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A VERY serious topic.

Topic closed. 41 replies. Last post 1 year ago by Teddi.

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travelintrucker's avatar - morph
Greenville, SC
United States
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November 4, 2015
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Posted: November 12, 2015, 7:50 am - IP Logged

Sharing lottery winnings with family and friends. Should you or should you not. How much to give? Will it be enough? Will they think it's enough? Would they be able to handle the money they are given? Would they come back for more money? Would they run into financial problems from significant other(s). Would the money put them in danger as far as murder or kidnappings? Would they be able to keep their mouth's shut!? This is something I've thought about for awhile. I'm not close with my family. I hardly ever hear from them. When I'm home it's just me and my dad whom is disabled. I'd help him out because he has no one to help him and it'd be great to get him off the Government dole. I think about a guy like Jack Whittaker, whom already was a millionaire business man. I played in the drawing that he won. We had just got Powerball in SC. I think about all the stuff he went through. Some of it is of his own doing. Not just him. I remember a News segment with a past winner that said he had to hire security for his family. Some family members and friends that received money cut off contact after they got the money. When you ask/want to win the lottery, you're asking/longing for a new life......somewhere else. (My opinion) I'd really like to hear your thoughts on this topic.

May the balls bounce in your favor!

    Tialuvslotto's avatar - Jailin
    Texas
    United States
    Member #150797
    December 31, 2013
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    Posted: November 12, 2015, 7:59 am - IP Logged

    These are serious questions and any lottery player should give them some thought. 

    I would ask you -- why would you want to give people money?  Is it because you enjoy their friendship and want to share, or because they don't pay you enough attention and you are trying to buy love?  I'm not judging here, but I think every person needs to understand how they think/hope these things will work out.

    For me, I would give disabled Dad all the help he needed and ignore the rest of them! Red Devil

    "There is no such thing as luck; only adequate or inadequate preparation to cope with a statistical universe."

    ~Robert A. Heinlein

      music*'s avatar - nw bookeep.jpg
      Happy California
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      August 2, 2014
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      Posted: November 12, 2015, 9:05 am - IP Logged

       The two letter word,"NO", has to be used.  Get together with your CPA, Certified Public Accountant, and discuss your questions with him/her. The IRS limits personal gifts to $14,000.00 per person. If you give more than that then you will owe gift taxes of 40%. 

       Of course, all this depends on you winning big. Good Luck!!

       Keep on reading Lottery Post members and use the Search box which is located at the top right of this page.

       Chi ha danari, trova cugini. (He who has money finds many cousins.) Italian proverb

        HoLeeKau's avatar - YheaShea
        Idaho
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        July 17, 2010
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        Posted: November 12, 2015, 10:27 am - IP Logged

        I think Jack Whittiker's problems were 99% his own fault.  If you broadcast that you carry suitcases full of cash which you leave in your car while you get plastered at strip joints, well of course you're gonna need bodyguards.

        Based just on the sketch you gave us, I agree with Tia.  Help your dad.  Continue to ignore the family you're not close to.  I think you can stay anonymous in SC can't you?

        I'm not close to any of my family either.  Can't even call them "family" anymore with a straight face.  They're just people I'm related to by blood.  Haven't heard from any of them in years.  My name would be published if I won here in Idaho, so they would know and at least 2 of them would expect me to give them some.  I'd have to get an unpublished cell phone to avoid their demands. 

        I have one sibling who would do anything for money.  I'd have to get an airtight will that said none of my siblings would inherit anything no matter what.  Then send that to all of them.  Otherwise she might be tempted to kill me.  No joke.  Even if I just disinherited her, she'd kill me thinking she could get the others to give her part of their inheritance.

          Coin Toss's avatar - shape barbed.jpg
          Zeta Reticuli Star System
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          Posted: November 12, 2015, 10:39 am - IP Logged

          travelintrucker,

          No, it will never be enough. Whatever you give will be blown and lead to requests for more.

          "Slap another million on me, you've still got multimillions."

          Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

          Lep

          There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

            travelintrucker's avatar - morph
            Greenville, SC
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            Posted: November 12, 2015, 12:34 pm - IP Logged

            As far as my family that I really don't speak to, I couldn't care less if they wouldn't speak to me anymore for not wanting to give them money. I live with my dad the little time that I am at home. We are like the outcasts of the family.

            May the balls bounce in your favor!

              zephbe's avatar - animal butterfly.jpg
              South Carolina
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              July 15, 2009
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              Posted: November 12, 2015, 12:40 pm - IP Logged

              If your family and friends won a lottery--would they share with you?  Don't claim in your name--get a revocable trust.  You and Dad be happy.  Salvation Army and Food Pantries could use a donation.

              Every champion was once a contender who refused to give up.-Rocky Balboa

              “Don’t let someone who gave up on their dreams talk you out of going after yours.” – Zig Ziglar

                travelintrucker's avatar - morph
                Greenville, SC
                United States
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                Posted: November 12, 2015, 12:42 pm - IP Logged

                Yes, you can stay anonymous in SC. I was mostly talking about the pitfalls of sharing the windfall with relatives. Would it screw up their lives. Like a lot of people out there, I have relatives that have kids.  Some with people they aren't married to. If they got a big chunk of cash all of a sudden, their exes could take them back to court to try to get more money in support. Those are problems they didn't ask for. Not to mention, some of my relatives hang out with some shady people. I wouldn't want to hear about someone trying to or killing one of my relatives trying to steal money from them. Or would they get strung out on drugs. It's a serious topic that requires a lot of thought.

                May the balls bounce in your favor!

                  travelintrucker's avatar - morph
                  Greenville, SC
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                  Posted: November 12, 2015, 12:43 pm - IP Logged

                  I'm not the type to ask people for money. I'd accept money, but not ask for it.

                  Had to pick up in New York. Heading to North Carolina.

                  May the balls bounce in your favor!

                    zephbe's avatar - animal butterfly.jpg
                    South Carolina
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                    Posted: November 12, 2015, 12:44 pm - IP Logged

                    Yes, you can stay anonymous in SC. I was mostly talking about the pitfalls of sharing the windfall with relatives. Would it screw up their lives. Like a lot of people out there, I have relatives that have kids.  Some with people they aren't married to. If they got a big chunk of cash all of a sudden, their exes could take them back to court to try to get more money in support. Those are problems they didn't ask for. Not to mention, some of my relatives hang out with some shady people. I wouldn't want to hear about someone trying to or killing one of my relatives trying to steal money from them. Or would they get strung out on drugs. It's a serious topic that requires a lot of thought.

                    Get a lawyer to set up trust fund for the kids where the parent has no control of it.

                      Avatar

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                      Posted: November 12, 2015, 1:00 pm - IP Logged

                      Step 1:  win lotto

                      Pause for several million years until you win.

                      Step 2:  lawyer up.  make it clear to your lawyer that you want 3 things

                      1. trust fund or some other estate mechanism
                      2. protect your loots from everybody wanting your loots
                      3. protect yourself from wasting your loots
                        Avatar
                        NYC
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                        November 17, 2014
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                        Posted: November 12, 2015, 3:28 pm - IP Logged

                        Sharing a major jackpot win equally......I would say NO . Since my relatives piss me off a regular basis. Especially my sister. But I would still help them out financially.

                          savagegoose's avatar - ProfilePho
                          adelaide sa
                          Australia
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                          April 11, 2006
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                          Posted: November 12, 2015, 8:51 pm - IP Logged

                          i was thinking a trust fund,  with what i would give, prob a mill ea person.  and the interest gets paid to ea. no lump sums, no spending, when they die the fund returns to my estate. If they want to disown me, dont take the cash, send the checks back. if i get 3 returned checks in a row , the fund will close and funds come back. i expect to lose a lot of " friends " bit of theyre based what i give them , who cares.

                          you know the saying you know who your friends are when the chips are down,

                          well i have another you'll know who your friends are when you win the lotto and dont hand out cash.

                          2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = ?  TOT =  -3596

                          keno historic = -2291 ; 2015= -603; 2016= -424; 2017 = ? TOT = - 3318

                            mikeintexas's avatar - tx avatar-1.gif
                            Texas Panhandle
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                            December 20, 2012
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                            Posted: November 12, 2015, 10:10 pm - IP Logged

                            As music* said above, you can give any number of people an annual gift of $14k each.  There's also the estate tax exemption of $5.43 million, which would be the max. amount that could be passed down to your heirs tax free, but you can also give away that much during your lifetime. (the annual gifts don't count against that amount as long as they're $14k or under per person) The kicker is you can't "double dip" on that amount - whatever you give away of that amount will deduct from that total of your exempt estate value.  (If you're married, both you and your spouse can ea. take the exemption, ditto for the annual gifts)  It's been a while since I read the article, but I remember something about someone's children inheriting a lottery annuity, but the problem was they first had to come up w/ the taxes for the entire remainder of the annuity before they got any of the money.   That's where creating a trust or partnership would be the way to go.   If you create a trust, then you can purchase or pay into a life insurance policy owned by the trust that could take care of some or all tax liabilities after you die. 

                            While I'd hope none of us would have to worry about our heirs bumping us off for their share of the estate, it HAS happened and in fact, family members have been responsible for the death of more lottery winners than at the hands of strangers.   I love and trust my nieces and nephews I'd leave the bulk of my estate to, but I'd probably also lie to them and tell them they'll get the annual checks as long as I could afford to give them or until I died...even if I did plan to leave them most of what I had left.  I call it "white lie insurance", costing nothing except a little blot on the truth.   I'd also hope it would keep them being quick on the trigger to "pull the plug" if it comes down to that.

                            Of course, the best course of action would be to consult with at least one reputable financial adviser shortly after you win. 

                            You can also pay for anyone's tuition or medical expenses, just as long as you pay the college or doctor/medical facility directly.

                            Read more at these sources:
                             
                            IRS Announces 2015 Estate And Gift Tax Limits

                            Taxes on Lottery Annuities


                            A people that elect corrupt politicians, impostors, thieves and traitors are not victims...but accomplices.
                             - George Orwell

                              maximumfun's avatar - Lottery-030.jpg
                              Lavender Rocket

                              United States
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                              March 16, 2012
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                              Posted: November 13, 2015, 1:53 am - IP Logged

                              As music* said above, you can give any number of people an annual gift of $14k each.  There's also the estate tax exemption of $5.43 million, which would be the max. amount that could be passed down to your heirs tax free, but you can also give away that much during your lifetime. (the annual gifts don't count against that amount as long as they're $14k or under per person) The kicker is you can't "double dip" on that amount - whatever you give away of that amount will deduct from that total of your exempt estate value.  (If you're married, both you and your spouse can ea. take the exemption, ditto for the annual gifts)  It's been a while since I read the article, but I remember something about someone's children inheriting a lottery annuity, but the problem was they first had to come up w/ the taxes for the entire remainder of the annuity before they got any of the money.   That's where creating a trust or partnership would be the way to go.   If you create a trust, then you can purchase or pay into a life insurance policy owned by the trust that could take care of some or all tax liabilities after you die. 

                              While I'd hope none of us would have to worry about our heirs bumping us off for their share of the estate, it HAS happened and in fact, family members have been responsible for the death of more lottery winners than at the hands of strangers.   I love and trust my nieces and nephews I'd leave the bulk of my estate to, but I'd probably also lie to them and tell them they'll get the annual checks as long as I could afford to give them or until I died...even if I did plan to leave them most of what I had left.  I call it "white lie insurance", costing nothing except a little blot on the truth.   I'd also hope it would keep them being quick on the trigger to "pull the plug" if it comes down to that.

                              Of course, the best course of action would be to consult with at least one reputable financial adviser shortly after you win. 

                              You can also pay for anyone's tuition or medical expenses, just as long as you pay the college or doctor/medical facility directly.

                              Read more at these sources:
                               
                              IRS Announces 2015 Estate And Gift Tax Limits

                              Taxes on Lottery Annuities

                              It would make the most sense to be as anonymous as possible - but with a better-half who thinks that all family needs to know - that leaves me telling them that they will ONLY get annual amounts from us for as long as we BOTH live, we actually have a will in place that gives savings/non-liquid assets to our local food-bank/homeless shelter with the remaining spouse having a life-estate in the property (dh's idea not mine) - we wanted to give them all LOTS of reasons to keep us alive and MINIMUM incentive to pull the plug - I can just imagine what would happen should we compound things by winning a jackpot!