Would you share lottery winnings with family?
An Ocean County woman just recently won $20 million playing Pick 6 – and plans to split the jackpot with 19 of her relatives.
Doesn’t really matter if she’s doing this out of the goodness and kindness of her heart; or if she just wants to shut them up – but if you won a substantial amount of money, would you share it with family?
Some families will expect to get their palms greased with a little “something – something;” and if that be the case, you may have a problem on your hands.
Not just because of the hurt feelings, but also in view of how the IRS looks upon that “gift.”
Remember, there are always gift taxes that will have to be paid, and the money you think you’d be giving relatives may turn out to be much less than you originally planned.
So, according to the above article, that would be 10 million wacked up 20 ways, roughly about half a million a pop.
Then figure gift taxes on top of that, and that half mil becomes God-knows-what.
Perhaps best to keep it all to yourself, and give some to them when they need a few bucks.
Would you share your lottery winnings with family?