Spin off: How would you share Mega millions winnings with family?

Think about it, winning the lotto would be AMAZING but, I feel, I would need to take care of my family as well.
How would you handle it?

If I won, I wouldnt tell ANYONE right away. (except DH) I think we would then make a list of people we would want to give to and how much, then tell everyone.

Really makes you wonder if all that money would be a blessing or a curse.

Thoughts?

Re: Spin off: How would you share Mega millions winnings with family?

I am only child in my side I only have to worry about Mom and Dad, the problem is on DH side he have a big family and knowone is going to be happy with whatever we decide to give or not give...Who knows maybe we just give some to our parents and then move to a remote island lol

Re: Spin off: How would you share Mega millions winnings with family?

Re: Spin off: How would you share Mega millions winnings with family?

Immediate family (meaning siblings), yes. I can't see having my sister & SIL struggle while I move to my huge house overlooking the harbor. Maybe I'd do something like buy a house & gift them a portion of it each year until it was "paid" off. I'd have to talk to my finance friend though.

I'm not sure what DH would choose to do.

Re: Spin off: How would you share Mega millions winnings with family?

I would help everyone in my family start fresh, meaning a house and no debt.

This includes:
parents
brother
sister
one aunt and uncle
three cousins

In laws
brother in law

I would send a million over to my family in Italy to split however they want.

My nieces and nephews would all get nice college funds.


After all of that, I would just take care of all holidays and things like that so no one would have to worry about it. No cars or anything that isn't a necessity.

Re: Spin off: How would you share Mega millions winnings with family?

I wouldn't hand anyone a large significant amount of money cus then they would also be taxed on it- after I was already taxed on it. I would just tell them to tell me when they need cash and I'd give it to them as they need it. I'd take over everyones bills too. If they want to go on vacation, I'd send them on one. I'd share it that way.

ETA: I am refering to family and really close friends.

Message edited 8/26/2009 10:50:52 AM.

Re: Spin off: How would you share Mega millions winnings with family?

Set up a million in an acct for siblings, inlaws, parents and they are to only collect off interest.

Fair right?

Re: Spin off: How would you share Mega millions winnings with family?

Buy a bigger house for us. Buy a house for my mom and stepdad so they live near us. Help/Support her expenses.

My mom is a VERY frugal person. She would never take advantage of me or my DH. So I see no issue providing her a small income every month for her to eat, buy what she needs to live.

Re: Spin off: How would you share Mega millions winnings with family?

When I win Mega, I am going to claim the prize with my mother & sister as a pooled ticket and split the winnings between the three of us. I just can't see sitting on $200+ million and giving them little pieces of it.


Gina - The gift tax is placed on the person distributing the gift, not receiving it.

Re: Spin off: How would you share Mega millions winnings with family?

My family would most certainly be taken care of. Both my parents and DH's parents have given us way more than I could ask for over and above financially. Brothers and sisters would be taken care of as well

Re: Spin off: How would you share Mega millions winnings with family?

i wouldnt want anyone to know either!!

i would pay off my parents mortgage and send them on a vacation....

i would buy my in-laws a condo in florida so that they would have a place to stay when they visit us...and i would pay off all of their debt....

i would buy my sil a condo as well so when they visit they have a place to stay and a place to vacation at or rent out for income....

i'd pay for my sister's schooling

i would imagine you'd have enough money to give each set of parents and siblings a very large savings

i'd want to do things for my grandparents - maybe send them on a vacation...

id like to help out our very best friends as well....

Re: Spin off: How would you share Mega millions winnings with family?

My parents have ZERO debt, no credit card balances, no mortgage, no car pymts, NOTHING. They are both retired and have a very nice retirement fund along with other investments. They are so generous and so supprotive that I would want to do something that I KNOW would make them cry from happiness! I would have a huge surprise family reunion party with all the family from Italy. I would also share my winnings with them. I would pay off any debts that my brother, inlaws (including SIL) may have and also give them each a generous amount of cash. My mother has 4 siblings and my father has 5 siblings. I am very close with all of them along with my cousins and I wouldn';t be able to enjoy my winnings if I didn't share with with them! I would give 50k to each sibling and tell them to share it with their kids/grandkids.


ETA: My parents taught me that "Family is EVERYTHING". Without family, you have nothing, which is why taking care of my family would be my first priority!

Message edited 8/26/2009 11:12:20 AM.

Re: Spin off: How would you share Mega millions winnings with family?

I would go and pay off the mortgages for any of the homes that my siblings own.

Then I would tell my parents to pick whatever they wanted in Puerto Rico -- cause they were going to buy a house 2 years ago, but the crumling of the financial industry wiped a lot of their retirement money out, and they had to start over.

I'd set up trust funds for all my nieces and nephews and let them know that their college education is paid for -- and I will support them during college and post-grad, as long as they maintain a min. GPA of 3.0 each semester. (No free rides here!)

Then I would buy a house or a nice condo in FL for my MIL - away from NY and away from my scumbag FIL who still hassles her for money all the time. And my siblings who remain that don't have homes, I'd let them know that they can go ahead and start looking and we'll be buying them houses when they find the right one.

Chances are I'd buy a house for good friends of ours who lost their home when they were both fired from the mortgage industry, and couldn't maintain their home - and pay off the mortgage for another friend.

Re: Spin off: How would you share Mega millions winnings with family?

This whole discussion actually caused an argument last night with DH which is ridiculous since it's moot until we win.

I have never even thought about helping family if I win. He, on the other hand, already has the money spent on taking care of everyone in his family..paying off their homes, paying for their kids' college, buying everyone new cars, family vacation every year (over my dead body), etc. IF we won, I said pay off any mortgages on our parents homes, give them a little something extra and that's it. Everything else in trust.

Re: Spin off: How would you share Mega millions winnings with family?

I already made my list of family and close friends that I would help.

I'd 'reset' them. Wipe out all their debt entirely - pay off their homes, cars, credit cards, etc.. Then - depending on the amount won - I'd gift them with a sizeable lump sum that they can invest, spend or whatever.

I should add that the people on this 'list' would do the same for me (except a couple of them).

I would make it clear that I am not a cash cow and that I have plans for the $$ that I win - including creating a non-profit.

But nobody I love would ever be in need or desperate for $$ again.

Message edited 8/26/2009 11:15:46 AM.

Re: Spin off: How would you share Mega millions winnings with family?

Immediate family (both sets of parents and siblings) would get enough so that they would be set for life. I would want to buy them a house or a car, I would want them to choose what they do with the money we give them.

Re: Spin off: How would you share Mega millions winnings with family?

Re: Spin off: How would you share Mega millions winnings with family?

I am greatful that I have a small family.. I would take care of my mother and sister first and then give money to DH's sister and his mom..

Re: Spin off: How would you share Mega millions winnings with family?

The extent of it would likely be paying off our parents and siblings' debt (including mortgages) and setting up education funds for our nieces and nephews -- so they can attend private school if our siblings wish and so they can go to college and any graduate school on our dime. We would probably give a lump sum to each of our parents so that they can retire wherever they want with no worries.

The vast majority of the money will go into long-term investments. The rest will go to provide a fund for daily living and the remainder will fund our personal business and charitable ventures.

Re: Spin off: How would you share Mega millions winnings with family?

If we won, I would like to give each of our siblings a set amount - not sure exactly how much - but the same amount to each and enough that they could pay off their student loans and mortgages or buy a new house. I also would give money to both sets of parents. Finally, I would set up trust funds for our nieces and nephews - mainly for their education. But other than immediate family, I do not think we would give to any other family members.

Re: Spin off: How would you share Mega millions winnings with family?

If we won, like others, each sibling (4) would get the same set amount (1-2 million)

I would buy my grandparents in FLA a retirement condo up here and move them back.. but it would be in my name... and would take care of all household expenses.

for my mom- she is OK- I would probably just give her a set amount, or do a vacation thing- but she would just want us to be happy and set...

For my dad- he's in a lot of debt w/ the biz... I would give him 1 million to pay off his debt.. and then I would buy out his commercial property (pay off mortgage) but put it in my name... he would be responsible only for taxes moving forward. After c/c was paid off though, he'd be responsible for any further debt b/c I'm not going to keep bailing people out !

Re: Spin off: How would you share Mega millions winnings with family?

I wouldn't go nuts...so many lotto winners end up broke in a few years

I would rather fund my silblings business ideas then pay off there mortgage -

Re: Spin off: How would you share Mega millions winnings with family?

I would give money to my parents, my two brothers, Dh's sister's and his brother.

The two aunts I am close with along with two cousins and I would make sure my grandparents are taken care of.

I would not feel the need to share with my rather large family. Just those I am close with.

Re: Spin off: How would you share Mega millions winnings with family?

I would create a trust for:
Me
DH
My parents
my two siblings
my grandma
my inlaws
my BIL
and DH's aunt

Everyone would get a certain amount right up front and then a smaller amount every year from the interest. This would preserve principle and keep it for future generations. Charitable giving would be made from the trust as well.

Re: Spin off: How would you share Mega millions winnings with family?

DH and I were just talking about this the other day. Before I got married, I would always say I would split it 4 ways - quarter for me, quarter parents, quarter sister, and the final quarter would be the gift fund for everyone else. But I don't think DH will go for that.

So mu father and FIL would never have to work again. I'd probably give my parents, his dad, and my sister a big sum of $$ just to have. Then I would buy houses for my parents, my sister, DH's sister, my aunt, and my aunt/uncle, and maybe one of DH's best friends and his wife, who I love and she has medical problems. I'd set up a trust fund for DH's nieces (their parents are irresponsible with money so DH's sister doesn't get her own money like mine does). I'd probably send our close friends on a big vacation. Everyone else can bite me. I'm sure I'll give a bunch to charity as well.

Message edited 8/26/2009 2:53:41 PM.