You last visited August 30, 2008, 12:11 am
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Ottawa barber, client share $32M lottery win
Sunny SW Florida United States Member #25708 November 5, 2005 4068 Posts Offline |
| Posted: July 8, 2008, 2:44 pm - IP Logged |
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Sounds good to me.  (she writes as if she has a law degree. lol) Just keep in mind that Wikipedia is not always 100% correct since it is written by people like us and can be edited. I once asked a lawyer about this subject and that's the answer I got in a nutshell, but I think there are volumes written about trusts and why people create them.
Personally, I would never give another person power over my assets. Blind Trusts have also been used for more sinister reasons. In real estate, many slumlords don't want tenants to know who owns the building so they can't call him up when a rat bites their children. (Some states don't allow this.) Another questionable use of them applies to political donations. Sometimes politicians create them to avoid impropriety. Example: http://www.sptimes.com/2007/01/05/State/Fla_leaders_don_t_all.shtml
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United States Member #13375 March 30, 2005 1019 Posts Offline |
| Posted: July 8, 2008, 2:55 pm - IP Logged |
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I include free cheese in all my slums  , but I'd also like to know which states don't permit rats to bite the children. I could save money on cheese.  Prince of Insufficient Light ~ Ruler of Heck
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Sunny SW Florida United States Member #25708 November 5, 2005 4068 Posts Offline |
| Posted: July 8, 2008, 3:00 pm - IP Logged |
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When I decide to have my book "LP posts by justxploring" printed for publication, I'll make sure I use proper grammar, punctuation and sentence structure before it is available for sale to the public.
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Norway Member #9692 December 10, 2004 709 Posts Online |
| Posted: July 8, 2008, 3:51 pm - IP Logged |
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$1.50 for 16 million dollars is a good trade. If Haddad had been cynical he could have denied Detorre his part of the prize since he didn't pay up front.
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Kingston, Ontario Canada Member #47320 October 5, 2006 101 Posts Offline |
| Posted: July 9, 2008, 5:02 am - IP Logged |
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There are no taxes on initial lotto winnings in Canada. They both get 16 million straight to the bank. You're right Fraser ... it's all tax free. all lottery games are tax free here until you put it in the bank. Also on a side note: if you plan on giving family members money over $50,000 -- you need to have their names on the back of ticket and tell lottery officals how much your are giving them, otherwise they could be taxed after if you simply gave them $1 million. "Together We're Making Good Things Happen, Ontario's Lotteries...WE ALL WIN"
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Houston,TX United States Member #35595 March 13, 2006 46 Posts Offline |
| Posted: July 9, 2008, 1:41 pm - IP Logged |
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Sharing with their relatives does not mean equal shares. There is nothing in the story to indicate the others are equal lottery winners.
I'd share with a large group of extended family, too, but most of them would only get one or two percent! thats true but if relative A got 10k and relative B got 5K and somehow it came up during a conversation Relative B would be jealous and would ask why do you like A more than me? etc. I would treat all equally.
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Houston,TX United States Member #35595 March 13, 2006 46 Posts Offline |
| Posted: July 9, 2008, 1:43 pm - IP Logged |
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A blind trust is a trust in which the executors or those who have been given power of attorney have full discretion over the assets, and the trust beneficiaries have no knowledge of the holdings of the trust. Blind trusts are generally used when a settlor (sometimes called a trustor or donor) wishes to keep the beneficiary unaware of the specific assets in the trust, such as to avoid conflict of interest between the beneficiary and the investments. Politicians often place their personal assets (including investment income) into blind trusts, to avoid public scrutiny and accusations of conflicts of interest when they direct government funds to the private sector.
*source: wikipedia
In other words, I think this means that the money is placed in a company's care (trust) to take care of on your behalf. Because the money is in a trust's name and not yours, if someone wanted to sue you, they couldn't make a claim on your winnings because technically, the money doesn't belong to you.
That's my understanding of it. Someone please correct me if I'm worng. Hey Mike32 looks like I was misinformed about a blind trust. what i meant is that would collect it anonymously.
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Houston,TX United States Member #35595 March 13, 2006 46 Posts Offline |
| Posted: July 9, 2008, 1:47 pm - IP Logged |
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Sharing with their relatives does not mean equal shares. There is nothing in the story to indicate the others are equal lottery winners.
I'd share with a large group of extended family, too, but most of them would only get one or two percent! for clarifcation purposes each person will get 1 or 2 percent? if thats true that 160k (according to no tax canada as one poster stated) per person. and YOU will pay taxed on it. Unless you mean there share the 1 or 2 percent pot
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Washington State United States Member #34373 February 26, 2006 254 Posts Offline |
| Posted: July 9, 2008, 5:55 pm - IP Logged |
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thats true but if relative A got 10k and relative B got 5K and somehow it came up during a conversation Relative B would be jealous and would ask why do you like A more than me? etc. I would treat all equally.
In my case it would be far clearer than just "coming up in a conversation." I've signed a notorized statement gifting shares in any MM ticket purchased in the next year. In the event of a jackpot win, we'd have to form a legal partnership, corporation or trust with all parties named and the number of shares each would be there for all to see. However, I see absolutely no reason to keep all shares alike. Why should my adult step-grandchildren get as much as my stepchildren? Why should my adult neices and nephews get as much as my brothers and sisters? The younger generation in these cases will inherit whatever amount their parents don't use up in their lifetimes anyway. And we are talking about people of the older generation in their 60s to 80s, some in poor health.
I've also designated a larger percentage to one disabled relative than to her siblings. She has been paralyzed and otherwise in such poor health as to require assisted living facilities for years. Before she got a dime of the money, she'd have to pay back the state for all the years of social benefits. (With less than a jackpot win, she would not have anything left to improve her life now.) And she presently owns nothing of any value. Her siblings, by contrast, all have their homes already paid off. I know my family well enough to know there would be no jealousy that she'd get more than twice what the others got. Some families aren't that way, I know, but I assure you, my relatives are not greedy and each would appreciate whatever they did get. They try to help other relatives who have less than they have as it is, but since none are wealthy, that help is relatively small.
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Sunny SW Florida United States Member #25708 November 5, 2005 4068 Posts Offline |
| Posted: July 9, 2008, 5:55 pm - IP Logged |
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Hey Mike32 looks like I was misinformed about a blind trust. what i meant is that would collect it anonymously. Depends on where you live. It's legal in some states to claim your prize as a Blind Trust (not in Florida) Actually, a Blind Trust or LLC can claim a lottery prize in FL but your name, city of residence, the date you won and the amount will still be available to the public.
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