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When you win the lottery, are you prepared to erase..

Topic closed. 36 replies. Last post 2 months ago by scentcrazy.

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noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
Bay Area - California
United States
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December 12, 2012
4108 Posts
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Posted: October 1, 2016, 12:07 pm - IP Logged

I refuse to go bankrupt for anyone. Especially "family" and "friends". After the recession, I found out who loved me for me, and who had apparently only "loved" me because I was in a position to help them. 

If I'd won a jp 8 years ago, I'd probably be an emotional wreck and bankrupt right about now. Family guilt trips, jealousy, resentment...I'd have given just to get some peace because they are excellent at guilting. And the people I gave to would be the first to call me a moron for losing it all.

Today I know better. No one is going to die because they have to keep working another 30 years. They planned to, so they can keep with their plans. I'm not going to be a financial fairy godmother.

Your Last paragraph is a hoot Teddi. LOL

People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

    Artist77's avatar - batman14

    United States
    Member #121745
    January 16, 2012
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    Posted: October 1, 2016, 6:30 pm - IP Logged

    No. But if the situation was the opposite, I never expected anyone to pay anything for me. If I have a debt, it is my obligation to work and pay it back.

    J'aime La France.

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      Marana AZ
      United States
      Member #145341
      August 3, 2013
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      Posted: October 1, 2016, 7:15 pm - IP Logged

      Yes, I would certainly give away some of my winnings.  If I won a jackpot with an after-tax lump sum cash value of $100 million, for example, I'd keep $50 million for myself and split the other $50 million among family and friends.

      As for taxes, $14,000 needs an explanation.  That's the most one person can give to another person per year without a tax obligation.  It's called the annual gift exclusion.  But there's another thing to consider.  If you're married, you and your spouse can each give $14,000, for a combined total of $28,000.  If you give to your brother and his wife, it's $56,000.  If they have two kids, it's $112,000 to the family.  Just keep the gifts separate to each recipient and write separate checks from each spouse's bank account.

      Another point to remember is the lifetime gift tax exemption.  It's $5.45 million per person.  An individual can give away $5.45 million with no tax liability.  There is no tax on the first $10.9 million given away by a married couple, so there's no tax excuse for not giving away part of your winnings.

      Finally, you can do both things.  You can give away $14,000 per person per year to an unlimited number of individuals with no tax consequences.  And you can also give away larger lump sums totaling up to $5.45 (or $10.9) million at the same time.

      DISCLAIMER:  I'm not a tax attorney and the above information is not intended as tax advice.  Consult your accountant and tax professional before making any financial decisions after winning a large sum of money.

        RJOh's avatar - chipmunk
        mid-Ohio
        United States
        Member #9
        March 24, 2001
        19826 Posts
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        Posted: October 3, 2016, 11:11 am - IP Logged

        The debt of family & friends:  Perhaps paying off the student loans of your close friends. Paying off their mortgage- where do you draw the line? 

        Have a great rest of the week & a pleasant upcoming weekend. Above all else: Stay Healthy

        Are you speaking of your LP friends and members of your LP family?

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

          noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
          Bay Area - California
          United States
          Member #136477
          December 12, 2012
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          Posted: October 3, 2016, 3:16 pm - IP Logged

          Are you speaking of your LP friends and members of your LP family?

          Cute RJ. Tell you what Old Man Big Smile l will answer your question when you have " something " to say about the passing away of a former LP member named Moses. It's still up there for you to respond to. 

          People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

            TheMeatman2005's avatar - lightening
            Brooklyn, NY
            United States
            Member #169723
            October 29, 2015
            877 Posts
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            Posted: October 3, 2016, 8:40 pm - IP Logged

            When you win the lottery, are you prepared to erase..

            The only thing I will be prepared to erase are my old phone number and old address.

            The new ones won't be disclosed.

            If I want to find you, I will...not vice versa!

            The Meatman

            “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

            Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

              Funtimz's avatar - Lottery-022.jpg

              United States
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              March 30, 2015
              227 Posts
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              Posted: October 4, 2016, 1:17 pm - IP Logged

              I would draw the line with relationships.  I could see myself definitely helping out my sister but not so much my brother...

              Take Risks: If you win, you'll be happy.  If you lose, you will be wiser...

                Teddi's avatar - Lottery-008.jpg

                United States
                Member #142499
                May 13, 2013
                1183 Posts
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                Posted: October 5, 2016, 12:22 pm - IP Logged

                Yes, I would certainly give away some of my winnings.  If I won a jackpot with an after-tax lump sum cash value of $100 million, for example, I'd keep $50 million for myself and split the other $50 million among family and friends.

                As for taxes, $14,000 needs an explanation.  That's the most one person can give to another person per year without a tax obligation.  It's called the annual gift exclusion.  But there's another thing to consider.  If you're married, you and your spouse can each give $14,000, for a combined total of $28,000.  If you give to your brother and his wife, it's $56,000.  If they have two kids, it's $112,000 to the family.  Just keep the gifts separate to each recipient and write separate checks from each spouse's bank account.

                Another point to remember is the lifetime gift tax exemption.  It's $5.45 million per person.  An individual can give away $5.45 million with no tax liability.  There is no tax on the first $10.9 million given away by a married couple, so there's no tax excuse for not giving away part of your winnings.

                Finally, you can do both things.  You can give away $14,000 per person per year to an unlimited number of individuals with no tax consequences.  And you can also give away larger lump sums totaling up to $5.45 (or $10.9) million at the same time.

                DISCLAIMER:  I'm not a tax attorney and the above information is not intended as tax advice.  Consult your accountant and tax professional before making any financial decisions after winning a large sum of money.

                No need for the disclaimer. We're all intimately acquainted with the gift tax laws. Though you did leave out that IRS can go after you if you gift money to people without filing and submitting form 709 itemizing non-charitable

                I might wake up early and go running.  I might also wake up and win the lottery.

                The odds are about the same.

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                  Marana AZ
                  United States
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                  August 3, 2013
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                  Posted: October 5, 2016, 7:42 pm - IP Logged

                  No need for the disclaimer. We're all intimately acquainted with the gift tax laws. Though you did leave out that IRS can go after you if you gift money to people without filing and submitting form 709 itemizing non-charitable

                  That's not readily apparent from comments such as "where do you draw the line?  at $14,000 for those I choose to gift some of my winnings" and "Anything over $14,000 is subject to rape and pillage by the IRS" and "I have close family and friends a few friends that would get the $14,000 gift".  Those indicate some people aren't intimately acquainted with the gift tax laws and don't know about the lifetime exemption.

                    zephbe's avatar - animal butterfly.jpg
                    South Carolina
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                    July 15, 2009
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                    Posted: October 6, 2016, 8:54 pm - IP Logged

                    That's not readily apparent from comments such as "where do you draw the line?  at $14,000 for those I choose to gift some of my winnings" and "Anything over $14,000 is subject to rape and pillage by the IRS" and "I have close family and friends a few friends that would get the $14,000 gift".  Those indicate some people aren't intimately acquainted with the gift tax laws and don't know about the lifetime exemption.

                    Thanks, EdG1955--I wasn't familiar with the lifetime exemption.  I still draw the line at $14,000 as a gift of my winnings. I've been waiting 30 years for a jackpot.

                    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

                      Teddi's avatar - Lottery-008.jpg

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                      Posted: October 6, 2016, 11:10 pm - IP Logged

                      That's not readily apparent from comments such as "where do you draw the line?  at $14,000 for those I choose to gift some of my winnings" and "Anything over $14,000 is subject to rape and pillage by the IRS" and "I have close family and friends a few friends that would get the $14,000 gift".  Those indicate some people aren't intimately acquainted with the gift tax laws and don't know about the lifetime exemption.

                      The question wasn't being posed because noise-gate was ignorant of the gift tax exclusions. He's been in many of the discussions about gift taxes and he's well aware. The question was posed because it's an interesting topic. The responses to this topic of sharing the wealth is always interesting. 

                      As I see it, there are 5 main discussion topics routinely brought up in this Forum:

                      1. How to win (formulas, strategies, number tracking, etc)
                      2. How to remain as anonymous as possible
                      3. How to keep as much money as you can from the government without going to jail
                      4. What to do with a jackpot win (purchases, investments, banking, charities, family/friends allocations, churches, starting a business)
                      5. Fluff (birthdays, tickets, tv shows, past winners, ironic personal stories)

                      Topics 3 and 4 are where we constantly talk about taxes and allocations. I'll admit that those discussions usually descend into political bashing, but yes, it is a very frequently brought up. Almost as popular as the anonymity topic.

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                        Marana AZ
                        United States
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                        August 3, 2013
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                        Posted: October 7, 2016, 11:27 am - IP Logged

                        Thanks, EdG1955--I wasn't familiar with the lifetime exemption.  I still draw the line at $14,000 as a gift of my winnings. I've been waiting 30 years for a jackpot.

                        I've been waiting that long, too.  Maybe this is our year.  Smiley

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                          New York, NY
                          United States
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                          March 23, 2013
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                          Posted: October 9, 2016, 10:35 pm - IP Logged

                          I don't think I could erase the thought of owning an Aston Martin. James Bond style lol. Or a 1967 Charger all original. Not to mention a souped up El Camino.. Oh boy I think I would need a very big garage...lol

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                            New York, NY
                            United States
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                            March 23, 2013
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                            Posted: October 9, 2016, 10:41 pm - IP Logged

                            I Agree! They can play the lottery just like we do. If God intended a person should have riches then who are we to interfere with The Almighty and do his work. You cannot make everyone's dreams come true.

                             The word NO is underused today. It is a powerful word. 

                             She who has the gold rules. All others must play her game by her rules.

                            Dance

                            God does not preach a quick and easy way to riches. He gave his Son as an example. And still no one listens. Period. He has no control over the Moirai. They are unique and unforgiving. Trust me.

                              music*'s avatar - nw bookeep.jpg
                              Happy California
                              United States
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                              August 2, 2014
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                              Posted: October 10, 2016, 10:53 am - IP Logged

                              God does not preach a quick and easy way to riches. He gave his Son as an example. And still no one listens. Period. He has no control over the Moirai. They are unique and unforgiving. Trust me.

                              Soledad, Who are the Moirai? I am ignorant on this.

                               I agree with you that easy money tends to grow wings and flies away. Gamblers in 19th Century America faced this fact and intelligent persons who tried to set a better example. Famous authors back then were quoted on how common were the winners who soon lost all their winnings. Just like today.

                               I bring up the motto, "Get rich slowly". But I hope older winners have learned from past life experiences and not blow through their winnings when they choose the Lump Sum.

                              Dance

                               I've been rich and I've been poor. Believe me, rich is better. 

                               Attributed to Joe E. Lewis and others