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07-02-2020, 07:36   #31
Irishphotodesk
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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.
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07-02-2020, 07:46   #32
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Originally Posted by Irishphotodesk View Post
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?
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07-02-2020, 07:55   #33
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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.
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07-02-2020, 07:57   #34
Graces7
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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
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07-02-2020, 07:58   #35
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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.
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07-02-2020, 08:00   #36
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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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07-02-2020, 08:11   #37
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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.
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07-02-2020, 10:26   #38
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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!
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07-02-2020, 10:30   #39
cena
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Buy the brothers and mother homes. Maybe a new car.
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07-02-2020, 10:31   #40
nox001
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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.

Last edited by nox001; 07-02-2020 at 10:38.
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07-02-2020, 11:44   #41
stoneill
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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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07-02-2020, 11:49   #42
Hoop66
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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...
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07-02-2020, 11:54   #43
El_Duderino 09
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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.
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07-02-2020, 11:56   #44
nox001
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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.
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07-02-2020, 11:58   #45
 
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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.
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