Gift tax is paid by the payor not the payee. So you would be taxed on the amounts you gave to your friends above $14,000. any amount paid to someone above that amount gets tallied and added up until you reach your lifetime exclusion amount of 5.43 million. So you could get around with smaller amounts until you reach that amount. Then you would have to pay tax on any amounts given over that amount. If I paid that much in taxes, I wouldn't want to be taxed on already taxed income ya'know
I'd be ok paying some extra taxes as long as the bulk of it I did correctly. outside of my winery and a house I'd have no other large expenditure. The thing I'd like the most is helping friends and not having to think about daily costs. I might have two cars instead of one, and I'd fly first class, but I wouldn't buy a jet, a submarine, a chateaux or expensive jewelry. Fuck worrying over if you payed a couple extra mil in taxes when you still have a quarter billion or more invested.
I just don't wanna be contacted by people I barely know. Wait, if you win can you go under an alias when they announce the winner?
Set up a blind trust and an executor with a non-disclosure agreement, and have the executor claim the winnings on behalf of the trust.
Just legally change your name, cash the winnings and do all interviews under the name Denny Crane. Then legally change your name to magnifier and bang his wife. Then change your name a few more times till you end up back where you started.
I hate billionaires so I'm glad I won't quite make it that far. Just read what Mark Cuban said we should do. Tell all our friends and family NO. Fuck you Mark Cuban.
He's got a point. When will it stop? I can tell you, some of the people I know would stand with hands out until I was broke and never think of repaying me or helping me if I needed help. You'd have to establish a cut off point. And the easy cut off point is using the tax code to your advantage. People dislike paying taxes so they are more likely to understand if you don't want to pay taxes on already taxed money. And $14,000 per person per year is more than enough to aid them in life.
We have differing ideas of friends and especially family I can tell you that. Hey Mom, keep on typing away until you die. People are so fucking greedy that we act like Bill Gates giving away bazillions of dollars while he still has more than 99.9999999999999999999 percent of the Earth is some kind of unbelievable sacrifice. If I have a "friend" that I think is the type of person to fuck me over I'll stop being friends with him tomorrow. Money doesn't change that for me.
I don't think my friends would actually screw me over. But I know certain people inmy family(immediate included) that would.
my immediate family and closest friends have all been very generous with me and nothing would bring me more joy than helping them. Secondary friends and family would receive less and those that got pissy could fuck off. Tirtiary friends and family might be able to borrow or receive small amounts. If over time they treated me well and paid back any loans, than they might receive more generosity. New people wouldn't find me very giving at all.
I'm really good at saying no to people. Also, I'm pretty content with my situation, so how is someone going to ask me to give them money if they have a nicer house and nicer car than I have. hah, good luck with that bro.
OMG! I hit the Powerball! I got it! I got it! Swear to god, I just hit the Powerball! But I didn't get the other 5 numbers right.
