Welcome Guest
Log In | Register )
You last visited December 2, 2016, 5:18 pm
All times shown are
Eastern Time (GMT-5:00)

If a sibling of yours won a lottery jackpot, how much would you expect to be given?

Topic closed. 58 replies. Last post 8 years ago by L J1.

Page 3 of 4
51
PrintE-mailLink

How much would you expect to be given?

$0 [ 57 ]  [63.33%]
$1-$10,000 [ 12 ]  [13.33%]
$10,001-$50,000 [ 7 ]  [7.78%]
>$50,000 [ 14 ]  [15.56%]
Total Valid Votes [ 90 ]  
Discarded Votes [ 3 ]  
Avatar
NY
United States
Member #23835
October 16, 2005
3471 Posts
Offline
Posted: December 31, 2008, 5:09 pm - IP Logged

I'm a big fan of cynicism. It's usually more likely to make you right than to make you wrong. Like other generalities, though, it can't be applied too broadly. Yours must be a sad, sad life.

    Avatar
    Northern California
    United States
    Member #19948
    August 9, 2005
    151 Posts
    Offline
    Posted: December 31, 2008, 5:22 pm - IP Logged

    I think there are some good points being made here.

     

    I would expect up to 10k, not because I think I'm owed, but because I worked in the industry for 20 years and my siblings and I have had the theoretical "if I ever get to play/win what would I do discussion?" and based on what we've talked about, I think we would do at least a little something for each other.

     

    The question could have been much better worded. If I won $50 mil, I think my brother(s) would probably be just a little PO'd if I only slipped him 10k. 

      BuyLow's avatar - palm tree.jpg
      Florida
      United States
      Member #61435
      May 22, 2008
      906 Posts
      Offline
      Posted: December 31, 2008, 5:31 pm - IP Logged

      Expect is a strong word but I would hope he would bestow upon me the same amount I would give him should I win.  IE:  With an $80 million PB win tonight I would give him 1 -2 million after taxes.  Party

        Coin Toss's avatar - shape barbed.jpg
        Zeta Reticuli Star System
        United States
        Member #30470
        January 17, 2006
        10344 Posts
        Offline
        Posted: December 31, 2008, 5:47 pm - IP Logged

        harpo55

        "Dude, if they won amulti-million dollar jackpot, I would expect at the very least$100,000. In my case, I would even have to ask. My brother would justsend a check.

        $10,000 is nothing from a multi-million dollar jackpot. Family takes care of family."

        OK- a gift of $12,000 is allowed, after that, there's a gift tax. $100,000 less $12,000 leaves $88,000. Let's say the tax on that is 35% (I think it's worse than that, but let's say 35%) - so now the family member giving you the $100,000 has to pay $30,800 to give you the $100,000.

        That's just one point. another is jackpot winners who have appeared on documentaries have sais that people they gave a bunch of cash too (millions) all blew every dime of it and came back asking for more, bar none.

        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
          San Diego, CA
          United States
          Member #58386
          February 12, 2008
          287 Posts
          Offline
          Posted: December 31, 2008, 8:00 pm - IP Logged

          I am the OP.

           

          To clarify what I meant.  Say your sibling won $16,000,000 CASH AFTER taxes.  That is an advertised jackpot amount of probably around $50,000,000.  A sizeable jackpot.  This is an amount anyone SHOULD be able to live VERY comfortably.  Where if your sibling gave away $10,000, he or she wouldn't feel it. 

          If I had a sibling win that amount, I would still only expect $10 K. 

          First off, if I won that amount, I would go on permanent vacation.  Although $16,000,000 is a lot of money, if I won that amount, I would buy a home in Newport Beach, CA.  A home in Newport Beach a few blocks from the ocean is $6 -$7 mil.  Half my money would be gone on my home.  Then there are the outrageous property taxes in California. 

          So if I want to retire and live an VERY comfortable life, then $16,000,000 after taxes isn't as much as it seems.  I am taking care of #1 first, and if my sibling were to win that amount, I would expect him to retire imediately and spend lavishly on himself and his immediate family (wife children, don't they come before siblings?).  Why should he give someone else a large amount of money that would have an impact on the lavish lifestyle I would expect him or anyone that won the lottery to live.

           

          $10,000 seems fair to me to give to someone.

            Coin Toss's avatar - shape barbed.jpg
            Zeta Reticuli Star System
            United States
            Member #30470
            January 17, 2006
            10344 Posts
            Offline
            Posted: December 31, 2008, 10:49 pm - IP Logged

            JWBlue

            If it was only that simple.

            All too opften the family of lottery winners assume an attitude of , "Now that we've won and have millions....."

            While the jackpot winner should never have to work again and be set for life, other family members assumes that they too have just retired and are set for life.

            "That dirty @#$%^%...he won millions and only gave me $10,000" is a pretty common statement.

            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
              United States
              Member #48725
              January 7, 2007
              1953 Posts
              Offline
              Posted: January 1, 2009, 12:49 am - IP Logged

              A lot of people don't even know the gift tax exists. Although, I believe even if they did know, they would still want you to give them a ton of money. To them, it's "You'll still have millions!". Ya, sure. Let me give you $500,000 and everyone else. See how long my millions last then!

              Gonna win.Big Smile

                Avatar
                Baton Rouge, LA
                United States
                Member #4602
                May 7, 2004
                699 Posts
                Offline
                Posted: January 1, 2009, 10:55 am - IP Logged

                A lot of people don't even know the gift tax exists. Although, I believe even if they did know, they would still want you to give them a ton of money. To them, it's "You'll still have millions!". Ya, sure. Let me give you $500,000 and everyone else. See how long my millions last then!

                I'm reminded of a joke from an old Three Stooges short.  A man asks Larry "If I gave you a dollar and your father gave you a dollar, how much money would you have?

                Larry answers "One dollar."

                The man then says "You don't know your arithmetic" and Larry responds "You don't know my father."

                A couple of my family members, who are actually doing fine themselves, would say "You can't handle that money, give it to me to handle for you" and would basically not let me have any unless I grovelled for it.  My physically abusive older brother and control freak older sister would love to take it from me and put me on an allowance, because they think me having money and a life of my own isn't fair.  They'll never get a dime if I win, pure and simple, no matter how loud they scream, threaten me, cry to mommy, etc.

                Prisoner Six

                "I am not a number, I am a free man!"

                  hearsetrax's avatar - 0118

                  United States
                  Member #52345
                  May 21, 2007
                  2657 Posts
                  Offline
                  Posted: January 1, 2009, 12:57 pm - IP Logged

                  I'm reminded of a joke from an old Three Stooges short.  A man asks Larry "If I gave you a dollar and your father gave you a dollar, how much money would you have?

                  Larry answers "One dollar."

                  The man then says "You don't know your arithmetic" and Larry responds "You don't know my father."

                  A couple of my family members, who are actually doing fine themselves, would say "You can't handle that money, give it to me to handle for you" and would basically not let me have any unless I grovelled for it.  My physically abusive older brother and control freak older sister would love to take it from me and put me on an allowance, because they think me having money and a life of my own isn't fair.  They'll never get a dime if I win, pure and simple, no matter how loud they scream, threaten me, cry to mommy, etc.

                  Sad am in the same type of boat in a sense

                   

                  but then I hope one day my younger sister will finally pull her  " " out of her " " and realize that inspite of it all I'm not that nasty and cruel  

                    Avatar
                    San Diego, CA
                    United States
                    Member #58386
                    February 12, 2008
                    287 Posts
                    Offline
                    Posted: January 1, 2009, 1:13 pm - IP Logged

                    JWBlue

                    If it was only that simple.

                    All too opften the family of lottery winners assume an attitude of , "Now that we've won and have millions....."

                    While the jackpot winner should never have to work again and be set for life, other family members assumes that they too have just retired and are set for life.

                    "That dirty @#$%^%...he won millions and only gave me $10,000" is a pretty common statement.

                    Any family member that says that to you should not be in your life.  I wouldn't tolerate it.

                      Avatar
                      NY
                      United States
                      Member #23835
                      October 16, 2005
                      3471 Posts
                      Offline
                      Posted: January 1, 2009, 1:38 pm - IP Logged

                      "That's just one point. another is jackpot winners who have appeared on documentaries"

                      If you're going to base your decisions on what happened to lottery players who have been in documentaries, why would you even play in the first place? The vast majority of people are unprepared to handle sudden wealth,  and many jackpot winners have problems after winning.  I haven't noticed anybody who posts here saying that if they win they'll be following in the footsteps of Whittaker, Post, Edwards, or any of the other winners who have squandered millions. Why would you base your decisions on what you see in the small, selective sample shown in TV shows instead of looking at your own personal circumstances? We all know people who would screw it up if they came into money, and we all know people who would do a decent (if not better ) job with it. I'd make my decisions based on my own situation and the individuals with whom I might share. I'm also smart enough to plan ahead, which means that anyone who receives a significant amount won't subject me to gift taxes. BTW, gift taxes are based on annual gifts, with a lifetime cap. You can give 100k without to 10 different people without incurring a gift tax.

                      "A home in Newport Beach a few blocks from the ocean is $6 -$7 mil."

                      If you plan on doing that in the current economic situation, it's probably a good thing you'd keep most of the rest for yourself. A reasonable assumption for after-tax income on $10 million might be about 300k, and you could pay as much as 1/3 of that just for the property taxes.  The other 200k would be enough to get by, but it certainly wouldn't let you be lavish. It also wouldn't let you increase your savings, so your income might remain the same as all of your expenses continue to go up. That's a workable recipe for letting Coin Toss see you in a documentarty about jackpot winners.

                      For a really modest win I might put a large chunk toward an upgrade to  more property and a bit more house, but I'd do it knowing that  my related expenses would go up, and that my spendable income might not go up much. For a significant win I'd  limit my non-investment property cost to no more than 10%, and my primary residence would be in an area with relatively modest income and property taxes. Since my income would no longer depend on where I live, why would I want to pay 100k or more every year to live someplace that's more expensive than average?

                        Coin Toss's avatar - shape barbed.jpg
                        Zeta Reticuli Star System
                        United States
                        Member #30470
                        January 17, 2006
                        10344 Posts
                        Offline
                        Posted: January 1, 2009, 2:18 pm - IP Logged

                        KYFloyd

                        I was merely relaying the info. that people that have actually won a jackpot and experienced "vampires" have stated. How about not shooting the messenger.

                        As for you saying:

                        "BTW, gift taxes are based on annual gifts, with a lifetime cap. You cangive 100k without to 10 different people without incurring a gift tax."

                        By the tone of the discussion oin this thread, the point is bewing made that if one was to be lucky enough to win a mulit-million dollar jackpot, $100,000 is going to be looked upon by some gift recipients as chump change.

                        YMMV

                        happy New Year

                        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.

                          lottalotto's avatar - Lottery-029.jpg
                          New Member

                          United States
                          Member #63341
                          July 26, 2008
                          4 Posts
                          Offline
                          Posted: January 1, 2009, 2:51 pm - IP Logged

                          (EXPECTATIONS)   WHAT A WORD

                          Can be such a painful word because it is almost human nature to have expectations, however, is the

                          reality of expectation built on does my sibling "owe me", or is it based on what they could, should or

                           would do.  I agree one should not 'expect' their sibling to share a jackpot, however, I fine it difficult to

                          believe that one would not feel hurt a little, if that sibling does not even offer to share "a piece of the pie",

                          allowing a brother or sister to accept or reject.

                          So maybe the question is, does one have the right to have expectations?

                          When it comes to $$$$, sometimes it can tear a family apart and why?  Maybe due to EXPECTATIONS not

                          being fulfilled.

                          Just sharing another concept to the question.

                            Avatar
                            San Diego, CA
                            United States
                            Member #58386
                            February 12, 2008
                            287 Posts
                            Offline
                            Posted: January 1, 2009, 3:40 pm - IP Logged

                            Your right. I would have to rethink paying $6-$7 mill on a home.  It just shows how ridiculously wealthy someone needs to be to afford one of those homes. 

                             

                            I would probably spend $2-$4 million.  That would allow a much better lifestyle.

                            It would just amaze me how family and even friends would feel entitled to a significant chunk of money I won. 

                              guesser's avatar - Lottery-017.jpg

                              United States
                              Member #41383
                              June 16, 2006
                              1969 Posts
                              Offline
                              Posted: January 1, 2009, 11:08 pm - IP Logged

                              Your right. I would have to rethink paying $6-$7 mill on a home.  It just shows how ridiculously wealthy someone needs to be to afford one of those homes. 

                               

                              I would probably spend $2-$4 million.  That would allow a much better lifestyle.

                              It would just amaze me how family and even friends would feel entitled to a significant chunk of money I won. 

                              plus 'Any family member that says that to you should not be in your life.  I wouldn't tolerate it.'

                              But that's what happens, I know it for a fact, first-hand.

                              Whatever you 'give' anyone isn't enough, and if you give bro or sis anything, you can bet your butt your second cousins twice-removed will be looking you up, and they probably will be anyway. They will make off-handed remarks about 'I could use $50,000', and follow it up with 'I'm just KIDDING', but trust me, they are NOT kidding, they are trying to put thoughts in your head. So when does it end ?  Who does it end with ??   What dollar amount ends it ???    As soon as you 'give' to one, the floodgates open.

                              I'm not saying you cannot give anything to anyone, I'm telling you when you do give, expect to be giving MORE, because you probably will.

                              Also, how many 'family' members do you have ?     

                              Are you on the 'outs' with ANYONE in your family ?

                              You need to remember even the ones you don't care for in your will: at least acknowledge them in your Will, I have acknowledged everyone in my will, some get X amount, some get $1.00.    If you 'forget' anyone or leave them out, they will sue your estate by saying you 'forgot' them, and they may very well win, especially if you have given any 'substantial' amounts to several other family members.  'Why them and not me ?   He must have forgot about me, I'll sue'.    And they do.

                               

                               

                              Why even spend 4 mill on a home ?  Live 2 blocks off the beach for 2 mill.

                              My plan is to have a 1-2 mill home in a warm weather climate as a 'base', and I plan on spending 1-3 months in a whole host of cities around the world, discovering them, their people, their cultures, and living in the 'extended stay' hometels.   Spending 1-2 weeks isn't enough.

                              But, I also realize everyone is different: some want to go to Key Largo and live in a hammock and get hammered for the rest of their lives, to each their own, nothing wrong with that at all.