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After a $100 Million jackpot win, how would you deal with family?

Topic closed. 54 replies. Last post 9 years ago by manzplan.

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JackpotWanna's avatar - squiz

United States
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Posted: June 19, 2007, 8:19 am - IP Logged

I would give each family member $12,000 yearly and take them on a nice vacation or two a year. 

After that I would avoid them as much as possible.  I know there is gonna be lots of problems.   

    Coin Toss's avatar - shape barbed.jpg
    Zeta Reticuli Star System
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    Posted: June 19, 2007, 9:47 am - IP Logged

    Human nature would probably kick in with them even after an offer of $12,000 yearly. You'd hear things like, "You won 100 million and I still have to work".

    Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

    Lep

    There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

      RJOh's avatar - chipmunk
      mid-Ohio
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      Posted: June 19, 2007, 10:01 am - IP Logged

      Since I'm the mathematician in the family, I would do the math and give each one their fair share based on their contributions toward the cost of the winning ticket.

       * you don't need to buy more tickets, just buy a winning ticket * 
         
                   Evil Looking       

        Guru101's avatar - rw6jhh
        Indiana
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        Posted: June 19, 2007, 10:17 am - IP Logged

        Assuming the $100 million is after taxes, I would give my parents $25,000,000. I would give my sister $10,000,000, keep $64,000,000 for myself, then spread out the remaining $1,000,000 throughout the rest of the family based upon how much I believe each of them should receive.

        Gonna win.Big Smile

          Coin Toss's avatar - shape barbed.jpg
          Zeta Reticuli Star System
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          Posted: June 19, 2007, 10:48 am - IP Logged

          Assuming the $100 million is after taxes, I would give my parents $25,000,000. I would give my sister $10,000,000, keep $64,000,000 for myself, then spread out the remaining $1,000,000 throughout the rest of the family based upon how much I believe each of them should receive.

          Guru101

          Unless you have them sign the back of the ticket, form a trust, and have them share the jackpot with you, it is going to cost you dearly to give away $25 and $10 million. A lot more than the $35 million you're giving away. 

          Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

          Lep

          There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

            spy153's avatar - maren

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            Posted: June 19, 2007, 11:06 am - IP Logged

            Since I'm the mathematician in the family, I would do the math and give each one their fair share based on their contributions toward the cost of the winning ticket.

            Green laugh good one ! I actually plan to help my family alot.

            tithing 10 % and 500,000 to charity aside, I would set up a family fund so that the ones I like would receive a check off the interest yearly. Only enough for a vacation once a year.
            I would spend 1 million on buying some houses and cars. That amount includes sending some to college and paying off some houses and cars for those who are currently paying on theirs. The rest can kiss it, as far as I'm concerned. That amount also includes those I realy can't stand to even look at, but must to be fair. They would be lucky I didn't put out a hit on them. But somehow I don't think that would be the answer. That is my plan regardless if it is 15 million or 100 million. I had to find a workable plan for all amounts.

            voir-vous dans mes reves!Cool

              justxploring's avatar - villiarna
              Wandering Aimlessly
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              Posted: June 19, 2007, 12:00 pm - IP Logged

              Since I'm the mathematician in the family, I would do the math and give each one their fair share based on their contributions toward the cost of the winning ticket.

              LOL

              Funny!  Only one person in my immediate family knows I buy lottery tickets regularly and thinks it's a waste of money.  She won't even buy MM tickets for me in her state, although I do understand why.  Same for the person who lives in a PB state, although I doubt if I'd ever ask her.

              However, giving should never be based on what other people do for you.  That isn't giving, it's a business transaction.  "If you sell my home I'll give you 6% of the selling price."  So, even though I have some mixed feelings, since my relatives don't buy tickets and think I'm crazy, I'd definitely help some of them. I don't have a big family, so there wouldn't be many people searching for me. One sister told me she wouldn't give me a dime if she ever won millions, so I have no idea how I'd handle her.  First I'd move and then I'd probably make up a story about how my career took off, blah, blah.  I could always be generous with wedding gifts, baby gifts, etc., and send money to those who need it.  The problem is that once you open that door, it's hard to shut it behind you.  Since there's little chance I need to worry about this matter, I try not to spend too much time dwelling on it. 

              Smiley

                Raven62's avatar - binary
                New Jersey
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                Posted: June 19, 2007, 12:35 pm - IP Logged

                Since I'm the mathematician in the family, I would do the math and give each one their fair share based on their contributions toward the cost of the winning ticket.

                They'd be saying:

                "You're my Hero, even though I contributed Zero!"

                A mind once stretched by a new idea never returns to its original dimensions!

                  Guru101's avatar - rw6jhh
                  Indiana
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                  Posted: June 19, 2007, 12:38 pm - IP Logged

                  Guru101

                  Unless you have them sign the back of the ticket, form a trust, and have them share the jackpot with you, it is going to cost you dearly to give away $25 and $10 million. A lot more than the $35 million you're giving away. 

                  Why would I need a trust? Couldn't I just have all 4 of us sign the ticket, then when we claim the jackpot, they can distribute the winnings as desired, with all 4 of us in agreement of how much each person gets? Or is the lottery obligated to distribute all the money equally upon everyone who signs the ticket?

                  Gonna win.Big Smile

                    JackpotWanna's avatar - squiz

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                    Posted: June 19, 2007, 12:52 pm - IP Logged

                    If you have a small family there less of a problem.  But a large family there is gonna be problems. You are bound to hurt someone dear to you.  Greed has no limits.   

                    I read lottery winners got to worry about family members more than strangers.

                    Murder, Kidnapping.....

                      Avatar
                      Sunny California
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                      Posted: June 19, 2007, 1:05 pm - IP Logged

                      I look at it this way. There will be problems, period.

                      Even when someone passes on and leaves a will, I cannot tell you the arguments and inhouse fighting I have witnessed through various friends and their families that I know with no where near the value of 100Million coming into play.

                      I couldn't even imagine the jealousies and spitefulness you might find yourself up against. People get crazy when it comes to money like that. 

                      I'm glad I no longer play jackpot games. No one will ever fight me over my small winnings from Pick 3. I could make more serving up burgers at Mickie Dee's but it's not half as fun! 

                        weshar75's avatar - Lottery-042.jpg
                        Mcminnville, Oregon
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                        Posted: June 19, 2007, 1:26 pm - IP Logged

                        After winning the lottery my concern would be self preservation.  Helping myself would be my first priority.  My family such as my mother, sister and her family would be secondary.  I really like myself a lot.  Did I tell how much I like myself.  Yeah I like myself aaaaaaaaaaaaa llllllllllllllllllllooooooooooooooooooootttttttttt!-weshar75 

                          JackpotWanna's avatar - squiz

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                          Posted: June 19, 2007, 2:10 pm - IP Logged

                          How about this.

                           

                          Draw up a contract stating if they ask for more money then their yearly gift of $12000 will be void.

                          Make them sign it before giving them the $12000.  If they don't sign it don't give them $12000. Warning!!! You will be hated. lol

                           

                          I can live with that.

                           

                          Party

                            LuckyLilly's avatar - savy chick.png

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                            Posted: June 19, 2007, 2:34 pm - IP Logged

                            One of the main reasons I continue scheming to find a way to remain anonymous when I win is so that my family would never find out.  I'm not close to any of them, and there's only one that I even kinda sorta like.  If he were the only one, I'd probably give him a couple hundred thousand.  But since he'd tell the rest and then there'd be real trouble, I won't tell him or give him anything either.

                            If it ends up that it's impossible to claim anonymously, then as soon as I get the check I'll move to another state and change my name.  But I'll keep my present (published) phone number and have it just go directly to voice mail so I can see who all calls out of the blue "just to say hi." Noel

                            I've previously been called greedy and worse for this stance, so to be preemptive, just let me add that I will share my good fortune with certain charities and will probably even give some to friends.

                              justxploring's avatar - villiarna
                              Wandering Aimlessly
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                              Posted: June 19, 2007, 2:36 pm - IP Logged

                              How about this.

                               

                              Draw up a contract stating if they ask for more money then their yearly gift of $12000 will be void.

                              Make them sign it before giving them the $12000.  If they don't sign it don't give them $12000. Warning!!! You will be hated. lol

                               

                              I can live with that.

                               

                              Party

                              Good idea.  LOL  Believe it or not, I thought of that once!  It would also include a privacy/secrecy agreement.  I wouldn't worry too much about the $12,000 figure, especially if I had $100 million, but I'd be more concerned about word-of-mouth advertising.  "Hi. You probably don't remember me, but we met at your cousin's wedding 17 years ago. I just heard you won a big chunk of money!" 

                              In addition to the $12,000 annual exemption you can pay insurance premiums and qualified medical expenses, as well as tuition, so that can really make a difference in someone's life.  Technically it's cheating, but why couldn't I follow someone to a gas station and fill up her gas tank or buy an extra $100 in groceries at the market? Who would know? I doubt if the IRS is hunting around for these small gifts. They don't have the manpower. They're more interested in wealthy people who are trying to reduce total net worth substantially before dying.