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Regarding sharing a jackpot

Topic closed. 9 replies. Last post 3 years ago by djklaugh.

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Posted: April 30, 2014, 2:48 pm - IP Logged

Okay, this is a hypothetical question as I have not won it yet...

Suppose I win 100 million dollars in the Megamillons or Powerball games all by myself, and I want give different amounts to different friends. Do the multi-state lotteries allow for that or do they only allow for jackpots to be evenly split up among the owner of the ticket and the recipients he/she chooses? Let's say, I want to give 10 million to 4 very close friends and 5 millon to 4 good friends (and keep the rest of the jackpot for myself), will the lottery headquaters (in my case, NY State) be able to cut 9 checks of varied amounts?

Thanks.

mama moolah

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    Posted: April 30, 2014, 2:56 pm - IP Logged

    Good qeustion, my guess is probably not.

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      Posted: April 30, 2014, 6:43 pm - IP Logged

      Okay, this is a hypothetical question as I have not won it yet...

      Suppose I win 100 million dollars in the Megamillons or Powerball games all by myself, and I want give different amounts to different friends. Do the multi-state lotteries allow for that or do they only allow for jackpots to be evenly split up among the owner of the ticket and the recipients he/she chooses? Let's say, I want to give 10 million to 4 very close friends and 5 millon to 4 good friends (and keep the rest of the jackpot for myself), will the lottery headquaters (in my case, NY State) be able to cut 9 checks of varied amounts?

      Thanks.

      mama moolah

      It probably depends in which state and there isn't that type of info on the NY site. Some states will only issue one check even if they know a pool won the prize. I'm pretty sure if the jackpot is divided by a pool in the states that allow multiple checks, each check is for the same amount.

      Might check with an attorney and may need to form a trust to distribute the money in uneven amounts.

        rcbbuckeye's avatar - Lottery-043.jpg
        Texas
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        Posted: April 30, 2014, 7:40 pm - IP Logged

        Okay, this is a hypothetical question as I have not won it yet...

        Suppose I win 100 million dollars in the Megamillons or Powerball games all by myself, and I want give different amounts to different friends. Do the multi-state lotteries allow for that or do they only allow for jackpots to be evenly split up among the owner of the ticket and the recipients he/she chooses? Let's say, I want to give 10 million to 4 very close friends and 5 millon to 4 good friends (and keep the rest of the jackpot for myself), will the lottery headquaters (in my case, NY State) be able to cut 9 checks of varied amounts?

        Thanks.

        mama moolah

        Stack is correct in that some states will pay out to one individual, or one entity. In Texas, if a person wins, only that person will recieve the money. That person would have to distribute the money to the others. If a group wins, then that group needs to become an entity, or partnership, probably through an attorney, and the money would be paid into a bank account belonging to that partnership.

        I'm not sure, but I believe in Oklahoma they will pay each member of a group that wins a jackpot. Dallascowboyfan is from OK, she might know.

        CAN'T WIN IF YOU'RE NOT IN

        A DOLLAR AND A DREAM (OR $2)


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          Posted: April 30, 2014, 8:05 pm - IP Logged

          when my uncle won 3.8 million from a lottomax pot at work they let him share his winnings tax free with anyone he wanted.

           

          I don't know about the states.

            rdgrnr's avatar - walt
            Way back up in them dadgum hills, son!
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            Posted: April 30, 2014, 11:11 pm - IP Logged

            Okay, this is a hypothetical question as I have not won it yet...

            Suppose I win 100 million dollars in the Megamillons or Powerball games all by myself, and I want give different amounts to different friends. Do the multi-state lotteries allow for that or do they only allow for jackpots to be evenly split up among the owner of the ticket and the recipients he/she chooses? Let's say, I want to give 10 million to 4 very close friends and 5 millon to 4 good friends (and keep the rest of the jackpot for myself), will the lottery headquaters (in my case, NY State) be able to cut 9 checks of varied amounts?

            Thanks.

            mama moolah

            "Let's say, I want to give 10 million to 4 very close friends..."

            I am available for very close friendship, Mama.   LoverLoviesLove

              RJOh's avatar - chipmunk
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              Posted: May 1, 2014, 8:54 am - IP Logged

              Okay, this is a hypothetical question as I have not won it yet...

              Suppose I win 100 million dollars in the Megamillons or Powerball games all by myself, and I want give different amounts to different friends. Do the multi-state lotteries allow for that or do they only allow for jackpots to be evenly split up among the owner of the ticket and the recipients he/she chooses? Let's say, I want to give 10 million to 4 very close friends and 5 millon to 4 good friends (and keep the rest of the jackpot for myself), will the lottery headquaters (in my case, NY State) be able to cut 9 checks of varied amounts?

              Thanks.

              mama moolah

              "Suppose I win 100 million dollars in the Megamillons or Powerball games all by myself, and I want give different amounts to different friends."

              If you choose to give some of your winnings to your friends it won't matter to the lottery, how ever if your friends are part owner of the winning ticket some states will allow each part owner to claim his/her share of the winnings and pay their own taxes.  If you choose to give your friends part of your winnings and it's over $13K, both you and your friends will have to pay additional gift taxes.  You should talk to a lawyer before claiming you winnings to know your options,

               * you don't need to buy more tickets, just buy a winning ticket * 
                 
                           Evil Looking       

                noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
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                Posted: May 1, 2014, 1:04 pm - IP Logged

                Okay, this is a hypothetical question as I have not won it yet...

                Suppose I win 100 million dollars in the Megamillons or Powerball games all by myself, and I want give different amounts to different friends. Do the multi-state lotteries allow for that or do they only allow for jackpots to be evenly split up among the owner of the ticket and the recipients he/she chooses? Let's say, I want to give 10 million to 4 very close friends and 5 millon to 4 good friends (and keep the rest of the jackpot for myself), will the lottery headquaters (in my case, NY State) be able to cut 9 checks of varied amounts?

                Thanks.

                mama moolah

                You could collect the check and divvy up said amounts to your close friends- however Uncle Sam is going to enter the picture at that point, he loves getting his hands on situations such as this. After his done eating into your share- his going to want a few bites from the other apples..... * gift Taxes.

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                  Posted: May 1, 2014, 1:40 pm - IP Logged

                  Stack is correct in that some states will pay out to one individual, or one entity. In Texas, if a person wins, only that person will recieve the money. That person would have to distribute the money to the others. If a group wins, then that group needs to become an entity, or partnership, probably through an attorney, and the money would be paid into a bank account belonging to that partnership.

                  I'm not sure, but I believe in Oklahoma they will pay each member of a group that wins a jackpot. Dallascowboyfan is from OK, she might know.

                  Now that's interesting...I wonder if you set up the trust or LLC can you have the percentage split up like say for instance, I win I set up trust/LLC and I have 60% and my siblings each get 20%..Can that be done??

                    djklaugh's avatar - Lottery-031.jpg
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                    Posted: May 1, 2014, 2:37 pm - IP Logged

                    Now that's interesting...I wonder if you set up the trust or LLC can you have the percentage split up like say for instance, I win I set up trust/LLC and I have 60% and my siblings each get 20%..Can that be done??

                    Maybe - depends on the laws where you live.  Talk to an attorney if/when you are in a situation that would make setting up a trust or LLC a reality.

                    Djklaugh

                      Some things have to be believed to be seen.

                    "I have not failed. I have just found ten thousand things that don't work".  Thomas Edison