SharingPrev Topic Next Topic

New Topic New Poll

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

Yes, all of them

[ 25 ]

[ 35.7% ]

No, none of them

[ 3 ]

[ 4.3% ]

Just certain ones

[ 35 ]

[ 50.0% ]

I won't tell anybody I won

[ 7 ]

[ 10.0% ]

Total valid votes

[ 70 ]

Discarded votes

[ 3 ]

rdgrnr

100

The Hall Of The Mountain Kings Tennessee
United States
Member #73,902
April 28, 2009
15,378 Posts
Offline

Oct 5, 2009, 8:24 pm

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.
GamerMom

United States
Member #60,533
April 21, 2008
460 Posts
Offline

Oct 5, 2009, 8:32 pm

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.
Base400

TN
United States
Member #80,855
October 5, 2009
63 Posts
Offline

Oct 5, 2009, 8:36 pm

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

United States
Member #60,533
April 21, 2008
460 Posts
Offline

Oct 5, 2009, 8:43 pm

Quote: Originally posted by Base400 on Oct 5, 2009
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

100

The Hall Of The Mountain Kings Tennessee
United States
Member #73,902
April 28, 2009
15,378 Posts
Offline

Oct 5, 2009, 8:46 pm

Quote: Originally posted by GamerMom on Oct 5, 2009
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.
marcie

50

Ohio
United States
Member #49,978
February 21, 2007
35,549 Posts
Offline

Oct 5, 2009, 9:13 pm

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 Popular numbers

12345

67890

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

United States
Member #60,533
April 21, 2008
460 Posts
Offline

Oct 5, 2009, 9:17 pm

Quote: Originally posted by rdgrnr on Oct 5, 2009
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

Dump Water Florida
United States
Member #380
June 5, 2002
3,574 Posts
Offline

Oct 6, 2009, 2:39 am

Quote: Originally posted by rdgrnr on Oct 5, 2009
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

NC
United States
Member #11,741
February 23, 2005
1,234 Posts
Offline

Oct 6, 2009, 5:13 am

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.

KZM
hearsetrax

United States
Member #52,343
May 21, 2007
3,790 Posts
Offline

Oct 6, 2009, 6:59 am

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

United States
Member #47,419
November 4, 2006
3,930 Posts
Offline

Oct 6, 2009, 11:30 am

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

United States
Member #60,533
April 21, 2008
460 Posts
Offline

Oct 6, 2009, 12:41 pm

Quote: Originally posted by tiggs95 on Oct 6, 2009
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.
KY Floyd

NY
United States
Member #23,834
October 16, 2005
4,771 Posts
Offline

Oct 6, 2009, 4:50 pm

Quote: Originally posted by GamerMom on Oct 5, 2009
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

United States
Member #60,533
April 21, 2008
460 Posts
Offline

Oct 6, 2009, 6:37 pm

Quote: Originally posted by KY Floyd on Oct 6, 2009
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

Wandering Aimlessly
United States
Member #25,359
November 5, 2005
4,461 Posts
Offline

Oct 6, 2009, 7:10 pm

Quote: Originally posted by GamerMom on Oct 5, 2009
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.

New Topic New Poll

Subscribe to this topic

SharingPrev TopicNext Topic

SharingPrev Topic Next Topic