Would you tell people outside your immediate family you won the lotto?

SEPT 23 1989 · 24-06-2020 06:10AM

It would be a full time job in itself trying to hide it

oceanman · 24-06-2020 06:20AM

i wouldnt tell anyone....if you tell one person you have to tell everyone.

Samuri Suicide · 24-06-2020 07:07AM

Wouldn't tell anyone not even the missus.

I'd buy a house 5 mins away, convert it into a palace and hang out there all day pretending I'm at work.

Irishphotodesk · 24-06-2020 07:41AM

greenttc wrote: »

like many i wouldnt tell anyone but would love to pay off mortgages/debt for family members. often, while dreaming about it though, i wonder how would you actually pay off someones mortgage without them knowing? Is there a way of depositing large amounts of money in peoples accounts unknowingly? surely for tax reasons alone the relationship between parties would need to be identified, no? interested to hear about it.

so, if there is no way of doing that there is a dilemma, tell no one and keep it all to myself which could be boring or literally spread the wealth and let the recipients of your gifts in on the secret. does it mean that some family members dont get anything because of their big mouths? maybe! pays to be known as a discrete person i suppose.

Have previously looked into this, from a legal perspective pretty much any substantial declared money that you give is taxable, so what we agreed we would do is put a pile of cash at the door or a registered parcel of cash with instructions.
If you are paying off someone else's mortgage and you have substantial means, you could also include money to them to cover the tax bill they are likely to face, so instead of giving €200k you give €300k, so mortgage is cleared and they have some extra cash to play with after tax is given to government....the box of cash idea allows them to use the cash for day to day transactions and not touch their own money thus allowing their bank balance to build, without the need for taxation by the government.

When euromillions is above 100million the winner will earn an estimated 200,000 a week in interest alone.

Our plan should we win decent money is to gather all immediate siblings, they all sign a non disclosure and receive a lump sum, some of the conditions of receiving the lump sum (let's say €500k) is that EVERYONE that is in receipt of the lump sum will not receive secondary payment after 12months and this will continue on an annual basis, if it is discovered that we had been the lotto winners ALL of our siblings will loose their new found wealth,this ensures that everyone has a vested interest in not letting the information out.

There's a few other details like avoidance of gift tax, creation of a shell company, everyone given explanations to use if questioned about new wealth by other relations (extended family and friends).

Over time, the plan would be to travel and see/enjoy the world while also taking care of random people by means of a gift box (mentioned above) - with the ultimate goal that within a few years all of our family and friends would be mortgage free and hopefully able to enjoy life.

Obviously, trust funds created for any kids in the families - so that even if the parents mess it up their kids will inherit a tidy sum to make life easier.

So... In answer to the OPs question, YES people would be told, these people would be in receipt of substantial payments to keep their mouths shut and would loose substantially if they reveal the source of their income.

24-06-2020 08:55AM

Its the kind of thing that would be hard to keep secret would it not? one day you are living in your 3/4 bed semil working in a pharm plant driving a 3-year-old car and the next you have a new Lexus and Range Rover SVAutobiography.

We have said if we win the lotto we are giving most of it away after we look after ourselves.

JimmyVik · 24-06-2020 08:57AM

Id tell the ones I think are the biggest begrudgers I know.
Might as well give them something from my lottery win. They would revel in the begrudgery and id feel good having given them even more to revel in.

eviltwin · 24-06-2020 09:00AM

Absolutely not. It wouldn’t be worth the hassle.

Rodney Bathgate · 24-06-2020 09:01AM

They should introduce an optional ‘witness protection’ program for big wins.

Stationmaster · 24-06-2020 09:08AM

Irishphotodesk wrote: »

Have previously looked into this, from a legal perspective pretty much any substantial declared money that you give is taxable, so what we agreed we would do is put a pile of cash at the door or a registered parcel of cash with instructions.
If you are paying off someone else's mortgage and you have substantial means, you could also include money to them to cover the tax bill they are likely to face, so instead of giving €200k you give €300k, so mortgage is cleared and they have some extra cash to play with after tax is given to government....the box of cash idea allows them to use the cash for day to day transactions and not touch their own money thus allowing their bank balance to build, without the need for taxation by the government.

When euromillions is above 100million the winner will earn an estimated 200,000 a week in interest alone.

Our plan should we win decent money is to gather all immediate siblings, they all sign a non disclosure and receive a lump sum, some of the conditions of receiving the lump sum (let's say €500k) is that EVERYONE that is in receipt of the lump sum will not receive secondary payment after 12months and this will continue on an annual basis, if it is discovered that we had been the lotto winners ALL of our siblings will loose their new found wealth,this ensures that everyone has a vested interest in not letting the information out.

There's a few other details like avoidance of gift tax, creation of a shell company, everyone given explanations to use if questioned about new wealth by other relations (extended family and friends).

Over time, the plan would be to travel and see/enjoy the world while also taking care of random people by means of a gift box (mentioned above) - with the ultimate goal that within a few years all of our family and friends would be mortgage free and hopefully able to enjoy life.

Obviously, trust funds created for any kids in the families - so that even if the parents mess it up their kids will inherit a tidy sum to make life easier.

So... In answer to the OPs question, YES people would be told, these people would be in receipt of substantial payments to keep their mouths shut and would loose substantially if they reveal the source of their income.

I think another way around it is to to declare/state before collecting the winnings that your family members/friends or whoever you want to look after have a stake in the ticket. For example, you have 50% of the tickets and there's 10 others that have 5% each. That way there wouldn't be any tax implications I'd say.

It it was a million or two I'd tell the wife and that's it. I think you'd bluff your way around a new car, looking after family etc with the shares excuse or something similar (we only moved into our new house a year ago so nothing needed there). It would still be very hard keep in quite though.

morrough · 24-06-2020 09:18AM

Irishphotodesk wrote: »

Have previously looked into this, from a legal perspective pretty much any substantial declared money that you give is taxable, so what we agreed we would do is put a pile of cash at the door or a registered parcel of cash with instructions.
If you are paying off someone else's mortgage and you have substantial means, you could also include money to them to cover the tax bill they are likely to face, so instead of giving €200k you give €300k, so mortgage is cleared and they have some extra cash to play with after tax is given to government....the box of cash idea allows them to use the cash for day to day transactions and not touch their own money thus allowing their bank balance to build, without the need for taxation by the government.

When euromillions is above 100million the winner will earn an estimated 200,000 a week in interest alone.

Our plan should we win decent money is to gather all immediate siblings, they all sign a non disclosure and receive a lump sum, some of the conditions of receiving the lump sum (let's say €500k) is that EVERYONE that is in receipt of the lump sum will not receive secondary payment after 12months and this will continue on an annual basis, if it is discovered that we had been the lotto winners ALL of our siblings will loose their new found wealth,this ensures that everyone has a vested interest in not letting the information out.

There's a few other details like avoidance of gift tax, creation of a shell company, everyone given explanations to use if questioned about new wealth by other relations (extended family and friends).

Over time, the plan would be to travel and see/enjoy the world while also taking care of random people by means of a gift box (mentioned above) - with the ultimate goal that within a few years all of our family and friends would be mortgage free and hopefully able to enjoy life.

Obviously, trust funds created for any kids in the families - so that even if the parents mess it up their kids will inherit a tidy sum to make life easier.

So... In answer to the OPs question, YES people would be told, these people would be in receipt of substantial payments to keep their mouths shut and would loose substantially if they reveal the source of their income.

I don’t think you’ve thought enough about how your siblings other halves are going to be able to keep a story up with their own siblings, if they are in anyways close. It’s gonna come out at some point!

greenttc · 24-06-2020 09:33AM

Stationmaster wrote: »

I think another way around it is to to declare/state before collecting the winnings that your family members/friends or whoever you want to look after have a stake in the ticket. For example, you have 50% of the tickets and there's 10 others that have 5% each. That way there wouldn't be any tax implications I'd say.

It it was a million or two I'd tell the wife and that's it. I think you'd bluff your way around a new car, looking after family etc with the shares excuse or something similar (we only moved into our new house a year ago so nothing needed there). It would still be very hard keep in quite though.

This of course works for being able to give family members a share and not get done for tax but it does involve them knowing so still doesnt solve the anonymous gift. Or, now that im writing this, can you anonymously declare them as a shareholder in the winnings without them ever knowing who the ticket buyer was? Of course, they could figure it out via a process of elimination especially if it was shared across the familys of both a husband and wife.....

Irishphotodesks gift box idea kinda works except that it is just tax avoidance really so not totally above board and recipients may not feel comfortable with that.

yes, you could give an amount in excess over what you wanted to give so that it covers their tax bill, how do you anonymously deposit it in their accounts though, surely there would be all sorts of issues around suspected money laundering etc.....

see? this dream dilemma has my head twisted in knots.

Mr. CooL ICE · 24-06-2020 09:52AM

I'd hire a solicitor as an impartial party and create a fake anonymous benefactor. This "benefactor" would gift a modest amount of money to everyone in my family, including me. My family would know somebody has won money, but wouldn't be able to tell who.

And then I'd do this...

Samuri Suicide wrote: »

Wouldn't tell anyone not even the missus.

I'd buy a house 5 mins away, convert it into a palace and hang out there all day pretending I'm at work.

razorblunt · 24-06-2020 09:57AM

To immediate family I'd say I'd won a decent amount but enough so it looks like it would be spent relatively sharp with mortgage pay offs (mine and theirs) and a car for myself, usual stuff. I wouldn't tell anyone apart from that.

I knew someone who won a decent amount and it went public they were getting begging letters in the door constantly and to his place of work, said it was an absolute nuisance.

Seamai · 24-06-2020 09:59AM

I wouldn't tell anyone outside my family. I know of a family in my area who won a substantial amount in the Euromillions draw 9 or 10 years ago and had to move into a hotel before moving abroad, their lives became a living hell. I know it would be very difficult to keep it under wraps but going public is only looking for trouble. I'd get a good advisor, someone I could trust, spread the story that it was a large syndicate to dissipate the attention for a start.

razorblunt · 24-06-2020 10:46AM

I suppose I better start buying a ticket!

Mister Vain · 24-06-2020 10:53AM

I wouldn't tell a soul at first. I'd only tell my immediate family after I bought a house and a few sports cars. That way I can tell them I've nothing left.

Kermit.de.frog · 24-06-2020 11:35AM

Seamai wrote: »

I wouldn't tell anyone outside my family. I know of a family in my area who won a substantial amount in the Euromillions draw 9 or 10 years ago and had to move into a hotel before moving abroad, their lives became a living hell. I know it would be very difficult to keep it under wraps but going public is only looking for trouble. I'd get a good advisor, someone I could trust, spread the story that it was a large syndicate to dissipate the attention for a start.

I suppose it depends on the area. In Ballsbridge most people might hardly care.

In Clondalkin that's probably going to be less likely

Randy Archer · 24-06-2020 11:44AM

No way, maybe the mother because one would want to try and clear off all her bills . The others ? God no

Randy Archer · 24-06-2020 11:46AM

JayZeus wrote: »

I wouldn’t tell anyone. Not even my wife.

Christ definitely not the spouse. That’s just lunacy. Off shore accounts aren’t there for a laugh .

Leg End Reject · 24-06-2020 11:54AM

Stationmaster wrote: »

I think another way around it is to to declare/state before collecting the winnings that your family members/friends or whoever you want to look after have a stake in the ticket. For example, you have 50% of the tickets and there's 10 others that have 5% each. That way there wouldn't be any tax implications I'd say.

It it was a million or two I'd tell the wife and that's it. I think you'd bluff your way around a new car, looking after family etc with the shares excuse or something similar (we only moved into our new house a year ago so nothing needed there). It would still be very hard keep in quite though.

I think syndicate members get an equal share, you can't apply percentages.

Galwayguy35 · 24-06-2020 11:57AM

No way.

The first millionaire win back in 1989 was not too far from me and when they went public it attracted alot of publicity towards them.

24-06-2020 12:00PM

Not a hope in hell would I make it public. The problem is though that in small towns, people would cotton on quickly enough if you started buying cars for parents/siblings or building a big house out of nowhere. You wouldn't be able to enjoy it without people in your locality knowing.

I'd build a modest enough house to look at from the outside but inside would be good such as having a basement like Tony Stark

I would also go back to college and do a degree for a high-earning job to try and throw people off the scent. Either that or move somewhere no one knows you and set yourself up as an investment banker and explain it that way.

When it comes to cars you'd have to buy modest enough ones too. Going from a diesel to a Ferrari or Lamborghini all of a sudden is a bit of a give-away :pac:

Irishphotodesk · 24-06-2020 12:48PM

Stationmaster wrote: »

I think another way around it is to to declare/state before collecting the winnings that your family members/friends or whoever you want to look after have a stake in the ticket. For example, you have 50% of the tickets and there's 10 others that have 5% each. That way there wouldn't be any tax implications I'd say.

It it was a million or two I'd tell the wife and that's it. I think you'd bluff your way around a new car, looking after family etc with the shares excuse or something similar (we only moved into our new house a year ago so nothing needed there). It would still be very hard keep in quite though.

There was a high court action in recent years which highlighted that if you are declaring everyone has a stake in the winnings you cannot decide the amount, everyone is entitled to an equal sharing - have a Google for it Walsh v Walsh is the name of the case, son was given a different amount to others and took an action, it was admitted in court the reason for everyone signing was to avoid taxation, but this permits equal sharing, hence the need for nondisclosure and shell company required.

E mac · 24-06-2020 12:53PM

Galwayguy35 wrote: »

No way.

The first millionaire win back in 1989 was not too far from me and when they went public it attracted alot of publicity towards them.

I vaguely remember that,there was huge media interest. Are they still millionaires?

Millionaire only not · 24-06-2020 01:06PM

Irishphotodesk wrote: »

There was a high court action in recent years which highlighted that if you are declaring everyone has a stake in the winnings you cannot decide the amount, everyone is entitled to an equal sharing - have a Google for it Walsh v Walsh is the name of the case, son was given a different amount to others and took an action, it was admitted in court the reason for everyone signing was to avoid taxation, but this permits equal sharing, hence the need for nondisclosure and shell company required.

After this case I’d be inclined to go on my own with the win . I don’t know will mr.taxman be able to keep me watched how I spend it or who I give it to .

24-06-2020 01:59PM

I would only tell people in my immediate family who I was going to share it with as I would want them to sign the ticket to avoid paying tax on it if I were to gift it after - this would apply to big wins greater than say 20 million, less than that I would take the full amount and drip feed gifts.

So only a handful of people would be told and told to keep it very quiet. I would then go about building up a business as a "front" so that down the road there would be no questions about where my money was coming from.

Mister Vain · 24-06-2020 02:02PM

I'd start my own "adult film" business and pretend that's how I made my fortune.

dennyire · 24-06-2020 02:05PM

Tell nobody

Dolores

The Tetrarch · 24-06-2020 02:07PM

I would pay an IT company to set up a website.
The website would pay a cash prize for sob story of the month (Irish citizens only).
The only catch is you would have to post your photo, name, and address to collect the prize.

Yester · 24-06-2020 02:24PM

ILoveYourVibes wrote: »

I think they would notice when i build the swimming pool and put the pony in.

Water Polo?

Would you tell people outside your immediate family you won the lotto?

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