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billionaire2bee

United States
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July 25, 2012
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Apr 30, 2013, 8:00 am

So if you won the jackpot and wanted to give someone a new car....like maybe they want a new let's say a corvette with all the bells and whistles...costs what maybe 50 60 thousand...could you buy it in your name then sell it to them at like maybe $100...would he then just be responsible for the yearly adjusted value only...or not?? Would it work for houses and other gifts too??
joshuacloak

United States
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Apr 30, 2013, 8:11 am

its called a trust

aka you would be main trust beneficiary, how is simple, have lawyer handle all this part , they can set it up for your needs

u can supply a endless amount of names to trust as other for beneficiary then just u

then have trust give them all money u want,

gift tax is must retarded tax out there

govt first tax the money when got to u,

, then tax's it again just for giving it away,that's double tax, wtf greedy govt

anywot this joke of a tax has loopholes size texas, just use trust route

irs cant claim u bypassing any gift tax, if money comes form trust " the trust that collects prize and pays taxs on lottery prize, then gives it out to trust beneficiaries

issue fixed, good day sir

One tequila, two tequila, three tequila, floor.
HoLeeKau

Idaho
United States
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July 17, 2010
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Apr 30, 2013, 9:50 am

One way to get around taxes on a house is to build it on property they already own. That's how Extreme Makeover does it. They lease the land, and build the house. The loophole is that a property owner does not have to pay taxes on improvements that a tenant makes.

Of course that won't work if they hate their neighborhood and want to move.
billionaire2bee

United States
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July 25, 2012
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Apr 30, 2013, 4:33 pm

Quote: Originally posted by joshuacloak on Apr 30, 2013
its called a trust

aka you would be main trust beneficiary, how is simple, have lawyer handle all this part , they can set it up for your needs

u can supply a endless amount of names to trust as other for beneficiary then just u

then have trust give them all money u want,

gift tax is must retarded tax out there

govt first tax the money when got to u,

, then tax's it again just for giving it away,that's double tax, wtf greedy govt

anywot this joke of a tax has loopholes size texas, just use trust route

irs cant claim u bypassing any gift tax, if money comes form trust " the trust that collects prize and pays taxs on lottery prize, then gives it out to trust beneficiaries

issue fixed, good day sir

Yes but what if you dont want to name friends in your trust??
ttech10

Texas
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June 5, 2010
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Apr 30, 2013, 8:28 pm

I always wondered about simply opening an account and then adding someone else on as a co-signer. They would have access to it and be given a debit card and checks, but I would be the primary owner. I know when I was co-signer to someone else's account, it was them who had to deal with any tax implications of the account.

I've always planned on sharing some winnings with a really close friend and this would allow for that without having to deal with any dumb gift taxes.
C0w Pi3

Delaware
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May 1, 2013, 12:36 am

Quote: Originally posted by ttech10 on Apr 30, 2013
I always wondered about simply opening an account and then adding someone else on as a co-signer. They would have access to it and be given a debit card and checks, but I would be the primary owner. I know when I was co-signer to someone else's account, it was them who had to deal with any tax implications of the account.

I've always planned on sharing some winnings with a really close friend and this would allow for that without having to deal with any dumb gift taxes.

You'd have to REALLY REALLY trust that friend..
BuyLow

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May 1, 2013, 5:58 am

Quote: Originally posted by C0w Pi3 on May 1, 2013
You'd have to REALLY REALLY trust that friend..

I think ttech10 means that you'd only put into that account what you wanted to give to that person......
savagegoose

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May 1, 2013, 6:48 am

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billionaire2bee

United States
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July 25, 2012
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May 1, 2013, 6:59 am

Quote: Originally posted by ttech10 on Apr 30, 2013
I always wondered about simply opening an account and then adding someone else on as a co-signer. They would have access to it and be given a debit card and checks, but I would be the primary owner. I know when I was co-signer to someone else's account, it was them who had to deal with any tax implications of the account.

I've always planned on sharing some winnings with a really close friend and this would allow for that without having to deal with any dumb gift taxes.

I do like that idea....but you'd have to make sure that they wouldn't overdraft that account
PlayToWin47

Joplin MO
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January 28, 2013
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May 1, 2013, 10:26 am

Quote: Originally posted by joshuacloak on Apr 30, 2013
its called a trust

aka you would be main trust beneficiary, how is simple, have lawyer handle all this part , they can set it up for your needs

u can supply a endless amount of names to trust as other for beneficiary then just u

then have trust give them all money u want,

gift tax is must retarded tax out there

govt first tax the money when got to u,

, then tax's it again just for giving it away,that's double tax, wtf greedy govt

anywot this joke of a tax has loopholes size texas, just use trust route

irs cant claim u bypassing any gift tax, if money comes form trust " the trust that collects prize and pays taxs on lottery prize, then gives it out to trust beneficiaries

issue fixed, good day sir

If I won enough and wanted to give away enough that gift taxes were an issue, I'd definitely go the 'trust' route ... assuming that I can't just have it split at the lottery office.
billionaire2bee

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May 1, 2013, 1:37 pm

Quote: Originally posted by PlayToWin47 on May 1, 2013
If I won enough and wanted to give away enough that gift taxes were an issue, I'd definitely go the 'trust' route ... assuming that I can't just have it split at the lottery office.

So you'd be ok with naming friends and neighbors in your trust ??
joshuacloak

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May 1, 2013, 2:14 pm

Quote: Originally posted by billionaire2bee on May 1, 2013
So you'd be ok with naming friends and neighbors in your trust ??

u may have some major false assumptions about trusts or something going on

but they are By large and far, best option there is when it comes to sharing on YOUR terms

if i won say massive 200m , atfer taxes, lets just say its 100m CASH trust has now

i can write up trust, naming me get say 99% or 99m of money

then put in 5 friends names getting each 200k,

now am guesting one false assumptions , is okay so I drop dead, now they get other 99m?

no no no no, u can even write who gets Money if someone dies........... aka who gets your 99m share if u die. etc

its just is a writen contract

if u write whole thing your self, just like freaking should do, its all on your terms

hance why u should get a great lawyer if u large winner, there many MANY trust lawyers all over freaking place

for instant, say am wealthy man with no wife etc with billion in cash, if i drop dead today,and have 4 kids,

u think okay so they each get 250m? NOPE

govt comes in with there death tax, stealing a lot of "40% with an exemption of $5 million ($10 million for couples)"

however, if dad wealth was in TRUST, aka 1 billion a trust, with trust spelling out, dad wealth, he gets 99% of it, u kids x amount to live on

dad sure for much running the show, however when he drops died, GOVT can't come in and CLAIM death tax, no freaking 40% of a billion for them, or 400m if get the idea

it goes right to 4 kids, untaxed

now same holds true for lottery winners

u can write up whatever terms u want, who gets what, what amount, ETC, what happens if 1 person dies , etc

it can all be covered

irs tax it once up front, but ever time trust beneficiaries take money out no TAX

sense its already been taxed first time

i use a trust if i was rich self made billioner or a lottery winner is my freaking point here,the thing is WHAT rich people USE

if your idea is how to best share millions of cash, then taking trust is BEST

lets say your goal was how to race across a lake as fast as possible

a trust would be like packing a speed boat to race across the lake

now if refuse to use speed boat, fine, but its like grabbing a row your self boat, insisting the Kayak paddle a better option then speed boat

there NOT many better options then speed boat on large lake, if your idea to freaking RACE across

just like a trust is best option over ever thing else

your asking us how to freaking share money and get around gift taxes, TAKE THE TRUST route, or pick a Kayak paddle and have fun , u asked, u got told, i give up on trying to spell it out so u can understand anymore

One tequila, two tequila, three tequila, floor.
PlayToWin47

Joplin MO
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January 28, 2013
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May 1, 2013, 2:30 pm

Quote: Originally posted by billionaire2bee on May 1, 2013
So you'd be ok with naming friends and neighbors in your trust ??

I'd have to educate myself more on how trusts work, but from what little I've heard, I think naming family, friends, etc. would be ok.

I do appreciate all the good info that joshuacloak has posted concerning trusts!!! I think, however, I would hire the lawyer familiar with trusts, instead of doing it myself ... just so I don't miss some legal thing that causes me grief.
dallascowboyfan

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May 1, 2013, 5:43 pm

Quote: Originally posted by savagegoose on May 1, 2013
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LOL good one

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billionaire2bee

United States
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July 25, 2012
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May 1, 2013, 6:34 pm

Quote: Originally posted by joshuacloak on May 1, 2013
u may have some major false assumptions about trusts or something going on

but they are By large and far, best option there is when it comes to sharing on YOUR terms

if i won say massive 200m , atfer taxes, lets just say its 100m CASH trust has now

i can write up trust, naming me get say 99% or 99m of money

then put in 5 friends names getting each 200k,

now am guesting one false assumptions , is okay so I drop dead, now they get other 99m?

no no no no, u can even write who gets Money if someone dies........... aka who gets your 99m share if u die. etc

its just is a writen contract

if u write whole thing your self, just like freaking should do, its all on your terms

hance why u should get a great lawyer if u large winner, there many MANY trust lawyers all over freaking place

for instant, say am wealthy man with no wife etc with billion in cash, if i drop dead today,and have 4 kids,

u think okay so they each get 250m? NOPE

govt comes in with there death tax, stealing a lot of "40% with an exemption of $5 million ($10 million for couples)"

however, if dad wealth was in TRUST, aka 1 billion a trust, with trust spelling out, dad wealth, he gets 99% of it, u kids x amount to live on

dad sure for much running the show, however when he drops died, GOVT can't come in and CLAIM death tax, no freaking 40% of a billion for them, or 400m if get the idea

it goes right to 4 kids, untaxed

now same holds true for lottery winners

u can write up whatever terms u want, who gets what, what amount, ETC, what happens if 1 person dies , etc

it can all be covered

irs tax it once up front, but ever time trust beneficiaries take money out no TAX

sense its already been taxed first time

i use a trust if i was rich self made billioner or a lottery winner is my freaking point here,the thing is WHAT rich people USE

if your idea is how to best share millions of cash, then taking trust is BEST

lets say your goal was how to race across a lake as fast as possible

a trust would be like packing a speed boat to race across the lake

now if refuse to use speed boat, fine, but its like grabbing a row your self boat, insisting the Kayak paddle a better option then speed boat

there NOT many better options then speed boat on large lake, if your idea to freaking RACE across

just like a trust is best option over ever thing else

your asking us how to freaking share money and get around gift taxes, TAKE THE TRUST route, or pick a Kayak paddle and have fun , u asked, u got told, i give up on trying to spell it out so u can understand anymore

So this would work if I just wanted to give a one-time gift to someone as well then?

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