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Question about winning Jackpot

Topic closed. 4 replies. Last post 4 years ago by whiteballz.

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Artemis's avatar - Alice
New England
United States
Member #100508
November 13, 2010
96 Posts
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Posted: November 10, 2012, 2:57 am - IP Logged

Is it possible to split a Powerball/Megamillions Jackpot however you want to?

For example, if I won $120 million, but just wanted to give my sister a $10 million split, could she claim it legally/publically (the way a group would)? 

Hope this makes sense lol 

Thanks

    BobP's avatar - bobp avatar.png
    Dump Water Florida
    United States
    Member #380
    June 5, 2002
    3104 Posts
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    Posted: November 10, 2012, 7:42 am - IP Logged

    Is it possible to split a Powerball/Megamillions Jackpot however you want to?

    For example, if I won $120 million, but just wanted to give my sister a $10 million split, could she claim it legally/publically (the way a group would)? 

    Hope this makes sense lol 

    Thanks


    In my opinion, no.  Though there is enough difference from game to game to make it worth actually checking with the lottery you plan to play.  Some lotteries require a group be formed prior to the draw(s).  Most groups are an equal split based on return on equal ticket purchase per member.  Otherwise you would have to consult a tax attorney to form a unequal partnership or coporation to claim the prize, pay taxes and distribute the cash as agreed.   

    BobP

      Piaceri's avatar - sarsony1
      Republic of Texas
      United States
      Member #57557
      January 9, 2008
      1095 Posts
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      Posted: November 10, 2012, 7:54 am - IP Logged

      I would think you could claim with an entity like a Family Limited Partnership where you can have unequal beneficiaries. But then again, you'd need to check with an estate atty to be sure. With a big jackpot win, I'd think the first phone call would be to an estate atty long before the investment guy. You've got to get the money before you can invest the money. Wink

      face

      singlewinnersinglewinnersinglewinner   

        Mr-Smith's avatar - Lottery-057.jpg
        rekjavik
        Iceland
        Member #99537
        October 27, 2010
        177 Posts
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        Posted: November 10, 2012, 8:53 am - IP Logged

        Blind trust....... is the way to go.

        You have been weighed, you have been measured, and you have been found wanting. In what world could you possibly beat me?Patriot

          whiteballz's avatar - Lottery-015.jpg
          Nutley, New Jersey
          United States
          Member #131058
          August 1, 2012
          875 Posts
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          Posted: November 10, 2012, 10:39 am - IP Logged

          yes. Ask for a Multiple Ownership Claim Form at the lottery office.

          .