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Money - what would you do? Hypothetically.


exdragon

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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!

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Bingalau

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I wouldn't stop sending the begging letters.

But I would take advice from the lottery's advisor's. I think a good accountant would have to be on my payroll. I would give a fair amount to each of my three children but let them decide how to divvy up that amongst their offspring. If I started going into details of how to apportion money to all my (10) grand-children and (3) great grand-children and one great-great grand-child... I would need more accountants.

For myself I might buy a different car but it wouldn't be a show-off type of car. I am quite happy in the house I live in now and wouldn't want the hassle of moving and getting to know a new area. I may have some alterations/adaptions incorporated in to my house just in case I ever get more feeble than I am now.

There are one or two charities that would benefit, one being a service charity and the other a cancer charity. But I sometimes wonder why there doesn't seem much progress made in the fight against cancer.

If I had any money left over I would go out and buy a big heap of lottery tickets, hoping to win big again.

Oh yes I would buy a go-faster; look better; more comfy; Rolls Royce type of invalidity chair for an old oppo of mine who lives out in Australia. Then of course as I have loads of friends in places like Oz. America and N.Z. I would be able to travel out there first class and sleep all the way instead of going cattle class as I used to. I say "used to" because at the moment I do not intend to travel that far, in that way ever again.

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MAJ

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I'm from a large, close, Irish family.... £20million just wouldn't cover it.

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spuds

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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.

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Chegs ®™

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I'd buy a detatched house on the estate I was born on in the same town I live in now,I'd buy a 20+ foot yacht(& learn to sail)& a quite large motorhome.I'd send my daughter to University & deposit a hefty sum in her bank account.I'd also give my other 2 children hefty sums(if I ever found out their addresses as I've had no contact with them in 18+ years)Once I'd learnt to sail,I'd visit as many countries as I could by yacht including pitching up at my Mothers in Spain.My brother/sister would get nothing,nor would my Mother as they're financially secure already.Having travelled wherever the fancy took me,I'd return home & become reclusive(much like I am now)Begging letters would get recycled.The towns rugby team would suddenly acquire decent players instead of the present bunch & hopefully the team could then progress upwards & return to Wembley standard like their forebears in the 50's when the players were local miners Whitehaven Rugby History

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zzzz999

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Maj - join the club, there's thousands to be considered :-)

I remember watching a programme on some of the first lottery winners. We had the 'my accountant has invested my millions brigade and ten years from now if I don't touch it will be worth tens of millions more' - who all looked miserable if I am being honest. The happiest man of the lot was the wee fella who prior to his lotter win loved his greyhound racing and spent every Friday night at the local track. He bought the local track and ran it, even doing all of the handyman jobs on the place.

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Quickbeam

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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.

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Quickbeam

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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!

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Bapou

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Regarding the TV series, The Syndicate, itself, there's one thing that puzzle's me. One of the members had not paid his dues for 3 or more weeks, Lottery could not pay out until the others agreed he could share.

I gave up the lottery years ago and have never been a syndicate member so have no interest other than curiosity. Is this rule really genuine or is it purely fiction for the benefit of the TV story?

Anyone care to satisfy my curiosity?

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roy

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I am a little surprised that no-one has mentioned Inheritance Tax so far. Inheritance Tax is charged on a persons estate over £350000. Any gifts that the deceased has made in the last seven years before death are eligible for tax. The tax rate for all taxable estate is 40% ie 40 pence in the pound and the beneficiaries of the gifts would be liable. There are a few small alowances which may be applied and there are no doubt many loopholes which a wealthy person could explore as the amount of money collected by the Revenue from IH is relatively small.

Roy

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lotvic

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

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