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Sharing

Topic closed. 25 replies. Last post 7 years ago by KY Floyd.

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Do you intend to share any large lottery winnings (millions) with immediate family members?

Yes, all of them [ 25 ]  [35.71%]
No, none of them [ 3 ]  [4.29%]
Just certain ones [ 35 ]  [50.00%]
I won't tell anybody I won [ 7 ]  [10.00%]
Total Valid Votes [ 70 ]  
Discarded Votes [ 3 ]  
rdgrnr's avatar - walt
Way back up in them dadgum hills, son!
United States
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April 28, 2009
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Posted: October 5, 2009, 8:24 pm - IP Logged

I have always intended if I won really big to share my millions with my immediate family - parents, brothers, sisters, kids.

I'd like to know what others plan to do.


                                             
                     
                                         

 

 

 

 

                                                                                                   

"The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                            --Edmund Burke

 

 

    GamerMom's avatar - tails

    United States
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    April 21, 2008
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    Posted: October 5, 2009, 8:32 pm - IP Logged

    The 45% gift tax deters me from sharing MILLIONS but they would get $13k and a "job" like assistant, babysitter etc. with full medical benefits.

      Avatar
      TN
      United States
      Member #80857
      October 5, 2009
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      Posted: October 5, 2009, 8:36 pm - IP Logged

      does that apply for every state? and the amount I give them is taxed 45%?

        GamerMom's avatar - tails

        United States
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        April 21, 2008
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        Posted: October 5, 2009, 8:43 pm - IP Logged

        does that apply for every state? and the amount I give them is taxed 45%?

        http://www.irs.gov/businesses/small/article/0,,id=108139,00.html

         

        Info on gift taxes.

          rdgrnr's avatar - walt
          Way back up in them dadgum hills, son!
          United States
          Member #73904
          April 28, 2009
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          Posted: October 5, 2009, 8:46 pm - IP Logged

          The 45% gift tax deters me from sharing MILLIONS but they would get $13k and a "job" like assistant, babysitter etc. with full medical benefits.

          I'll qualify my question by saying that what I meant by sharing is that the winnings are divided and assigned before payout and given in seperate checks to each person and hence each person pays their own tax at payout. Not given as a gift after payout from the lottery.


                                                       
                               
                                                   

           

           

           

           

                                                                                                             

          "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                      --Edmund Burke

           

           

            marcie's avatar - Lottery-060.jpg
            Ohio
            United States
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            February 21, 2007
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            Posted: October 5, 2009, 9:13 pm - IP Logged

            I would share it with my Family  and give some to Charity, and some to my favorite people.   I would also invest it.

            http://www.lotterypost.com/thread/233413    Sun Smiley Popular numbers

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            Use Mirror #'s Use prs. with your  Key* numbers the most Vivid thing in your dream go up or down on #'s.  Flip  6=9 `9=6  Bullseyes  0 or 1 for Pick 4 and the P. 5  Play the other part of doubles.  Do the Whole nine yards for a P. 4* P. 5*  or 0 thur 9  for P. 4  P. 5 from my dreams or hunches good Luck.. Write your Dreams down Play for 3 days.  Good Luck All.

              GamerMom's avatar - tails

              United States
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              April 21, 2008
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              Posted: October 5, 2009, 9:17 pm - IP Logged

              I'll qualify my question by saying that what I meant by sharing is that the winnings are divided and assigned before payout and given in seperate checks to each person and hence each person pays their own tax at payout. Not given as a gift after payout from the lottery.

              From my understanding Florida does not allow this so I am stuck with giving everybody 13k

                BobP's avatar - bobp avatar.png
                Dump Water Florida
                United States
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                June 5, 2002
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                Posted: October 6, 2009, 2:39 am - IP Logged

                I'll qualify my question by saying that what I meant by sharing is that the winnings are divided and assigned before payout and given in seperate checks to each person and hence each person pays their own tax at payout. Not given as a gift after payout from the lottery.

                In that case I change my vote to "NO WAY".   I also won't finance stupid business oppertunities, etc.   Maybe buy some land for the opossums to roam.  BobP

                  Kidzmom's avatar - cold
                  NC
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                  February 23, 2005
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                  Posted: October 6, 2009, 5:13 am - IP Logged

                  I intend on sharing but it would be better if nobody knew I had it.

                  Be kind to a stranger because you never know when you are talking to an angel.Blue Angel

                   

                  KZM

                    hearsetrax's avatar - 0118

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                    Posted: October 6, 2009, 6:59 am - IP Logged

                    Twitch votes : other ----- >  not if I can help it ... but thars a few I'd try and help provided they'd keep thar yapps shut and never ask again

                      tiggs95's avatar - Lottery-036.jpg

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                      November 4, 2006
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                      Posted: October 6, 2009, 11:30 am - IP Logged

                      Problem sharing with family is that they don't want what you give them they want half of what you win so move and start a new life..

                        GamerMom's avatar - tails

                        United States
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                        Posted: October 6, 2009, 12:41 pm - IP Logged

                        Problem sharing with family is that they don't want what you give them they want half of what you win so move and start a new life..

                        Exactly what I would choose to do should I win a huge JP.  And "friends" too.  We are friends with a couple that more or less chose to live in poverty and I know they would be the first to come at us with big puppy dog eyes and their hands out.  It would be hard to say no because they have children but if I moved that would be a non issue.

                          Avatar
                          NY
                          United States
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                          October 16, 2005
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                          Posted: October 6, 2009, 4:50 pm - IP Logged

                          From my understanding Florida does not allow this so I am stuck with giving everybody 13k

                          Florida, as other states, has absolutely zero ability to regulate how you choose to share your property, whether it's a lottery ticket or a pizza. The only thing that matters in regards to tax liability is whether you're smart enough to share a ticket that is worth far less than the limit on untaxed gifts, or dumb enough to wait and share a prize that is well beyod the gift tax threshold.

                            GamerMom's avatar - tails

                            United States
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                            April 21, 2008
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                            Posted: October 6, 2009, 6:37 pm - IP Logged

                            Florida, as other states, has absolutely zero ability to regulate how you choose to share your property, whether it's a lottery ticket or a pizza. The only thing that matters in regards to tax liability is whether you're smart enough to share a ticket that is worth far less than the limit on untaxed gifts, or dumb enough to wait and share a prize that is well beyod the gift tax threshold.

                            I'm referring to claiming a ticket with another person, which is what i'm assuming rdgrnr was talking about.  I know they do not allow trusts to claim...

                              justxploring's avatar - villiarna
                              Wandering Aimlessly
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                              November 5, 2005
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                              Posted: October 6, 2009, 7:10 pm - IP Logged

                              From my understanding Florida does not allow this so I am stuck with giving everybody 13k

                              GamerMom, just in case there's a misunstanding, the $13,000 is an exemption, not the amount you can give.  In other words, if you give 5 people $100,000 each, for example, you still won't have to pay a gift tax.  You just don't need to report the first $13,000 because it's exempt.   You can write a lot of $13,000 checks to everyone you know, but the reason there is that law is to monitor wealth transfer. 

                              However, you can give up to $1 million in your lifetime without paying gift tax.   You have to report the amount that exceeds $13,000 and then the total is deducted from the estate tax exemption after you die.  So if you report giving away a million bucks and the Estate Tax exemption is $3.5 million, the $1 million you gave away while you were alive will reduce it to $2.5 million.

                              Regarding a Trust - many people have claimed their prizes in FL using a Trust.  I've read many press releases where it says "The GamerMom Family Trust claimed the $20 million Lotto..."  I think you're confusing this with remaining anonymous.  The names of the people who are named in the Trust are still listed.   Still, that won't save you income tax.  The Trust is paid & 25% is deducted as required by law.  The executor of the trust (which could be you) or its attorney will then distribute the money.  Most of the time a Trust only helps save money when you die, but if I ever win several million, I'll hire a good attorney.  If it's "only" a couple million, I think I can handle that amount myself.