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If you won a jackpot, how mcuh would you give to your parents?

Topic closed. 44 replies. Last post 8 years ago by myturn08.

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ThatScaryChick's avatar - x1MqPuM
Idaho
United States
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November 21, 2007
6537 Posts
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Posted: December 5, 2008, 12:49 am - IP Logged

What ever my daddy needed, no questions asked..!

Once I have collected he would be set....

Same for me when it comes to my mom. Lovies

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

    justxploring's avatar - villiarna
    Wandering Aimlessly
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    November 5, 2005
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    Posted: December 5, 2008, 1:44 am - IP Logged

    RE:  The $12,000 people keep mentioning

    The annual exclusion (which will be $13,000 in January) only applies to the IRS requirement for reporting purposes.

    In other words, if you exceed the annual exclusion of $13,000 (per person) you have to file a federal income tax form reporting the gift amount.  However, unless you exceed a total of $1M in your lifetime, you are not subject to gift tax.

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      Honduras
      Member #20982
      August 29, 2005
      4715 Posts
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      Posted: December 5, 2008, 1:12 pm - IP Logged

      that depends how much i win...If i win 50 million half will be evenly distributed between my parents and my uncles...If i win less than 50 million then they will get like 20% to 25%...If i in win for life, they will get their house paid...This is why everytime i play win for life i play it 3 times the same number

      The Forex trades: 1.6 Trillion dollars EVERY day, that´s more than the GDP of the Carribbean Central America, COMBINED. Enough to feed every crook out there for centuries...To all Geniuses & Powers Countries of the World the Planet needs breakthroughs in all Medicine, Veterinary, Biology related fields, Psychology, Population Psychology/Sociology..They need to genetically ingeneer new plants species/types to give more variety of plants and thus have more resources for combating diseases¨


       


       


       

       


        DC81's avatar - batman39
        MI
        United States
        Member #54830
        August 31, 2007
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        Posted: December 5, 2008, 4:41 pm - IP Logged

        that depends how much i win...If i win 50 million half will be evenly distributed between my parents and my uncles...If i win less than 50 million then they will get like 20% to 25%...If i in win for life, they will get their house paid...This is why everytime i play win for life i play it 3 times the same number

        And again, unless you already have the deal in place, especially in writing with a date and notarized, you could likely be setting yourself up for some serious tax problems. It sounds good to say that I'm sure, but you gotta consider the outcome of doing so. Taxes aside, you need to think of what the impact that will be on their lives, certainly there will be positives but there could very possibly be negatives that go along with it..

        You can't predict random.

          DC81's avatar - batman39
          MI
          United States
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          August 31, 2007
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          Posted: December 5, 2008, 4:45 pm - IP Logged

          RE:  The $12,000 people keep mentioning

          The annual exclusion (which will be $13,000 in January) only applies to the IRS requirement for reporting purposes.

          In other words, if you exceed the annual exclusion of $13,000 (per person) you have to file a federal income tax form reporting the gift amount.  However, unless you exceed a total of $1M in your lifetime, you are not subject to gift tax.

          Oh, so it is going to go up to $13,000? Good to know! Thumbs Up Last I read it was going to stay at 12.

          You can't predict random.

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            Honduras
            Member #20982
            August 29, 2005
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            Posted: December 5, 2008, 7:20 pm - IP Logged

            that depends how much i win...If i win 50 million half will be evenly distributed between my parents and my uncles...If i win less than 50 million then they will get like 20% to 25%...If i in win for life, they will get their house paid...This is why everytime i play win for life i play it 3 times the same number

            this may be off subject, but i've been saying this...The USA needs more than 1 Multimillion dollar lottery...It needs several...Megamillions/powerball is the only thing Americans got...THE ONLY THING....If i could win MegaMillions/Powerball i don't know really if i will want to because is the only multimillion dollar lottery in America, is the only thing Americans got...There needs to be more...

            The Forex trades: 1.6 Trillion dollars EVERY day, that´s more than the GDP of the Carribbean Central America, COMBINED. Enough to feed every crook out there for centuries...To all Geniuses & Powers Countries of the World the Planet needs breakthroughs in all Medicine, Veterinary, Biology related fields, Psychology, Population Psychology/Sociology..They need to genetically ingeneer new plants species/types to give more variety of plants and thus have more resources for combating diseases¨


             


             


             

             


              JackpotWanna's avatar - squiz

              United States
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              March 23, 2004
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              Posted: December 5, 2008, 7:21 pm - IP Logged

              $13,000 allowance plus free food and a nice warm place to stay.


                United States
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                February 18, 2008
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                Posted: December 5, 2008, 7:33 pm - IP Logged

                this may be off subject, but i've been saying this...The USA needs more than 1 Multimillion dollar lottery...It needs several...Megamillions/powerball is the only thing Americans got...THE ONLY THING....If i could win MegaMillions/Powerball i don't know really if i will want to because is the only multimillion dollar lottery in America, is the only thing Americans got...There needs to be more...

                Several states have their own multi-million dollar lotterys.Powerball & Mega Million are just  two of the multi-state lotterys.Hot Lotto is another multi-state lottery,it starts at a million dollars.

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                  Honduras
                  Member #20982
                  August 29, 2005
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                  Posted: December 5, 2008, 8:24 pm - IP Logged

                  Several states have their own multi-million dollar lotterys.Powerball & Mega Million are just  two of the multi-state lotterys.Hot Lotto is another multi-state lottery,it starts at a million dollars.

                  Yeah i know but i am talking about lotteries that pay 25 million or 50 million and up....There is none...There needs to be several lotteries that pay 70 million and up....Megamillions/Powerball is the only lottey Americans got and what's worse is shared between like 20 states...America needs to evolve when it comes to 50 million + dollar lotteries...

                  Every state should have at LEAST Four 50 million dollars plus lotteries....

                  The Forex trades: 1.6 Trillion dollars EVERY day, that´s more than the GDP of the Carribbean Central America, COMBINED. Enough to feed every crook out there for centuries...To all Geniuses & Powers Countries of the World the Planet needs breakthroughs in all Medicine, Veterinary, Biology related fields, Psychology, Population Psychology/Sociology..They need to genetically ingeneer new plants species/types to give more variety of plants and thus have more resources for combating diseases¨


                   


                   


                   

                   


                    Stew12's avatar - bad egg-64x64.png
                    CT
                    United States
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                    May 21, 2008
                    781 Posts
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                    Posted: December 5, 2008, 8:39 pm - IP Logged

                    Every state should have at LEAST Four 50 million dollars plus lotteries....

                    Considering we only have 2 in the country (if you don't count anything other than PB and MM), you're talking about adding 198 different huge lotteries. Do you think you can find 198 TIMES the amount of people who currently play now, to start buying tickets? Nope. The only other option would be to make each ticket $198 instead of $1, and everyone would have to continue to purchase the same amount of tickets to fund the lotteries.  This would make our lottery pool cost $990.00 per week for each member instead of the current $5 buy-in, and we'd still get the same amount of tickets (40).

                      psykomo's avatar - animal shark.jpg

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                      May 30, 2004
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                      Posted: December 5, 2008, 9:46 pm - IP Logged

                      Say you won a 40 million dollar annuity jackpot.  If you could split the money, how much would you give to your parents?

                       

                      Does the lottery commissions even allow splitting the prize? 

                      GREAT??????????????????????????????????????????????????????????????

                      IF????IWIN????IN????2009-20010-2011 0R 2012>>>>>>>>>>>>>>>>>!!

                      I'm!!!GIVING!!!:

                      25% 2 O'bama

                      25% 2 HILLcare

                      PLUS (what's LEFT???????AFTER??????????TAXES??????2D PUR PEOPLE!!!!

                      50% 2 all D Poor "50%"!

                      psykomo LUV's D "POUR"!

                      we democrat's dodo "2"

                      "we" LOVE d PUR so MUNCH it hurt's all us

                      democrat's 2 see UR still "pour" geesUS????

                      what is UR excuse 4 all these YEAR'$$$$$$$

                      "CUM" visit O'Bama & Hill>>2009>>UR jpot.

                      White BounceWhite BounceWhite BounceWhite BounceWhite BounceWhite BounceWhite BounceWhite BounceWhite BounceWhite Bounce


                        Texas Joey's avatar - Lottery-009.jpg
                        Katy, Tx
                        United States
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                        December 3, 2008
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                        Posted: December 6, 2008, 1:24 am - IP Logged

                        I would certainly help my Mother if I were lucky enough to Win that amount !!  No matter how much I won I would love to help others.  Smiley Santa

                        Lots of Luck to all for the Holidays.

                        Texas Joey

                          djklaugh's avatar - Lottery-031.jpg
                          Portland,Oregon
                          United States
                          Member #14387
                          April 25, 2005
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                          Posted: December 6, 2008, 1:56 am - IP Logged

                          I would love to be able to give money to Mom, Dad and StepMom ... however they have all go on to greater rewards so no longer have need of early treasure. But I will share with my brothers, son, and several close friends by giving them a piece of the jackpot - not equal shares with me ... but a nice sized chunk for themselves.

                          Djklaugh

                            Some things have to be believed to be seen.

                          "I have not failed. I have just found ten thousand things that don't work".  Thomas Edison

                            s5thomps's avatar - Lottery-033.jpg
                            Hard Luck, Ak
                            United States
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                            October 13, 2005
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                            Posted: December 6, 2008, 3:00 am - IP Logged

                            My father passed away about four years ago and left my mother off pretty good financally.  But If I was lucky enough to win a nice size jackpot I would give her 100,000.00 and pay off her mortgage. My kids and their mother would be set up finacially, then I would donate money to the church and give away about 500,000.00 to family and friends. The rest I would invest in relatively safe investments and do some things that I enjoy doing.       

                                                                                                Dance         

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                              Kennesaw, GA
                              United States
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                              June 18, 2008
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                              Posted: December 6, 2008, 11:38 am - IP Logged

                              My parents don't believe in the lottery.  They say if I ever be so lucky to win one, they didn't want to be apart of it.  My whole family doesn't play.   I'm the only one that do play but also the poorest. lol.  I guess my answer to this question would be zero right now, but keeping an open mind.  Smile

                              same here, my parents dont believe in the lottery either, so i doubt that i would give them any of my winnings out of respect..i would just get a partime job and use that money to help them ;-)