If you won the lottery

C

caroln

Senior Member
Location
Kentucky
If you won $5M in a lottery, would you feel obligated to take care of all your relatives? (I'm talking relatives here, not charities.)

If I won $5M, I don't think any of my close relatives would show up with their hand out. But their are certain cousins on my husbands side that I'm sure would end up on our doorstep.

No one in my family is in dire financial straits, so I would only take care of certain members of my immediate family. I would pay off my daughter's house mortgage and the mortages of my grandchildren houses. (They're going to get it all after I'm gone anyway!)

My sister is well off so I don't know what I could do for her. Maybe send her to Europe on one of her beloved vacations.

Other than that, I can't think of any other relative I would want to help out.
 
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My daughter and son-in-law are saving for a house .. which are now above a million in the city. SIL has a well-paying job, and though they are good savers, I'd buy them a house. Other than that, I would give something to my one sister who was widowed in her mid-30's and raised two sons on her own.
 
First of all, we would have our son sign the ticket. Then we would take a million, pay off a friends house, and put money in a trust fund for them to be able to do repairs. We couldn't just give them money because they would spend it as fast as they got their hands on it. The rest of the money would go for a motorhome, and travel.
 
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$5 million isn't what it used to be, especially when billionaires are the "rich" people. In the 1970s, my cousin won $50,000 in the Rhode Island lottery, and nobody in the family expected to get any money. I think if it were $50 million, I would consider sharing it with relatives.
 
If you won the lottery
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I would give a chunk of $$ to my dear friend's non-profit small dog rescue. Her husband is terminal, she'll need a lot of help down the road.
There's a couple other non-profit animal rescues I'd give substantial donations to.
I would hire contractors to do the home repairs that I really no longer am interested in doing.
Family would get some mad money to buy themselves whatever they wish. Of course, when DW and I pass they'll get everything anyway.
 
If we won the lottery, I would split it evenly, 5 ways, to give us and the daughters and granddaughters families equal amounts. We're OK, financially, but the granddaughters still have mortgages....so that would allow all of the immediate family to become debt free. About all we might do with such a "largess" is take a trip to Las Vegas, and perhaps start shopping for a new car....the rest of it would go into investments and grow to give the kids another bonus when we pass.
 
First I'd pay 1.5 million for taxes. And I'd put a half million into my retirement funds so the retirement planning calculator would stop telling me I have to die when I'm 86 yrs old. Then I suppose I would offer to pay back my daughter's paternal aunt/uncle all her college expenses. After that I'd have to figure out how much to give my daughter, and probably make some donations to charity. And I'd price travel and a condo in a nice city. Maybe condo's in multiple cities. That would probably be all the money.
oops...editing this to add that I would NOT buy condos because then I'd owe property taxes all over the place and not have any money left to pay.

https://blog.taxact.com/lottery-tax-calculator/#calculator
 
Don't want it. I only want enough money to live reasonably descent and nothing more.
it would be a burden and a hex.
Why would I want to spend the rest of my life trying to get rid of money?
If i had to choose one thing for myself, I guess it would be an old classic Chevy pick-up truck.
But I don't even need that.
 
I would be willing, but helping people can be a very tricky business.

I wrestle with helping people now and often decide it's better to mind my own business.

Sometimes providing financial assistance makes people weaker, resentful, and blunts their ability to solve their own problems.

I had very little help and enjoy the fact that I was able to figure things out and provide for myself.

I'm not sure it's fair to deprive others of that same opportunity.

I suppose it depends on the individuals and the situation. :unsure:
 
I have no people left on my side of the family. Wife has 3 siblings. All those are retired, debt free, and doing okay. All three of our kids have done extremely well. All will have excellent retirement plans. So... would set up education funds for grandkids. Those who have already entered careers would get similar amounts with strict use parameters. One of the issues with handing kids or grandkids large sums of cash is them "falling in love" and losing it to a failed marriage/relationship.
So, we would be rather selfish, knowing they all would see windfalls due to the requirements of our wills.
Would never hand cash to "needy" people. If needing food assistance, would set up monthly stipends at local groceries. If needing rental assistance, would set up to pay their rent for a period of time. If needing transportation assistance, would assess the situation and see how we could satisfy that need for them until they get back on their feet. On any of those situations, would work through someone so we could remain anonymous.
 
In all i have read it is amazing how many people from your family or past will remember to come see you when you win money....lol

I have sisters that all could use some levels of help but it would need to be in a way where they had no access to cash.....
paying a bill or rent directly to landlord. Could never hand them cash it would be gone in seconds and their hand out for more..

Kids are doing well but sure i could help with some items like upgrades they may be saving for etc. already have accounts for grands would just fund them better etc.
 
Gaer said:
Don't want it. I only want enough money to live reasonably descent and nothing more.
it would be a burden and a hex.
Why would I want to spend the rest of my life trying to get rid of money?
If i had to choose one thing for myself, I guess it would be an old classic Chevy pick-up truck.
But I don't even need that.
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Right on. I like the way you think. I guess if it happened, I'd just use the money to rescue more dog's. Besides, I've already had classic trucks... only back then, they were just trucks. One for everyday use and the other for weekend camping. :)

56 chevy truck.jpg greenchevtrk.jpg
 
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