|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.