splitting the jackpot prize with family members.

Reply #27

KY Floyd — Mon, 20 Aug 2007 15:53:51 GMT

Getting married obviously solves the gift tax issue, and if you don't mind jumping through the hoop, is an enormous loophole. You could probably make gifts to 2 or 3 spouses in the next year if you were ambitious.

Taxes are definitely not a condition that you can impose. Who pays the taxes is determined by law, so your statement about the taxes was simply a clarification that was unnecessary. If the gift was a share in the ticket then the owner of that share will pay taxes on any future value... [ More ]

Reply #26

KY Floyd — Mon, 20 Aug 2007 15:46:03 GMT

Uff Da doesn't need a contract. Since the notary is insisting on aspecific legal form I'm assuming it's an affidavit. An affidavit is simply a sworn statement of facts, as the person making the affidavit believes them. The only purpose of the document is to establish an intent to make a gift of the ticket(s) before the drawing takes place, so Uff Da is simply swearing that any tickets that are bought will be shared.

Since Uff Da is only making a gift, and isn't required to make that gift,... [ More ]

Reply #25

justxploring — Mon, 20 Aug 2007 04:30:11 GMT

I imagine the law requires that each be represented by an attorney in his/her own state for any trust in which they have partial ownership.

Nope. There really is no such thing. The only legal counseling required is when you create the trust and appoint the trustee. Actually, there's no law at all that says you have to hire an attorney to do anything. You can even represent yourself in a murder case.

I keep reading posts where people use the word trust as if it's a way to get out of... [ More ]

Reply #24

Uff Da! — Mon, 20 Aug 2007 02:51:38 GMT

It sounds as though my safest bet for splitting any win with my SO would be to just wait until I win and then marry him! Then I could gift as much to him as I wanted under the spousal gift provisions but limit it to no more than I wanted with a properly drawn prenuptial agreement. LOL!

Seriously, though, I appreciate your pointing this out to me. I remember now that I'd read ages ago about the no conditions on a gift, but had forgotten that. I did, however, drop the conditions regarding... [ More ]

Reply #23

Big Hitter — Sat, 18 Aug 2007 18:26:06 GMT

No kidding. What you described in your original posting placed conditions on the gift hence it is no longer a gift , it has now become a contract. You are giving (paying) for consideration as far as the tax situation is concerned. A true gift caries no conditions. I have been down this road a ways and spent many billable hours on lawyers having it explained to me. Besides, the crooks at the IRS will do everthing in their power to discredit any aggrement you present them with since all they

Reply #22

Uff Da! — Sat, 18 Aug 2007 02:34:57 GMT

WHAT? You've got to be kidding me that someone has to agree to accept a gift in writing before the document can be accepted as proof of intent of giving that gift! I fully understand a lottery pool where each person is paying for their share would need both parties signatures, but can't see why it would apply to a gift. If I create a trust and choose to gift money to relatives or friends in that trust, they don't have to agree in advance to accept that money. Do they

Reply #21

Uff Da! — Sat, 18 Aug 2007 02:22:25 GMT

Yes, I intended SO to mean Significant Other, not married. Since the state in which I live is not a common law marriage state, an unmarried domestic partner will receive nothing other than what is specifically gifted (or willed) to him/her unless it is jointly owned. I feel that the 20% I indicated is an appropriate amount for our specific circumstances at this time.

My intent in using the email to myself was specifically that it would be a self-serving, unilateral document. After all, gi... [ More ]

Reply #20

Big Hitter — Sat, 18 Aug 2007 01:31:24 GMT

I am not a lawyer (nor do I play one on TV). This document is called a contract. In order for it to become valid all parties involved must agree to it VOLUNTARILY. Once the parties have agreed, the document can be submitted as proof of INTENT. There are many almost free resources available at your local law library to help you properly draw up a contract of this type. They prolly have a fill in the blanks standard contract form at Staples or Office Depot. The key here is getting your SO to agr... [ More ]

Reply #19

csfb — Sat, 18 Aug 2007 00:52:08 GMT

SO ? I don't know what that means, but if that translates to Significant Other as in Husband and Wife or Domestic Partner as in sharing board, bed, bank, and beyond, then the division of property (including future income) will be way more sophisticated.

The division of lottery winnings will depend on how your relationship with the SO is characterized and what jurisdiction you live in.

For example, if you're married, don't have a prenuptial agreement, and living in California, and you... [ More ]

Reply #18

pacattack05 — Fri, 17 Aug 2007 01:25:43 GMT

In the next series, we will learn patience. God willing, I have none...lol

Look...it's time we come to a single conclusion, about anything. I think that's the first step. All agreeing to one important subject, and sticking with it.

Who wants to start first

Reply #17

pacattack05 — Fri, 17 Aug 2007 01:20:27 GMT

Ky Floyd will complain about every single documentation, rule, announcement, whatever, They really don't mean what they say in those documents....LOL

I know that Ky Floyd is not only well versed , but a very good writer, in as, holding no punches when it comes to realism. This being said, He is astute, and I respect that in a person.

Go Floyd.....

Reply #16

AuntiePat — Fri, 17 Aug 2007 01:12:34 GMT

I agree with KYFloyd and JustX, also

The only reason I want verification as to date and time is to prove what my intentions are in the event of a large winning lottery ticket prior to the event of purchasing and winning--so a Notary stamp should be adequate to prove date and time.

Besides, as Floyd points out, the simple act of Notarization provides evidence of the lottery ticket owner's INTENT (and the fact that this intent predated the win)--which legally can go a long way . In a crimi... [ More ]

Reply #15

justxploring — Thu, 16 Aug 2007 23:43:55 GMT

KY Floyd writes: I think JustEx's comment could be misinterpreted, so here's some basic info about having something notarized. What you write doesn't mean any more or less depending on whether or not it has been notarized. A Notary doesn't verify any claims or information in a document and they don't make any judgements about the legality of the document. Having it notarized only provides proof that the signature and date are authentic. The notary is simply a formal witness to the signing of th... [ More ]

Reply #14

pacattack05 — Thu, 16 Aug 2007 23:32:20 GMT

Not everyone is capable of providing a retirement for their parents, unless they are making a lot of money.

I think that the majority of people on this site aren't in that position. I'm sure a good percentage help out in any way they can, but not on the scale the poster intended. Atleast that's the way I interpreted it....ololloloolol

Reply #13

Just6ntlc — Thu, 16 Aug 2007 23:11:12 GMT

If I win a MM or CA SLP jackpot, I would let my family decide how to split the money.

Reply #12

KY Floyd — Thu, 16 Aug 2007 05:36:52 GMT

The stuff about spoofing email headers is correct, and relying on an email would definitely be a bad idea. The rest is poor advice.

As Uff Da notes, the agreement can be canceled at any time by either party. Of course they may need to prove that the agreement was canceled and when it was canceled, so if things fell apart a few days after winning a jackpot it could be messy. The easiest solution would be to simply keep the documentation yourself. Since that's what Uff da is doing there is no... [ More ]

Reply #11

guesser — Thu, 16 Aug 2007 03:31:01 GMT

The situation you described (date/time stamp through the routers and bridges) would be argued by 'which' e-mail came through at those times, you can only argue 'an' e-mail came through at a certain date/time. I can also clone a mail server/router/MAC address to reflect any one I know about, as long as I have the numbers/addresses, I can clone it.

But you get my drift, I'll stop now, all I am saying is it CAN be done, not that it would be done.

As far as the 'obvious' part goes: not... [ More ]

Reply #10

Uff Da! — Wed, 15 Aug 2007 15:59:41 GMT

guesser said:

PS - I can doctor an e-mail and make it look like it came from George Bush at the White House, if you like, complete with IP and MAC addresses.

I realize an email can be doctored as to where it came from. But can it be doctored as to the dates that it goes through the ISP? I didn't think so, but I obviously am not that familiar with computers. It is the dates that would be of interest to the IRS.

As to splitting any win with my SO, at my age, I'll take my chances. W... [ More ]

Reply #9

guesser — Wed, 15 Aug 2007 14:33:23 GMT

My comments: You are nuts.

IF - WHAT IF - this 'document' is deemed legal somehow, and he's in another city, finds someone else, and dumps you ?

You just committed to giving him a chunk of money, but unless you two are married, he can take the money and run - with someone else.

And whatever you do, do NOT say 'that won't happen'. I'm not saying it will, but it could, and that's all it takes. Money changes EVERYTHING.

If it was me, I would not committ to anything.

PS - I can docto... [ More ]

Reply #8

justxploring — Wed, 15 Aug 2007 05:19:26 GMT

Uff Da, since I am not an attorney, I was only repeating what's been told to me about writing a will or other official document. However, since you sent yourself an email it's possible it would be accepted. I have no idea if the IRS would accept an email.

RJOh writes: Get real, if you really wanted to help your parents, you wouldn't wait until you won a lottery jackpot.

I would agree, but how do you know he/she can afford to help them now? I do see what you are saying, however. Even... [ More ]

Reply #7

psykomo — Tue, 14 Aug 2007 23:31:03 GMT

Let's get really REAL ..............

get off your cheap mental BLOCH and pay a tax man to handle YOUR CRAP

or..................GO STRAIT to JAIL>>>with no get-out CARD!!!!!!!

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>................................... [ More ]

Reply #6

Uff Da! — Tue, 14 Aug 2007 22:16:50 GMT

Unfortunately, going to a local bank together will not work for tonight's drawing or likely for the next several week's drawings. So what do I do in the meantime

Reply #5

justxploring — Tue, 14 Aug 2007 22:04:32 GMT

Uff Da. Anything you write means very little unless you have it notarized while you are signing the document. Next time you 2 are together, just type up an agreement and then go to your local bank and ask someone there to notarize it while you both sign. (It's free. I just had a pile of papers notarized.) Otherwise it IS a gift.

I also would not mention that he isn't contributing to the price of the ticket. For all anyone knows, he left you enough to cover the price of MM tickets for a... [ More ]

Reply #4

Uff Da! — Tue, 14 Aug 2007 21:53:39 GMT

Comments please. My SO has been out of town recently looking for work and when he does find work again, I suspect it will be some distance away so we will only see each other periodically. So I wrote the email below to myself at a different email address so the dates shown on the complete header would show when it had been sent and received. (My SO does not have his own computer, and besides I wouldn't want to trust someone else to keep the record which could potentially affect my taxes.... [ More ]

Reply #3

AuntiePat — Tue, 14 Aug 2007 20:53:47 GMT

OOps--this answered a question I had in reply to a similar question on another posting--so I'm NOT trying to be redundant in what I said and you really do have some info for me that I had wondered about. Only one thing, Floyd. . .could you please recheck your sources for the figure of $44,000. What I had read is that the current law allows a yearly gift of $12,000/person per gifter--so you and your wife could gift a total of $24,000 to your mother and $24,000 to your father for a total of $48... [ More ]

Reply #2

KY Floyd — Mon, 13 Aug 2007 06:09:48 GMT

The lottery rules in your state don't matter. You can split a prize any way you want to, because it's your prize. The only difference is whether the lottery writes multiple checks or if they give you one check and leave it to you to give others their share.

If you don't want to pay gift taxes, don't give away gifts that are worth a lot of money. That means giving them a share of the ticket, rather than the prize. Better still, split the cost of the ticket so that their share isn't even a gi... [ More ]

Reply #1

RJOh — Mon, 13 Aug 2007 05:23:26 GMT

Let's pretend that I won the current Megamillion jackpot. :D

Get real, if you really wanted to help your parents, you wouldn't wait until you won a lottery jackpot.

splitting the jackpot prize with family members.

ambelamba — Mon, 13 Aug 2007 05:14:55 GMT

Let's pretend that I won the current Megamillion jackpot. :D

I want to have my parents retired and provide some financial nesteggs for my sisters. But I have no intention to pay gift taxes or split the jackpot prize equally with my family members. Well, for example I'd buy some houses under my name and have my parents and sisters live there for free, but won't give them houses as a gift since I have to pay that damn gift tax, which is about 37% of the value of the gift.

Someone in a pre... [ More ]