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It's none of our business what you should do with it or who you should give it to. That would be the great and horrible thing about winning the lottery -- who gets what and who doesn't.
If it was me winning $100 million, I'd give each of my kids and step kids and my sibs and my wife's sibs each a cool million or two. All except one (step-daughter) is prosperous as it is, but I think they'd take it since I'd never have a use for that much money. It probably wouldn't change the lifestyle much for my wife and me, as at our ages "things" just don't matter. We'd both quit work, buy an bigger camper, and travel around the country as long as our health let us do so.
I just won a 100 million Dollar lottery!
If I really won, being in my sixties, my wife and I don't have the energy or health to spend all that money the same way someone young could.
Your family was there before you became rich and will be there afterwards. Have them sign a five year non-disclosure statement and move on with your life.
If I really won, being in my sixties, my wife and I don't have the energy or health to spend all that money the same way someone young could. So maybe I should:
Finally give lots of money to my sister, who is in an out of homeless shelters because she does not want to work.
Give a guaranteed income to my much younger brothers, who all work in low wage unskilled labor jobs, and have been broke since they moved out of the house since they were 18.
Support some of my friends who would cut me off if I did not give them a lot of the money.
I would be rich, rich rich, don't they deserve a significant amount of the money because of their connection to me?
Well since you think your wealthy son should support you, then yes, you probably should help all of those people.
Give everyone something to be sure they are comfortable and as happy as possible. Perhaps you could do a little research or talk to some people who are actually wealthy to see what they do.
Hire an attorney familiar with trusts and limited liability corporations. If you choose to have an LLC - it would eliminate the gen pop from finding out who you are. Hire two financial advisors and between the three, they should be able to give you competent advice.
I got a rule..... I would never share with anyone that didn't buy a ticket for themselves! If they didn't believe they had a shot at winning then why would they believe I would share anything with them?
I know a guy (grew up with him), he has no money, one scam job after another (you know the ones in the classifieds that ask: Do you want to earn 5K a week working 12 hours a week from home?). He said he never buys any tickets because he wouldn't need to since everyone he knows would share with him.....it just struck me wrong.
The IRS has gift limits (14k per person per year) after that threshold the gift giver is hit with a 50% gift tax. Give you sister 10mm and you owe the IRS 5mm next year.....yeah I'll pass on that fantasy! People are weird with money, you could offer to buy a nice home and let them live there for free but that could easily turn into a nightmare.
I have relatives that would get ZER0, nada, zilch......I would rather walk up to a complete stranger and hand them $5000. Some folks would get a million and quickly ask "Why not 2mm?"
I would get a rush out of this type of stuff (look how excited people get over a few hundred bucks in groceries)
I got a rule..... I would never share with anyone that didn't buy a ticket for themselves! If they didn't believe they had a shot at winning then why would they believe I would share anything with them?
I know a guy (grew up with him), he has no money, one scam job after another (you know the ones in the classifieds that ask: Do you want to earn 5K a week working 12 hours a week from home?). He said he never buys any tickets because he wouldn't need to since everyone he knows would share with him.....it just struck me wrong.
The IRS has gift limits (14k per person per year) after that threshold the gift giver is hit with a 50% gift tax. Give you sister 10mm and you owe the IRS 5mm next year.....yeah I'll pass on that fantasy! People are weird with money, you could offer to buy a nice home and let them live there for free but that could easily turn into a nightmare.
I have relatives that would get ZER0, nada, zilch......I would rather walk up to a complete stranger and hand them $5000. Some folks would get a million and quickly ask "Why not 2mm?"
I would get a rush out of this type of stuff (look how excited people get over a few hundred bucks in groceries)
Man, it's late and my tired old brain forgot about Uncle Sammy!
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