Welcome Guest
Log In | Register )
You last visited December 6, 2016, 11:05 am
All times shown are
Eastern Time (GMT-5:00)

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

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

Page 4 of 4
PrintE-mailLink
justxploring's avatar - villiarna
Wandering Aimlessly
United States
Member #25360
November 5, 2005
4461 Posts
Offline
Posted: June 21, 2007, 4:43 pm - IP Logged

Don't you think it would get around that you filled up so and so's gas tank? or so and so's groceries?  Yeah then you would have countless people following you around and wondering why you didn't do that for them. It can get out of hand.

 

I think you misunderstood my point here.  Although I'd like to help needy people anyway, I was referring to family and that $12,000 you mentioned.  Read my comment again.  I wouldn't have said anything about the IRS if I was talking about strangers at the market or the gas station.  What I meant (and of course this isn't legal) is that in addition to the $12,000 and the other exemptions like medical bills and tuition, nobody needs to know if you give a little cash as well.  For example, let's say I have a brother I give $12,000 to and then give him some money ($4 or $500 for example) when I see him every month.  As long as there isn't a record of the transaction and the money isn't deposited, I don't see how that would matter or how it could be traced.

    JackpotWanna's avatar - squiz

    United States
    Member #4121
    March 23, 2004
    817 Posts
    Offline
    Posted: June 21, 2007, 4:55 pm - IP Logged

    More money, more problems.............tell no one!

    I agree with you.  You don't have to tell anyone, since they will see you on TV.  Here in New York winners can't hide.  Your name and picture will be everywhere.  You have 1 year to claim your prize.  I plan to use that time to plan my escape from NY.  I know I will lose out interest payments but safety is more important. LOL

     

    Party

      Avatar
      Westerose
      Canada
      Member #52915
      June 15, 2007
      189 Posts
      Offline
      Posted: June 21, 2007, 6:47 pm - IP Logged

      Don't you think it would get around that you filled up so and so's gas tank? or so and so's groceries?  Yeah then you would have countless people following you around and wondering why you didn't do that for them. It can get out of hand.

       

      I think you misunderstood my point here.  Although I'd like to help needy people anyway, I was referring to family and that $12,000 you mentioned.  Read my comment again.  I wouldn't have said anything about the IRS if I was talking about strangers at the market or the gas station.  What I meant (and of course this isn't legal) is that in addition to the $12,000 and the other exemptions like medical bills and tuition, nobody needs to know if you give a little cash as well.  For example, let's say I have a brother I give $12,000 to and then give him some money ($4 or $500 for example) when I see him every month.  As long as there isn't a record of the transaction and the money isn't deposited, I don't see how that would matter or how it could be traced.

      if you form a trust when you collect the winnings and provide for everyone you are going to provide for within that then you don't have to worry about it. In the trust you put a set amount for each person and if they choose to blow it then they don't get anymore. You tell them that upfront.

      It not so much that it would matter to the IRS but if you want to have that relationship good...  nickle and diming gifts to people will turn them into someone who will nickle and dime your money away very quickly.

      you can do what you choose as can anyone if they win the lottery huge..... however I am just relating pitfalls and ways to avoid heartache and bankruptcy based on studing what has happened to previous lottery winners.

       

      In regards to family or friends you are gonna help .... give a one time up front gift if you so choose and tell them that's it. Make sure they know that's it and stick with it.

      the only winners that succeed are the ones who learn to say NO in the first 6 months.....  look at the facts on it seriously look at the facts....

      Jack Whittakar didn't exactly blow his on himself..... he blew his 110 on helping others.

      my and my wife's family wouldn't expect or need us to share a lottery win. I am talking immeadiate family I have some cousins who would but they don't bother with me now.... so they wouldn't get a dime.

      feel sorry for folks with big families who actually believe a lottery win will be a positive thing for them.... cos it won't

        Avatar
        Westerose
        Canada
        Member #52915
        June 15, 2007
        189 Posts
        Offline
        Posted: June 21, 2007, 7:03 pm - IP Logged

        "that's the thing so many people who play to lottery are not ready to win in that respect."

        When Mega Millions had the estimated $370 million jackpot over 212 million tickets were sold. Nobody knows exactly how many individuals purchased tickets, but if the average wager was $40, over 5 million people took a chance of winning yet there were only 2 winners. Nobody knows how many of those people "were not ready to win" and maybe that's because most people don't expect to win because they know each ticket has a 1 in 175,000,000 chance of winning the jackpot.

        "They have no idea how to handle it and they get caught up in the whirlwind of it all."

        Have you ever been to Vegas?

        I've flown there many times and pretty sure almost everyone on the plane wants to hit a jackpot but while you're landing and see all those billion dollar hotels and casinos, it's pretty obvious that not many people do. I've hit small jackpots ($1000 -$5000) and been with others that have too but I've never heard anybody say they were calling their lawyer or financial advisor. People do get caught up in the whirlwind and do things like going to that show or to that restaurant that was too expensive before hitting the jackpot.

        "Simply because people arent prepared to win and alot of people have just plain outragous and idiotic expectations of just what a lottery win can and can't do."

        Even though I was one those estimated 5 million people that bought $40 worth of Mega Million tickets, I don't have any say in how the winners spend their money no more than I would tell an Autoworker how to spend their wages after purchasing a new car.

        Since I didn't read or hear about thousands of people jumping off bridges and buildings or standing in front of speeding cars, I'm assuming that most lottery players are prepared to lose and believe it's none of their business what the winners do with their jackpot.

        How much do you wager when the jackpot reaches $100 million and are you “prepared to lose”?

        personally only spend about 15 dollar when the lottery gets over say 20 Million (In Canada large Jackpots are rarer here) ...  don't play until it gets over 10 Million to 15 Million. Which are amounts that I would be happy to win that would allow me to do what I dream of doing on a lottery win.

        I play the lottery simply because it would speed up plans we're already working on. I don't play daily games and only buy the odd instant ticket a very few times a year. Maybe 20 dollars a year at the most but more like 10 dollars a year on instants.

        5000 is not really a jackpot. No one is gonna be knocking on your door asking for and at times demanding cash because you won 5000 in Vegas.

        However the reality is that if you won 100 million after taxes you would have alot of people you know and don't know knocking on your door not only asking for but demanding a share of it. And people can get really nasty when it's not given to them.

        You bring up the paycheck. Most people would be offended if people came after the got their weekly check with hands out. Why should anyone expect a dime of even 100 Million win? It's the winners choice. It should be no different than a paycheck. People should just let lotto winners be and keep their hands and minds off the winners jackpot.

          Avatar
          Kentucky
          United States
          Member #32652
          February 14, 2006
          7308 Posts
          Offline
          Posted: June 22, 2007, 12:24 am - IP Logged

          personally only spend about 15 dollar when the lottery gets over say 20 Million (In Canada large Jackpots are rarer here) ...  don't play until it gets over 10 Million to 15 Million. Which are amounts that I would be happy to win that would allow me to do what I dream of doing on a lottery win.

          I play the lottery simply because it would speed up plans we're already working on. I don't play daily games and only buy the odd instant ticket a very few times a year. Maybe 20 dollars a year at the most but more like 10 dollars a year on instants.

          5000 is not really a jackpot. No one is gonna be knocking on your door asking for and at times demanding cash because you won 5000 in Vegas.

          However the reality is that if you won 100 million after taxes you would have alot of people you know and don't know knocking on your door not only asking for but demanding a share of it. And people can get really nasty when it's not given to them.

          You bring up the paycheck. Most people would be offended if people came after the got their weekly check with hands out. Why should anyone expect a dime of even 100 Million win? It's the winners choice. It should be no different than a paycheck. People should just let lotto winners be and keep their hands and minds off the winners jackpot.

          "However the reality is that if you won 100 million after taxes you would have alot of people you know and don't know knocking on your door not only asking for but demanding a share of it. And people can get really nasty when it's not given to them."

          I understand where you're going but only a handful of people have won $100 million playing the lottery but thousands of people have accumulated $100 million in personal wealth so there must be a strategy preventing that. I seriously doubt there is a long line of people at the doors of Bill Gates, Donald Trump, or Steve Wynn.

          Nancy mentioned $12,500 gifts and if she could get just 5% interest on a $100 million after tax windfall, she could give out one such gift everyday of the year without spending all her interest. Do you know of someone with $100 million that is giving out millions of dollars to strangers?

          "People should just let lotto winners be and keep their hands and minds off the winners jackpot."

          I agree with that but if your mind is really off jackpot winners and their money, why are you discussing "people ending up like" Whitaker and Edwards?

            Avatar
            Westerose
            Canada
            Member #52915
            June 15, 2007
            189 Posts
            Offline
            Posted: June 22, 2007, 3:43 pm - IP Logged

            "However the reality is that if you won 100 million after taxes you would have alot of people you know and don't know knocking on your door not only asking for but demanding a share of it. And people can get really nasty when it's not given to them."

            I understand where you're going but only a handful of people have won $100 million playing the lottery but thousands of people have accumulated $100 million in personal wealth so there must be a strategy preventing that. I seriously doubt there is a long line of people at the doors of Bill Gates, Donald Trump, or Steve Wynn.

            Nancy mentioned $12,500 gifts and if she could get just 5% interest on a $100 million after tax windfall, she could give out one such gift everyday of the year without spending all her interest. Do you know of someone with $100 million that is giving out millions of dollars to strangers?

            "People should just let lotto winners be and keep their hands and minds off the winners jackpot."

            I agree with that but if your mind is really off jackpot winners and their money, why are you discussing "people ending up like" Whitaker and Edwards?

            My mind is off huge jackpot winners winnings in regards to my own ideas of how they should spend the money in regards to an actual going after them to spend the money in a way that would benefit me personally. That is what I meant by that.

            Reason I am discussing these things here is that ya know what........ if people do a google search that says "what to do if you win the lottery" ya know where one of the website that they are directed to is?  This one.

            I disucss these things so that others won't fall into those same traps as Jack and David did. That is completely different then having a mental plan for their winnings.

            The reason that people like Gates, Trump, and Wynn don't have as many people standing in line for their money is simply because of the way they acquired their money. Lottery winners have more people who don't respect the way they got their money. So lottery winners get more people asking for handouts. Also people like Gates and Trump have buffer zones of people around them that don't let just anyone come and ask them for cash. Many Lottery winners don't have that structure in place to protect them from people with their hands outs. They just don't. Edwards for example was getting mail that was simply address to "Powerball Winner Florida" people asking for money. That should be illegal for the Post Office to deliver mail like this.

            Then you bring up interest on $100 Million being as such...  Well eventually if you give out alot of gifts it's no longer 100 Million. This is where people like Edwards and Whittakar got into trouble. They after spending money thought the interest would still be the same. Whittakar on his 110 Million and Edwards on his 24 Million after taxes.

            I'd have a few times where I have had couple small winfalls in excess of 10k. People were there wanting money. Beyond that I have had records out and people thought that I was making alot of money on them. However I was making less than what people made as their yearly wage.  So I sort of know what I am talking about in regards to how people treat you when they think you have money they can get.

            Not many people did the exercise I posted in the thread "How much would your dreams cost?" if they were to do this then they would realize that just maybe they need to rethrink their post lottery win strat.

            So many people say such stuff like "Think of all the people you could help with that much money" thinking that they can actually make a huge impact then get disillusioned when they can't.

            for me I don't particulary like people so I wouldn't be helping People. My concern is the environment and animals.  That is where my money would go to help. But places like PETA and HSUS wouldn't get a dime. No Kill shelters wouldn't get a dime.  We had a bad experience with a No Kill shelter that we were helping that kept an ex breeder dog alive who was blind deaf and had cancer and that was afraid of grass. Kept that poor girl alive with surgeries and in pain as a figure head for their no kill shelter.  100 Million we'd be buying land and keeping it natural and returning it to being natural. Yes it would be our land. No tourists allowed, no school groups allowed. No Public allowed. We'd be labled lousey for not sharing our money or land. But we would be making a positive difference in the world.

            But in reality of things we could spend the whole 100 Million on buying land because we'd still need money to pay property taxes. So giving people advice to set limits and not be too concerned with giving to others until they actually understand what having large sums of money actually means is perfectly valid on a site like this where someone who has won the lottery might actually come before they claim their prize.

              Uff Da!'s avatar - InCelebration 001.jpg
              Washington State
              United States
              Member #33973
              February 26, 2006
              347 Posts
              Offline
              Posted: June 22, 2007, 9:39 pm - IP Logged

              Unlike the many people who feel that their family members would all be there with their hands out should they have a big lottery win, my own family (blood relatives) isn't like that.  There were no squabbles about possessions or money inheritance when our parents died.  Each of us six children took the attitude that anything we got from our parents was a bonus, since it wasn't something we earned.  All of us are now retired and none of us really have any desire to live extravagantly at this point.  I strongly suspect that my neices and nephews have been raised with a similar attitude.  My step-children and step-grandchildren would likely have their expectations of what they should get, but that's tough.  They would get what I choose to give them.

              With a large jackpot win, say $25 million cash after taxes or more:

              I'd give four of my five siblings a lump sum of $100,000 plus an offer to help pay medical expenses should large uninsured amounts arise.  Since my siblings are in their 60s, 70s and 80s, I wouldn't want to rely on just giving $12,000 a year.  This way in the event of their death soon, they could pass much of their lump sum amount on to their children.

              My fifth sibling has been  living on disability for years.  She is in an assisted living facility and needs a great deal of help.  She's had a tough life.  I would look into assuming financial responsibility for her care, provided I could really provide her with a better life than she is being provided by the state.  I'm guessing that her care would be about $100,000 a year, provided she could still get some hospitalization covered by the state if I assumed other responsibility for her. 

              I'd give my two stepchildren $20,000 a year for life (mine or theirs - both of them are in poorer health than I am) and my stepgrandchildren $12,000 a year for five years.  But I'd make provisions in my will that each family (stepchildren or their heirs) would eventually receive half a million.  Since I keep saying I plan to live to age 101, they might have to wait a while!

              I'd give my six neices and nephews $12,000 a year for five years with the strong recommendation that if they do not have at least six months income saved as an emergency fund that they use my gift to set up an emergency fund and any amounts not needed for an emergency fund be invested for their retirement.  (All are in their late 30s to early 50s.)  In addition, should they have serious medical expenses either before or after the five years were up, I would CONSIDER assisting with those expenses.  One of my nephews has MS, so that would give me the option of helping him more than the others. 

                Avatar
                Kentucky
                United States
                Member #32652
                February 14, 2006
                7308 Posts
                Offline
                Posted: June 22, 2007, 10:47 pm - IP Logged

                My mind is off huge jackpot winners winnings in regards to my own ideas of how they should spend the money in regards to an actual going after them to spend the money in a way that would benefit me personally. That is what I meant by that.

                Reason I am discussing these things here is that ya know what........ if people do a google search that says "what to do if you win the lottery" ya know where one of the website that they are directed to is?  This one.

                I disucss these things so that others won't fall into those same traps as Jack and David did. That is completely different then having a mental plan for their winnings.

                The reason that people like Gates, Trump, and Wynn don't have as many people standing in line for their money is simply because of the way they acquired their money. Lottery winners have more people who don't respect the way they got their money. So lottery winners get more people asking for handouts. Also people like Gates and Trump have buffer zones of people around them that don't let just anyone come and ask them for cash. Many Lottery winners don't have that structure in place to protect them from people with their hands outs. They just don't. Edwards for example was getting mail that was simply address to "Powerball Winner Florida" people asking for money. That should be illegal for the Post Office to deliver mail like this.

                Then you bring up interest on $100 Million being as such...  Well eventually if you give out alot of gifts it's no longer 100 Million. This is where people like Edwards and Whittakar got into trouble. They after spending money thought the interest would still be the same. Whittakar on his 110 Million and Edwards on his 24 Million after taxes.

                I'd have a few times where I have had couple small winfalls in excess of 10k. People were there wanting money. Beyond that I have had records out and people thought that I was making alot of money on them. However I was making less than what people made as their yearly wage.  So I sort of know what I am talking about in regards to how people treat you when they think you have money they can get.

                Not many people did the exercise I posted in the thread "How much would your dreams cost?" if they were to do this then they would realize that just maybe they need to rethrink their post lottery win strat.

                So many people say such stuff like "Think of all the people you could help with that much money" thinking that they can actually make a huge impact then get disillusioned when they can't.

                for me I don't particulary like people so I wouldn't be helping People. My concern is the environment and animals.  That is where my money would go to help. But places like PETA and HSUS wouldn't get a dime. No Kill shelters wouldn't get a dime.  We had a bad experience with a No Kill shelter that we were helping that kept an ex breeder dog alive who was blind deaf and had cancer and that was afraid of grass. Kept that poor girl alive with surgeries and in pain as a figure head for their no kill shelter.  100 Million we'd be buying land and keeping it natural and returning it to being natural. Yes it would be our land. No tourists allowed, no school groups allowed. No Public allowed. We'd be labled lousey for not sharing our money or land. But we would be making a positive difference in the world.

                But in reality of things we could spend the whole 100 Million on buying land because we'd still need money to pay property taxes. So giving people advice to set limits and not be too concerned with giving to others until they actually understand what having large sums of money actually means is perfectly valid on a site like this where someone who has won the lottery might actually come before they claim their prize.

                Most of the lottery jackpots are in the $5-20 million range, but their mail boxes are probably just as full with requests for money as a $100 million winner though the requests probably continue longer for the bigger prize winners. The reason for this is during the press conference, they ask the winner about their plans for the money and many will say they will contribute some of it to charity so the floods gates are opened.

                "The reason that people like Gates, Trump, and Wynn don't have as many people standing in line for their money is simply because of the way they acquired their money."

                The $5-20 million range winners only have to fend off people in their areas because their names probably will never be in the National spot light, but the mega-rich people will always be targets regardless how they aquired their money.

                "I'd have a few times where I have had couple small winfalls in excess of 10k. People were there wanting money."

                I've never had people asking for money after a hit like that, but there was this one guy who told everybody if he ever hit the jackpot he would give them a cut. Nice con too because he expected "his cut" whether they had agreed or not. We worked with two people that split $20 million about 20 years ago and he is still whining because he didn't get his "cut". I hit the Pick-4 pretty good a few times but the only people that knew were my immediate family so if people wanted money from you, it's probably because you made it know that you had won it.

                "So many people say such stuff like "Think of all the people you could help with that much money" thinking that they can actually make a huge impact then get disillusioned when they can't."

                Gates, Trump, and Wynn probably contribute tons of money to the "Prevention of cat juggling in rural Mexico" and other worthwhile charities.

                "Reason I am discussing these things here is that ya know what........ if people do a google search that says "what to do if you win the lottery" ya know where one of the website that they are directed to is?  This one."

                I believe I found this place by google search of "lottery systems" so I could get some ideas of how to pick the numbers because "if you win the lottery" is irrelevant if you can't pick the correct numbers. When the Mega Millions jackpot was projected at $370 million I had planned on getting $40 worth of QPs until I read a suggestion here to spend $2 more and get all the Mega balls with 42 QPs.

                I hit two numbers with and the Mega ball and 3 numbers on another ticket so I got back $17 on the $42 I spent. Those 42 combinations gave me about a 1 in 4,166,666 chance of winning and because I only had 0.000024% of all the combinations, I didn't need to google "what to do if you win the lottery" or "the top ten ways to spend your jackpot winnings" written by people that have never won a huge jackpot.

                Is there a thread in any of these forums saying "This is what I did when I hit the jackpot"?

                  Coin Toss's avatar - shape barbed.jpg
                  Zeta Reticuli Star System
                  United States
                  Member #30470
                  January 17, 2006
                  10351 Posts
                  Offline
                  Posted: June 23, 2007, 12:06 am - IP Logged

                  Stack47

                   "Is there a thread in any of these forums saying "This is what I did when I hit the jackpot"?"

                  No, and I doubt we'll ever see one, because of somethig earlier in your post above: 

                   "I hit the Pick-4 pretty good a few times but the only people that knew were my immediate family so if people wanted money from you, it's probably because you made it know that you had won it."

                  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.

                    Avatar
                    Westerose
                    Canada
                    Member #52915
                    June 15, 2007
                    189 Posts
                    Offline
                    Posted: June 23, 2007, 1:21 am - IP Logged

                    Most of the lottery jackpots are in the $5-20 million range, but their mail boxes are probably just as full with requests for money as a $100 million winner though the requests probably continue longer for the bigger prize winners. The reason for this is during the press conference, they ask the winner about their plans for the money and many will say they will contribute some of it to charity so the floods gates are opened.

                    "The reason that people like Gates, Trump, and Wynn don't have as many people standing in line for their money is simply because of the way they acquired their money."

                    The $5-20 million range winners only have to fend off people in their areas because their names probably will never be in the National spot light, but the mega-rich people will always be targets regardless how they aquired their money.

                    "I'd have a few times where I have had couple small winfalls in excess of 10k. People were there wanting money."

                    I've never had people asking for money after a hit like that, but there was this one guy who told everybody if he ever hit the jackpot he would give them a cut. Nice con too because he expected "his cut" whether they had agreed or not. We worked with two people that split $20 million about 20 years ago and he is still whining because he didn't get his "cut". I hit the Pick-4 pretty good a few times but the only people that knew were my immediate family so if people wanted money from you, it's probably because you made it know that you had won it.

                    "So many people say such stuff like "Think of all the people you could help with that much money" thinking that they can actually make a huge impact then get disillusioned when they can't."

                    Gates, Trump, and Wynn probably contribute tons of money to the "Prevention of cat juggling in rural Mexico" and other worthwhile charities.

                    "Reason I am discussing these things here is that ya know what........ if people do a google search that says "what to do if you win the lottery" ya know where one of the website that they are directed to is?  This one."

                    I believe I found this place by google search of "lottery systems" so I could get some ideas of how to pick the numbers because "if you win the lottery" is irrelevant if you can't pick the correct numbers. When the Mega Millions jackpot was projected at $370 million I had planned on getting $40 worth of QPs until I read a suggestion here to spend $2 more and get all the Mega balls with 42 QPs.

                    I hit two numbers with and the Mega ball and 3 numbers on another ticket so I got back $17 on the $42 I spent. Those 42 combinations gave me about a 1 in 4,166,666 chance of winning and because I only had 0.000024% of all the combinations, I didn't need to google "what to do if you win the lottery" or "the top ten ways to spend your jackpot winnings" written by people that have never won a huge jackpot.

                    Is there a thread in any of these forums saying "This is what I did when I hit the jackpot"?

                    I wasn't the one who told people I had the windfall and they weren't from lottery jackpots. I kept it quite except for people who basically had to know about it and they told others.

                    Even when I sold my house when I remarried and relocated to Canada from Michigan I had a cousin come along with their hand out. She didn't need the money at all. Hadn't seen her in some time either. But another cousin that lived close to me told her I was selling my house and moving and yeah.

                    As for the music part of it. Well during the mid to late 90s.... I was getting between 5000 and 10000 emails a month from folks that thought I could help them just cos I had some recordings out.

                    everyone finds this site for different reasons.