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az33 | If I win the lottery - say $50Mil - should give a portion tmy relatives, and how much? |
If I win the lottery - say $50 Milion - should I give a portion of this wealth to my relatives - brothers, sisters, father - and how much? Should it be a gift or a loan? Also, where is the best place to invest the millions with the best insurance and returns? |
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Noghnosh
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of course but how much depends on you, don't forget some to charity too |
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Poetoffire 777
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Win the lottery? You've got as much chances of winning if you DON'T enter as if you do. If you do, that'll be great, and you'll buy a lawyer and consolt HIM to tell you what to do with the money. You won't need us losers on Yahoo Answers!
It's great you want to give the money to your realatives, but before you start thinking about how much moola they'll recieve WHEN you win, think about the ifs. Entering the lottery is great, but when you do, don't let daydreams of giving out cash interupt your thinking. You can deal with that if you win.
Try the stock market. It can get you rich faster than the lottery if you invest wisely. In the lottery you're one out of billions; in the stock market, more than one person comes home carrying cash.
Focus on the present!
Poetess777 |
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ANSWERMAN
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Are they worthy? If so yes. Gifts are good. Loans are good if they have a dream to start a business or the like. House down payments , cars, vacations all good. If they have kids, college trust fund is great
As to investment, given your lack of experience the wealth management or private banking unit at a bank or bvrokerage may be best |
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foxwoman172000
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If you win 50 million dollars you can do with it what you choose. I would invest it in real estate that I would rent out to others. That way it would be sure to double. |
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Mike
 |
Don't "give" them money. Buy them unique things that they've always wanted but just haven't bought for themselves. Take them all on a vacation. Buy a family vacation home and tell them they are free to use it anytime. But just giving them a lump sum of money, no, don't do that. |
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meices6903
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Don't even tell them you won, if you can help it! |
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dramaqueen85254
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no offense, but unless your already rich, u won't win the lottery |
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monkeyshine39
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forget about your relatives. I will gladly take just 1 million from you. Just to help you out. |
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linkUS
 |
Federal govenment says you can give $10,000 tax free to anyone. It is a gift and used by the very rich in this country to distribute wealth. Any amount over the $10,000 is considered to be wages and is taxed as income. If you want to distrubute your millions you can buy houses for people to live in and retain the ownership. That is not a taxable gift. The same with cars or any other property. If you give gold, stocks, bonds, or any other cash equity it comes under the same $10K taxable rule. Hope this helps. |
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la_cuba
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in short. NO. realize, a lot of this money will go to taxes. if you like, you can let a couple of your favorite family members go on a vacation with you, and you can even co-sign on a couple of small loans, under 10K, but don't give tiny portions to relatives. invest in a business, hire them, and give the hard workers good job security. that way you can make a lot of money off of the lottery winnings to help everyone you want to help. |
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gon
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lets say 10% of winnings between all of them, adn 5% of the remainder to charity, the rest in the bank for yourself |
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the-maven-is-in
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Hmmm...first of all, you can pretty much guarantee that at least 2/3 of your winnings will go to taxes. If that's the case, you would be taking home $12,500,000. If you tithe, you will automatically give 10%, or $1,250,000 to your church, and if you don't tithe, this should be donated to charity. That leaves $11,250,000. If the average person carries $20,000 in credit card debt and an average home mortgage of $100,000, after these bills are paid you are left with $11,130,000. Let's say you have two siblings and your dad. If you gave them each $1,000,000, a very nice GIFT (please don't expect someone to pay that kind of money back!), you would be left with $8,130,000. Now, if you have two children, you can set aside money for college and in a trust fund...say $2,000,000 each. With that, you are left with $6,130,000. I mean, really...how much money do you REALLY need? You would definitely need a good tax attorney and an investment broker (both of which are going to take their tidy little fees out of it). So you might be left with $5,500,000...a nest egg that should keep you in a comfortable lifestyle for the rest of your life if you don't go all hog wild and spend it all on trinkets like a new Beemer, etc.
That being said, you have a better chance of being struck three times by lightning while being chosen as the next American Idol than winning the lottery anyway, so get a good education and get out there and find a great job! |
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brodie
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If you actually won the lottery then first put a pretty large percent into a savings account. and then send some to charity and probably equal or more the ammount that you gave to charity spread out among relatives |
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robertspraguejr
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Probably. Lottery winners are notoriously the least successful at managing their money and frequently end up broke within a few years. Giving a portion away to your relatives would be a good way to earn some good-will that you may need to draw upon later. It really is a judgement call. Many people would disagree with my answer. |
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