re: How much of your Powerball winnings are you giving away?

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Gift Tax

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this is such bullshite

if its 250 mil. I allocate 10m for friends and family. 10m for a 2 weeks in Vegas. 20m for a penthouse in The Village. 10m to start my own charity. Everything else goes in to conservative investments and I live off the interest.

Set up a trust fund for my niece, make sure my dad had siblings have everything they need. That's it. But, I'm selfish and greedy, so this will come as a shock to noone.

It would be my luck that I would die of a massive heart attack the day after I won.

None. frick y'all

First, I would create a blind trust to collect the $, and wouldn't tell anyone until I knew everything was secure.

Then I would do the following:

1. Tithe
2. Pay off existing debt
3. Pay off parent's existing debt
4. Pay off sibling's existing debt


Go to work without telling anyone what was going on. Sit and wait by the phone...when anyone calls, simply respond, "why don't you go f*** yourself", then hang up. Continue to do so until summoned by HR and terminated. When they tell me I'm terminated...stand up and yell (ala Al Pacino from And Justice for All) "You're out of Order...You're out of order...this whole damn place is out of order", at the top of my lungs.

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Then instead of you being on the hook for 40% gift taxes and them responsible for no taxes, you're free and clear. However, that money is probably going to come in as regular income for them so they'll be on the hook for income taxes on that money. Which, surprise, surprise, are going to be about 40%. You can hire a tax genius to help reduce your liability, but no matter what, the gubmint is going to get theirs first. Also, let's not forget that the lottery company pays the government huge amounts of money every year as a percentage of their total revenue.

The government is the greatest shakedown racket ever invented.

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So essentially they just want to keep taxing money that has already been taxed

ETA:I think you could set up some type of trust and list them as trustees so they can access it. I think they can't be taxed on it that way.

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Then instead of you being on the hook for 40% gift taxes and them responsible for no taxes, you're free and clear. However, that money is probably going to come in as regular income for them so they'll be on the hook for income taxes on that money. Which, surprise, surprise, are going to be about 40%. You can hire a tax genius to help reduce your liability, but no matter what, the gubmint is going to get theirs first.

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Ok. My math was after taxes. So add the taxes back and that's the amount for each that each of us recognizes as income/distribution . Then we're each taxed one time for income and they net the amount I stated.

Was just making the point there are ways around being double taxes as First mine as income then second time as a gift tax to them. We're all taxed one time as income.

Lol that I'm arguing this given my chances of having to really deal with this. Would be a great headache to have.

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A lot of it will go to single mothers and young women struggling to get by in life due to their poor choices

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You're going to leave that much to your employees after you quit?

When is the drawing?