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graham4anything

(11,464 posts)
5. and think of having family members as part winners from the start-you will save much in taxes
Wed Nov 28, 2012, 08:29 PM
Nov 2012

If you are planning on giving the kids/etc. a big share later, do it now.

Instead of one winner, say four winners each with a 25% share. The technicality will save if not millions hundreds of thousands in taxes per person and make each of them have their own plan now, not later(for those with older family of course.) Younger kids you will want to put it in trust for when they are older(the older the better).

So someone can get a little piece that would have just gone to the government

and remember, more people have rotten stories to tell after winning big. Don't become something you are not, that is the most important.
Nobody needs all that money.

and be careful health wise, don't get so hyper you get a heart attack. It's only money
and money can't buy you love

and I think if someone asks for some of it? Don't give that person. Give to the person least likely to ask.(Remember that person in a favorite restaurant, or a supermarket cashier, or some person where you live who deserves a little break)

Recommendations

0 members have recommended this reply (displayed in chronological order):

So you won the lottery What Next? [View all] Drew Richards Nov 2012 OP
Great advice for anyone lucky enough to win. RebelOne Nov 2012 #1
well certainly not if you didn't purchase a ticket ... zbdent Nov 2012 #15
now to win the lottery...... ; ) peacebird Nov 2012 #2
How do you not get a heart attack if you win? hrmjustin Nov 2012 #3
Valium? Drew Richards Nov 2012 #6
I might need a diaper. hrmjustin Nov 2012 #10
I'd hire a bunch of English majors to stalk you on the Web for Grammar Naziing you. Bucky Nov 2012 #4
Gulp Drew Richards Nov 2012 #20
Ok ok I know the run-on sentence at the end was killing you... Drew Richards Nov 2012 #22
and think of having family members as part winners from the start-you will save much in taxes graham4anything Nov 2012 #5
Yep I can think of quite a few that deserve a helping hand Drew Richards Nov 2012 #8
Great advice! Ruby the Liberal Nov 2012 #16
But watch out for the gift tax. It can be pretty steep. The Velveteen Ocelot Nov 2012 #26
Yep... You don't cash it in right away. Protect it glowing Nov 2012 #7
I feel that I will never need this advice, somehow... TwilightGardener Nov 2012 #9
Did you buy one? Agschmid Nov 2012 #11
I told my husband to pick up a ticket. I don't know if TwilightGardener Nov 2012 #12
Well if he forgot and yes us men do that sometimes... Agschmid Nov 2012 #13
A chance at $250+ million after tax...go spend two dollars and at least enjoy the what ifs... Drew Richards Nov 2012 #14
He remembered! TwilightGardener Nov 2012 #17
Well good luck then! Agschmid Nov 2012 #18
You deserve it! Drew Richards Nov 2012 #21
I admit - I bought $5 in tickets. Ruby the Liberal Nov 2012 #19
also known as: How to suck the fun out of winning the lotto NightWatcher Nov 2012 #23
Do keep me in mind then, brother. JackRiddler Nov 2012 #25
So when I win tonight can i just call you? MattBaggins Nov 2012 #24
You forgot a very important step! Separation Nov 2012 #27
Actually I specifically avoided saying sign immediately for good reason Drew Richards Nov 2012 #28
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