Euromillion & family trust

[ChocolateFrog]

I've often thought that there would be a line somewhere between family that get something and those that get nothing.

I've got loads of family that I only see at the odd funeral. Makes you wonder if they'd expect something if you won big.

[Crudeoink]

I'd set up a trust / annual fund to pay friends and family. I'd make it very clear any request for extra money gets them removed from the annual fund for life.
Unlikely to work, but it would be even better if I could set it up anonymously and pretend I'm also a recipient, got lucky with some stocks and made a huge profit, not 'winning' the money would hopefully stop some of the friends of friends asking for some of the cash etc

Edited by Crudeoink on Thursday 20th June 22:31

[Purosangue]

B'stard Child said:

Purosangue said:

saknog said:

If you won the Euromillions, would you consider on setting aside an amount to put in a trust to provide immediate family and friends with an income for life or just give out lump sums to help them?

I'd buy all the houses around my racist / religious sisters property and fill them with immigrants , perhaps set one up as a mosque and have call to prayer 24hrs a day

You’ve thought about this a lot haven’t you

oh yes " Waterboarding " the B.I.L comes high on the list

[Cupid-stunt]

Purosangue said:

I'd buy all the houses around my racist / religious sisters property and fill them with immigrants , perhaps set one up as a mosque and have call to prayer 24hrs a day

I love the brilliance of this.

I'm going to spend the next 20hrs wondering what I will do ... only to no doubt be disappointed again post lottery draw.
If my sister is reading this, don't worry - you are not racist or religous.

[Wills2]

If you won silly money say £150 million you won't need to touch the principle as as return of say 5% would give you an annual income of £7.5 million.

[Sheepshanks]

Jasandjules said:

Not that I have ever thought about this but the sums to be given would be placed in a bank account and they would then have access to it via a card etc. So can spent as much as they like tc BUT seek to avoid IHT if we kark it etc as it is still in an account in our names....just that they have access to...

IHT is levied against the deceased’s estate so shouldn’t be an issue for recipients unless there’s not enough left to pay the tax.

Not 100% on this, but I recall reading that the win can be assigned amongst other people so the major beneficiaries would be isolated from the death of the winner.

[Higgs boson]

FiF said:

There would be one exception, the house occupied by a set of asshats. They would get no envelope for a few days just to let the tension and speculation build. Then another gold envelope would arrive at the asshats address as if it had just gone astray, inside would be a big bundle of monopoly money and a note to say you lot get nothing because you're a set of c****.

Brilliant use of your winnings!

[rodericb]

ellroy said:

Nope. Most trusts of any magnitude over £325k will suffer 20% tax immediately.

Other vehicles are available.

Like a Bugatti Chiron with the boot stuffed full of money. You can derive benefits from the investment vehicle, a good chuck of it is a liquid as one can get and it'll increase in value now that the Tourbillion has been revealed....

[muscatdxb]

Rich people seem to go down two routes when they are giving money.

One, they don’t trust the recipient and want to put lots of rules and structure around how the money can be used. A trust would be an example of this.

The other type just want to give it away and let the person spend as they see fit.

My bias would be towards the second, unless there is a big risk of the money being pissed up the wall.

[GT03ROB]

saknog said:

If you won the Euromillions, would you consider on setting aside an amount to put in a trust to provide immediate family and friends with an income for life or just give out lump sums to help them?

One of the things I would be very careful about would be confidentiality.

I would not want anybody to know, it would be my little secret.

[nismocat]

I would sort my kids out for life, trust funds and houses etc, Mrs Nimocat would also have money but it would not be in one lump as she could not handle it, sort a few mates out but fk the whole of my family, including my brother and sister.

I would send them a picture of a Coots bankers check with their name on it for 10 million and tell them to go do one. (bitter, yes, justified, hell yes)

[saknog]

I suppose the other question would be, would the family or friends do the same if they won, or as some have suggested sod them all and spend it on me me me.

But keeping with the topic, these are my thoughts:
Basic fag packet sums, without going into tax etc etc etc
Basing it on the Rowntree foundation living wage is £12 pr hr as a posed to Government £11.44 pr hr.
Based on 40hr weeks * £12 is £24960pa
Let’s be generous and add 5% so that’s £28,828 and increases every year with inflation.
7 cousins and 5 best friends would make the grand total £345,945 before tax in the first year.
£15 million * 3% (taking into consideration financial fluctuations), the total would be £450,000, enough to pay the 12 people and increase the “fund”

When the last person passes away, the fund is wound up and donated to charities.

All subject to financial experts involvement and again taxation (and a better calculator if my sums are wrong)

I had thought about some rules and structure but then it might be deemed as controlling, so no (unless you can suggest some)

Or make it simple and just give the 12 people a million each and let them decide their fate, if some run out of money that’s their problem.

[GT03ROB]

saknog said:

I suppose the other question would be, would the family or friends do the same if they won, or as some have suggested sod them all and spend it on me me me.

But keeping with the topic, these are my thoughts:
Basic fag packet sums, without going into tax etc etc etc
Basing it on the Rowntree foundation living wage is £12 pr hr as a posed to Government £11.44 pr hr.
Based on 40hr weeks * £12 is £24960pa
Let’s be generous and add 5% so that’s £28,828 and increases every year with inflation.
7 cousins and 5 best friends would make the grand total £345,945 before tax in the first year.
£15 million * 3% (taking into consideration financial fluctuations), the total would be £450,000, enough to pay the 12 people and increase the “fund”

When the last person passes away, the fund is wound up and donated to charities.

All subject to financial experts involvement and again taxation (and a better calculator if my sums are wrong)

I had thought about some rules and structure but then it might be deemed as controlling, so no (unless you can suggest some)

Or make it simple and just give the 12 people a million each and let them decide their fate, if some run out of money that’s their problem.

I think the idea of doing this would at best be awkward. You are effectively paying them a "wage". Whilst I'm sure there is no implied obligation on your part, what would the recipient think? Money is more of a divider than uniter.

[Sheepshanks]

saknog said:

Or make it simple and just give the 12 people a million each and let them decide their fate, if some run out of money that’s their problem.

As I approach retirement I want to give my “kids” (two daughters in their 30’s, both married and with children, and working full time in decently paid jobs) some money and it’s surprisingly complicated to know what to without risking messing up their lives.

I would imagine that, given a million, a lot of people who’ve been just about getting by would go off the rails, give up work, get divorced etc.

[keo]

Just checked it’s £164 million tonight. Absolutely ridiculous money and I don’t know how I would spend it! Would need some financial advice I’d look after a few friends and family. Would be hard to not raise suspicion!

I’d disappear for a few months to think about it.

[lancslad58]

Monkeylegend said:

lancslad58 said:

What I did was I spent a lot of money on booze, birds, and fast cars. The rest I just squandered

This is almost as predictable now as frozen sausages.

Yes, that's true, but it is one of the best Best quotes.

[Tim330]

Wills2 said:

If you won silly money say £150 million you won't need to touch the principle as as return of say 5% would give you an annual income of £7.5 million.

However after paying the additional rate of tax on that, school fees, pcp on two new cars, the nanny, the butler, the sommelier etc there won't be much left for anything else if based in South East.

[x5tuu]

Wills2 said:

If you won silly money say £150 million you won't need to touch the principle as as return of say 5% would give you an annual income of £7.5 million.

Only if you’ve got zero imagination and appetite to do something really significant.

To each their own, but IMO It almost literally makes zero sense to even win if that’s the plan frankly.

[keo]

x5tuu said:

Only if you’ve got zero imagination and appetite to do something really significant.

To each their own, but IMO It almost literally makes zero sense to even win if that’s the plan frankly.

Like these people who win and say oh it won’t change me! I am still going in the caravan for a week and I will carry on working….

Boring! But I suppose everyone is different!

I’d travel, ski, scuba dive, wing suit fly and be a racing driver! Some of those hobbies maybe a bit risky but at least I’d enjoy it

[Lefty]

GT03ROB said:

saknog said:

If you won the Euromillions, would you consider on setting aside an amount to put in a trust to provide immediate family and friends with an income for life or just give out lump sums to help them?

One of the things I would be very careful about would be confidentiality.

I would not want anybody to know, it would be my little secret.

This.

I’d tell my wife.

If any close family members had pressing money worries I’d help them out of course.

Even if I won 150m I wouldn’t be buying super yachts or private jets. The person on the street wouldn’t know I was worth 9 figures.