The ugly side of the win. How would you deal with close family and friends who...?

Reply #62

maoer! — Mon, 08 Feb 2016 01:19:02 GMT

i won't give my relatives anything. They deserve nothing. If you leave me alone when I am down to the bottom. you have no right to share all my gains.

I will donate to hospital and charity. I will go back to school and study what i want to learn.

Reply #61

OneTrickpony — Thu, 04 Feb 2016 13:19:38 GMT

I love this topic, because it is the Happy Place that I go to when I'm down in the dumps and need a little distraction from reality.

First, upon realizing that I won...let's say $50 million after Federal and State taxes, I would IMMEDIATELY move to Florida or Wyoming (or a state with no state income tax), establish residency and getting a new driver license. I would establish a trust to collect my winnings, have an experienced team with a Tax Attorney (experienced with lottery or windfall new... [ More ]

Reply #60

IJustWannaWin — Thu, 04 Feb 2016 04:31:48 GMT

Only something like 4 states allow winners to be anonymous so chances are already low that that is an option for anyone who wins big. You have to set limits from day 1. Here's amount x. This is more money than you've ever had in you're entire life. Don't come back. If you don't friends and family will make your life a living hell.

Reply #59

IJustWannaWin — Thu, 04 Feb 2016 04:21:23 GMT

Nah. Money makes you more of who you are.

Reply #58

One-Day — Wed, 27 Jan 2016 03:07:25 GMT

Brothers and sisters I would pay off their houses and give them $150K each cash. My parents off course would be taken care of. Other CLOSE family, I give them $30K each, and buy nice Disney Trips for kids. Of course I would have to find a way to minimize the gift tax. Then I tell everybody in the nicest of way that I won't be an ATM for them or give out loans EVER. That my money is managed by a trust and I only get a small amount of money each year to live. I also tell them that I drew a will, t... [ More ]

Reply #57

mikeintexas — Wed, 27 Jan 2016 02:39:42 GMT

Your post reminded me of asking my pop for some money once when I was 16, broke and wanting to go on a date that Saturday night. Sure, he said. How much do ya need?

Surprised at his rare agreement in giving me money, I thought for a second or two and replied Oh...ten bucks?

He reached for his wallet, pulled out a ten-spot and held it in his hand. I reached for it, but he pulled it away. You do know I charge 100% interest, right?

Disappointed, I stood there, then thought of the

Reply #56

lejardin — Tue, 26 Jan 2016 21:23:56 GMT

http://abcnews.go.com/2020/video/lottery-winners-picked-winning-lotto-numbers-part-36327771

Reply #55

levijean — Tue, 26 Jan 2016 20:54:34 GMT

+1 for staying anonymous

Reply #54

rundown99 — Tue, 26 Jan 2016 18:48:45 GMT

* And don't go spending like crazy or you will end up like Cynthia.

I didn't see the ABC interview. Maybe I can look for it on YouTube. Brad Duke is one of the few lottery winners who actually did very well with his winnings. I have said it before on Lottery Post, and I will say it again. If I ever win a lottery jackpot, I want it to be in a state where I can remain anonymous

Reply #53

levijean — Tue, 26 Jan 2016 18:47:59 GMT

The best advice I have ever heard regarding lending family and friends money came from a Judge Judy episode:

I will lend you this money, pay me back whenever you can, but until it is fully repaid, do not ask for another cent!

I actually just had to do this to/for someone.

Reply #52

SoleWinner21 — Tue, 26 Jan 2016 18:02:58 GMT

ShE was on ABC now too long ago doing an interview. She said she filed for bankruptcy on Jan 6th of this year. For anyone who wins a jackpot and plans to invest, follow Brad Duke's story on how he invested his winnings. And do go spending like crazy or you will end up like Cynthia.

Reply #51

rundown99 — Tue, 26 Jan 2016 17:39:06 GMT

No way. Did you say that Cynthia Stafford file for bankruptcy? Are you talking about the woman that won $112 million in California five years ago

Reply #50

AbsolutelyFun — Wed, 20 Jan 2016 10:27:24 GMT

I read most of the replies here to the initial question and I couldn't help but think about how those people who want something for doing pretty much nothing accept being related to you or simply knowing you think. It seems that human beings are in general always looking out for number one so just how far they are willing to go to demonstrate how much number one means to them versus you is where the problems arise. Some are just more selfish than others and they don't bother to have any empathy... [ More ]

Reply #49

Romancandle — Wed, 20 Jan 2016 01:53:29 GMT

Reply #48

Romancandle — Wed, 20 Jan 2016 01:52:44 GMT

I reject your reality and replace it with my own

Reply #47

MegaWinner — Wed, 20 Jan 2016 01:46:27 GMT

Funny thing is, I usually don't ever check my tickets for weeks. I would have long forgotten when and where I purchased that winning ticket. I do however usually sign the back of them as soon as I buy them.

Reply #46

RJA00 — Tue, 19 Jan 2016 23:38:56 GMT

I had big dreams with the past big power ball

had everything written out we have 7 siblings between us and host of necices and nephews, great nieces and nephews and great great nieces and nephews my parents, his mom

i figured i could set them up with each a million dollars, trust for my kids and grand kids and still have more left than i could ever spend

but i did not win, just wishful thinking

Reply #45

fatedtowin87 — Tue, 19 Jan 2016 20:30:28 GMT

I think most people know me well enough to know that I'm a no nonsense type of person who can take or leave just about anyone in my life (with the exception of my parents). I'd give my immediate family and the immediate family of my husband some money so they could live comfortably, but it would be a set amount and they'd have to know that what they got was what they got. As for my friends, I'd take them on a kickass vacation for a week to someplace like St. Barts and rent a mansion with a maid... [ More ]

Reply #44

lejardin — Tue, 19 Jan 2016 18:04:02 GMT

Brilliant and oh so true! I was laughing while reading your post, coffee almost came out my nose.

Reply #43

music* — Tue, 19 Jan 2016 16:46:39 GMT

Some persons need to be taught things about the lottery. I agree that how generous a lottery winner can be, depends on the net win.

The co-winner in all jackpot games is of course, Uncle Sam. I have heard that he will audit winners often. Year after year.

Here in California if you win more then $350,000.00 the Lottery will interview you separately with Security official. They are protecting the real winners. Making sure that you are the winner. I can guess some of their questions. Are y... [ More ]

Reply #42

music* — Tue, 19 Jan 2016 16:36:21 GMT

Thank You Sully16 for a great laugh

Reply #41

HoLeeKau — Tue, 19 Jan 2016 16:01:15 GMT

Funny. And great plan

Reply #40

HoLeeKau — Tue, 19 Jan 2016 16:00:33 GMT

Hmmm, I think you may have just hit on a good indicator about whether a lottery winner will go broke.

If you can stick to your list at the grocery store, you're in pretty good shape. If you tend to impulsively grab things that aren't on your list, you probably need to take steps to make sure you don't have access to the full jackpot. You will need to have it doled out to you.

Reply #39

sully16 — Tue, 19 Jan 2016 15:08:28 GMT

I have a solution, First I would have to deal with Mom. Take away her walker, plop her in front of the TV with a bottle of old no. 7 ( That's Jack Daniels for all you non drinkers.) She'll never know I'm loaded...with cash!

Next, my 3 brothers, easy, call them all and tell them I have much needed electrical, plumbing and auto repairs, won't hear from them for years.

My sisters, this gets a bit more tricky, they catch on faster then the boys...oooooh, I'll tell them mom and I are going to h... [ More ]

Reply #38

dr65 — Tue, 19 Jan 2016 06:20:47 GMT

Some hate you so much for winning, they do not want any. They hate it so much that asking for anything puts you

in a position where they owe or think they do, you something. Funny thing money - it does things to people. It takes

their smarts away and shows off their true colors. If you didn't have a good relationship before winning, why bother

after winning

Reply #37

deeharveyd — Tue, 19 Jan 2016 06:03:34 GMT

I would give to immediate family only. (I have a small family) and one or two good friends. That's it as far as giving to people I know.

Reply #36

Nikkicute — Tue, 19 Jan 2016 06:01:11 GMT

It's like grocery shopping, you make a list.

I have a small list of people I d like to help and I am not deviating from that list.

It's just as simple as that, everybody else the answer is NO

Reply #35

Stack47 — Tue, 19 Jan 2016 05:19:13 GMT

I try to do research, but on this subject the facts are very distorted. For instance:

44% of lottery winners had spent all of their winnings within 5 years of winning the lottery. and According to multiple studies, about 70% of all lottery winners end up going broke and filing for a bankruptcy.

Both statistics say lottery winners without distinguishing how much they won and the number of winners. Using LP's pick-3 lifetime prize ratio, only 5 have winnings and pick-4 is only slightly bette... [ More ]

Reply #34

Coin Toss — Tue, 19 Jan 2016 05:10:25 GMT

And conversely some people consider things 'made up' just because they weren't aware of them.

Reply #33

savagegoose — Tue, 19 Jan 2016 04:17:47 GMT

this is why i siad id give them $1m in trust for, ie paying them the income from a trust of $1m in assets. they cant blow thru it. whats the rate on bonds? 1.5% thats $15k a year. any complaints i can always offer to revoke it.

Reply #32

travelintrucker — Tue, 19 Jan 2016 03:01:33 GMT

If I cleared a large sum after taxes(like $50+ million), sure I'd help family. However, the amount would determine how much I'd dole out. First and foremost, I'd have to think about what kind of life I want for my future family. Everything else is a distant second.

Reply #31

LottoLucy — Tue, 19 Jan 2016 02:57:41 GMT

Around here we call it the sink or swim approach. If we won big we intend to give each family member an equal set amount. I'm willing to dip into my IRS lifetime exclusion to do this. When they get the money we will explain that this is all we are able or willing to gift and we are not willing to entertain any other requests, If they spend it all frivolously right away, that is up to them, they're all adults. If they invest it all, that is fine too. But that is ALL they should ever expect. Anyon... [ More ]

Reply #30

ArizonaDream — Tue, 19 Jan 2016 01:56:04 GMT

I'm not one bit worried about my friends, but I started thinking about their siblings and in-laws. I think to protect myself, I'd best tell my friends that they're getting $x per year while I'm alive and when I die the rest all goes to charity. Some of the sibllings are irresponsible and at least one of the in-laws downright shady.

Reply #29

sookie — Tue, 19 Jan 2016 01:15:06 GMT

I've already figured it out. My siblings will get a set amount and that's all. If they turn their nose up at the amount then it will be put in trust for them for a year and if they still are having a fit then it will go to someone else. Trust me that will end that. To be honest I know they'd be happy with whatever I set up for them and depending on how much I win they'd never have to work again.

i know of one person in my family that will want it divided evenly among everyone even though they... [ More ]

Reply #28

Murgatroyd — Tue, 19 Jan 2016 00:59:01 GMT

My parents frequently told us (half-jokingly) as we were growing up that they expected their children to support them in their old age. I've seen the numbers on their retirement planning, so I know they don't need it desperately, but if I win big, I'll be glad to supplement their retirement income to the tune of $14,000/year each.

If my brothers get pushy, I can remind them that I haven't heard a word from them in the last five years except that one time at Thanksgiving.

I have maybe three... [ More ]

Reply #27

noise-gate — Tue, 19 Jan 2016 00:38:07 GMT

All l am going to say is you ought to Vet your current friends from time to time bring up the what if's with family members. If in the future you hit it- you hold their feet to the fire on what they said, especially if they said it's your money you can do what you want with it. Thankfully l do not have family or close friends that would attempt to pull that. Most of my current friends l have known since l was about 10 years old. We have traveled abroad together have a close bond with each other.... [ More ]

Reply #26

BuyLow — Tue, 19 Jan 2016 00:09:10 GMT

I love to be generous and help others. With that said, I am not afraid to say NO to any long lost friends/relatives/etc who mysteriously come out of the woodwork and I would let those I choose to help know how much/when I will be helping them and that I AM NOT an ATM otherwise. That's my plan and I'm sticking to it.

Reply #25

amber123 — Mon, 18 Jan 2016 23:55:21 GMT

The remaining family members are so poor, I wouldn't have any issues helping them out. Believe me, they'd be ecstatic If I gave them only 2 grand each.

Reply #24

Redd55 — Mon, 18 Jan 2016 23:13:46 GMT

If I won a lot of money, I intend to be generous. However being generous is not the same as being foolish with your money.

Reply #23

KY Floyd — Mon, 18 Jan 2016 22:52:03 GMT

I really do hate these kinds of threads

Lots of people have a problem with some aspect of reality.

Reply #22

lulu1feather — Mon, 18 Jan 2016 20:29:32 GMT

My circle of friends has always been small and steady, because I'm just not a very social person.(We are talking small. 4 friends 2 family members) Those friends know my lottery daydreams about as vividly as I do, because it's just fun to dream out loud with people who share similar interests with you. I genuinely don't feel those people would ask me for a dime. That being said, I am sure they know that it would be my nature, and my absolute pleasure, to (given the opportunity) give them gifts t... [ More ]

Reply #21

ArizonaDream — Mon, 18 Jan 2016 20:29:16 GMT

Have you ever heard of author Don McNay? His books include the sources of this statement.

Thanks for the reference. A couple of his books are on Kindle Unlimited, so I will start reading very soon.

Reply #20

music* — Mon, 18 Jan 2016 20:15:45 GMT

Don McNay has written, Life Lessons from the Lottery . On page 9, he reports that the National Endowment for the Financial Education said, 70% who receive a lump sum from any source run through it in a few years

In Don McNay's book, Death by Lottery on page 6 he writes, Oregon attorney and fellow director of the Society of Settlement Planners Jeremy Babener has convinced me that 70 percent is a more accurate number.

I hope that this helps.

Reply #19

music* — Mon, 18 Jan 2016 20:05:20 GMT

70% of persons coming into a large sum of money lose it all in about five years. This includes former sports stars. NFL, NBA, Baseball, and others.

Of course, there are exceptions to this rule. Smart athletes who are now prospering. Same with Lottery winners.

Have you ever heard of author Don McNay? His books include the sources of this statement.

Reply #18

RJOh — Mon, 18 Jan 2016 20:00:07 GMT

I'd sure like to know where that number came from.

You've been here long enough to know many posters don't waste time researching facts when they can just make them up.

Reply #17

ArizonaDream — Mon, 18 Jan 2016 19:50:05 GMT

It has been noted before that 70% of lottery winners run through their winnings within five years.

I'd sure like to know where that number came from. Sometimes it's 5 years, sometimes 7 years, but no one ever gives an original source for the number. Remember, 85% of all statistics are mde up on the spot.

I guess in the context of this thread, I'm lucky I have only a small number of people I'm close enough to that Im concerned about helping out financially. Relatives I've had no conta... [ More ]

Reply #16

Lynn-Lynn — Mon, 18 Jan 2016 17:59:11 GMT

I would help by making sure that if any of the kids in the family wanted to go to college. Help pay some houses off. But they are going to need to keep working. I'm a family with 10 brother and sister and we all have children. And i would help the church.

Reply #15

HoLeeKau — Mon, 18 Jan 2016 17:41:24 GMT

Candlelight777,

Sometimes when people come into a major score people that aren't really hurting will act like they are to put the bite on the person who came into the money.

Just ran into a story about Sandra Hayes who won around 6 mil after taxes playing in a pool. She said a neighbor she'd known for decades came and told her she was several years behind on property taxes and she was going to lose her house if she didn't pay NOW.

Sandra's response? She went online and looked it up... [ More ]

Reply #14

MegaWinner — Mon, 18 Jan 2016 17:37:33 GMT

Sorry for the negative vibe. However, I've seen this happen before with my cousin, and my best friend who won $10,000 on a scratch off (I didn't ask for a penny!). Again, it was only $10k and his cousins were asking him to throw parties and bbq's and planning NY shopping trips all with HIS money. It was painful to see. So I'm a little leary about how people around me would behave if I won, especially a minimum jackpot. I absolutely would help my immediate family and best friends, but maybe not t... [ More ]

Reply #13

zephbe — Mon, 18 Jan 2016 16:55:53 GMT

When I play the lottery I'm not doing it to bail out all of my family and friends. I have over 30 first cousins. I don't know how large your family is. My sister, brother, daughter I would share with. The cousins I'm close to will get the $14,000. A lot of lottery winners are broke helping family and friends.

Reply #12

Coin Toss — Mon, 18 Jan 2016 16:52:24 GMT

On one of the TLCML shoes a jackpot winner said she gave several people $1M each.......and every one of them blew it all and came back asking for more.

____________________________

Candlelight777,

Sometimes when people come into a major score people that aren't really hurting will act like they are to put the bite on the person who came into the money.

Reply #11

Raven62 — Mon, 18 Jan 2016 16:51:46 GMT

Without first hand experience the suppositions are nothing more than fiction.

Reply #10

HoLeeKau — Mon, 18 Jan 2016 16:44:00 GMT

I had to look up Sharon. Sounds like other people had a big hand in the demise of her bank account including the parties and handouts and loans which weren't repaid.

It happened to Sharon Tirabassi, a 35 year-old resident of Hamilton, Ontario. Nine years ago, The Hamilton Spectator reports, Tirabassi cashed a check from the Ontario Lottery and Gaming Corp. for $10,569,00.10 (Canadian). Today, after spending almost all her winnings -- big house, fancy cars, designer clothes, lavish parties exo... [ More ]

Reply #9

music* — Mon, 18 Jan 2016 16:31:02 GMT

Sudden money changes people.

Here in the U.S., you are allowed by the IRS to gift $14,000.00 to anyone gift tax free. If you are married then that amount doubles to $28,000.00 When you give more than that you will owe gift tax which could be 40% or more.

This is when you need professional help from Tax Attorneys, accountants, and Certified Public Accountants. Just call the IRS if you have questions.

It has been noted before that 70% of lottery winners run through their winnings with... [ More ]

Reply #8

Candlelight777 — Mon, 18 Jan 2016 16:28:32 GMT

I really do hate these kinds of threads..they always assume the worst in people and don't like reading how winners are going to stick it to them and set them straight. A lot of people, yes your family and friends, are struggling and having a hard time..it's only natural if you win millions or even a billion that they could only hope you would help them out...that doesn't make them a bad person for hoping you will or asking.

All too often we never hear about those kinds of friends and family m... [ More ]

Reply #7

MegaWinner — Mon, 18 Jan 2016 16:03:56 GMT

Algonquin J Calhoun... I swear that made my day! I'm laughing soooo hard over here

Reply #6

zephbe — Mon, 18 Jan 2016 15:34:46 GMT

Just tell the ones who are bold enough to ask-I'm sorry, I took the annuity and all requests are being handled my attorney Algonquin J. Calhoun. and then I'd see if they are silly enough to try to find him--

The ones I want to give something will get the $14,000 gift.

Reply #5

JoshUK — Mon, 18 Jan 2016 15:23:52 GMT

Greed changes people...

Reply #4

MegaWinner — Mon, 18 Jan 2016 15:19:49 GMT

I have a distant cousin who came into a $300k windfall (from an accident lawsuit) when she was 17. Her mother, who everyone thought was the sweetest and most kindest person you'd ever meet, completely guilted my cousin into blowing it all. Her mother RENTED a home for $2500 per month (this was in the early 90's), bought a brand new Nissan maxima, furnished that house with furniture rented from Rent a Center, bought herself a new wardrobe and jewelery, and lavished her no good boyfriend (whom my... [ More ]

Reply #3

savagegoose — Mon, 18 Jan 2016 14:51:56 GMT

I have already promised cars to 2 people, i guess ill know how much of a win they consider large enough to get that car, im thinking the US power ball jackpot. I dont have any close family or friends who my money is any of their business now,. ill give what i give, which is $1m trust money paying them a monthly allowance. and thats just family. ohh and thats also based on a massive powerball win, AUST or US powerball

Reply #2

JoshUK — Mon, 18 Jan 2016 14:44:52 GMT

Nope, no way I am giving any 'loans' or gifts to anyone......

The only person I would gift something to is my Mum.

Reply #1

MegaWinner — Mon, 18 Jan 2016 14:03:22 GMT

I believe this is a HUGE part of why so many jackpot winners go broke within a few years. Their family and friends all think they won too and they are quick to try and guilt you into spending your money the way they want to. When you buy a house, they want a new house too. When you buy a car, they want a new car too. When you go shopping, of course, they want to tag along and of course they will want stuff too.

I don't mean the normal people who wouldn't accept anything in excess or be sitti... [ More ]

The ugly side of the win. How would you deal with close family and friends who...?

MegaWinner — Mon, 18 Jan 2016 13:52:57 GMT

The ugly side of the win. How would you feel and deal with very close family and friends who've been normal for as long as you've known them who now all of a sudden, want to spend, count, and control your new wealth? Because they are so close to you, they believe they are entitled to a MUCH larger gift than you were thinking of giving them. They also think just because you all are so close, you MUST invest in whatever hair brained scheme they come up with, because, after all, you are rich and th... [ More ]