If I were Filthy Rich
By USS_Sovereign+298 How do I share the wealth anonymously?
So, say I won $20 M, and I want to hook up some good people (for example, I have a buddy who initially loaned me 3 grand for cataract surgery and then turned around and told me it was a gift and don't worry about paying it back). Let's say I don't want people to know that I've hit it big. How could I gift him $25000 without him knowing that it came from me? I actually have several people that I would love to be able to gift like that.
Recent responses
+105 @Sensitive-Chard3499 Set up a LLC and have it pay him or if he has debts with any institutions you can look into paying those for him or maybe help a family member of his.
+38 @TeddyTheCognihacker You can hire a law firm to set up an anonymous trust and distribute money for you from there.
+37 @JGCities First issue is anything over $13k in a year is a gift according to IRS and you or them will have to pay taxes on it. Now you could give them $10k a year without issue, just have to figure out the anonymous thing.
+36 @goodtasteonabudget My parents won the super lotto back in 1993. It was 17 million but there were 4 winners here in california. My parents ended up getting 4.2 mil. They sent their siblings and few friends a cashiers check via mail.
+24 @Strange_Pianist1181 You’re better off telling him that you sold Bitcoin at the right time, and want to help some people out by sharing your success. That’s what my husband and I plan on doing. Saying it’s crypto money and hey here’s $25k cash or check. One you get the satisfaction of paying it forward and they also get to know who it actually came from.
+22 @SnooRegrets4763 “Say I won $20m” 👀
+9 @PirateKilt If you win the Lottery, you absolutely need to read up on and understand the Annual and Lifetime gift limits, ([currently set at $19K annual/person and $14M/Lifetime](https://smartasset.com/estate-planning/gift-tax-explained-2021-exemption-and-rates)) Nutshell... you can gift away up to $19k/year/person. Go beyond that annual limit, and it starts accruing vs your Lifetime limit. Once your lifetime limit is exceeded, Good old Uncle Sam starts holding his hand out, expecting you to give him more and more tax per gift transaction... So, after you Hit $14M given away, you get taxed 18% for up to the first $10K further you give away. The tax goes up in $10k and $20K jumps... 26% once you are $60k to $80k over, and eventually, once you reach that $15M or more given away mark, you are required to Give the Government a 40% tax on every dollar given away. Give away $10M? Gotta give the IRS $4M alongside it. Some gifts get excluded though: School tuition and education payments Charitable donations Medical expenses Political contributions Gifts to ***spouses*** and LEGAL dependents (usually children under 19 or under 24 is in school full time) Gifts to Parents, Uncles/Aunts, Cousins, Friends or to kids 25+? Be ready to pay that tax.