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I played Powerball for the first time today. What have I got to lose other than $2 and in the really remote chance that I did win I could do some wonderful things for a lot of people and my favorite charities.
Charities work well, but with people the gift tax limit of $14,000 makes it tricky. An article I just read about a family in Alabama brings in to question my idea of forming a partnership or corporation after the fact where everybody shares.
Maybe I'll donate it all to a charity I create and hire all my relatives to help run it. Sort of like Goodwill.
If you're not sure who your real friends are, either in-between large jackpots, or six anonymous months later, make a list of all potential future best friends and close relatives.
Call and wake them up one morning about 12:17 and tell them you're about eight miles from their house and you need a ride home as you lost or maxed out your CC and have no cash, or your car was stolen at the gas station with your wallet inside etc. and you could sure use a ride home. Make sure of course that the call is recorded.
If they readily or even otherwise agree, they're in.
If they ultimately refuse right off the bat or even after soft pleading, put a line through their name.
If @ 12:17 they are so appalled that not only did you wake them up, you're actually asking them for a favor and they say something like, dude it's like 2:30 in the morning...hang up right then and there!
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If @ 12:17 they are so appalled that not only did you wake them up, you're actually asking them for a favor and they say something like, dude it's like 2:30 in the morning...hang up right then and there!
If you're in jail, a good friend will be there to bail you out but a TRUE friend will be in there with you.
BTW, I think the tax free limit on cash gifts is $14,000 per person now and you can give away from you and spouse? You can give more but you have to pay the gift tax as a donor. It's an estate tax thing.
You are correct but you do have a 5 million dollar once in a lifetime exemption (most people wait until death to use it). So you could give 5 people a million bucks tax free.
On the 14K, that is per person so if you are married then you could give someone 28K (one check from you, one from your spouse), then Jan 1st gift them another 28K.
I do have a rule though.....if you didn't buy a ticket then you are "out".....Why would you expect anything from me if you didn't buy a ticket for yourself and if you didn't buy a ticket then you would have zero chance of ever sharing with me!
I did win $25 on Luck for Life. Honestly I would rather win that than the Powerball. $1,000/day for life. Not life changing but would take away a lot of financial stress.
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