Welcome Guest
Log In | Register )
You last visited December 5, 2016, 7:43 pm
All times shown are
Eastern Time (GMT-5:00)

Dealing with your family when you won.

Topic closed. 27 replies. Last post 11 years ago by sirbrad.

Page 2 of 2
PrintE-mailLink

If you won, how would you deal with your family.

Tell my mother in law what I really think of her. [ 1 ]  [3.70%]
Tell my father in law what I really think of him. [ 0 ]  [0.00%]
Give that lazy no good brother in law a job. [ 0 ]  [0.00%]
Fund my kids explorations to find themselves. [ 0 ]  [0.00%]
Flush the gold fish. [ 2 ]  [7.41%]
Take the dog to the animal shelter. [ 0 ]  [0.00%]
Take my spouse back to his or her family. [ 1 ]  [3.70%]
Buy my spouse all of his or her dreams. [ 10 ]  [37.04%]
Get the nastiest divorce lawyer I could find. [ 2 ]  [7.41%]
Live freely and generously, money isn't everything [ 11 ]  [40.74%]
Total Valid Votes [ 27 ]  
Discarded Votes [ 5 ]  
Avatar
New Jersey
United States
Member #21206
September 4, 2005
949 Posts
Offline
Posted: October 8, 2005, 11:42 am - IP Logged

Prob988- I applaud your honesty on how you would manage such a winning. The Logic you maintain is noteworthy. I do agree though that in order to aide in the economy one must spend. Without the economy having folks buying products and services the average community suffers. So each side of both investing and spending need to be in moderation. I personally live by the philospohy that ya cant take it with ya so why save it for the kin folk? give when you can and let each generation take care of themselves.  I think Lottaloot was merely expressing a desire of how it *could* be spent. basically put, we'd each like to be pampered, give to others and still do what we enjoy without it being a grinding process.

My guess is that a healthy economy - and a healthy future - is maintained not by spending so much as investing.  It is investing that makes for innovation and the possibility to make cheaper goods.  Everything we have today is the result of previous generation's investments.

I think that we simply don't care about our children or their future in this culture any more, which is why we are content to spend like drunken sailors and leave the bills for our grandchildren and our great grandchildren to pay.  They may be impoverished as a result and we seem completely indifferent to that.

No other generation has behaved so irresponsibly in my view. 

 


    United States
    Member #9579
    December 12, 2004
    2121 Posts
    Offline
    Posted: October 8, 2005, 12:09 pm - IP Logged

    i haven't had problem with any winnings yet but if i did:if i was married,i'd pay off all bills,give some to relatives,then split the rest with spouse.if i wasn't married,i'd rent a cruise ship manned by all women,go on a year cruise,and never touch land.

      hypersoniq's avatar - 8ball
      Pennsylvania
      United States
      Member #1340
      April 6, 2003
      2450 Posts
      Offline
      Posted: October 9, 2005, 10:18 am - IP Logged

      hmm, first thing is to get a handle on how much you really will recieve. I made up an excel sheet that takes as input the cash value, deducts the 27% the MUSL withholds and also the other 8% you will owe at the top of the tax bracket... now I have a real number to work with... if I won last night, I would have planned on managing 65 million (not the posted 100 millon).

      second, planning the anonymous trust to claim it quietly. Even the trust lawyer would not know at this point since I'd start the trust with a small account.

      third, planning where it goes... fdic insurance limits make spreading it around more desirable. new programs involving CDs have 5 million fdic insurance.

      fourth, knowing the delay... about 8 weeks to prepare to cash in the ticket and another 8 weeks until the ticket is verified and you actually have access to the money.

      at this point, telling the mrs. comes into play! how? when I go to the "job" Iwould quit after access to the money and swap the minivan and some cash for the classic mustang convertible of her dreams and show up at home early! in the glove box, the deed to our house (since I will have paid off the mortgage) and some brochures for beachfront property along the grand strand ;-)

      the kids would be next... full rides to the 4 year college of their choice and a "graduation bonus" (to cover a house and a car) also a trust fund that would pay them weekly so they could follow their hearts in the workforce rather than the whims of employers. find something they would do for free (that's how you pick a career) and they wouldn't need to stress over the details of life.

      for the parents (and in-laws)... pay off alltheir debts and hook 'em up with new homes... cash gifts limited to prevent that nasty gift tax (of course if you had no bills besides utilities and taxes, 10 grand goes a long way)

      hook up my only brother and the mrs. has brothers and sisters too, and we all get along and I would hook em all up... I have no doubts in the opposite positions that they would do the same!

      I have a budget planned for everything, including luxury items... a "toy" budget that, when gone... will not be taken from  other places. I know the Mrs.would also like an H2, and I would like a home recording studio and a seaplane. there is a budget to set up a business (in my case a skatepark) and I know my gal likes horses...

      a 35 year "pay" (complete with 3% annual cost-of-living increases) will be esablished as a mini annuity, where money comes from the trust fund into our personal accounts, this includes all utilities/food/gas/medical insurance/other insurances/preventative health measures (exercise, smoking cessation, proper diet and plenty of regular checkups)... even a weekly allowance for the younger kids and weekly "pay" for myself and my wife.

      then a 10% savings/retirement account not to be touched until the 35 year "pay" runs out.

      the new house would be small enough to maintain but be on alot of land.

      charities to include the red cross and Shriner's Children's Hospital among others.

      yes, I have just about every detail worked out... that's probably why I will never win.

      Playing more than one ticket per game is betting against yourself.

        rundown99's avatar - cigar

        United States
        Member #567
        August 14, 2002
        482 Posts
        Offline
        Posted: October 9, 2005, 6:01 pm - IP Logged

        hmm, first thing is to get a handle on how much you really will recieve. I made up an excel sheet that takes as input the cash value, deducts the 27% the MUSL withholds and also the other 8% you will owe at the top of the tax bracket... now I have a real number to work with... if I won last night, I would have planned on managing 65 million (not the posted 100 millon).

        second, planning the anonymous trust to claim it quietly. Even the trust lawyer would not know at this point since I'd start the trust with a small account.

        third, planning where it goes... fdic insurance limits make spreading it around more desirable. new programs involving CDs have 5 million fdic insurance.

        fourth, knowing the delay... about 8 weeks to prepare to cash in the ticket and another 8 weeks until the ticket is verified and you actually have access to the money.

        at this point, telling the mrs. comes into play! how? when I go to the "job" Iwould quit after access to the money and swap the minivan and some cash for the classic mustang convertible of her dreams and show up at home early! in the glove box, the deed to our house (since I will have paid off the mortgage) and some brochures for beachfront property along the grand strand ;-)

        the kids would be next... full rides to the 4 year college of their choice and a "graduation bonus" (to cover a house and a car) also a trust fund that would pay them weekly so they could follow their hearts in the workforce rather than the whims of employers. find something they would do for free (that's how you pick a career) and they wouldn't need to stress over the details of life.

        for the parents (and in-laws)... pay off alltheir debts and hook 'em up with new homes... cash gifts limited to prevent that nasty gift tax (of course if you had no bills besides utilities and taxes, 10 grand goes a long way)

        hook up my only brother and the mrs. has brothers and sisters too, and we all get along and I would hook em all up... I have no doubts in the opposite positions that they would do the same!

        I have a budget planned for everything, including luxury items... a "toy" budget that, when gone... will not be taken from  other places. I know the Mrs.would also like an H2, and I would like a home recording studio and a seaplane. there is a budget to set up a business (in my case a skatepark) and I know my gal likes horses...

        a 35 year "pay" (complete with 3% annual cost-of-living increases) will be esablished as a mini annuity, where money comes from the trust fund into our personal accounts, this includes all utilities/food/gas/medical insurance/other insurances/preventative health measures (exercise, smoking cessation, proper diet and plenty of regular checkups)... even a weekly allowance for the younger kids and weekly "pay" for myself and my wife.

        then a 10% savings/retirement account not to be touched until the 35 year "pay" runs out.

        the new house would be small enough to maintain but be on alot of land.

        charities to include the red cross and Shriner's Children's Hospital among others.

        yes, I have just about every detail worked out... that's probably why I will never win.

        You could set up a trust but it totally depends on which state you win it in if you can be anonymous.  If you win a $240 million jackpot in Pennsylvania, you will NOT be anonymous.  If you win it in Delaware, then you can be anonymous, because Delaware state law allows it.  If you win it in Ohio, New Hampshire, or Louisiana, then yes, you could become anonymous ONLY IF you form a trust.  But if you win it in some state where a lot of people win , such as Pennsylvania, New York, California, Indiana, or Texas and the lawmakers in that state want your name to be PUBLIC, then your name is going to be PUBLIC.  If you really want to be anonymous, you might want to go to a state that actually ALLOWS you to be ANONYMOUS.

        Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

        If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!

          Avatar
          md
          United States
          Member #14047
          April 20, 2005
          579 Posts
          Offline
          Posted: October 10, 2005, 9:48 am - IP Logged

          I have a 32 page document that has everything planned out.  I have the tax, accounting, and financial institutions listed with bio's on those whom I would contact.  I have a list of every family and friend who would receive monetary gifts. I have retirements, investments, insurance planned out.  I have my passion gifts listed, where I would purchase them from, etc.  I have worked on this document for a long time, and I update it at least twice a week, depending on MM or PB jackpots.  I'm fortunate enough to live where I can play both.  I certainly would give away at least 12% to my church and charity through the foundation I would set up.  I have the name of the foundation, its mission, etc.  I would start a business that is a combination of Kinko's & Office Depot/Staples, near train stations.  I could go on, and and on, .......(smile)

            Avatar
            Atlanta
            United States
            Member #15989
            May 24, 2005
            183 Posts
            Offline
            Posted: October 10, 2005, 4:19 pm - IP Logged

            Geez, delS......your post is amazing..... how many other posters on here have gone to that extreme? Planning to win a lottery just seems pretty out there to me. But if you win, I will say you are 32 pages worth of prepared, LOL.

              TheGameGrl's avatar - character catafly.jpg
              A long and winding road
              United States
              Member #17084
              June 10, 2005
              4525 Posts
              Offline
              Posted: October 10, 2005, 6:58 pm - IP Logged

              Its absolutely feasible to set up the winnings IN TRUST. Talk to any good Pennsylvania lawyer and they will acknowledge this as an avenue to consider. Going public in announcing the TRUST holders is another matter. The PA lottery & Powerball has no ruling saying this cant be done.

               

              DelS- Thank you for your post! Its inspiring to see a person prepared and knowledged in how best to regulate the winnings! Im glad to read that you will *spend* and *invest* wisely. Moderation between the two is the key!

              ~~Is it true, Is it kind,Is it necessary. ~~~

               Thanks be to the giving numbers: 1621,912,119 02014

                Avatar
                md
                United States
                Member #14047
                April 20, 2005
                579 Posts
                Offline
                Posted: October 10, 2005, 7:27 pm - IP Logged

                The Game Girl-

                 

                Thanks for the compliment!  I appreciate it! 

                  Avatar
                  Amarillo/Austin
                  United States
                  Member #1424
                  April 25, 2003
                  696 Posts
                  Offline
                  Posted: October 11, 2005, 12:44 am - IP Logged

                  I would tithe to my church and hopefully have enough to top off the current building program.  That would come first before anything or anyone else.  We need $6 million for the building program and winning Mega Millions would do it for us.

                  I would probably lose every friend I have left because I couldn't provide for all of them and they would be seriously upset about it.  So much for friends . . .

                  Would probably have to move and would ironically never get to visit the church I helped build.  Proving that no good deed goes unpunished.

                  Would pack up the family and move to a cabin in New Mexico.  Probably someone's former second home that came up for sale when the real estate bubble bursts in coming months. 

                  Wouldn't tell anyone there about my good fortune.  I would cruise the Net, write screen plays and enjoy the family.  Not that bad a deal after all . . .

                  Orangeman                                            Drum

                    sirbrad's avatar - Lottery-062.jpg
                    PA
                    United States
                    Member #22983
                    October 6, 2005
                    2226 Posts
                    Offline
                    Posted: October 12, 2005, 5:41 am - IP Logged

                    What family? :) I actually never had that much family, just a mother and a dad who left long ago when I was about age 7. Thankfully I did not become as he did. But that is another story. I also live in a relatively dead area, and do not have many friends (by choice) as I like to keep to myself for the most part. So I am 'tailor-made' to win a HUGE jackpot. Although I know "long lost buddies" would then come out of the woodwork, but my town is so dead that no one would even know or care.

                     

                    Also as far as trust funds, and having someone else claim your winnings anonymously, The PA lottery stated only YOU can claim it, not even a lawyer. I am not sure however just how true that is. I guess they really want to try and plaster you with all the publicity that they can, so as to generate even more sales, and prove it is possible to win. So that would be a tough situation, but thankfully I do not live in some big city, just a small town. They care more about making more money off you from publicity than they do your privacy, and overall situation.

                     

                    I have also made similar plans ahead of time, although my "financial planner" is currently up to only 20 pages so far. Smile But I only recently started it...I have Faith, and I am feeling pretty lucky lately...Big Grin Angel Lep  Not to mention working my butt off on systems. Type

                      sirbrad's avatar - Lottery-062.jpg
                      PA
                      United States
                      Member #22983
                      October 6, 2005
                      2226 Posts
                      Offline
                      Posted: October 12, 2005, 6:02 am - IP Logged

                      "The person who claims the ticket is declared the winner; no individual
                      may claim a prize for another." PA Lottery

                      Does that include lawyers? I did ask about lawyers, and trust funds, but still got the same response. Maybe that is exactly what they want you think.

                        Avatar
                        Atlanta
                        United States
                        Member #15989
                        May 24, 2005
                        183 Posts
                        Offline
                        Posted: October 12, 2005, 10:35 am - IP Logged

                        Would a person be allowed to dress incognito as a clown or in a halloween costume as long as "they" were there in person? That way anonymity is intact and you can go about your life without being recognized from a large jackpot.

                          sirbrad's avatar - Lottery-062.jpg
                          PA
                          United States
                          Member #22983
                          October 6, 2005
                          2226 Posts
                          Offline
                          Posted: October 12, 2005, 11:05 am - IP Logged

                          Good idea! Perhaps if I win on Halloween I will show up in costume. Clown

                           

                          "Oh I won the lottery???!! Hold on!  Bat  Ok I am here to claim my prize. "