Had a friend and DH who won the lottery and he didn't get to enjoy! He died of a heart attack shortly afterwards :o(

Revise the trust/will papers.
Retire.
Cruise.....

:-)

I would set up college funds for my 8 grandkids, pay off my kids homes, help some in need without them knowing where the money came from. I would make my hubbies dream trip come true.. Do some fun things, too. I would not have a problem with not sharing with some... It would be my money...

I have a wonderful friend that is going through brain surgery on Thursday. I would make sure she knew "NOT" to worry about the hospital bills. I would pay all of them for her...

Sure is fun thinking about it happening...

Susie

I would buy a motor home, load up my dog and cats and hit the road. I would be in TX or some place warm for a couple of months in the winter, Oregon or Washington in August when it is hot here. I would visit friends or family in CA 3 or 4 times a year.

Ok guys, now how would you feel about NOT sharing some with members of the family?
Or would this just not be possible, or right?
Would a lightning bolt strike me down?

Just so you know...I haven't won a lottery! lol

First, hire a tax atty & set up a meeting with the atty & my financial advisor. Then at least 10% tithe to church & give to other charities. Updates/repairs on my home. Updates on my mom's home. College aid for grands (pd to college to be sure that's how it was used!) Pay off kids homes. If anything was left, I'd take trips to do genealogy research.

DH and I talk about this all the time because I'm sure any day we will win and we need to be prepared! LOL
First thing we would do is tithe to our church.We would also give to some charities.
I have 4 grown kids and 9 grands.I would make sure the grands had money for their educations and beyond.All that my kids have wished for is a nice home and a car.Right now,at this point in our lives since we are living with DS and family and helping with the twins,we would purchase a home large enough for all of us and when we are able to go back to our home in TX,it would go to them.None of our kids want to quit their jobs or live in luxury,nor do we.Just to have a home and a new car that is paid for.DH and I could care less about cruises or big luxury vacations or fancy houses and furniture,and none of the kids do either.We would invest wisely and figure out how to leave what is left to our kids without them having to pay out much to inherit it.The only "extravagance" I would like is someone to clean and maybe an occasional cook!LOL

I have a sibling who is excluded from our will. And another one will be during the next round of revisions.
Hey, I say "It's your money. Do what ya gotta do!"

Ok guys, now how would you feel about NOT sharing some with members of the family?

Very, very comfortable.

My one sister will never, never see one cent from me, even if all other family members are gone.
Iron clad.

If I won the lottery, I would simply invest the money and travel more.

I get along pretty well with my family & even my in-laws. So, I have devised a formula on how to split up my lottery winnings. It only applies on me winning 100 million dollars (not a penny more or less LOL).

$100,000,000 lottery winnings

DD #1 5% $5,000,000
DD #2 5% $5,000,000
DD #3 5% $5,000,000

My 3 siblings (3m each) 9% $9,000,000
DW's 3 siblings (3m each) 9% $9,000,000
4 godchildren (100k each) .004 $ 400,000

12 nieces / nephews (500k) 6% $6,000,000

8? future gcÂs? (200k trust per)1.6% $1,600,000
-------------
Total 41% $41 m

I still have $59m to fool around with. Any complaints, the plan is null & void to the complainer.

I'd do like lilliepad. Make sure our children had a newer home and paid for cars. Then I'd set up trusts so the grandkids could either pay off or continue their educations. I'd give each of Harry and my siblings $10,000. Between us we have 10 bros. and sisters. His side, especially, could really use it.

Again like lillipad, I'd have my house cleaned weekly and meals for special occasions partially catered. I like to bake and cook so I'd still do some of it!

I don't think I'd move. We don't need more room and I never wanted a mini-mansion. But this place would have some serious remodeling/decorating.

Isn't it fun to think about what we'd do if we came into money. We talk about it--but we don't play the lottery so chances are slim to none!

I would just put my kid's names on the ticket and let them have it all.

Sue

IF I were to win the lottery, I would do the same thing I did when I won a very large contest some years back.

Visit my accountant to get my finances set up to legally minimize the taxes on the winnings. The max allowed would go into a retirement account.

Once the taxes were paid, the balance would go into the bank, divided between shortterm and long term insured savings vehicles.

We don't splurge with found money--too easy to get used to a lifestyle you can't afford for the longterm. The money would just be a nice cushion for emergencies as we head into our senior years.

Nor do I believe in handing free money to family and friends. Giving people a pile of cash is more of a hindrance than a help. I've seen a number of lives ruined that way-no way would I wish that on anyone I loved. Rarely appreciated at the time, and generally leads to requests for more and more and more--and sometimes a sense they're ENTITLED to your money.

Post script? The large chunk of cash I won 8 years ago, is still in the bank, and even though I paid the taxes on it at the time, put some in a SEP account, and bought a computer (a 'business' expense for my contesting), the total of the CD I put the balance in is now more than I originally won, because it's carefully invested, and we've never touched it.

Ok guys, now how would you feel about NOT sharing some with members of the family?

My brother lives in a $6,000,000 home & has 2 vacation homes. Like giving Oprah Winfrey "more" money!!! My mother is married for the 4th time, to a retired doctor. ha ha

I'd buy an island. Yep....da plane boss, da plane!

I'm pretty happy with my life and I've never won a lottery. I've bought lotto tickets and won a dollar or so or a free game, but that's it. When I was in high school, Dad was unemployed and Mom bought a lottery ticket and won $30,000. It really helped them. They handed me $100 cash, which I spent on a really good haircut. That was back in the 70's, a hundred bucks was a lot of money. Now I'm late middle age, own my house outright, own four cars with no payments, my kids speak to me. Both DH and I have health issues, but they're tolerable at presaent. If I won a lottery, I'd share some and save most of it.

Our lives wouldn't change much, but there would be some very happy plant nursery owners around here!
I'd have no trouble enjoying my winnings and not sharing with family. I would give some to people who really need it, anonymously, and not just a hand-out, but something that they had to reciprocate in some way to "earn" like going to school for job training, or getting a GED.
However, since we don't buy lottery tickets, our winning is pretty far-fetched . . . .

I wouldn't share with any family members that I felt didn't deserve it and that is most of them. I would buy DS a house and car. I would also set up some college scholarship funds and some money would go to my church.

Well if the lottery prize was 1 million, I wouldn't share any with anyone except our DD. 1 million wouldn't go far after taxes.

If we won a large sum, say 10 Million.. we would share. DH and I always said we'd pay off our sibling's mortages, put money in a trust for neices and nephews (they wouldn't be able to get into it until age 25). DD would get a house and a new car most likely. We'd put aside a large amount for the building and upkeep of a no-kill animal shelter in our county (they don't have one now).

DH and I would move out of the subdivision and onto acreage.

If I had a bad relationship with a sibling I wouldn't have a problem excluding them from any winnings.

I think it depends on your age too what you would do with the money and your financial situation. If you are 75 like me and things are paid for why keep money that will in time go to your children. They could use it now, not when I am dead and gone. Of course if you don't get along with your children that could be something else to think about.

Sue

Softball 80 has a much bigger imagination than I do! I was happy with a couple mil!

With Monica!

I would use it to travel more, lots more places!

And invest in a condo in the mountains and one on the beach.

I'd share with all family members except possibly one, not sure about her. The more I think about it, I think not.

The rest, I'd split it all up evenly.

On the gifting of money to family members they'd all get a bit for sure. Some more than others and some would be handled by a trustee. My SIL is a drug using fiend so anything she needs in the way of necessities would go through the trust.
My step daughter spends money like there is no tomorrow mostly on garbage food and things she just piles up and never uses. She can't manage a checking account with minimal amounts in it (overdrawn again now and the electric got turned off again. At least the rent and health insurance is paid from a different account she can't touch). Yep hers would be in trust so it gets spend on needs before fast food and toys.
Same thing with the money for All grand kids, in trust till they are old enough and wise enough to handle their own. I want to travel a little and spend time doing things the DH wants to do but never had the time money or opportunity. Last but not least have a 100% wheelchair accessible home (or 2) and vehicles for the both of us.
Many charities will get sizable donations as well.

It is nice to dream about giving a lot when you can just barely give a little now.

LIL

LOL @ azaalea!

On the gold thread, you educated everyone about how "gold is the only real money...paper is worth nothing..."

But you'd put this in the bank and invest it? Wouldn't you rather hide it in a coffee can or buy a bunch of canned goods or MREs?

That's funny!

I would share it with my children. Make a donation to
a charity. Buy a new home,go on a nice vacation. Its doesn't cost to dream!!! lol

If I won the lottery, I'd finish my house and build a barn and spend money on the place. I have one child and I would probably give her some money to go back to college and get a higher degree, but I don't think I'd tell her I had money or anyone else, for that matter. I don't have very many relatives...none that are close. I would help some charities...those that have to do with animals.

There are federal limits to the amount of money one can give to any one recipient during a year and have it remain tax-free.

I would certainly make sure my mother and step dad were fully taken care of.

I wouldn't feel any need to take care of siblings or their offspring. Nor would I leave anything to them in a will. I would help out with college expenses if I felt a niece or nephew were serious about study.

My estate will go to my child. My siblings would get nothing, even if my child predeceased me. I have provisions for that eventuality, and they don't include my siblings.

The last I heard the limit on gifting with out paying a tax was $12,000 a person.

Sue

Ok guys, now how would you feel about NOT sharing some with members of the family?

It wouldn't bother me one bit.

I know "exactly" who I would take care of and whom I wouldn't--and my siblings are on the "not" list.

Like a few of the other posters,I would spend some on myself,invest some and travel-lots

Thank goodness I have a small family. My dad and two brothers. One brother spends money like it's going out of style but he would still get part of it. I'd just make it clear that it would be so much and then he's on his own. He can't keep coming back for more.

I'd also give to a couple old friends.

At my age,72, my husband (age 82) & I are quite comfortable (& both qute healthy) & even manage to live on just Soc. Security. Our wants & even needs are few, though I suppose there might be assisted living or nursing homes in our future. I'd just have a hard time thinking of ways to personally spend a very large sum of money such as lottery winnings at this point...though think I'd at least like to buy a blue Mini Cooper. I guess charitable contributions, particularly animal rescue groups, would be our choice, with maybe one-time modest cash gifts to several nieces & nephews. We'd definitely "go out to dinner" more. On the other hand, I can't remember when I last bought a lottery ticket---maybe 10 years ago.

BTW, the current untaxable gift tax limit per year per person is $13,000. However, "direct" payments to schools or providers (doctors, dentists, ospitls, etc.) for tuition, etc. or medical expenses on behalf of another can go above that $13,000 amount & not be taxable for gift tax purposes. And of course husbands & wives can each give that $13,000 annual gift to as many people as they choose.

First hire a tax and investment advisor.

As far as my kids... either pay down a significant portion of their existing mortgage or give them a healthy down to buy a home. Also significant downs for new cars. I would want to help them, make life just a tad easier, but I strongly believe they still need to work for what they have or they will never appreciate it.

College funds established for grandkids to be used for and paid only to college of their choice, within 5 years of high school graduation or funds are forfeit.

A 10% donation to various charities that are close to my heart.

A new home on acreage about 40 years from civilization for me, complete with stable boy.

Upon my death my kids would only inherit in equal amounts upon their 55th birthday.

A retired couple in my hometown won $7.5 million in the lottery last week. They are taking immediate payment, which reduces the sum to $4.2 and, after taxes, they will have left $2.8 million, which still isn't too shabby, just not the $7.5 being broadcast.

mary c, I rather doubt it could be kept a secret if you won a large amount in the lottery.

Depends on the sum - I figure I need $40 million. First off I would be down to collect the money next business day - without makeup - no one would recognize me in the picture the lottery insists on taking. I would have my banker meet me at the lottery office to take possession of the cheque. I would send my dog to the home boarder's while I moved us out same day to an apartment/hotel. I would hire a tax accountant/lawyer and redo our wills. I would buy a house that had a separate apartment for a professional dog walker - I hate the cold - don't mind the walk part - it is the "out" part. I would be responsible for the hugs and kisses. I would find an "appropriate" charity to immediately donate our house to - and I am sure you all know what I mean by "appropriate" charity. I would sure as heck not be giving interviews to the City newspaper and having my face splashed everywhere - people who do this want the publicity - and they really feel that everyone is happy for them - face it - unless you are very fond of someone or you are going to get some of the money -you are generally not that happy for the winner of a big prize! Of course I want the big prize because that would make a difference. Not that I would turn down my nose at $2 million but you really couldn't do a lot with $2 million these days - creature comforts certainly - but only so much. Recently 4 Cdns. split a big prize so received $12.5 million each. So if you took your $12.5 million and bought a big house in the fancy part of town, a "cottage" in the Muskoka's, a BMW, furnished and secured both homes, paid insurance/taxes - you would have nothing left. I would want something to do - no doubt animal related, but generally people who really love their jobs and might want to continue working often can't due to the constant harassment by people. And I sure wouldn't need any new friends or relatives - the ones I have wouldn't get anything. Phone and e-mail would be appropriately handled. Now all I have to hope is that when I win that the prize isn't $2 million split between 12 ticket holders. If we go away and I have a points seat and am on a different plane than my husband we put the lottery tickets in the safety deposit box - heaven forbid that his plane go down with the ticket on his person - or of course, mine.

Oh, I wouldn't keep it secret. I never said anything about that, and can't see where I even implied it.

I just wouldn't feel the need to share with shiftless relatives.

I wouldn't mind sharing with what few relatives I have, but probably after I am dead. If I was wealthy, I wouldn't live much differently than I do now. I would finish my house...which we will do anyway. I'd rather not tell anyone because I wouldn't want them always asking for money. I already have a brother that owes me a few thousand and has for years. I finally convinced him I have no money, and he leaves me alone. I'd like to keep it that way.

It's a moot point to me anyway, because I never play the lottery.