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questions about winning lotto

Topic closed. 4 replies. Last post 13 years ago by Todd.

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Southeast USA
United States
Member #3660
February 9, 2004
65 Posts
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Posted: February 9, 2004, 8:03 pm - IP Logged

Here is a situation, feel free to give your advice.

A friend of mine plays the lottery often. He has agreed that when he wins, he will gladly share the winnings with me and his adult kids. I completely trust him since we have known each other for so long. Before I go on, I must say that he lives in a lottery state and I live in a state where there is no lottery. My issue is, when he wins, I wish to maintain my privacy (meaning, I don't want the media finding out my name, state, employment or unemployment history, etc) What is the best possibly way to ensure that this does not happen? I thought about just asking my friend to give me my part of the winnings as a GIFT, but it seems like there is a possiblity that there will be more taxes on his part should he give it to me as a GIFT. And if I get my part of the money as a GIFT, would I have to pay additional taxes (federal and state) dventhought his person will have already paid the taxes on everything.

    fja's avatar - gnome1

    United States
    Member #91
    January 19, 2002
    11934 Posts
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    Posted: February 11, 2004, 3:07 pm - IP Logged

    There are threads in this post in regards to your question, my suggestion is to look into a legal binding trust, made through a lawyer in which he would represent you  to collect your portion of the winnings. use the search button at the top right hand side of this post.  There are also suggestions in the news forums from a couple of weeks ago.  Hope this helps. 

    "Everybody has to believe in something...I believe I'll have another beer!"   = W.C.Fields                      


      China
      Member #3032
      December 16, 2003
      1081 Posts
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      Posted: February 11, 2004, 3:40 pm - IP Logged

      Imagine if in the near future you are destined to win a jackpot winner,will you send some money to your relatives?

      If yes,consider the second "issue".Why we make issues for ourselves for most part of the time.

      goose


        Slovakia
        Member #3545
        January 30, 2004
        39 Posts
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        Posted: February 12, 2004, 7:14 am - IP Logged

        This is the problem of USA lotteries..taxes...God bless Europe..most government lotteries, like UK national lottery, French lottery or new EuroMillions lottery are lump sum and TAX FREE!!! 

          Todd's avatar - Cylon 2.gif
          Chief Bottle Washer
          New Jersey
          United States
          Member #1
          May 31, 2000
          23273 Posts
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          Posted: February 12, 2004, 10:34 am - IP Logged
          Quote: O

           

          Check the State Lottery Report Card
          What grade did your lottery earn?

           

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