A lottery winner can make a gift of some of the lottery winnings
Image Credit: GoogleThis is legal only up to the annual exclusion limit, or else it will need gift tax liability
Image Credit: GoogleMaking yearly gifts in this fashion is good way to share winnings with family members and friends while mitigating tax implications
Image Credit: GoogleGifts made to another person's education or medical care may have favorable tax treatment as well
Image Credit: GoogleIdeally, a lawyer should be consulted before claiming the lottery prize so that the appropriate legal mechanisms can be put in place
Image Credit: GoogleLottery money may be considered marital property acquired during the marriage
Image Credit: GoogleThe law considers lottery winnings taxable income
Image Credit: GoogleMost winners' names are published in the media, which can bring on a loss of privacy that you previously enjoyed
Image Credit: GoogleOn top of the £3000 annual allowance, you can also make smaller gifts up to £250 to as many people as you like
Image Credit: GoogleComes to giving lottery winnings to your family, the rules applied are pretty much the same as any type of money gift
Image Credit: Google