Euromillions- what would your family get?!

snowgal

Hi all, myself and OH having a chat tonight about what we’d do if we won the €130 million jackpot tomorrow. ( I mean with giving money to family/friends only not all the rest you’d spend it on) We’re from very different backgrounds family wise, he is an only child and both his mother and father have passed away and not really close with any other family. I’m the opposite with a bigger family all close and they all have kids etc. I thought I’d probably give them 2 million each (five families in total) and then I’d give my close friends a million each (about 10 ppl) and a good portion to various charities. OH was very surprised it’d be that much, I thought it could be more with that amount won. What would you do?

Rufeo

Id disappear. Like Jason Bourne.

TheValeyard

Spanish Eyes

What did all the previous winners of the Euromillions do? The only idiots we hear about are British imo.

Sorry to say it, but it's true, they sell their story to get more.

It is Europe wide don't forget, and many want to remain anonymous. And do. They have brains.

Zaph

My family would get a postcard from some tropical paradise far away.

jaxxx

They'd get a lovely, huge house. Never have to iron, clean or cook ever again! Waited on hand and foot!

Cos I'd throw them all into the cheapest retirement home I can find!! !! !!

ohnonotgmail

they would get a postcard from the bahamas

freshpopcorn

A carvery.

Mam of 4

Truthfully , wouldn't have a clue how much to give them , you'd have to think about it carefully .
I'd make sure they all had their own houses first though , so they wouldn't have to worry about that , and then I'd sit down with a mug of Carte Noir instant coffee and ponder the rest

Rufeo

I mist go out and buy some Carte Noir. Hah. All i can think about is David Ginola now.

TheBully

A family member of mine won a substantial amount, sorted out one sister and shut the rest of her family out. Lied to her father on his death bed that she had won anything.
Her brothers and sisters wanted nothing off her but in fear that she may have to give them something she cut them out of their lives and tore the family apart and to this day still lies about it.

Snails pace

TheBully wrote: »

A family member of mine won a substantial amount, sorted out one sister and shut the rest of her family out. Lied to her father on his death bed that she had won anything.
Her brothers and sisters wanted nothing off her but in fear that she may have to give them something she cut them out of their lives and tore the family apart and to this day still lies about it.

Gaining a substantial amount of money in short notice would give you mental health problems, you would over think every little thing.

TheBully

Snails pace wrote: »

Gaining a substantial amount of money in short notice would give you mental health problems, you would over think every little thing.

Yup, I think that’s what’s happened, it’s been a small few years now and still won’t admit she won, and the sister she sorted only got money if she swore to secrecy.

They are welcome to it, they were all once a large seriously close family, that they have torn apart. There is plenty of brothers and sisters though so the rest of them have remained tight while the others have lost family

My parents would never have to lift a finger again. Live-in nurse, cook and cleaner.

chrissb8

I genuinely think it would ruin me. I would have to put it to some good use as a foundation or scholarship programme. I would feel massively at an unease having that much money.

Of course, I would do whatever the hell I wanted for the first 10 years, dream house built, sort family & friends out, experiences, holidays etc. Put some to the side as well, but eventually, I would just get worn out having it hang over my head and define the relationships with people in my life.

cj maxx

Sisters/brothers would get fcuk all. I'd blow millions on holidays bookers and coke and leave the rest to my kids

I’d pay off one brothers mortgage and minor debts and buy another his own place if he wanted it. My mother would have anything she’d need or want, if money could buy it. A small number of friends would become mortgage and debt free too. They’d all have a one-time only deposit into an emergency fund account, with the clear understanding that there’d be no point asking for more in future as it simply wouldn’t be available.

Everything else would go into diversified mutual funds held in trust and be used to provide for a very comfortable retirement income for myself and the missus, with an income top up for only those people referred to above once they hit 60 years of age.

Nobody else would get so much as the steam off my piss.

snowgal

Snails pace wrote: »

Gaining a substantial amount of money in short notice would give you mental health problems, you would over think every little thing.

Yea I think so too. It could end up causing such hassle in Families. What’s enough, why didn’t we get more etc I’d say it’s a head wreck! OH and I couldn’t even agree what we’d give, never mind telling family what they’d get! Prob will never have to worry but interested what others might do...

ardinn

You dont need to "give" friends a fortune!

Id set up a fund, where all mortgages and electric and general bills are paid from, this would allow them to live extremely comfortably and also allow you to keep them on the straight and narrow

I would have 8 or 9 people on that list.

Id buy my parents a huge house, as thats what my mam would want, with lots of gardens for her to potter about in to keep her happy, and gardners to do do the labour as she is pushing on.

Id ask my sister what she wants - and I havnt a clue what that would be!

I have my house picked out, near the sea for the summer fish species and its own trout lakes if im too lazy to go down the beach. Id throw huge monthly or fortnightly parties as me and the oh are very into dancing but this would be run as a business!

After that I presume holidays etc

If all goes tits up however with the coronavirus a lot of walls would be built and a collection of high powered weapons and security installed.

Five million to each of my three brothers and parents to do with what they like. Most property / assets I'd buy would go into a family trust to be shared and used. Think ski lodge / NY apartment / yacht. I'd be like the financial head of the family.

Friends wouldn't get much, and it would come significantly later based on how things went.

I ask myself, "If X won the Euromillions, would X give me anything?".

Most people I know are only in contact if they are looking for something. Such people wouldn't get a cent off me. Other people I know that actually make time for me and don't always have their hand out, would be well looked after. If I won €130m I'd give them about €3m each. Enough that they'd never have to worry again, but that it also wouldn't make a massive dent in my own funds.

Tom Mann Centuria

On 130 million, we'd give about 8 million each to our respective brothers and sisters (6 in total) so just shy of 40%. Whatever is left of that 40% would go to aunts/uncles/friends etc. 10% to charity and we'd have the rest.

Oranage2

I think for my safety and their own good I wouldn't tell anyone. I'd try start a few businesses(Cafe, art school etc) give them jobs and pay them a high salary. Buy a house and let them rent it for cheap, eventually just giving them the home.

For family with already successful jobs I'd just give them a few grand at Christmas and birthdays and what not.

Who's to say that they wouldn't blow the money, get in debt and then have gangsters at my door.

My family are so bad with money I think I'd need to protect them from themselves.

I haven't done the lottery in a decade. Can I buy a ticket online from outside the EU? I fancy some daydreaming.

Smart Bug

Revenge.

AndyBoBandy

1st thing would be to say nothing......

Wait til the Irish lotto is won to the tune of 3-6m and the winner remains anonymous, then come out and tell most folks you were the winner. Then you could share with closest family the truth.

Gretas Gonna Get Ya!

As much as they wanted/needed.

Once you go past a certain point, it all just becomes f*ck you money anyway!

If you gets what I mean, dawg!

tonysopprano

Tom Mann Centuria wrote: »

On 130 million, we'd give about 8 million each to our respective brothers and sisters (6 in total) so just shy of 40%. Whatever is left of that 40% would go to aunts/uncles/friends etc. 10% to charity and we'd have the rest.

Anything over €32,500 to siblings, and €16,250 to other relatives is taxed at 33%. Capital Acquisitions/Inheritence Tax

Any payments of mortgages, loans etc WHEN found out, treated the same.

So basically, if person not named on the ticket, and you give them anything, they lose 1/3 of it to tax.

Not a big deal when jackpot is €130,000000 but worth thinking about for smaller Irish lotto jackpot.

tonysopprano

tonysopprano wrote: »

Anything over €32,500 to siblings, and €16,250 to other relatives is taxed at 33%. Capital Acquisitions/Inheritence Tax

Any payments of mortgages, loans etc WHEN found out, treated the same.

So basically, if person not named on the ticket, and you give them anything, they lose 1/3 of it to tax.

Not a big deal when jackpot is €130,000000 but worth thinking about for smaller Irish lotto jackpot.

Can you open joint bank accounts with family members and let them have a debit card to it?

Vittu

Peter & Bridie from Cavan wins the lotto big time. When all the hullabaloo dies down and it's just himself and the wife in the kitchen, Bridie looks at him and says "jaysus Peter what about the begging letters". Peter paused for a moment considering this and says to Bridie "keep sending them"

Irishphotodesk

It's been discussed in this house many times, between her family and my family there's 10 (including herself and myself).

Pot gets split 10 ways, so everyone gets an even cut.
Trust fund set up for kids, randomly pay off people's mortgages, starting with extended family and friends.
Start leaving lump sums of cash outside homes of people that may benefit from it (randomers that you encounter who are obviously struggling)

If my memory is correct on 130m the interest earned per day/week is about 250k .... So if nothing is done for a few weeks the lump just gets bigger and bigger (more to divide up).

All family members are sworn to secrecy about the earnings... Anyone admits they are part of a syndicate will be putting the lives of every family member in danger, this will be drilled into each of them at a meeting - where they are told of the situation. Each person will be given a story to tell people about new wealth....stick to the script, learn it, live it and enjoy your new life.

Because the split includes payments to myself and my wife, we earn twice what the other families get....it was our ticket in the first place, neither of our families know about our plan to include them as part of a syndicate should we win.

Irishphotodesk

Irishphotodesk wrote: »

It's been discussed in this house many times, between her family and my family there's 10 (including herself and myself).

Pot gets split 10 ways, so everyone gets an even cut.
Trust fund set up for kids, randomly pay off people's mortgages, starting with extended family and friends.
Start leaving lump sums of cash outside homes of people that may benefit from it (randomers that you encounter who are obviously struggling)

If my memory is correct on 130m the interest earned per day/week is about 250k .... So if nothing is done for a few weeks the lump just gets bigger and bigger (more to divide up).

All family members are sworn to secrecy about the earnings... Anyone admits they are part of a syndicate will be putting the lives of every family member in danger, this will be drilled into each of them at a meeting - where they are told of the situation. Each person will be given a story to tell people about new wealth....stick to the script, learn it, live it and enjoy your new life.

Because the split includes payments to myself and my wife, we earn twice what the other families get....it was our ticket in the first place, neither of our families know about our plan to include them as part of a syndicate should we win.

Bizarre. You should be billing them for the cost of the tickets. If one of them won, do you expect to be in an even split syndicate you never even heard about?

messrs

I have 6 siblings - so would pay off each of their mortgages. 9 nephews/nieces - I would set up a trust fund for each of them to buy/build their own houses. Would also pay for each of my siblings and their families to go on whatever holiday they wanted. Would love to also open up my own kennels/rescue center for pets and take in strays or unwanted animals so they wouldn't be put down any more.

Graces7

same as happens with any spare cash now. Anything that is not essential will go where it is really needed.period.

Fastest way to ruin a life is winning the lotto.

Also fastest way to support and help those really in need

castletownman

I would give the two brothers and the parents a couple of million each. Clear debts/mortgages too.

Build a house, buy a nice car, one holiday home somewhere sunny and another one somewhere remote on our Atlantic coast.

Donate a million to Crumlin or Temple St, and some money to other local charities.

Become a patron for my local GAA club, funding whatever development they have planned and sponsoring teams etc. Partly fund any worthwhile local projects at county council level.

Buy a box at Croke Park, and a season ticket at Old Trafford.

I would open up a college trust fund for my own kids, and those of my brothers too.

In order to keep sane and generate some sort of income, I would become a landlord. Build a couple of houses locally to rent out, and an apartment in Dublin for similar reasons.

Can't wait to win it tonight now.

Blazer

ardinn wrote: »

You dont need to "give" friends a fortune!

Id set up a fund, where all mortgages and electric and general bills are paid from, this would allow them to live extremely comfortably and also allow you to keep them on the straight and narrow

I would have 8 or 9 people on that list.

Id buy my parents a huge house, as thats what my mam would want, with lots of gardens for her to potter about in to keep her happy, and gardners to do do the labour as she is pushing on.

Id ask my sister what she wants - and I havnt a clue what that would be!

I have my house picked out, near the sea for the summer fish species and its own trout lakes if im too lazy to go down the beach. Id throw huge monthly or fortnightly parties as me and the oh are very into dancing but this would be run as a business!

After that I presume holidays etc

If all goes tits up however with the coronavirus a lot of walls would be built and a collection of high powered weapons and security installed.

This is the best way and most tax efficient.
You can only give family members a once off of around 400k .anything above gets taxed. And that's direct family..brothers/sisters/children/payments.
Anyone outside of this I think its 100k limit.

jj880

My parents are comfortable with no debt and good pensions.

Not a living soul would I tell ever. Things would never be the same. You would never know if people are being genuine or want money. No amount would ever be enough for people and then they'd huff anyway.

Wichita Lineman

I'd sort out immediate family and a few close friends with a respectable amount that was not going to have tax implications for them as I wouldn't want to be giving any of my winnings away to the tax man!

cena

Buy the brothers and mother homes. Maybe a new car.

A lot of people here must have the revenue commissioners as a family member as they would be getting a very large share due to how most on this thread would dish out the money.

As much as I would like to keep the vast majority of it for myself and give a few million to each family member the only way to keep revenues hands off the money is to divide equally among all the people you want to share it with so get them all to sign the ticket.

If you are married you can still keep a bigger share by putting both you and your wife's name down but only naming one person for any other couple. i.e. only name one parent on each side on the ticket.

So in my own family there would be 8 named on the ticket: My wife and I, two siblings on either side and one parent on each side (both parents are alive but one named as explained above). So on a 130m jack pot each person would get just over 16m each and we would keep 32m due to both being on the ticket.

Smaller amounts or cash amounts then to other more extended family members.

stoneill

As a winner you are not liable for tax. Any money that you share out is regarded as income for the receiver, so is liable for tax.
So don't just dole it out. Look for a tax efficient or tax avoidance way to share the wealth!
Set up trust funds, invest in portfolios, set up a business, anything rather than hand over cash as revenue will want their cut!

Hoop66

Mam of 4 wrote: »

Truthfully , wouldn't have a clue how much to give them , you'd have to think about it carefully .
I'd make sure they all had their own houses first though , so they wouldn't have to worry about that , and then I'd sit down with a mug of Carte Noir instant coffee and ponder the rest

And you said the money wouldn't change you...

El_Duderino 09

Mam of 4 wrote: »

Truthfully , wouldn't have a clue how much to give them , you'd have to think about it carefully .
I'd make sure they all had their own houses first though , so they wouldn't have to worry about that , and then I'd sit down with a mug of Carte Noir instant coffee and ponder the rest

This is it. You'd have to actually think about it. Some people don't want money like that. I'd think in terms of offering money to pay off their mortgage so they can keep more of the money they earn.

I'd also want to set up a trust for my broader family to help fund education costs. Uni fees, some money towards accommodation, living expenses whole doing an apprenticeship etc. For family children to get a better chance of higher education and hit older people to retrain if they wanted to change career.

I think that's how I'd want to share with the money. You dont want to become a money tap to your family. That would change the whole dynamic of everyone's relationship with you.

stoneill

stoneill wrote: »

As a winner you are not liable for tax. Any money that you share out is regarded as income for the receiver, so is liable for tax.
So don't just dole it out. Look for a tax efficient or tax avoidance way to share the wealth!
Set up trust funds, invest in portfolios, set up a business, anything rather than hand over cash as revenue will want their cut!

As above the most tax efficient way (as in no tax way) is to name anyone you want to give money to on the ticket. The downside is they get an equal share so you will only be doing this for very close family. Wider family can get small amounts, cash under the table or nothing.

Winning_Stroke

I feel very alien reading this thread... giving big payouts to extended family? Are you guy nuts?

I'm giving away a sh!t load to charity straight away. My parent want for nothing now but I'd force them to have some kind of fun/treat. Buy a place for my sister. Same for herself's immediate family. There's about three friends of ours who would have their mortgage paid off.

I would never, ever let on to anyone how big of a win it was. And those who received money would be of the opinion that there is not much left in my own pockets after all that.

Winning_Stroke

Winning_Stroke wrote: »

I'm giving away a sh!t load to charity straight away.

I don't really get the "give a load to charity" thing. Giving a load of money to charity would be a long way down my list of things to do with a lotto win, especially the majority of established charities.

If I were going to give away some of the money I'd be more inclined to help the local area like funding an extension on the local school or improving facilities for local sports clubs. This would only be after having established some sort of a "front" business though as the reason for having made money rather than it having been a lotto win.

I agree on keeping it all very quiet though.

TheBlock

50% me an the Wife...50% to Immediate family of us both.

That's the signed syndicate agreement we have always had your honor no tax liable...

SEPT 23 1989

tonysopprano wrote: »

Anything over €32,500 to siblings, and €16,250 to other relatives is taxed at 33%. Capital Acquisitions/Inheritence Tax

Any payments of mortgages, loans etc WHEN found out, treated the same.

So basically, if person not named on the ticket, and you give them anything, they lose 1/3 of it to tax.

Not a big deal when jackpot is €130,000000 but worth thinking about for smaller Irish lotto jackpot.

anyone close to me would have new addresses in the Cayman Islands

banie01

An even colder shoulder...

Winning_Stroke

Aaden Stale Jugular wrote: »

I don't really get the "give a load to charity" thing. Giving a load of money to charity would be a long way down my list of things to do with a lotto win, especially the majority of established charities.

I believe in paying it forward. I agree with you about established charities though, it wouldn't be a freebie for all the bad ones, it's a very select list and do stuff like you mentioned e,g, local sports.

JohnnyFlash

I’d sort everyone out except my absolute hell-beast of an ex wife.