Years ago, after watching various family fights (family I no longer associate with) over money or lack thereof, I decided if I hit the lotto, I’d share with my sibs.
But for each sib to claim the money, to be on the safe side, the money would be given to them and them only - and if their spouses wanted any as a marital asset or whatever, they’d have to go through whatever legal processes needed to then specifically cut them in.
This was long before any of us were married, so it was just a legal framework for protection against the unknown.
At this point - I still kind of feel that I’d want to share and make the sibs work at it if they wanted to give the boodle to their spouses - would it just be easier to give each sib a small lump sum and set up college funds for their kids (in utero and out)?
I guess I was just worried at the time about them marrying some real scumbags - now I’m like whatever, and would rather just start an education fund after a ‘do what you want’ gift of a sum.
Would you share with sibs/friends/family if you played and hit it? and How?
Yes, I’d share it with my sister and mother. Not equal shares, but according to their needs. I’d also give a gift to my long-term Lotto partner at my previous job.
My mom, grandmother and uncle would be set up for life. And any cousin of mine (descended from the great-grandparents we share on mom’s side) would have college paid for.
My father? The only thing I’d buy for him is a stay in Betty Ford.
I would hook up his mother and some of the cousins on that side, though (I don’t know them very well but they’re OK). At least get them totally out of debt.
Living in the land of the Lotto, I’ve considered this question on more than one occassion.
When I win (notice the usage of positive phrasing, Dear Lotto Gods), my mom and brother will get to do a “wish list”. I’ll not hand over any cash, since my SIL is a thief (literally–arrested and in the process of conviction) and I wouldn’t trust her not to steal anymore from my brother (and mother) than she’s already walked off with. By having them do a “wish list”, I could ensure they recieved the goods and SIL didn’t just blow the funds on herself. She’ll not get one red cent, but will benefit from my brother’s (and nephews) windfall. As long as he chooses to remain married to the thief, then there’s not much I can do about it, without making my nephews suffer (which they’ve already done enough of, having her as a mother…but this isn’t the Pit…) Anyway, all debts on behalf of Mom and Bro get paid off, houses get bought (I doubt that my brother would choose to remain in his trailer, even though he’s buying it, if he had a choice of a newer house) and the nephews would be set up until into adulthood (not necessarily for college, 'cause I doubt they’ll go to college).
My dad made his decision to move out of state and break off contact with my brother and I,and well, he can stay there as he so chooses. I’ll not spend the 37 cents on a stamp to send him a letter and a copy of the winning lottery ticket.
The rest of the “family”–outside of my kids? Well, if the phone and US Postal service don’t work before the lottery, then it’ll not work afterwards either.
Some months ago, a friend of mine and I vowed to each buy a Powerball ticket each week (minimum jackpot of $10 million) and regardless of the size of the ultimate lump sum, the winner would give the other $1 million and the recipient would be the one to take care of any taxes and fees on that transaction.
He and I discussed it further, though, observing how such newfound wealth would change our lives. He even went so far as to say that in a way, he hoped he wouldn’t win, because of the possibility of friendships being ruined. Since he is a struggling actor and playwright (making a living, but not a great one) I proposed that should I win, rather than give him a huge ol’ pile of money, I’d act as a patron, and space out his $1 million as an annuity over 20 years, so he could quit working temp jobs to fill in the gaps and concentrate on his art.
So, assuming I win, a chunk goes to him due to the preexisting agreement. I would share with my immediate family - parents, sisters, one brother-in-law and pay off their extant debts, if any, and give them each a small lump sum.
Then I’d waste the rest on hookers and blow. And some blackjack.
I’d set up a huge trust fund for each of my children, pay off the debts of each of my parents, buy houses for my parents, and give some proportionate amount to each of my siblings.
Then I’d have a huge party, stick the rest in a bank, and get my hair done twice a week. And I’d still work. Maybe.
With lottery winnings being so high these days (really, what am I going to do with $125 million?), I’ve got a long list of those with whom I’d like to share my windfall. After investing/protecting a decent amount of it, I’d start playing Santa. Of course, immediate family (parents, sister-in-law) gets all their debts paid off and a new house / renovation and new car if they need one. College funds started for all four kids (my two and my niece and nephew). My dad gets the boat he’s always wanted.
My dream is to plan a vacation for all the family at some nice resort like Atlantis or something. All expenses paid. Do as you want, but meet for a grand dinner together.
I’m sure we’d take care of our closest friends as well. My best friend gets her college debt paid off for sure and some help for med school. Perhaps some nice parting gifts for a few of my co-workers.
Other than that, we’ll be buying a house and replacing our cars. And I’ve always dreamed of seeing the world with my husband.
My folks are pretty well-off. So they’d probably ask me not to give them any. But I’d still set aside a fund for them if they need it. My sister would not have to work anymore. She and a select few of my friends would become the executors of their own trust funds. And my one fair-weather friend would be sure to find out how much everyone but he is getting. I have a rather wide vindictive streak.
And if any of you guys win, I would have shared with you, too.
If I won the lottery, I’d be in the unique position of not having many people to look after. Assuming the prize would be multiple millions… I’ve got two brothers. One and his partner are earning massive amounts of cash and wouldn’t really need any of my winnings. The other is a single dad, and could definitely use a house and a new car and stuff, and a trust fund for his son, so I could send him a mil. The person who had his son would be barred from coming within a mile of his bank account.
I’d pay off whatever debt my in-laws have, if any. They have a nice house and have been in it for years. Maybe I’d hire one of those extreme makeover shows to come and fix up their environment.
The rest would be ours. New house, recording studio, see the world, etc. Early retirement for me, for sure!
I would at the very least pay off the mortgages on the houses of my brother and my two best friends and if they’d take it set up something to pay them per year the max without incurring gift taxes. My parents are pretty well set up; they’ve even traveled most of the world so I can’t even do the stereotypical “send Mom and Dad on a world cruise” bit. They’d certainly never have to worry about anything again in terms of finances but there’s a bit of a history regarding money issues in my family, especially with my dad, so we’d all have to tread delicately.
But beyond that, yeah, hookers and blow sounds good.
I’ve never owned a new car. That sounds like a good starting point for me.
All of our immediate family’s debts would be paid off (my mom, my dad, my two brothers, hubby’s brother, and anything his parents owe money on). Each would receive some undetermined amount of money - except for my middle brother. I’ve got plans for him.
He’s the one who can’t work due to being morbidly obese who has an obese wife (with other legitimate medical problems) who doesn’t worke either and four kids all living in an apartment that’s the only thing they can afford due to the fact that they receive every kind of welfare imaginable. I would buy them a nice house in either Pennsylvania or Indiana, wherever they prefer (with furnishings, no less). I would buy them two brand-new vans. I would strive to find some crazy company who would provide medical insurance and pay for that. And then they’d get an allowance of $1,000.00 per month. Sound harsh? They would only have to pay for car and homeowner’s insurance, property taxes, and utilities, as well as all the food they can eat (which is a LOT) and all the computer games they could want. The kids would each get a college fund as well. But that’s it. Why? He’d want to go to Morimoto every night and blow $300 on dinner if I gave him more.
Like everything else, it comes down to taxes. Huge gifts will be taxed. You might be better off to form an LLC and distribute the money that way. First of all, you will have to find a lawyer you can trust to form the LLC you have in mind.
My parents and Mr. Lissar’s parents would get money. Mine would probably get more, because they’re both retired, and they’ve done more for us financially. I’d be more inclined to buy fun things for Mr. Lissar’s parents, instead of giving them cash.
The college we went to gets five million, and our best friends get either lots of money (for the broke college kids) or expensive things that they’d never buy for themselves but really appreciate. So, a couple hundred thousand each, or maybe more.
I don’t have any sibs, and I’m not sure what we’d do for Mr. Lissar’s brother. He’s kind of financially irresponsible. We might try to set something up so that he gets paid to get training, and we match any amount he makes, or something. Gosh, that sounds manipulative, but he’s engaged now, and I worry about his ability to support a family.
It would be nice to be finanically independent. We’d try not to keep more than we needed. I’d like to be able to choose to work, and afford to stay home and have kids. So if it were one of those stupidly huge lotteries, we’d try to give most of it away.
Lottery prizes in the UK are rather less, but assuming a significant win, I’d pay for some women to bear children for me, then bring them (I want about four children - though I’d be happy with more) back to England and raise them, hiring wetnurses (yes it’s old-fashioned but breast is best) and nannies as needed. I’m torn between a large town house and a house in the country where the children can roam. Private education is expensive over here, but the state system is markedly lacking, so I’ll need to set aside a million or so for that.
What happens later depends upon how clever they are, but I’d do my utmost to ensure they become responsible, well-adjusted adults.
Oh, and I’d buy a Me-262 for me And learn to fly it.
A long time ago, my brother and I picked out “treats” that we’d get if one of us won the lottery. At the time, he wanted an ultralight plane or, maybe, an amphibious plane. I actually can’t remember what I wanted. But the idea was we’d pick a sorta extravagent thing that we’d never buy for ourselves.
If I won now, I’d definitely do some sharing. I’d set up trust funds for his kid(s) and help my cousins out. And I’d become a major philanthropist. My primary dream is to quit working and move to Japan so I’d probably invest most of the money.
I “jokingly” tell the nice lady I buy my tickets from, that if I hit she’s set for life. And I would too. There are several people at work I’d give money to, those who’ve been more than perfunctory in their relations with me. My brother and sister-in-law and their children and grandchildren of course would be on Easy Street with me. Something that I’ve long thought about, hoping against hope, I suppose, is: How generous would/could/should I be, depending on the amount I hit for. If it’s just a million or two, well then, maybe all those nice people will have to keep working[hopefully investing my *largesse]/i] for an earlier than normal retirement. If it’s 200 million, the circle of lucky folks would be much larger. BUT, where does one stop. Siblings, parents, children et al, will certainly be accomodated, but by how much. Is 5 million per excessive or meager? What do you say to third cousins you barely know? Neighbors that never gave you the time of day? How many seeds of discord will be sown by giving to some, but not others, who may feel just as “entitled” Do you hand 'em a lump some, hoping they’ll be smart with it, or set up some annual payment schedule so they’ll always have SOMETHING? Do you let it be known that once everyone has been gifted in whatever way has been decided, then the till is closed. How to respond to threats, tears, cajolery, etc. for “just a bit more, just in case”? Believe me, I’d welcome being saddled with this onerous task. Just thinking about all the backbiting and ill will that would probably be generated, is enough to wish the Midas touch onto someone else. Just kidding, ye gods of good luck!
Well, SDMB would be free, that’s for sure. Except for Liberal, I wouldn’t want to make him take part in our socialism.
My folks and borther would get some money, everyone else I feel worthy just gets presents when I want, though some of these presents may consist of stock. Coworkers get a $5k bonus to quit work the same day I do.
For me, the best part about winning the Lotto would be being able to help out my family. The first thing I did would be to pay off/buy a house for my parents and my wife’s parents. Both of my sisters live in New York, so I’d buy them each a really nice apartment/condo as well. Then I’d give each family member some chunk of cash (e.g. $25,000) and tell them to have fun with it. Lastly, I’d set up those that needed it with annual payments to make them more financially comfortable.
For myself, I’d buy a house and take a long vacation from work (like a year or two) to travel the world with Mrs. Giraffe. Other than that, though, I wouldn’t change too much – I’m pretty happy with the way things are now.
And learn to fly it.