Social Question

jca's avatar

You win the lottery (800 million after taxes), more money than you could ever use yourself and friends, family and coworkers are looking for some financial gifts. Who would you give money to and how much?

Asked by jca (36043points) January 11th, 2016

Who would you give money to? How much would you give each person?

I was thinking a million each for about 50 people (maybe a rough start would be to look at the people on my Christmas card list). Then when I think about it further, I ask myself if those people would do the same and the answer is not always “yes.”

Some people in my family have so much of their own they wouldn’t necessarily need my million. I would offer it anyway.

Who would you give money out to if you had so much and friends, family and coworkers were begging?

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24 Answers

LuckyGuy's avatar

I would absolutely toss a few million here. I’d split it up using the method I mentioned in this Q by @Here2_4: How will you spend my money? .
It would be an investment.

RedDeerGuy1's avatar

I would start my own television station for modern science and cutting edge technology.

JLeslie's avatar

I would go to my husband’s workplace to tell them he quits. Well, I wouldn’t want to take the quitting away from him, but I would want to go in and tell them.

I would finally build the karting club and community I’ve talked about many times here.

I’d give $100k to several jellies. Some desperately need the financial help, and some have been great friends.

Also, money to some very close girlfriends. Not sure how much. Might be over time so it’s tax free.

I’m sure my husband would buy some cars.

I’d buy a condo for my parents and my husband’s parents in FL. Or, if his parents prefer Mexico, I would do that.

I’d buy a place for my aunt, and get her better aides to help her.

I would give my sister $1million.

I would look into what charities I might want to contribute too.

I would move back to FL.

I would spend 2 months in Europe.

I would look into buying a condo on that huge ship that travels the world.

I would seriously consider adopting “older” kids.

Buy my own country if possible. An island or something. Or, a huge piece of land in America and create my own city. The karting can be there.

Mimishu1995's avatar

I would give some to my best friend to fund her studying. She had to drop out of college more than 2 years ago and is now willing to do anything just for money. I would tell her to get back to college and find a decent job.

cazzie's avatar

See,... this is why I was made to win the lottery. I have no friends or workmates.

chyna's avatar

First I would give money to St. Jude’s, Habitat for Humanity, and the two dog shelters in my area.
I would give my brothers at least 100 million each and they can divide that among their kids and extended family.
A few jellies will get some money. My entire office.
Then I will see how much is left and donate more. I would buy myself a new house and pay off my car.

ARE_you_kidding_me's avatar

I would probably start several local companies that provide real jobs and real benefits. There would be zero straight up handouts, not even to immediate family. Period. If someone close wants anything they would have to have a plan for it and it would be best if there was a legally binding agreement so it gets used for its intended purpose. Examples would be paying off house debt, going to college, starting a small business…

Love_my_doggie's avatar

I would make extremely generous gifts to the people who loved and treated me well pre-lottery. I have a large circle of good, hard-working friends and relatives; their lives would be considerably improved by a windfall.

Then, I’d sit back and laugh at the people who would suck-up to me, and try to become my nearest-and-dearest, after the lottery.

Seek's avatar

I’d give a million each to certain family members: my brother, my sister, my sister in law. They’d probably complain and not appreciate it anyway, which is why the number is what it is. We’d put a million in trust for each of their kids, too. Gifts to certain friends are definitely due. A couple million at least to my husband’s friend, Dan, who has helped us way more than I could even describe.

Then, after my small farm is established (the only thing I really want is a self-sustaining farm to live on) I start the surprise gifts. Medical bills will mysteriously disappear. Stuff like that.

At some point, I’ll start mailing plane tickets to friends. They can meet me in France for a long walk to Santiago de Compostela, with all their expenses covered (including those at home).

zenvelo's avatar

I heard the best way to determine who gets a gift or a “loan”..

Before you tell anyone you won, call everyone you know and ask to borrow $500. Anyone who says know gets taken off your potential list.

If I won a large amount (over $100 million after taxes) I would create a foundation, and all requests would have to go to the foundation. There would be gifts to make family members debt free and to have a small cushion but not enough to never work.

And one scheme would be “you can get an amount equal to your gross income on your tax return.”

Seek's avatar

Not everyone has $500 to loan…

JLeslie's avatar

@zenvelo An amount equal to your net income? So, people who make $200k, get $200k from you, but those who earn $40k, who probably need the money more, only get $40k? I’m not sure I agree with that plan.

I care that I believe the people I give to won’t spend it all in a splurge and be back to zero again, I don’t care what income level they are at.

katykit's avatar

I wouldn’t give it to anyone other than my own bloodline. I would set up unbinding legal barriers to ensure it stays that way beyond my death.

Cruiser's avatar

First thing I would do is to contact @LuckyGuy and ask him how much money he would need to hire someone to take over his spot at his company so it could continue to operate and then I would hire him to be the full time CEO of my philanthropic organization as I know he would allocate the funds identically to how I would and that would free me up to go off the grid somewhere amazingly beautiful for the rest of my life.

zenvelo's avatar

@Seek It’s more about the willingness to help you out than having $500. I know a few people who would say no if I asked them for help but would be scrambling to be first in line for a loan if I won the lotto.

@JLeslie It’s an idea my late father in law had for doling out an inheritance to his ne’er-do-well son who hasn’t held down a job in almost twenty-five years. He could receive the interest on his trust, but only withdraw principal equal to his paycheck. It’s a scheme to keep benefactors productive and working.

jca's avatar

@zenvelo: But like @Seek points out, if they don’t have it, they can’t lend it.

JLeslie's avatar

@zenvelo I can see the logic in that situation.

ibstubro's avatar

I’d give my widowed 56yo cousin $500,000 so that she could move out of her 1 bedroom apartment into something roomier asap. $1m to a former co-worker I promised it to.

The rest, beyond my personal expenditures, I’d sit on for 6 months.
Hire security, make inquiries, find out who needs what and how much they can reasonably be expected to deal with responsibly.
Foremost, I want to know that I’m not going to kill someone by feeding an addiction.

Strauss's avatar

A I replied to this Q…

I’d set it up as a trust. One third would be divided among the eight siblings and siblings-in-law (or surviving spouses); one third would be divided among our children (a trust fund for education, to mature and pay out in full at a certain age, say, 30–35); and the other third would be for my wife and me for our next careers as professional philanthropists.

I’d also buy my wife that villà in the “south of France” that she’s always fantasizing about

Love_my_doggie's avatar

@JLeslie It’s not unusual for people to create income-matching trusts. Very well-off parents might want to share wealth with their children and grandchildren, but without turning them into lazy, entitled brats. For every $1 that the beneficiary earns, he/she gets a matching $1, or $5, or whatever amount is determined.

This type of arrangement lets the beneficiary enjoy a nice lifestyle and have some luxuries, but the money isn’t simply handed to him/her. It also gives someone the freedom to devote himself/herself to a worthwhile but low-paying career – schoolteacher, minister, social worker, artist, actor – rather than take a higher-paying job.

Strauss's avatar

At $1.5B, the lump sum would be only $930M before taxes. Top federal tax is just under 40%, which would leave a take home total of $558M.

JLeslie's avatar

@Love_my_doggie Yes, but I don’t think we were talking about wealthy children. Some friends and relatives might be middle aged, never had the opportunity to attend college, have worked all their lives, and always tried to be careful with money, but lived in parts of the country that wages are very low.

I’m just saying a blanket policy might not fit each situation well.

My cousin was given “match money” for his college education by his grandad. I thought it was a good policy. Make sure the kid got out and did some work in the summers.

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