Euromillion & family trust

[saknog]

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?

[saknog]

jasonrobertson86 said:

did you win?

Hopefully this Friday

[saknog]

lost in espace said:

"What are the odds of winning EuroMillions? The odds of winning EuroMillions are 1 in 139 million. "

Not a problem you are likely to have in your lifetime is it.

It only takes 1 ticket with the matching numbers to win even if the odds are against it

[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.

[saknog]

GT03ROB said:

BunkMoreland said:

Have to wait till next week to set up the trust fund. It rolled over again £180M now!

Thats better worth winning now, couldn't be bothered at 150m.

I'm still not telling anyone or giving anyone any.

Just because it’s rolled over I wouldn’t re-adjust my sums for the “family/friends fund”, just more for me me me, but thinking if I bought a boat and sailed the world stopping at countries along the way, with clever financial planning, would that reduce any tax liabilities as I would not be in one place for a long period of time (yes I know it’s a fantasy question but just indulge me)