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Poor 97 Year Old Man wins 7.6 Billion (Dong)

FelixDeCat

FelixDeCat

Lifer
Impoverished 97-year-old wins big in Vietnam lottery

HANOI (AFP) – A poverty-stricken 97-year-old man in Vietnam won up to 400,000 dollars in a lottery, a report said Tuesday, sparking a frenzy among relatives eager to get a piece of his new-found wealth.

A neighbour in southern Ho Chi Minh City and local officials had to step in to stop the elderly man from giving away the windfall to people who had swarmed to his home, Thanh Nien newspaper said.

What was left of the money has gone into a bank account, the newspaper reported.

Nguyen Van Het bagged the prize after spending 100,000 dong (just over five dollars) on lottery tickets from "lucky money" he received ahead of the Lunar New Year, Thanh Nien said.

Small packets of "lucky money" are a traditional Tet gift. Thanh Nien reported Het's winnings at 7.6 billion dong, or 400,000 dollars, a massive sum in a country where the annual per capita income is about 1,000 dollars.

"We only know he won billions of dong," an official from the Fatherland Front, which implements government social programmes, told AFP.
The official, who declined to be named, said local authorities had to intervene and restore order around the man's home because so many relatives or people claiming to be relatives had turned up asking for money.

Het and his sick wife had been receiving special financial support from authorities because they lived below the poverty line, the Fatherland Front official said.

"We will wait for a few more weeks so that he can calm down before asking him what he wants to do with the money," he said.
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Better late than never!
smileydance.gif
 
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I would never give money I won in the lottery to someone who showed up at my house asking for money, regardless of whether they were related.

I would wait a while to see who showed their true colors first. Then I would give money to all the people who didn't come begging for it.
 
bignateyk said:
I would never give money I won in the lottery to someone who showed up at my house asking for money, regardless of whether they were related.

I would wait a while to see who showed their true colors first. Then I would give money to all the people who didn't come begging for it.
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Everyone dreams of winning, but I have researched some details throughout the years just for the heck of it:

You cant give more than $13,000 per year to anyone without the gift tax comming into play. That person does not have to report the amount as income.

Anything over $13,000 to any one individual in any year will count against your lifetime maximum of $1,000,000.00.

Once you have given away more than $1,000,000.00 to any one person or cumatively to any group of people, you are subject to taxes ranging from 50% to 75% of any amount given away from that point on until you die.

AND

Since you have already given away your CURRENT lifetime exlclusion, your assets (assuming they arent placed in a trust by then) will be taxed at the prevailing "death tax" rate at the time (this year its 0%!!, but this year only!).

Winning the lottery might be one of the worst things that happen to you where family is concerned. You might create a trust a divy up portions for parents and siblings if you like when you collect up front (assuming the government doesnt think you are trying to skirt the gift tax).

BUT THEN you have one relative who BLOWS IT ALL and comes back to you for more. It happens to be your closeset relative, now what? I know you think it would be easy just to say GTFO, but wait until you REALLY have to do it knowing you may never talk to them again. SO I would give everyone a long speech at collection and warn them about going broke and what will happen when they do.
 
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