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Euromillions- what would your family get?!

245

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  • Posts: 17,381 Khloe Silly Pointer


    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?


  • Registered Users Posts: 1,853 ✭✭✭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.


  • Registered Users Posts: 32,634 ✭✭✭✭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


  • Registered Users Posts: 10,914 ✭✭✭✭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.


  • Registered Users Posts: 17,410 ✭✭✭✭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.


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  • Registered Users Posts: 4,095 ✭✭✭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.


  • Registered Users Posts: 48,742 ✭✭✭✭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!


  • Registered Users Posts: 9,960 ✭✭✭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.


  • Registered Users Posts: 3,610 ✭✭✭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!


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  • Registered Users Posts: 2,276 ✭✭✭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 :D

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


  • Registered Users Posts: 19,873 ✭✭✭✭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 :D

    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 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.


  • Closed Accounts Posts: 224 ✭✭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.





  • 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.


  • Registered Users Posts: 590 ✭✭✭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... ;)


  • Registered Users Posts: 43,017 ✭✭✭✭SEPT 23 1989


    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


  • Registered Users Posts: 16,340 ✭✭✭✭banie01


    An even colder shoulder...


  • Closed Accounts Posts: 224 ✭✭Winning_Stroke


    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.


  • Registered Users Posts: 7,055 ✭✭✭JohnnyFlash


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


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  • Registered Users Posts: 590 ✭✭✭TheBlock


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

    Is that why she left you? Cause you couldn't sort her out? :pac:


  • Registered Users Posts: 1,896 ✭✭✭Irishphotodesk


    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?

    It's not an even split, myself and my wife get 1 portion each so as a family we get twice what the other families get.... I think we could survive with approx 26million.


  • Registered Users Posts: 7,055 ✭✭✭JohnnyFlash


    TheBlock wrote: »
    Is that why she left you? Cause you couldn't sort her out? :pac:

    Nah, pal, I had an affair with your auld one.


  • Registered Users Posts: 532 ✭✭✭Turquoise Hexagon Sun


    On a 130 million:

    15 million to my parents to retire and do what they want. I would encourage them to spend it and not save any of it. Just have fun.
    15 million to my OH's familly. She can decide how that's devided.
    10 million to my sibling.
    50 million to the bank to be untouched for 15 years.
    That's 90 million so far.

    With the remaing lot, I'd build a house. A really unique one with an unusual layout. It doesn't have to be massive and would be cost-effective should I lose my money. Basically, I would set 5million aside for emergency house maintance. I'll try not to touch it but only as a last resort. I'd build a home recording studio, pool, gym and entertainment room complete with retro arcade machines and home cinema - but not one of those where everyone is sitting miles apart from each other.

    I'll have to buy a nice sports car as well as a more "low-key" luxury saloon car. Having nice land to spend time in the garden would be nice. A remote house would be great at the foot of some hills where it's scenic and not you could go hiking nearby.

    With the remaining 20 milllion, I would travel the world, see Japan, China, Korea.

    I've spent my lotto winnings many times in my head! :P


  • Registered Users Posts: 590 ✭✭✭TheBlock


    Nah, pal, I had an affair with your auld one.

    Necrophilia...Nice




  • On a 130 million:

    15 million to my parents to retire and do what they want. I would encourage them to spend it and not save any of it. Just have fun.
    15 million to my OH's familly. She can decide how that's devided.
    10 million to my sibling.
    50 million to the bank to be untouched for 15 years.
    That's 90 million so far.

    With the remaing lot, I'd build a house. A really unique one with an unusual layout. It doesn't have to be massive and would be cost-effective should I lose my money. Basically, I would set 5million aside for emergency house maintance. I'll try not to touch it but only as a last resort. I'd build a home recording studio, pool, gym and entertainment room complete with retro arcade machines and home cinema - but not one of those where everyone is sitting miles apart from each other.

    I'll have to buy a nice sports car as well as a more "low-key" luxury saloon car. Having nice land to spend time in the garden would be nice. A remote house would be great at the foot of some hills where it's scenic and not you could go hiking nearby.

    With the remaining 20 milllion, I would travel the world, see Japan, China, Korea.

    I've spent my lotto winnings many times in my head! :P

    Most of the remaining 20 million would be going to revenue to cover the taxes on your tax inefficient way of splitting the win.


  • Registered Users Posts: 532 ✭✭✭Turquoise Hexagon Sun


    Most of the remaining 20 million would be going to revenue to cover the taxes on your tax inefficient way of splitting the win.

    Fair enough Mr Pedantic, but I haven't actually won the lotto. When I'm having a good dream about winning the lotto, I'm not generally not dreaming about the visits to solicitors, filling out forms, how I'm going creatively pay as little tax as possible. It's bird-eye view fantasy.

    You know like when I'm thinking about going on holiday, I'm generally not thinking about the queue at the airport or how I'm going to dry the moisture on my arsehole as I'm adjusting to the new tempratures. I'm generally thinking of enjoying the sights, having nice food and enjoying some drinks.

    Each to their own though


  • Registered Users Posts: 39,366 ✭✭✭✭Itssoeasy


    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.

    Yeah the British winners are telling all and sundry and I've no idea why. There have been winners in Spain and all over and I couldn't tell you a thing about them.

    If I ever did a win( which I won't obviously) the only thing is would that much money get me a shot with Angelina Jolie ? If not than why bother.


  • Registered Users Posts: 39,366 ✭✭✭✭Itssoeasy


    TheBlock wrote: »
    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... ;)

    "That's FACTS your honour."


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  • Closed Accounts Posts: 224 ✭✭Winning_Stroke


    Who else is getting the urge to buy some lotto tickets? :pac:


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