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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.

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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 ]  
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NY
United States
Member #23835
October 16, 2005
3474 Posts
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Posted: January 2, 2009, 3:44 am - 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

"You" can be used as a general term, as well as applying to somebody specific.

As for how a recipient feels about anything you choose to give them, that's up to them. If they don't appreciate being given 100k, that's just their own personal tragedy. OTOH, if they aren't happy with 100k, how would they feel if you give them less?

There are plenty of people here who don't intend to give much, if anything, to friends and relatives. Those who feel otherwise have apparently thought about it, so there's nothing to stop them from giving a share without having to worry about gift taxes. The only problem is that it needs to be a percentage, since it's a share of the ticket rather than a share of the prize. That means that the share is directly proportional to the prize, and you can't just decide to give somebody $1 million. Of course you can always choose a modest share and then make additional gifts in the future. Or not. If I can afford to give more and I want to, great. If somebody goes through whatever I give them it's their problem, not mine.

    OldSchoolPa's avatar - Lottery-057.jpg
    Gurnee, Illinois
    United States
    Member #49731
    February 12, 2007
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    Posted: January 2, 2009, 11:45 am - IP Logged

    My closest bro (I have 3 but I would only share with one---the third oldest---and perhaps help my oldest bro. start something since he has gotten his life back in order) and I have always said that if we should happen to hit a MegaMillions, Powerball, or large lotto jackpot that we would share it via either a trust or an investment LLC.  If less than $5M, then the winner would merely invest into the others business (I am in the financial services business so I would be his investment representative; he would be leading a logistics company so I would invest in it). 

    Since we are allergic to giving the government more than the government is due from us, we would not foolishly just give a gift that would be subject to the gift tax.

    Now my oldest bro and the 2nd oldest bro don't play the lottery but even if they did, I would not expect anything from them if they were to win.

    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!

      grengrad's avatar - nw rogue.jpg
      Raleigh
      United States
      Member #49057
      January 17, 2007
      172 Posts
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      Posted: January 3, 2009, 7:08 am - 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.

      1. Spending that large a percentage of your winnings on a home is horrible investment planning. Ask any investment advisor if you don't believe me.

      2. If you are close to your family, are you really going to be happy living it up in a $7,000,000 house, while your brother or sister struggles to pay their mortgage?

      3. $10,000 only seems fair if you are self-centered, or simply don't like that particular family member.

       

      If you give away $400,000 to the people closest to you, that is only 2.5% of your winnings, but will make a world of difference to those around you, if it is carefully planned, so they are not wasteful with it. For example, you write their bank a check for their mortgage, rather than writing them a check, and watching them pull up with a new boat.

      Also, the first $1,000,000 you give away in your life is exempted from gift tax, so all this crap about $100,000 costing more is just not true, unless you have already given away a million.

       

      This also really depends on the type of relationship you have. My brother and I have not won the lotto, but we help our parents out. We don't go broke from it, and if we did get in a tough spot, we know we would help each other out. So, winning the lotto would not make us stop being helpful to each other.

      My sister on the other hand is very selfish, and I would have a hard time giving her anything, unless she was in an extremely dire spot.

       

      The tough part comes when people you don't have a good relationship ask you for money and you have to tell them. Sorry, I just don't like you as much, or sorry, I think you are irresponsible, and my money would be better invested in a bonfire.

       

      Want to avoid all this crap? Claim through a trust to stay anonymous, and tell people you got lucky in the stock market, got a big bonus from closing a deal at work, or some other bogus explanation. Then, you control how much money they think you have, and people are less likely to ask for money earned than money won.

       

      This is not really about fairness, but about the bonds we share with others and our desire for their well-being.

      If you want fairness, you ask your family.

      1. Do you play Powerball or some form of gambling that enables you to win a large jackpot.

      2. How much would you give me if you won?

        Avatar
        Baton Rouge, LA
        United States
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        May 7, 2004
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        Posted: January 3, 2009, 10:28 am - IP Logged

        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  

        Not easy being in that boat.  The only way I'm really able to deal with it is the two of them live in two different cities, neither of which I live in.  With my brother and sister, their problem is they both have major god complexes and need to come down off their pedestals.  Until then, I have as little to do with them as possible.

        Prisoner Six

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

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          Monkey Butt, USA
          United States
          Member #54569
          August 23, 2007
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          Posted: January 3, 2009, 6:18 pm - IP Logged

          Party

           

          If I don't know anything else I know my people. I have family members and relatives. My family is my spouse, my kids, and my grandkid. Kids and grandkid were spoiled by me. Yes Nod 

          The relatives are all of the other blood related and non-blood related folks.

          I can honestly say the relatives wouldn't know I have won since I don't deal with them. And if they found out I still would not deal with them. Should I decide to give anything then it would be because I choose to not because of a sob story. I stopped caring about those when I saw everyone around me living better than me when I had free purse strings.

          If any of my family members or relatives won I would not expect or desire anything from them. I would accept a gift as long as it was not expensive. I don't want my house or car paid off. My family knows that any monetary gifts would be spent on them. Hey what can I say.... I have no life I have kids and a grandkid all of whom I love to spoil.Lovies

            Elizabeth03's avatar - cat anm.gif
            Nova Scotia
            Canada
            Member #9934
            December 27, 2004
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            Posted: January 4, 2009, 2:48 pm - IP Logged

            My brother nor my nephew would give me that much money, since they are both very selfish and greedy, they like money too much and they like spending it even more, so I wouldn't get very much money from them..

             

            They are not very reliable with most things in their lives..Sad Wavey

             

            If I won money on the other hand, I could finally pay off the bills, feel more peace of mind that way, anyway..Noel

              bigato1010's avatar - army

              United States
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              February 22, 2006
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              Posted: January 5, 2009, 9:21 pm - IP Logged

              My brother nor my nephew would give me that much money, since they are both very selfish and greedy, they like money too much and they like spending it even more, so I wouldn't get very much money from them..

               

              They are not very reliable with most things in their lives..Sad Wavey

               

              If I won money on the other hand, I could finally pay off the bills, feel more peace of mind that way, anyway..Noel

              I will let you know when i win lol

                Vergie6's avatar - DSCN5541
                North Carolina
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                March 29, 2008
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                Posted: January 5, 2009, 9:32 pm - IP Logged

                I have been thinking in terms of if I win how much would I give them because none of them hardly ever play the lottery...lol

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                  New Member

                  United States
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                  January 5, 2009
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                  Posted: January 5, 2009, 10:29 pm - IP Logged

                  If I won, I would give my sister well over 50k, but it wouldn't be all at once. My children come first, and I would like to save as much of the gift tax exclusion as possiable. So they would pay less estate taxes when I pass.

                   

                  Either way I would buy a house in my name where my sister can live rent free. I would also set up a CRT of 10% of my winnings. A CRT trust MUST pay out at least 5% of the amount donated. If I win 16 million, I would be making a donation of 1.6 million. That would pay me 80k a year. I would send 13k of that to my sister (and parents) each year. That leaves me 41k to spend on myself or to gift out to other friends.

                  That gives them a set income each year for doing nothing. They wouldn't have to worry about hospital bills, school fees or rent. All they would have to worry about is bills, and they have 13k to take care of most that. Pretty much make sure that they have everything that then need, so that their work income can go to living life as they choose.

                   

                  If I won 16 million that would spend roughly around 2 million to take care of everyone (400k for the house). Plus I should get a big tax refund base one my 1.6 donation.

                   

                  Since I would do this for my sister, I would expect the same.

                    mylollipop's avatar - Trek STLOGO6.png

                    United States
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                    October 21, 2005
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                    Posted: January 6, 2009, 1:50 am - IP Logged

                    I must clarify my choice with the following disclaimer.  One brother; would be generous, very generous; another would be sorta generous; and my stingy sister---that says it right---0%!

                      rundown99's avatar - cigar

                      United States
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                      Posted: January 7, 2009, 5:35 am - IP Logged

                      I have an idea.  Why not just be anonymous by winning the lottery in a state where you can remain anonymous?  Set up a will so that when you die, whatever amount of money you want to send out can be given to whomever.  After you die, it won't matter how greedy family members or relatives will be, because you will already be dead and they can't argue with how much money you should give them after you die.

                      Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

                      If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!

                        diamondpalace's avatar - Untitled 2.jpg
                        Dallas, TX
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                        Posted: January 12, 2009, 4:54 pm - IP Logged

                        My siblings are close, so we'll be set for life basically.

                          TheGameGrl's avatar - character catafly.jpg
                          A long and winding road
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                          Posted: January 13, 2009, 10:59 pm - IP Logged

                          So often its been said to expect the unexpected in life. With that said, Id use such theory in my response.

                          I *EXPECT* That none of my six siblings would give a dime or any currency if they won. So I'll expect the unexpected with them and say theyd give a dern :)

                          The irony is...I would give to two of my siblings in a heartbeat, since they still maintain normalcy to some level in caring.

                          ~~Is it true, Is it kind,Is it necessary. ~~~

                           Thanks be to the giving numbers: 1621,912,119 02014

                            L J1's avatar - chi jpeg.jpg
                            Michigan
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                            Posted: January 14, 2009, 7:31 pm - IP Logged

                            I woundn't expect anything, and I would be truely happy for them in these times. But.... on the other hand, if I was the winner of lotto 1st prize, I know for sure I would have many people I don't even know asking for a loan... sort of speak, cause I could hide the wealth for only so long. And on top of that, there are some people I would really want to help out, but that's when the winning news gossip takes off.

                            Balance is Key