With powerball being so high, are you planning on splitting the JP?

Reply #7

Teddi — Tue, 03 Feb 2015 12:40:04 GMT

No, pooling is different. All of the recipients would need to claim the money with you then the lottery will split the money equally and each person would be responsible for their own taxes. But if you are the only one to claim it and you then try to divvy out more than the $5.x million allowed, you're going to take a HUGE financial hit in gift taxes. If you're already going to cough up ~50% in taxes just for winning, no need to pay anything more than that if you don't have to.

Reply #6

bigbear29 — Tue, 03 Feb 2015 11:58:50 GMT

My plan is to set it up like a pool with 6 players.

Reply #5

bigbear29 — Tue, 03 Feb 2015 11:35:19 GMT

Is that the same if everybodies name is on the ticket? Like a pool.

Reply #4

hearsetrax — Tue, 03 Feb 2015 10:28:21 GMT

I'd hardly call $317 million jackpot XXXL ......

but it could in some respect leave the lucky soul/s well off for a good while, if they spend/invest wisely

Reply #3

mikeintexas — Tue, 03 Feb 2015 07:43:23 GMT

I would use a big chunk of that $5.43 million exemption in gifts. I have no children, but I have four grown nieces and nephews. I'd give them each $1.25 million and tell them I hope they'd use that quarter million for paying off their houses or buying one, new car(s) or helping with their own kid's college expenses. (I'd pay tuition for any that want to go to school, those costs and medical are not taxable as long as they're paid directly to the school /medical facilities or doctors) I would tel... [ More ]

Reply #2

noise-gate — Tue, 03 Feb 2015 06:15:43 GMT

Absolutely! and to those in Need...

James 2:15-16 (New International Version (NIV)

15 Suppose a brother or a sister is without clothes and daily food. 16 If one of you says to them, Go in peace; keep warm and well fed, but does nothing about their physical needs, what good is it

Reply #1

mikeintexas — Tue, 03 Feb 2015 05:48:48 GMT

Now, I'm no expert, but it's my understand that other than the $5.43 million estate/lifetime exemption and the tax-free $14k annual gift per person (28k from a married couple) to anyone, gift taxes will be 35% on anything above that 5.43 million and annual gifts above 14k if the 5.43 has been maxed out. (that's federal; Connecticut Minnesota also have state gift taxes) I think your plan is admirable, but it's definitely one of those cases where you should get some competent legal and financial a... [ More ]

With powerball being so high, are you planning on splitting the JP?

bigbear29 — Tue, 03 Feb 2015 03:55:10 GMT

If I win the jackpot I'm splitting it 6 ways: mom/dad = 1, brother = 2, sister1 = 3, sister2 = 4, my son = 5 and myself = 6