Regarding sharing a jackpot

Reply #9

djklaugh — Thu, 01 May 2014 18:37:00 GMT

Maybe - depends on the laws where you live. Talk to an attorney if/when you are in a situation that would make setting up a trust or LLC a reality.

Reply #8

Shelby Mustang — Thu, 01 May 2014 17:40:15 GMT

Now that's interesting...I wonder if you set up the trust or LLC can you have the percentage split up like say for instance, I win I set up trust/LLC and I have 60% and my siblings each get 20%..Can that be done

Reply #7

noise-gate — Thu, 01 May 2014 17:04:41 GMT

You could collect the check and divvy up said amounts to your close friends- however Uncle Sam is going to enter the picture at that point, he loves getting his hands on situations such as this. After his done eating into your share- his going to want a few bites from the other apples..... * gift Taxes.

Reply #6

RJOh — Thu, 01 May 2014 12:54:17 GMT

Suppose I win 100 million dollars in the Megamillons or Powerball games all by myself, and I want give different amounts to different friends.

If you choose to give some of your winnings to your friends it won't matter to the lottery, how ever if your friends are part owner of the winning ticket some states will allow each part owner to claim his/her share of the winnings and pay their own taxes. If you choose to give your friends part of your winnings and it's over $13K, both you and your f... [ More ]

Reply #5

rdgrnr — Thu, 01 May 2014 03:11:19 GMT

Let's say, I want to give 10 million to 4 very close friends...

I am available for very close friendship, Mama.

Reply #4

justcause — Thu, 01 May 2014 00:05:12 GMT

when my uncle won 3.8 million from a lottomax pot at work they let him share his winnings tax free with anyone he wanted.

I don't know about the states.

Reply #3

rcbbuckeye — Wed, 30 Apr 2014 23:40:40 GMT

Stack is correct in that some states will pay out to one individual, or one entity. In Texas, if a person wins, only that person will recieve the money. That person would have to distribute the money to the others. If a group wins, then that group needs to become an entity, or partnership, probably through an attorney, and the money would be paid into a bank account belonging to that partnership.

I'm not sure, but I believe in Oklahoma they will pay each member of a group that wins a jackpot.... [ More ]

Reply #2

Stack47 — Wed, 30 Apr 2014 22:43:53 GMT

It probably depends in which state and there isn't that type of info on the NY site. Some states will only issue one check even if they know a pool won the prize. I'm pretty sure if the jackpot is divided by a pool in the states that allow multiple checks, each check is for the same amount.

Might check with an attorney and may need to form a trust to distribute the money in uneven amounts.

Reply #1

bigbear29 — Wed, 30 Apr 2014 18:56:49 GMT

Good qeustion, my guess is probably not.

Regarding sharing a jackpot

mamamoolah — Wed, 30 Apr 2014 18:48:20 GMT

Okay, this is a hypothetical question as I have not won it yet...

Suppose I win 100 million dollars in the Megamillons or Powerball games all by myself, and I want give different amounts to different friends. Do the multi-state lotteries allow for that or do they only allow for jackpots to be evenly split up among the owner of the ticket and the recipients he/she chooses? Let's say, I want to give 10 million to 4 very close friends and 5 millon to 4 good friends (and keep the rest of the jack... [ More ]