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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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Dr Lottery's avatar - 10847
Albany,Georgia
United States
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August 24, 2006
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Posted: June 19, 2007, 2:43 pm - IP Logged

Iwould buy up some land and build a subdivision for my family members and I would set rules that they must pay the taxes on the house that I build for them and that they cannot sell.so basically they would have free rent .what more could you ask for .they could get a job or keep there job and be on the road to finacial freedom .

One day I will Hit BIG!!

    Coin Toss's avatar - shape barbed.jpg
    Zeta Reticuli Star System
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    Posted: June 19, 2007, 2:55 pm - IP Logged

    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?

    Sine the U.S. taxes gambling winnings, somebody is going to pay taxes on the winnings.

    If several people all had the same winning tickets (same numbers, multiple tickets), that would be one scenario.

    But if a group of people, not all immediate family, is claiming the same winnings, I'm not sure you can do that without a trust.  

    Especially if the other people did not "buy in" to the ticket, but you're just going to be ultra-generous, I'm not sure how the taxes would work on that, other than there is no way they would work to your advantage.

    Always remember, GET IT IN WRITING. 

    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.

      Guru101's avatar - rw6jhh
      Indiana
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      January 7, 2007
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      Posted: June 19, 2007, 3:13 pm - IP Logged

      Sine the U.S. taxes gambling winnings, somebody is going to pay taxes on the winnings.

      If several people all had the same winning tickets (same numbers, multiple tickets), that would be one scenario.

      But if a group of people, not all immediate family, is claiming the same winnings, I'm not sure you can do that without a trust.  

      Especially if the other people did not "buy in" to the ticket, but you're just going to be ultra-generous, I'm not sure how the taxes would work on that, other than there is no way they would work to your advantage.

      Always remember, GET IT IN WRITING. 

      Well I want my parents and sister to get a piece. They deserve it. My mom could get her dream home. My dad could get his dream truck. My sister could get into a career she loves. Also, the $1,000,000 extra would be initially be mine. It's just an certain amount that I would allocate towards non-immediate family. It would just be the 4 of us claiming the prize. Geez, I hate gift tax.Mad

      Gonna win.Big Smile

        JackpotWanna's avatar - squiz

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        Posted: June 19, 2007, 3:49 pm - IP Logged

        On the other hand.  Wouldn't you want them to share or give more if they had won $100 Million. Things to think about. 

        Party 

          Blackie's avatar - Norfolk 20Sunrise%20Nov%2016.jpg
          Norfolk , Va
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          Posted: June 19, 2007, 4:04 pm - IP Logged

          And who did you say you were ????????  I dont remember any Uncle Albert!! Auntie who ????

           

           Good Luck,

          Blackie.                           

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            Coastal Georgia
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            Posted: June 19, 2007, 4:56 pm - IP Logged

            What family ?

             

                                           

                          

             

             

              Coin Toss's avatar - shape barbed.jpg
              Zeta Reticuli Star System
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              Posted: June 19, 2007, 5:44 pm - IP Logged

              Well I want my parents and sister to get a piece. They deserve it. My mom could get her dream home. My dad could get his dream truck. My sister could get into a career she loves. Also, the $1,000,000 extra would be initially be mine. It's just an certain amount that I would allocate towards non-immediate family. It would just be the 4 of us claiming the prize. Geez, I hate gift tax.Mad

              Guru101

              Yes, sure, you want them to get a piece. But without something drawn up and only a ticket with multiple signatures, each person signing the ticket will get an equal piece.

              We can never assume that we will indeed hit a jackpot, but just in case it does happen, nice to know this kind of thing beforehand.  

              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.

                Guru101's avatar - rw6jhh
                Indiana
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                Posted: June 19, 2007, 5:54 pm - IP Logged

                Guru101

                Yes, sure, you want them to get a piece. But without something drawn up and only a ticket with multiple signatures, each person signing the ticket will get an equal piece.

                We can never assume that we will indeed hit a jackpot, but just in case it does happen, nice to know this kind of thing beforehand.  

                Well, I don't know for a fact that I'm going to win, but I think I have a very good chance. It could happen any day now.Big Smile

                Gonna win.Big Smile

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                  Coastal Georgia
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                  Posted: June 19, 2007, 5:54 pm - IP Logged

                  Guru101

                  Yes, sure, you want them to get a piece. But without something drawn up and only a ticket with multiple signatures, each person signing the ticket will get an equal piece.

                  We can never assume that we will indeed hit a jackpot, but just in case it does happen, nice to know this kind of thing beforehand.  

                  This kind of thing is relatively ( no pun intended ) easy to set up, which is another reason not to go running down to the lotto office without a plan in place...

                   

                                                 

                                

                   

                   

                    BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
                    Magnolia, Delaware
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                    Posted: June 20, 2007, 1:08 am - IP Logged

                    What family ?

                    I Agree!

                    Keep dreaming the impossible dream, it just may come true! Thumbs Up

                      JackpotWanna's avatar - squiz

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                      Posted: June 20, 2007, 1:19 am - IP Logged

                      If you are married then you have to consider 2 families. lol

                       

                      Party

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                        Westerose
                        Canada
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                        Posted: June 20, 2007, 2:11 am - IP Logged

                          Providing that it was 100 Million after taxes...... here's the breakdown.

                        1,000,000 would be taken off the top to blow in crazy ways at first to get that out of our system first thing.

                        3 to 4 Million on building an Earthship Hybred house. This house would have different levels and area where food could be produced year round.  Also a larger Art Studio within it and those toy type things theater room indoor pool. Cost is less than conventional building as it will be part recycled items and part geodesic domes.  Already have the design.

                        70,000 for an earthship art gallery on our property, Additional 100,000 for two Geoedesic Domes attached to that structure Greenhouses one for food production one would be an avairy.

                        50,000 for smaller earthsip that would have a printmaking shop set up inside of it. 30,000 for attached Geodesic dome greenhouse again for food production.

                        Both of the above earthships would have guests quaters incorperated into them.

                        75,000 for a trout pond.

                        200,000 to 5,000,000 intially for additional land to be added onto our property depending on when various sections become availible.

                        This should be a given but here goes. College moneis for our children. 2 of them. 100,000 each depending on subject of study. Provide them with cars and insurance however the cars will be hybred cars 60000. Both provided with houses built near our farm in the future.

                        20,000 to 50,000 for Plants outside and in.

                        100,000 for Caspian Horse Breeding Stock. roughly 10 to 12 horses

                        100,000 to 200,000 for Akhal Teke (Horse) breeding stock roughly 2000 to 5000 per horse plus importing costs from Eastern Europe/Central Asia. Some in the US and Canada however with 100 Million we could afford to bring new bloodlines to North America.

                        Horse Arena 90,000 to 150,000

                        Barns Outbuildings etc 200,000

                        Geotermal Heating 50,000

                        Solar and Wind Power systems 50,000 to 75,000 to  start.

                        Lexus Hybred 75,000

                        Prius Hybred 29,000

                        Hybred Truck 55,000

                        4 Horse Trailer 10,000

                        Heavy Duty Turck 65,000

                        Large Horse Trailer with living quaters 55,000

                        Money toward other exotic animal purchases 100,000 to start

                        staff housing 100000

                        salary for 3 staff 75,000 to 150,000 first year

                        250,000 toward musical equipment (toys)

                        100,000 art supplies

                        100,000 to 250,000 for a very nice vacation for my family

                        50,000 for additional staff whilst on vacation.

                         

                        The remainer would be put in low risk investments for the first year or 2 until we got our heads around having so much money. The would be put into certian ventures and ideas that my wife and I have. Things having to do with housing, agriculture, art, music. All would be things that make us money while making the world a better place and providing jobs and opprotunities to various people.

                        as for the humanitarian side of things.... which some things we do now anyway. So I am not putting a price on these things.

                        we would adopt 1 polar bear and 1 tiger

                        we would sponser 2 children in other countries and only 2 so that we could make sure they had college and such when older. That is the reason for 2.

                        We would ongoing pay for spaying and nuetering of dogs and cats.

                        We would continue our work with environmental causes in our area.

                        This is for the first couple of years. To see just how much our money would make us and such. Hey with 100 Million there is no need to rush things now is there. lol

                         

                        anyway the total of all of that is around 11,846,500  give or take a few dollars..... so that leaves around 88,000,000 89,000,000 in low risk investments to make more money whilst we are figuring out where it could best be served.

                        All these things have been priced already. As we are working towards these things regardless of a lottery win. Just a lottery win would speed things up quite a bit :)

                         

                        we're lucky as our families on both sides other than our kids are pretty well set in there own lives. My parents have passed and my sis is married to a Doctor, My wife's parents are set as are her brother and sisters. With a 100 Million win we might buy them all Hybred Cars or take everyone on a vacation together.  Extended families never bother with us so yeah in a win we won't bother with them.

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                          Westerose
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                          Posted: June 20, 2007, 2:48 am - IP Logged

                          after going through all of this I realized that with a 30 or 40 Million Dollar win in 6/49 that we could do all we want to do and still have alot of money left over ...  it was a good exercisefor me in that respect.

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                            Westerose
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                            Posted: June 20, 2007, 3:09 am - IP Logged

                            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

                            funny when I married and moved to Canada I sold my house in the US and a cousin that I hadn't really had dealings with in years called me up and wanted me to help them out with some cash. Giving me all this BS that they didn't have any food which I knew was BS. I gave them an address for a soup kitchen which they didn't go to cus they didn't really need food.

                            No matter what type of money you come into that is sizable there will always be some "friend" or "family" that wants a piece of it. Most will stay away from your paycheck. But if it's considered a windfall you can be sure hands will be out asking for some.

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                              Westerose
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                              Posted: June 20, 2007, 3:14 am - IP Logged

                              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?

                              a trust protects all of you and your winnings. It's the only way to go in my opinion regardless if you have a group or not. A trust also limits people from being able to sue you if they say walk on your porch throw down a banana peel and just happen to slip on it. There are so many reason to from a trust beyond dividing money between friends and family.