I'm glad I no longer play jackpot games. No one will eve... [ More ]

Reply #9

JackpotWanna — Tue, 19 Jun 2007 16:52:22 GMT

If you have a small family there less of a problem. But a large family there is gonna be problems. You are bound to hurt someone dear to you. Greed has no limits.

I read lottery winners got to worry about family members more than strangers.

Murder, Kidnapping.....

Reply #8

Guru101 — Tue, 19 Jun 2007 16:38:40 GMT

Why would I need a trust? Couldn't I just have all 4 of us sign the ticket, then when we claim the jackpot, they can distribute the winnings as desired, with all 4 of us in agreement of how much each person gets? Or is the lottery obligated to distribute all the money equally upon everyone who signs the ticket

Reply #7

Raven62 — Tue, 19 Jun 2007 16:35:19 GMT

They'd be saying:

"You're my Hero, even though I contributed Zero

Reply #6

justxploring — Tue, 19 Jun 2007 16:00:31 GMT

Funny! Only one person in my immediate family knows I buy lottery tickets regularly and thinks it's a waste of money. She won't even buy MM tickets for me in her state, although I do understand why. Same for the person who lives in a PB state, although I doubt if I'd ever ask her.

However, giving should never be based on what other people do for you. That isn't giving, it's a business transaction. If you sell my home I'll give you 6% of the selling price. So, even though I have some... [ More ]

Reply #5

spy153 — Tue, 19 Jun 2007 15:06:29 GMT

good one ! I actually plan to help my family alot.

tithing 10 % and 500,000 to charity aside, I would set up a family fund so that the ones I like would receive a check off the interest yearly. Only enough for a vacation once a year.

I would spend 1 million on buying some houses and cars. That amount includes sending some to college and paying off some houses and cars for those who are currently paying on theirs. The rest can kiss it, as far as I'm concerned. That amount also includes... [ More ]

Reply #4

Coin Toss — Tue, 19 Jun 2007 14:48:07 GMT

Guru101

Unless you have them sign the back of the ticket, form a trust, and have them share the jackpot with you, it is going to cost you dearly to give away $25 and $10 million. A lot more than the $35 million you're giving away.

Reply #3

Guru101 — Tue, 19 Jun 2007 14:17:55 GMT

Assuming the $100 million is after taxes, I would give my parents $25,000,000. I would give my sister $10,000,000, keep $64,000,000 for myself, then spread out the remaining $1,000,000 throughout the rest of the family based upon how much I believe each of them should receive.

Reply #2

RJOh — Tue, 19 Jun 2007 14:01:32 GMT

Since I'm the mathematician in the family, I would do the math and give each one their fair share based on their contributions toward the cost of the winning ticket.

Reply #1

Coin Toss — Tue, 19 Jun 2007 13:47:53 GMT

Human nature would probably kick in with them even after an offer of $12,000 yearly. You'd hear things like, You won 100 million and I still have to work .

After a $100 Million jackpot win, how would you deal with family?

JackpotWanna — Tue, 19 Jun 2007 12:19:51 GMT

I would give each family member $12,000 yearly and take them on a nice vacation or two a year.

After that I would avoid them as much as possible. I know there is gonna be lots of problems.