Money - what would you do? Hypothetically.

  exdragon 21:39 11 Apr 2012
Locked

After watching Syndicate last night (group of workmates won £18 million on the lottery), we were discussing how we would apportion some of the winnings to the family. So, say you (on your own or with one partner, no syndicate) won - for the sake of argument - £20 million, how would you share it with your family?

On one hand, one daughter/son in law/granddaughter and on the other, one daughter/four grandchildren and three partners/four great grandchildren.

I don't mean giving money to charity, cats homes or whatever - just your immediate family.

As I said, totally hypothetical, unfortunately!

  Joseph Kerr 13:35 12 Apr 2012

I have thought this through to a possibly unhealthy degree.

Firstly, I second the no publicity idea!

I would buy myself a home outright. Somewhere local. Due to mobility issues it would be a decent sized bungalow and it may need some work. There may be the option of building. though I've no experience of managing such a project.

Speaking of property, my parents' place is not the best, mobility wise, so I may insist on having them chloroformed* and move them to a suitable property.

I would then do some things for family and friends, before looking into charities.**

What to do fro which family and friends and whether to make any stipulations is something I find difficult, especially with one person who is not known for financial sense, or indeed having money, or observing the law, or staying clean and sober...

One thing I may do is "pay" myself X amount a month and leave the rest in savings, perhaps using some now and then if need be. It would be a comfortable amount to cover essentials, bills and luxuries.

It may well make a big difference if the amount was 1 million or 10, though it may not. I struggle to conceive if such amounts and the interest they would accrue once initial spending is done.

*This is a joke, based on the fact that they have made quite clear that they have no intention of moving again.

** I have not read the link on the tax implications of gifts.

  Joseph Kerr 13:39 12 Apr 2012

I may, money depending, buy a "get away" or two. I only have one in mind and its in the UK, but would cost into the 100,000s (wouldn't anywhere, I guess).

  caccy 16:45 12 Apr 2012

First employ a very good accountant to find out how to give the maximum amounts with minimum tax to our children, grandchildren, and other members of the family. Treat them all to the holiday of their dreams (whatever that maybe). Go on lots of holidays. Pay for 1 year's town C*mas lights.

  Toneman 17:44 12 Apr 2012

I see "The Scream" is up for sale, anyone have it on their list?...

  spuds 23:33 12 Apr 2012

Bingalau

Regarding progress on cancer research, there have been some big developments. On BBC 2 this week there was a program on the very convincing experimental progress being made with new drugs, chemo and operations. Not sure if it would be on IPlayer, but it was on the Horizon program called Defeating Cancer, which was on Tuesday 10/04/2012. Well worth watching.

  Quickbeam 07:27 13 Apr 2012

The only clue to a big win from me would be that the FE might notice my IP address has moved to The Lakes. Like his friends that won, I wouldn't go far, I might stretch to a game estate somewhere that Brumas would no doubt have a wish you were here card of, but I'll supply my own dog:)

But I won't go counting any chickens before they're hatched.

  Quickbeam 07:30 13 Apr 2012

Oh, and I'd certainly need a pair of Purdey's to keep the riff raff at a respectable distance, I'd make a good 19th century gamekeeper!

  lotvic 15:28 14 Apr 2012

roy, that was covered on page one via my link 'Tax implications to giving money away'

  lotvic 21:38 14 Apr 2012

It's nice to dream (and not worry about the taxman :))

  hssutton 10:49 15 Apr 2012

What would I do? Leave this country immediately and take my severly adult disabled daughter with me.

My daughter at present attends a day centre, a little under 30 hours per week. Social Services now inform me that we have contribute what amounts to approx 2/3 of her income support to help pay for her day care.

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