If you won a jackpot, how mcuh would you give to your parents?

Reply #44

myturn08 — Sat, 06 Dec 2008 16:38:58 GMT

same here, my parents dont believe in the lottery either, so i doubt that i would give them any of my winnings out of respect..i would just get a partime job and use that money to help them

Reply #43

s5thomps — Sat, 06 Dec 2008 08:00:30 GMT

My father passed away about four years ago and left my mother off pretty good financally. But If I was lucky enough to win a nice size jackpot I would give her 100,000.00 and pay off her mortgage. My kids and their mother would be set up finacially, then I would donate money to the church and give away about 500,000.00 to family and friends. The rest I would invest in relatively safe investments and do some things that I enjoy doing.

Reply #42

djklaugh — Sat, 06 Dec 2008 06:56:18 GMT

I would love to be able to give money to Mom, Dad and StepMom ... however they have all go on to greater rewards so no longer have need of early treasure. But I will share with my brothers, son, and several close friends by giving them a piece of the jackpot - not equal shares with me ... but a nice sized chunk for themselves.

Reply #41

Texas Joey — Sat, 06 Dec 2008 06:24:37 GMT

I would certainly help my Mother if I were lucky enough to Win that amount !! No matter how much I won I would love to help others.

Lots of Luck to all for the Holidays.

Texas Joey

Reply #40

psykomo — Sat, 06 Dec 2008 02:46:29 GMT

GREAT??????????????????????????????????????????????????????????????

IF????IWIN????IN????2009-20010-2011 0R 2012 !!

I'm!!!GIVING!!!:

25% 2 O'bama

25% 2 HILLcare

PLUS (what's LEFT???????AFTER??????????TAXES??????2D PUR PEOPLE!!!!

50% 2 all D Poor 50% !

psykomo LUV's D POUR !

we democrat's dodo 2

we LOVE d PUR so MUNCH it hurt's all us

democrat's 2 see UR still pour geesUS????

what is UR excuse 4 all these YEAR'$$$$$$$

CUM visit O'Bama Hill 2009 UR jpot.... [ More ]

Reply #39

Stew12 — Sat, 06 Dec 2008 01:39:04 GMT

Every state should have at LEAST Four 50 million dollars plus lotteries....

Considering we only have 2 in the country (if you don't count anything other than PB and MM), you're talking about adding 198 different huge lotteries. Do you think you can find 198 TIMES the amount of people who currently play now, to start buying tickets? Nope. The only other option would be to make each ticket $198 instead of $1, and everyone would have to continue to purchase the same amount of tickets to fund the... [ More ]

Reply #38

pumpi76 — Sat, 06 Dec 2008 01:24:26 GMT

Yeah i know but i am talking about lotteries that pay 25 million or 50 million and up....There is none...There needs to be several lotteries that pay 70 million and up....Megamillions/Powerball is the only lottey Americans got and what's worse is shared between like 20 states...America needs to evolve when it comes to 50 million + dollar lotteries...

Every state should have at LEAST Four 50 million dollars plus lotteries....

Reply #37

MaddMike51 — Sat, 06 Dec 2008 00:33:27 GMT

Several states have their own multi-million dollar lotterys.Powerball Mega Million are just two of the multi-state lotterys.Hot Lotto is another multi-state lottery,it starts at a million dollars.

Reply #36

JackpotWanna — Sat, 06 Dec 2008 00:21:52 GMT

$13,000 allowance plus free food and a nice warm place to stay.

Reply #35

pumpi76 — Sat, 06 Dec 2008 00:20:22 GMT

this may be off subject, but i've been saying this...The USA needs more than 1 Multimillion dollar lottery...It needs several...Megamillions/powerball is the only thing Americans got...THE ONLY THING....If i could win MegaMillions/Powerball i don't know really if i will want to because is the only multimillion dollar lottery in America, is the only thing Americans got...There needs to be more...

Reply #34

DC81 — Fri, 05 Dec 2008 21:45:22 GMT

Oh, so it is going to go up to $13,000? Good to know! Last I read it was going to stay at 12.

Reply #33

DC81 — Fri, 05 Dec 2008 21:41:57 GMT

And again, unless you already have the deal in place, especially in writing with a date and notarized, you could likely be setting yourself up for some serious tax problems. It sounds good to say that I'm sure, but you gotta consider the outcome of doing so. Taxes aside, you need to think of what the impact that will be on their lives, certainly there will be positives but there could very possibly be negatives that go along with it..

Reply #32

pumpi76 — Fri, 05 Dec 2008 18:12:23 GMT

that depends how much i win...If i win 50 million half will be evenly distributed between my parents and my uncles...If i win less than 50 million then they will get like 20% to 25%...If i in win for life, they will get their house paid...This is why everytime i play win for life i play it 3 times the same number

Reply #31

justxploring — Fri, 05 Dec 2008 06:44:43 GMT

RE: The $12,000 people keep mentioning

The annual exclusion (which will be $13,000 in January) only applies to the IRS requirement for reporting purposes.

In other words, if you exceed the annual exclusion of $13,000 (per person) you have to file a federal income tax form reporting the gift amount. However, unless you exceed a total of $1M in your lifetime, you are not subject to gift tax.

Reply #30

ThatScaryChick — Fri, 05 Dec 2008 05:49:38 GMT

Same for me when it comes to my mom.

Reply #29

DC81 — Fri, 05 Dec 2008 05:22:35 GMT

I think a lot of winners go a bit crazy with spreading the wealth and have no idea what kind of taxes they'll really be incurring by doing so, which leads to trouble.

Unless you have a pre-written, notarized document agreeing to that 10% thing, you're going to probably end up also paying 45% back to the taxman, as stupid as gift taxes are. So that 3.6M would turn into something like, 5.172M thanks to it (with four 12K exemptions) and I'm pretty sure its the giver of the gift that has to pa... [ More ]

Reply #28

ambelamba — Fri, 05 Dec 2008 04:56:08 GMT

40 millions annuity? I don't like annuity so let's say I receive 18 millions after tax and everything. (lump sum)

10% goes to my parents. That's it. Another 10% goes to my two sisters. That's it.

Still, I get to keep about 14.4 millions. I'd spend about 1 million for the house and 0.4 million for furnishing the house with usual geeky stuff.

What should I do with 13 millions then? Some goes to CD. Some goes to Ginnie Mae fund (which seems to be recession proof). Some stays in the good... [ More ]

Reply #27

Coin Toss — Thu, 04 Dec 2008 23:00:15 GMT

KYFloyd

There's nothing grey about it. You are giving them something of value without asking for something of similar value in return

That's the exact same agrgument Nevada casino dealers used with the IRS in trying to keep yips from being taxed. Didn't work.

It was called the Wendell Oakes case. At first the dealers won, then it was appealed and the arguemtn above was thrown out.

Oakes was a dealer at the time at the Las Vegas Hilton. The IRS had agents hangin out in the casino, p... [ More ]

Reply #26

KY Floyd — Thu, 04 Dec 2008 19:35:36 GMT

There's nothing grey about it. You are giving them something of value without asking for something of similar value in return. That's exactlywhat a gift is. The samething is true of loaning them money and charging an interest rate that is below normal market rates. The only question is how easily the IRS might discover what you're doing.

Obvioulsy the best thing is to make a gift of shares in the ticket while the value of the ticket is still $1. That will eliminate the possibility of paying g... [ More ]

Reply #25

JackpotWanna — Wed, 03 Dec 2008 03:42:27 GMT

How about hiring them to your work staff and paying them a large salary

Reply #24

JWBlue — Wed, 03 Dec 2008 01:42:19 GMT

You know what. I asked this question on a tax message board. Below is the thread.

http://boards.live.com/thread.aspx?ThreadId=686721 BoardName=Hide header=SearchOnly Footer=Show BoardsParam=HIPDelay%3D1 LinkTarget=_parent pagestyle=money1 ForumId=18

It is a grey area. A gift tax attorney would need to be contacted.

Reply #23

GamerMom — Wed, 03 Dec 2008 01:31:00 GMT

what if you buy a house but let someone else take up residence there free of charge

Reply #22

JWBlue — Wed, 03 Dec 2008 01:25:34 GMT

But speaking to the giving my MIL $$$ I suppose I would do weird things to avoid paying a gift tax like buying her gift cards and putting her on my credit card account with a card sent out in her name. I didn't realize you had to pay a gift tax if you paid off someone's house??? If you withdraw cash out of the bank and give it to someone I don't understand how it can be taxed...

I am certain all this stuff is considered a gift. Including a house.

I believe higher income people are mo... [ More ]

Reply #21

chippie — Wed, 03 Dec 2008 01:23:42 GMT

What ever my daddy needed, no questions asked..!

Once I have collected he would be set....

Reply #20

JWBlue — Wed, 03 Dec 2008 01:21:36 GMT

You are right. My friends and family would say, just pay the tax, you won't feel it.

If I were you, I wouldn't feel bad about it. I am sure everyone would have those stories.

I am not being hypocritical either. If a friend won, I wouldn't expect much. Definitely nothing more than the gift tax threshold.

Reply #19

GamerMom — Wed, 03 Dec 2008 01:05:11 GMT

that's why I choose the annuity...I honestly can say all of the $$$ is tied up

Reply #18

DC81 — Wed, 03 Dec 2008 01:02:37 GMT

It is currently $12,000 and I believe the current Gift Tax is 45% which IMO is just nuts and you're the one that has to pay it. Oh and if there's one part of the government that you shouldn't mess with it's the IRS. So that million dollars would end up costing you 1.45M.. Huge waste of money, even if you did just win 100M. Not like that would stop some family from bugging you for it, at least some of mine anyway. I can already hear what they'd say if they found out and I gave them something.... [ More ]

Reply #17

GamerMom — Wed, 03 Dec 2008 00:20:57 GMT

I thought it was 12k??

to answer your Q: Not a penny, unless they found out. I would only tell my hubby and his mom (she is in a very bad empolyment situation right now and i love her dearly) if I won and they better keep their traps shut. I wouldn't draw attention to myself by buying new cars or even furniture. I'm very happy where I live at the moment, love my neighbors and community. I actually don't even think I would quit my job, as I work from home. We would take lavish vacations a... [ More ]

Reply #16

JWBlue — Tue, 02 Dec 2008 23:36:15 GMT

I should have mentioned in my first post.

There is a $10,000 maximum gift that can be given without paying taxes. Any gift amount after that is taxed at 50

Reply #15

Uff Da! — Tue, 02 Dec 2008 23:32:41 GMT

My parents aren't living. I have, however, gifted a 30% share in any MM tickets I buy to a total of about two dozen relatives. This includes siblings, stepchildren, step-grandchildren, niece and nephews. The amounts are not equal, as I feel it is appropriate to give more to close relatives than to more distant ones. Since the arrangement is in writing and notarized, the gifts should not be subject to gift taxes. With the current jackpot, that would leave between half a million and a million doll... [ More ]

Reply #14

Elizabeth03 — Tue, 02 Dec 2008 23:29:58 GMT

My mother (my adoptive mother) and I fight like cats and dogs, so I wouldn't give her a huge amount.. Some to pay her bills and take a vacation, that's about it..

Frankly, I want to go on a vacation now, because I am stressed out, so I'd do that and buy a house..

And make some needed changes to my life, pronto

Reply #13

diamondpalace — Tue, 02 Dec 2008 23:28:44 GMT

Reply #12

Coin Toss — Tue, 02 Dec 2008 23:01:45 GMT

People have great intentions with fantasies of winning jackpots and giving away part of them, but thye must really look into this kind of thing before they make a move.

You may want to give away over a million, but if you find out it may cost you anywhere from $50,000 to $200,000 to do so you may have second thoughts.

In the book Infinite Financial Freedom: What to do Before and after You Hit the Lottery, the author, Bob Sanford, give examples of one winner who just gave money away, and an... [ More ]

Reply #11

Litebets27 — Tue, 02 Dec 2008 22:54:13 GMT

My parents are no longer living. But I'd think of your question in these terms.

HOW MUCH WOULD YOU WANT THEM TO GIVE YOU IF THEY WERE TO WIN AND YOU DIDN'T?

Then, that's how much you should give them.

Reply #10

Set4life — Tue, 02 Dec 2008 22:41:10 GMT

I would probably give them half, makes me happy and makes them more happy lol.

Reply #9

JackpotWanna — Tue, 02 Dec 2008 22:36:46 GMT

My parents don't believe in the lottery. They say if I ever be so lucky to win one, they didn't want to be apart of it. My whole family doesn't play. I'm the only one that do play but also the poorest. lol. I guess my answer to this question would be zero right now, but keeping an open mind.

Reply #8

charmed7 — Tue, 02 Dec 2008 20:40:48 GMT

Being that both my parents have gone on to greener pastures, and

all my siblings have gone on to join them. The jackpot would b

btw me and my better half. I would give the grown-up brats

something for their nest egg. And move out of state.

Reply #7

MaddMike51 — Tue, 02 Dec 2008 20:22:40 GMT

Not a penny for either of them.But if they were still living I'd buy them whatever their hearts desired.

And I wouldn't take an annuity.The cash option makes more sense at my age.

Reply #6

Guru101 — Tue, 02 Dec 2008 19:20:31 GMT

Probably along the lines of $1.5 million.

Reply #5

mymonthlypicks — Tue, 02 Dec 2008 19:14:25 GMT

I believe if I clam the tickets together, lets say 4 ways Myself. wife, and my 2 Daughters then the taxes is taken out up front still may a little taxes at year end. then I won't have to worried about gift tax after my passing. I would hate to see them taking away most of the money from my Daughters because of my passing and would rather let them enjoy the money while I'm here on earth

Reply #4

DC81 — Tue, 02 Dec 2008 19:11:19 GMT

Something reasonable along the lines of paying off debt with some money left over, as well as a house. If I were to give a cash gift, it would be something annual but it would not be anywhere close six figures and likely just up to the exception but maybe more but I would not want to become anyone's piggy bank that bails out family left and right, even for my own mother.. I think the worst thing you could do is give someone a lot more money than they're accustomed and can handle, keep that burde... [ More ]

Reply #3

ThatScaryChick — Tue, 02 Dec 2008 18:59:17 GMT

It all depends how much I win, but whatever the size 15 million or 200 million, I plan on taking care of my mother. She will be able to retire, travel, buy what she needs or wants. I want her to be taken care of for the rest of her life. That's what I've always wanted to do and will do if I win a big jackpot one of these days.

Reply #2

Jimhowlett — Tue, 02 Dec 2008 18:12:15 GMT

Well let's make it fun and consider this MegaMillions drawing: $128M. In Ohio, I'd actually see just about $50M even after the cash buyout and taxes.

I'd use about $1M to buy myself a new house and property, and pay off the mortgages of my parents and both grandparents. I'd pay off the rest of the debt of my parents, grandparents and sister. I'd buy all seven of them a car.

My parents don't need or want a new house because they just built their dream home last year. My grandparents are old... [ More ]

Reply #1

Piaceri — Tue, 02 Dec 2008 17:54:02 GMT

I don't know if I would split the jackpot, but I would offer to pay medical expenses, property taxes (no mortgage), buy groceries, etc. Same thing with my grown kids. I'm not sure how to avoid the gift tax this way, but I think it would take longer to reach that max before it kicks in if you do it this way. I also think certain expenses are exempt from the gift tax - like medical expenses and college tuition.

As to splitting jackpots, I think you have to have something in writing before the j... [ More ]

If you won a jackpot, how mcuh would you give to your parents?

JWBlue — Tue, 02 Dec 2008 17:40:03 GMT

Say you won a 40 million dollar annuity jackpot. If you could split the money, how much would you give to your parents?

Does the lottery commissions even allow splitting the prize