Welcome Guest
Log In | Register )
You last visited December 3, 2016, 6:31 am
All times shown are
Eastern Time (GMT-5:00)

Divvy it up

Topic closed. 23 replies. Last post 9 years ago by OldSchoolPa.

Page 1 of 2
PrintE-mailLink
lottocalgal's avatar - Lottery-043.jpg
CA
United States
Member #57222
December 23, 2007
587 Posts
Offline
Posted: February 6, 2008, 5:30 pm - IP Logged

I was just wondering how many of you would divvy up your winnings to family and/or friends.  I was on the net reading about the many lawsuits that  result from fights over a big lottery win.  I remember telling one of my friends that "when I win the lottery I win buy you a 60 inch big screen and a new car." Of course that was about 3 years ago. Even though we rarely talk now, I was just wondering if that statement would come back to haunt me. ( I wouldn't mind doing it anyway). And I barely see my family-but trust me, they're the type that  must be kept in the dark. Can you say blind trust? Just a thought.

    hearsetrax's avatar - 0118

    United States
    Member #52345
    May 21, 2007
    2657 Posts
    Offline
    Posted: February 6, 2008, 8:35 pm - IP Logged

    I was just wondering how many of you would divvy up your winnings to family and/or friends.  I was on the net reading about the many lawsuits that  result from fights over a big lottery win.  I remember telling one of my friends that "when I win the lottery I win buy you a 60 inch big screen and a new car." Of course that was about 3 years ago. Even though we rarely talk now, I was just wondering if that statement would come back to haunt me. ( I wouldn't mind doing it anyway). And I barely see my family-but trust me, they're the type that  must be kept in the dark. Can you say blind trust? Just a thought.

    Blue Thinking I tink its safe to say  : " just about any silly promise one would make regardless time span ...... would eventually come back to bite one in the fanny "

     

    but of course thats just me

      LuckyLilly's avatar - savy chick.png

      United States
      Member #50124
      February 26, 2007
      601 Posts
      Offline
      Posted: February 6, 2008, 8:52 pm - IP Logged

      I don't think I have to worry about any lawsuits, but my family is best kept in the dark too.  I wouldn't divvy it up except to make anonymous donations to charities. 

      I'd do everything in my power to stay anonymous when I claimed the jackpot.  I'd even change my name (in another state where no one knows me, of course) before I claimed it, then change it again right after (in a different state where no one knows me or has heard of PowerBall), if the lottery would agree to publicize only the current name and not previous ones.

        ThatScaryChick's avatar - x1MqPuM
        Idaho
        United States
        Member #56506
        November 21, 2007
        6537 Posts
        Offline
        Posted: February 6, 2008, 9:13 pm - IP Logged

        I'm actually glad that I have family that I don't have to keep in the dark. The only promise I have made is to my mom. If I were to win, I would take care of her and I would, plus I would give some gifts to my sisters. Other then those people, I have promised nothing to anyone else.

        "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

          lottocalgal's avatar - Lottery-043.jpg
          CA
          United States
          Member #57222
          December 23, 2007
          587 Posts
          Offline
          Posted: February 7, 2008, 9:35 am - IP Logged

          I don't think I have to worry about any lawsuits, but my family is best kept in the dark too.  I wouldn't divvy it up except to make anonymous donations to charities. 

          I'd do everything in my power to stay anonymous when I claimed the jackpot.  I'd even change my name (in another state where no one knows me, of course) before I claimed it, then change it again right after (in a different state where no one knows me or has heard of PowerBall), if the lottery would agree to publicize only the current name and not previous ones.

          Wow LuckyLilly,

          You are serious on this one. I love it! Its like "hey, try and find me!"  Change your name  twice and move away.  And I thought blind trust was good.  The anonymous charities are the way to go.  I also read where someone pledged money to a charity then later couldn't fullfill the pledge and got sued BY THE CHARITY!  go figure.

            OldSchoolPa's avatar - Lottery-057.jpg
            Gurnee, Illinois
            United States
            Member #49731
            February 12, 2007
            917 Posts
            Offline
            Posted: February 7, 2008, 10:56 am - IP Logged

            When it comes to the lottery, I do not allow my optimistic daydreaming to run ahead of my common sense...meaning the only person I would in some way share any jackpot winnings with is my brother, but not in the way most people do.  I would be his source of venture capital in several business endeavors already on the slates, but awaiting accumulation/acquisition of startup capital.  No free gifts here.  It's all about business as the tax treatment is better doing that than getting socked with gift taxes for "giving" your money away to non-charitable organizations like any relative or friend.  Also, he would be the only person to know that I won the lottery.  I wouldn't even tell my wife...but of course, she will enjoy in the increased cash flow.  She just won't know from whence the cash flows...trust me, I know how to keep that part on the DL.

            Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

            The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

              ThatScaryChick's avatar - x1MqPuM
              Idaho
              United States
              Member #56506
              November 21, 2007
              6537 Posts
              Offline
              Posted: February 7, 2008, 11:59 am - IP Logged

              When it comes to the lottery, I do not allow my optimistic daydreaming to run ahead of my common sense...meaning the only person I would in some way share any jackpot winnings with is my brother, but not in the way most people do.  I would be his source of venture capital in several business endeavors already on the slates, but awaiting accumulation/acquisition of startup capital.  No free gifts here.  It's all about business as the tax treatment is better doing that than getting socked with gift taxes for "giving" your money away to non-charitable organizations like any relative or friend.  Also, he would be the only person to know that I won the lottery.  I wouldn't even tell my wife...but of course, she will enjoy in the increased cash flow.  She just won't know from whence the cash flows...trust me, I know how to keep that part on the DL.

              You would tell you're brother, but not your wife?

              "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

                Piaceri's avatar - sarsony1
                Republic of Texas
                United States
                Member #57557
                January 9, 2008
                1095 Posts
                Offline
                Posted: February 8, 2008, 11:45 pm - IP Logged

                I wouldn't gift any except some in trust to my college age kids, but even then maybe not.  I'd probably invest most and make anonymous charity donations with the earnings.

                 I'm not sure who I would tell. Maybe my Dad so he will stop worrying about me.

                  Avatar
                  NY
                  United States
                  Member #23835
                  October 16, 2005
                  3474 Posts
                  Offline
                  Posted: February 9, 2008, 2:12 am - IP Logged

                  I'd have a hard time spending more than a couple of hundred grand a year without getting seriously extravagant. If I won a really large amount I'd probably acquire a few properties, so that my annual property expenses could be substantial, but even with a lot of travel I probably couldn't spend much more than 300 to 350 grand on routine expenses.  With the current MM jackpot I could easily net 400k annually even if I gave away 45 million. I'd keep a much bigger cushion to deal with inflation and the possibility of living to be 100 or so, but I'd definitely give a third or more to friends and family. Opening up my mouth and making big promises ahead of time, OTOH, is a bad idea and not something I do.

                    bashley572's avatar - starwars14
                    West Side of Sunny Florida
                    United States
                    Member #55048
                    September 8, 2007
                    3371 Posts
                    Offline
                    Posted: February 9, 2008, 4:51 am - IP Logged

                    You would tell you're brother, but not your wife?

                    LOL

                    Yea then a few months later we would see a news headline about 'man being sued by now x-wife for keeping lottery winnings secret' worst part would be 'judge awards HER all the money'

                    Money won is twice as good as money earned!

                      LuckyLilly's avatar - savy chick.png

                      United States
                      Member #50124
                      February 26, 2007
                      601 Posts
                      Offline
                      Posted: February 9, 2008, 1:28 pm - IP Logged

                      Wow LuckyLilly,

                      You are serious on this one. I love it! Its like "hey, try and find me!"  Change your name  twice and move away.  And I thought blind trust was good.  The anonymous charities are the way to go.  I also read where someone pledged money to a charity then later couldn't fullfill the pledge and got sued BY THE CHARITY!  go figure.

                      Yep, I'm kinda shy plus I don't handle irritations well.  And people asking for money or asking me to invest in their dumb business propositions would be very irritating.  Angry

                      I think it would be easy to pull off.  I have 2 or 3 states within easy driving distance.  Rent an apartment in one of those to establish residency, but continue to live in my current home for the most part.  Change my name in the other state where nobody who knows me will read the legal notices in the paper.  Claim the jp, no photos allowed.   No one would know the difference if you quickly changed to yet another name before buying anything that required your legal name like a house or car. 

                      You'd have to choose a state for the 2nd change that doesn't have the lottery you won, or else people just might notice the name as they're glancing at the legal notices.

                      You'd have to be patient, cuz you'd have to wait a few months before spending any of that money you just won, but for me it would be well worth it just to keep my privacy.

                        ThatScaryChick's avatar - x1MqPuM
                        Idaho
                        United States
                        Member #56506
                        November 21, 2007
                        6537 Posts
                        Offline
                        Posted: February 9, 2008, 2:11 pm - IP Logged

                        LOL

                        Yea then a few months later we would see a news headline about 'man being sued by now x-wife for keeping lottery winnings secret' worst part would be 'judge awards HER all the money'

                        Yep. That is what I was thinking. There have been news stories of people trying to keep the money secret from their spouses and it doesn't always end well.

                        "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

                          Avatar
                          New Member

                          United States
                          Member #58287
                          February 8, 2008
                          24 Posts
                          Offline
                          Posted: February 9, 2008, 11:48 pm - IP Logged

                          Well if I won, I would share some wealth with my immediate family, thats it. Mom, Dad, siblings. I would put my parents into retirement, they've worked all their life and deserve to be able to not have to work any longer.   

                            Uff Da!'s avatar - InCelebration 001.jpg
                            Washington State
                            United States
                            Member #33973
                            February 26, 2006
                            347 Posts
                            Offline
                            Posted: February 12, 2008, 2:57 am - IP Logged

                            Since most of my relatives have done nothing to offend me that hasn't been easily forgiven in their 35+ years of life, I have no qualms about sharing a major win with them.  In fact I have already signed a notorized statement gifting a 25% ownership interest in any Mega Millions ticket I purchase to a large number of relatives.  That way I don't expect to have to pay gift taxes on the large amounts they would receive in the event our ticket should win a jackpot, as I would if I owned the ticket alone and gifted the money after a big win.  I did exclude one relative who is a drug addict, but the 75% I would receive from a jackpot win would allow me to easily gift amounts to her annually from my share should she change her ways during my lifetime.  Otherwise, I see no point in feeding her habit and lifestyle.

                            I made the statement good for only one year, thus allowing me to change the percentage going to each individual according to my estimate of their needs or to add or subtract individuals from the list before doing another statemet annually.  My main reason for that is that many of my relatives are elderly and in the event of their death, I'd rather have their share go directly to their children rather than through their estate, where federal estate taxes and state inheritance taxes would take a percentage. 

                              lottocalgal's avatar - Lottery-043.jpg
                              CA
                              United States
                              Member #57222
                              December 23, 2007
                              587 Posts
                              Offline
                              Posted: February 12, 2008, 10:55 am - IP Logged

                              Since most of my relatives have done nothing to offend me that hasn't been easily forgiven in their 35+ years of life, I have no qualms about sharing a major win with them.  In fact I have already signed a notorized statement gifting a 25% ownership interest in any Mega Millions ticket I purchase to a large number of relatives.  That way I don't expect to have to pay gift taxes on the large amounts they would receive in the event our ticket should win a jackpot, as I would if I owned the ticket alone and gifted the money after a big win.  I did exclude one relative who is a drug addict, but the 75% I would receive from a jackpot win would allow me to easily gift amounts to her annually from my share should she change her ways during my lifetime.  Otherwise, I see no point in feeding her habit and lifestyle.

                              I made the statement good for only one year, thus allowing me to change the percentage going to each individual according to my estimate of their needs or to add or subtract individuals from the list before doing another statemet annually.  My main reason for that is that many of my relatives are elderly and in the event of their death, I'd rather have their share go directly to their children rather than through their estate, where federal estate taxes and state inheritance taxes would take a percentage. 

                              Uff Da,

                              I read you post and you sound like you really believe that you're going to win.  Talk about positive thinking!  I like that and you actually planned for it!  "If you make it ,the lottery will come."  I always hope and I pray for it and of course I drive through that gated community that I want to live in but wow!  I like your 1 year "opt out" clause too.