Sharing

Reply #25

KY Floyd — Thu, 22 Oct 2009 06:28:48 GMT

I would assign my only brother a 10% stake in the winning ticket

Assigning somebody a 10% stake in the winning ticket is exactly the same as giving them 10% of the prize that was won with the ticket. If you want to avoid gift tax implications you have to give them a share of the ticket before it becomes a winning ticket. If the person you give the share to is a relative or friend, you should be prepared to prove that the gift was made before the drawing.

Reply #24

BuyLow — Wed, 21 Oct 2009 16:31:52 GMT

My general feeling is that I would assign my only brother a 10% stake in the winning ticket as I believe this would alieviate the gift tax issue and he could then just pay his own taxes. Kind of like Lottery pools each get a percentage of the winning pot. For others I wanted to help I would give them the maximum amount allowed per year to avoid the gift taxes.

Come on BIG Winner!! Daddy wants to help some people

Reply #23

PERDUE — Sun, 18 Oct 2009 19:25:31 GMT

Taking care of my kids is first priority. Sharing with the other 50% of the kids dna is a given. The rest of the buzzards I call relatives probably not. If they were to find out I won a major jackpot and called with a sob story, I would tell them to sell everything they own and use the money on what they expect me to pay for. Since I know they would balk at the idea of liquidating everything they own, I would kindly point out to them that if they are not willing to risk everything they have work... [ More ]

Reply #22

Uff Da! — Sat, 10 Oct 2009 15:42:02 GMT

Not only do I plan to share with immediate family members, but also with neice, nephews, adult stepchildren, adult stepgrandchildren, etc. About twenty of them. At my age, I'd be a fool not to. There is no way I would spend that amount of money in my lifetime even if I lived to 100. I just have no desire to live lavishly. Nicely, yes, but not lavishly. So it would be either leaving it to family or to charity. By arranging things in such a way as to avoid paying excess amounts in gift and estate... [ More ]

Reply #21

BaristaExpress — Fri, 09 Oct 2009 23:38:48 GMT

I'll set-up a trust for each person I give money too! This way I can state how much will be given to them from the trust and in what intervals, (once a year or every six months) and of course I'll have the trust subtract the correct amount of Federal State tax withheld from the disbursement of said funds to them for that tax year

Reply #20

GamerMom — Thu, 08 Oct 2009 11:54:07 GMT

well there are taxes to be paid on the car every year...

Reply #19

bomatt — Thu, 08 Oct 2009 11:47:16 GMT

How would the government know if you bought a car for someone or gave money to someone

Reply #18

diamondpalace — Thu, 08 Oct 2009 07:28:40 GMT

I'll share it with the world.

Reply #17

KY Floyd — Thu, 08 Oct 2009 05:48:45 GMT

It has nothing to do with whether or not they'll allow a trust to claim a prize, but since a trust is legal entity entitled to own property I don't see how they can prevent a trust from claiming a prize. What the lottery can do is make rules on anonymity and publicity. Just because the ticket is owned by a trust doesn't mean the lottery can't require that an individual with a legal interest attends a press conference and has their name released to the public. Of course most trusts that claim a l... [ More ]

Reply #16

ThatScaryChick — Wed, 07 Oct 2009 04:18:39 GMT

I plan on giving a little bit of my winnings to certain family members.

Reply #15

GamerMom — Tue, 06 Oct 2009 23:52:42 GMT

Exactly why I posted the link, i wanted it to be clear. I'm still not taking any chances w/ something like 45%..plus it give me an excuse NOT to give more than 13k, catch my drift? The kind of people who come to you for $$ aren't going to be up on that sort of thing.

I could have sworn i read on here somewhere you could not sign a ticket in florida with another person. Thanks for clearing that up for me

Reply #14

justxploring — Tue, 06 Oct 2009 23:10:36 GMT

GamerMom, just in case there's a misunstanding, the $13,000 is an exemption, not the amount you can give. In other words, if you give 5 people $100,000 each, for example, you still won't have to pay a gift tax. You just don't need to report the first $13,000 because it's exempt. You can write a lot of $13,000 checks to everyone you know, but the reason there is that law is to monitor wealth transfer.

However, you can give up to $1 million in your lifetime without paying gift tax. You have to... [ More ]

Reply #13

GamerMom — Tue, 06 Oct 2009 22:37:44 GMT

I'm referring to claiming a ticket with another person, which is what i'm assuming rdgrnr was talking about. I know they do not allow trusts to claim...

Reply #12

KY Floyd — Tue, 06 Oct 2009 20:50:24 GMT

Florida, as other states, has absolutely zero ability to regulate how you choose to share your property, whether it's a lottery ticket or a pizza. The only thing that matters in regards to tax liability is whether you're smart enough to share a ticket that is worth far less than the limit on untaxed gifts, or dumb enough to wait and share a prize that is well beyod the gift tax threshold.

Reply #11

GamerMom — Tue, 06 Oct 2009 16:41:49 GMT

Exactly what I would choose to do should I win a huge JP. And friends too. We are friends with a couple that more or less chose to live in poverty and I know they would be the first to come at us with big puppy dog eyes and their hands out. It would be hard to say no because they have children but if I moved that would be a non issue.

Reply #10

tiggs95 — Tue, 06 Oct 2009 15:30:16 GMT

Problem sharing with family is that they don't want what you give them they want half of what you win so move and start a new life..

Reply #9

hearsetrax — Tue, 06 Oct 2009 10:59:20 GMT

votes : other ----- not if I can help it ... but thars a few I'd try and help provided they'd keep thar yapps shut and never ask again

Reply #8

Kidzmom — Tue, 06 Oct 2009 09:13:12 GMT

I intend on sharing but it would be better if nobody knew I had it.

Reply #7

BobP — Tue, 06 Oct 2009 06:39:25 GMT

In that case I change my vote to NO WAY . I also won't finance stupid business oppertunities, etc. Maybe buy some land for the opossums to roam. BobP

Reply #6

GamerMom — Tue, 06 Oct 2009 01:17:49 GMT

From my understanding Florida does not allow this so I am stuck with giving everybody 13k

Reply #5

marcie — Tue, 06 Oct 2009 01:13:09 GMT

I would share it with my Family and give some to Charity, and some to my favorite people. I would also invest it.

Reply #4

rdgrnr — Tue, 06 Oct 2009 00:46:59 GMT

I'll qualify my question by saying that what I meant by sharing is that the winnings are divided and assigned before payout and given in seperate checks to each person and hence each person pays their own tax at payout. Not given as a gift after payout from the lottery.

Reply #3

GamerMom — Tue, 06 Oct 2009 00:43:31 GMT

http://www.irs.gov/businesses/small/article/0,,id=108139,00.html

Info on gift taxes.

Reply #2

Base400 — Tue, 06 Oct 2009 00:36:38 GMT

does that apply for every state? and the amount I give them is taxed 45

Reply #1

GamerMom — Tue, 06 Oct 2009 00:32:42 GMT

The 45% gift tax deters me from sharing MILLIONS but they would get $13k and a job like assistant, babysitter etc. with full medical benefits.

Sharing

rdgrnr — Tue, 06 Oct 2009 00:24:27 GMT

I have always intended if I won really big to share my millions with my immediate family - parents, brothers, sisters, kids.

I'd like to know what others plan to do.