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The ugly side of the win. How would you deal with close family and friends who...?

Topic closed. 62 replies. Last post 10 months ago by maoer!.

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Canada
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January 19, 2016
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Posted: January 19, 2016, 3:30 pm - IP Logged

I think most people know me well enough to know that I'm a no nonsense type of person who can take or leave just about anyone in my life (with the exception of my parents). I'd give my immediate family and the immediate family of my husband some money so they could live comfortably, but it would be a set amount and they'd have to know that what they got was what they got. As for my friends, I'd take them on a kickass vacation for a week to someplace like St. Barts and rent a mansion with a maid and a private chef, but that's about it. If anyone got mad they would be cut out of my life ASAP. I don't have the patience for beggars.

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    Morristown Tn
    United States
    Member #55441
    October 1, 2007
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    Posted: January 19, 2016, 6:38 pm - IP Logged

    I had big dreams with the past big power ball

    had everything written out    we have 7 siblings between us and host of necices and nephews, great nieces and nephews  and great great nieces and nephews    my parents,  his mom 

    i figured i could set them up with each a million dollars,  trust for my kids and grand kids and still have more left than i could ever spend

    but i did not win,  just wishful thinking

      MegaWinner's avatar - Lottery-029.jpg
      New Jersey
      United States
      Member #50273
      March 3, 2007
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      Posted: January 19, 2016, 8:46 pm - IP Logged

       Some persons need to be taught things about the lottery. I agree that how generous a lottery winner can be, depends on the net win.

       The co-winner in all jackpot games is of course, Uncle Sam. I have heard that he will audit winners often. Year after year. 

       Here in California if you win more then $350,000.00 the Lottery will interview you separately with Security official. They are protecting the real winners. Making sure that you are the winner. I can guess some of their questions.  Are you the winner? Where did you buy this ticket? About what time did you purchase it? Can you remember who else was in the store at that time? Do any of you LP members have more guesses?

      No Pity!

      Funny thing is, I usually don't ever check my tickets for weeks.  I would have long forgotten when and where I purchased that winning ticket.  I do however usually sign the back of them as soon as I buy them.

      Sun Smiley I got my fingers crossed ready to win!!! Sun Smiley

        Romancandle's avatar - moon
        Upacreek
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        December 8, 2012
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        Posted: January 19, 2016, 8:52 pm - IP Logged

        "I really do hate these kinds of threads"

        Lots of people have a problem with some aspect of reality.

        Green laugh

        I reject your reality and replace it with my own!

        -RC

          Romancandle's avatar - moon
          Upacreek
          United States
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          December 8, 2012
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          Posted: January 19, 2016, 8:53 pm - IP Logged

          I Agree! Without first hand experience the suppositions are nothing more than fiction.

          I Agree!

          -RC

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            Member #171275
            January 5, 2016
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            Posted: January 20, 2016, 5:27 am - IP Logged

            I read most of the replies here to the initial question and I couldn't help but think about how those people who want something for doing pretty much nothing accept being related to you or simply knowing you think. It seems that human beings are in general always looking out for number one so just how far they are willing to go to demonstrate how much "number one" means to them versus you is where the problems arise.  Some are just more selfish than others and they don't bother to have any empathy and try to imagine if they were in your place and had a nice sized financial windfall.  And then again there are some people out there who are incredibly unselfish and make no demands on anyone for anything.  Parents sometimes can be the most seemingly unselfish people as they treasure their children more than themselves it seems and will make huge sacrifices for them. They even say that their children are "everything" to them and in many cases they seem to.  Everyone has different priorities so it's most certainly a case by case or should I say a person by person sort of thing how you decide to hand out or make available monies or gifts.

             

            I agree that I would not want to give Uncle Sam anymore taxes than I already have so yeah the Gift Tax maximum is a great way to go, $14K per person per year or double if your spouse is willing to cooperate.

              rundown99's avatar - cigar

              United States
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              Posted: January 26, 2016, 12:39 pm - IP Logged

               Sudden money changes people. 

                Here in the U.S., you are allowed by the IRS to gift $14,000.00 to anyone gift tax free. If you are married then that amount doubles to $28,000.00  When you give more than that you will owe gift tax which could be 40% or more.

               This is when you need professional help from Tax Attorneys, accountants, and Certified Public Accountants. Just call the IRS if you have questions.

               It has been noted before that 70% of lottery winners run through their winnings within five years. We can now count Cynthia Stafford as another statistic. She has declared bankruptcy.

               It took ten years for Sharon Terrabassi from Canada to blow it all. She is now taking the bus to a low wage job. 

               Why? Why do sane winners do this to themselves?

              No way.  Did you say that Cynthia Stafford file for bankruptcy?  Are you talking about the woman that won $112 million in California five years ago?

              Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

              If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!

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                NYC
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                November 17, 2014
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                Posted: January 26, 2016, 1:02 pm - IP Logged

                No way.  Did you say that Cynthia Stafford file for bankruptcy?  Are you talking about the woman that won $112 million in California five years ago?

                ShE was on ABC now too long ago doing an interview. She said she filed for bankruptcy on Jan 6th of this year. For anyone who wins a jackpot and plans to invest, follow Brad Duke's story on how he invested his winnings. And do go spending like crazy or you will end up like Cynthia.

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                  January 26, 2016
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                  Posted: January 26, 2016, 1:47 pm - IP Logged

                  The best advice I have ever heard regarding lending family and friends money came from a Judge Judy episode:

                   

                  "I will lend you this money, pay me back whenever you can, but until it is fully repaid, do not ask for another cent!"

                   

                  I actually just had to do this to/for someone.

                    rundown99's avatar - cigar

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                    Posted: January 26, 2016, 1:48 pm - IP Logged

                    ShE was on ABC now too long ago doing an interview. She said she filed for bankruptcy on Jan 6th of this year. For anyone who wins a jackpot and plans to invest, follow Brad Duke's story on how he invested his winnings. And do go spending like crazy or you will end up like Cynthia.

                      * "And don't go spending like crazy or you will end up like Cynthia."

                     

                    I didn't see the ABC interview.  Maybe I can look for it on YouTube.  Brad Duke is one of the few lottery winners who actually did very well with his winnings.  I have said it before on Lottery Post, and I will say it again.  If I ever win a lottery jackpot, I want it to be in a state where I can remain anonymous!

                    Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

                    If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!

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                      New Member

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                      Posted: January 26, 2016, 3:54 pm - IP Logged

                        * "And don't go spending like crazy or you will end up like Cynthia."

                       

                      I didn't see the ABC interview.  Maybe I can look for it on YouTube.  Brad Duke is one of the few lottery winners who actually did very well with his winnings.  I have said it before on Lottery Post, and I will say it again.  If I ever win a lottery jackpot, I want it to be in a state where I can remain anonymous!

                      +1 for staying anonymous!

                        lejardin's avatar - Lottery-014.jpg

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                        Posted: January 26, 2016, 4:23 pm - IP Logged

                          * "And don't go spending like crazy or you will end up like Cynthia."

                         

                        I didn't see the ABC interview.  Maybe I can look for it on YouTube.  Brad Duke is one of the few lottery winners who actually did very well with his winnings.  I have said it before on Lottery Post, and I will say it again.  If I ever win a lottery jackpot, I want it to be in a state where I can remain anonymous!

                        http://abcnews.go.com/2020/video/lottery-winners-picked-winning-lotto-numbers-part-36327771

                          mikeintexas's avatar - tx avatar-1.gif
                          Texas Panhandle
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                          Posted: January 26, 2016, 9:39 pm - IP Logged

                          The best advice I have ever heard regarding lending family and friends money came from a Judge Judy episode:

                           

                          "I will lend you this money, pay me back whenever you can, but until it is fully repaid, do not ask for another cent!"

                           

                          I actually just had to do this to/for someone.

                          Your post reminded me of asking my pop for some money once when I was 16,  broke and wanting to go on a date that Saturday night.  "Sure," he said. "How much do ya need?"

                          Surprised at his rare agreement in giving me money, I thought for a second or two and replied "Oh...ten bucks?"

                          He reached for his wallet, pulled out a ten-spot and held it in his hand.  I reached for it, but he pulled it away.   "You do know I charge 100% interest, right?"

                          Disappointed, I stood there, then thought of the usual after-date parking session with my girlfriend.  I nodded my head in silent agreement with his terms.

                          "OK, then." said Dad and I watched in bewilderment as he put the bill back in his wallet.

                          "The interest is due right now." he declared.  "You can pay the principal back anytime."

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                            Portland, OR
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                            Posted: January 26, 2016, 10:07 pm - IP Logged

                            Brothers and sisters I would pay off their houses and give them $150K each cash.  My parents off course would be taken care of.  Other CLOSE family, I give them $30K each, and buy nice Disney Trips for kids.  Of course I would have to find a way to minimize the gift tax.  Then I tell everybody in the nicest of way that I won't be an ATM for them or give out loans EVER.  That my money is managed by a trust and I only get a small amount of money each year to live.  I also tell them that I drew a will, trust, whatever, and that each penny I have when I die will go to charity.  The money will of course go to my daughter (A La Robin Williams' ) but I want to subdue the criminal minds.

                            "Understand... people are more complicated than the masks they wear in society... everyone is playing to win, and some people will use moral justifications to advance their side"

                                                                                                                                                                                      Robert Greene

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                              Posted: February 3, 2016, 11:21 pm - IP Logged

                              Greed changes people... Unhappy

                              Nah. Money makes you more of who you are.