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Forming a trust to claim prize

Topic closed. 7 replies. Last post 10 years ago by PrisonerSix.

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rundown99's avatar - cigar

United States
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August 14, 2002
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Posted: March 17, 2005, 2:36 pm - IP Logged

 I know that in states like Ohio and New Hampshire, you can form a trust to claim a prize, because it was actually done in those states.  But can you do it anywhere?  So if the jackpot was won  in Nebraska or South Dakota or Pennsylvania, could you still form a trust and remain anonymous?  The WLT Trust was formed in Pennsylvania a while back to claim a large Powerball jackpot but the names were still shown on the Powerball news article.  The Duchess Trust from Louisiana was also formed , but the name of the winner was displayed on the news section of this website.  But a winner in South Carolina was anonymous late last year without a name of trust being displayed.  Being anonymous could make all the difference in the world.

Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!

    MADDOG10's avatar - smoke
    North Jersey
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    July 18, 2004
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    Posted: March 17, 2005, 2:50 pm - IP Logged

     yup, thats the smart thing to do.....!

                                                           It doesn't matter who hurt you, or broke you down

                                                                   It only matters who made you smile again.         

      LuckyFoxTerrier's avatar - anglewings
      mt. airy, nc
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      January 27, 2005
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      Posted: March 17, 2005, 7:05 pm - IP Logged

      Ok, call me naive, but why would you want to remain anonymous exactly?  Wouldn't you WANT to share some with relatives?  Couldn't you easily say NO to those who haven't spoken to ya in years if they had their hands out?  I guess lawsuits would be the exception to braggin about winning it?  Would like to hear your views on this.  And I DO love the "trust" idea.  I like to think I'll have all these new "problems" to solve one of these days soon! ;)  Just thinking ahead......  also, I play in Virginia ... I think they broadcast your name and face loudly here if you win!

       

      LFox

        rabbitfoot's avatar - 8ball

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        Posted: March 17, 2005, 8:07 pm - IP Logged

        I agree that a trust is the safest route to go.  But, Under the Freedom of Information Act I believe your identity could become know.

        I play to dream and dream of winning a major jackpot!

          SirMetro's avatar - center
          East of Atlanta
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          August 11, 2004
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          Posted: March 18, 2005, 12:39 pm - IP Logged

          I believe the Freedom of Information Act applies only to the Feds to secure access to declassified documents no longer deemed a security threat.

          Also, as long as the Trust pays all required taxes (state and federal), I think that some anonymity (sp) can be afforded. I know if I won a huge pot, I certainly would not want the world to know where to find me. Too many crackpots out there that meaner then me. Also, did you not hear the recent news about a guy that was actually plotting to kidnap Letterman's new child and nanny and hold them for a $5 million ransom just because Letterman has money. Sorry, but I have enough headaches in life, I do not need that one as well.

          And last, but not least, if somebody wants to go thru all the trouble to learn who the grand prize winner is, I would be really suspecious of that person and honestly believe that they do intend harm towards me. But all in all, its just my not so humble opinion and who knows, I could just as well be wrong.

          Sir Metro

            bellyache's avatar - 64x64a9wg

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            March 18, 2005
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            Posted: March 19, 2005, 9:26 pm - IP Logged

            I thought that some states don't allow you to do anonymous even if it's with a trust?

            Ok, call me naive, but why would you want to remain anonymous exactly?  Wouldn't you WANT to share some with relatives? 

            Because more then just relatives come out of the wood-work. Long lost friends, scammers. relatives who you don't know or who you haven't seen in years and you know don't really care about you, etc.

            Dance like no one is watching.

              Tx_Mega_Player's avatar - spider
              BIG D Texas
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              October 16, 2003
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              Posted: March 19, 2005, 11:51 pm - IP Logged
              Quote: Originally posted by SirMetro on March 18, 2005



              I believe the Freedom of Information Act applies only to the Feds to secure access to declassified documents no longer deemed a security threat.




              I'm no expert, but if I'm not mistaken, the Freedom of Information Act applies to all US Governmental bodies: federal, state, and local; and applies to any information on file with a govenrmental agency. The exception would be documents pertaining to national security. Again I'm no expert, but I think that the way to remain anonymous is to form a trust with your attorney as the executor of the trust and have your attorney to claim the jackpot on behalf of the trust. Once claimed, you could then become executor of the trust. This should allow you to remain anonymous  - at least until you have to file a tax return on behalf of the trust, being that a tax return would fall under the freedom of information act. But maybe by that time no one will be trying to find out who actually won. But of course this would require that you trust the attorney to claim that jackpot for you.
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                Baton Rouge, LA
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                Posted: March 20, 2005, 1:01 am - IP Logged
                Quote: Originally posted by rundown99 on March 17, 2005

                I know that in states like Ohio and New Hampshire, you can form a trust to claim a prize, because it was actually done in those states. But can you do it anywhere? So if the jackpot was won in Nebraska or South Dakota or Pennsylvania, could you still form a trust and remain anonymous? The WLT Trust was formed in Pennsylvania a while back to claim a large Powerball jackpot but the names were still shown on the Powerball news article. The Duchess Trust from Louisiana was also formed , but the name of the winner was displayed on the news section of this website. But a winner in South Carolina was anonymous late last year without a name of trust being displayed. Being anonymous could make all the difference in the world.






                That is how I would collect it, using a trust to remain anonymous. If you don't, you'll have every long lost relative, salesman, charity, scam artist, and the list goes on, trying to get a piece of your good fortune. It's also good to keep a low profile for a little while after the win. I'd probably hold on to my job for a little while longer, keep my house, not go on a spending spree, etc., until the win became "old news."



                I would then start making changes in my life such as paying off everything, giving money, anonymously, to charities of my choice and perhaps to people I know who need a little help, and plan to do such things as moving to another place to start fresh, buying a new car, house, etc.



                There are alot of other things I'd probably do to maintain my low profile, while at the same time, enjoying a new and hopefully better life.



                PrisonerSix