Originally Posted by ptquilts
I wonder about buying houses for your family, how that would work out. What if a year afterward, you hear, "oh I need some more money for taxes, or I will lose the house." Are you going to give them more, or let them lose it?
In other words are you creating a new set of dependents? How are you going to refuse when they know you have all that money? You will seem like a piker if you don't break them off another couple of thousand to pay the taxes.
I don't play the lottery, but if I got extra money I would donate to humanitarian organizations like Doctors Without Borders. Anything I or my family might want or need pales in comparison with children starving to death.
I'd not be afraid to tell the kiddo to deal with it. But in the case of my son who is NOT a money manager, I'd keep the house in MY name