How to Remain Anonymous?

If I won the lottery, how do I remain anonymous?

I have read a few threads on this issue but I cannot understand. I have a few questions I hope people can help me.

What must I do to set up a trust?

Who do I go and see to set up a trust?

What is this type of trust called?

Does the bank or the lawyer set up the trust?

How risky is it if the administrator of the trust runs away with my winning?

If it is the lawyer who sets up the trust, how much do I pay him in commissions?

Thanks

Michigan Lottery Player

Quote: Originally posted by michiganplayer on February 27, 2004

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What must I do to set up a trust?

You need to have a trust drafted, then have it notarized, that's it... although you need the help of a good lawyer to make sure it is iron clad and accurately does what you want it to...The lawyer does NOT need to know it is for collecting a winning lottery ticket...you could set one up for $1 and "any assets the grantor sees fit to add to the trust at a later date"

Who do I go and see to set up a trust?

Best place to go would be an an attorney specializing in Wills and Estates.

What is this type of trust called?

An Inter-vivos Revocable Personal Property Trust

Does the bank or the lawyer set up the trust?

The bank has nothing to do with the trust at all... unless you use a financial institution as a trustee. With the above type of trust, the grantor is personally reponsible for taxes due.

How risky is it if the administrator of the trust runs away with my winning?

You would be the grantor (in charge of the trust), for this purpose you should also be a trustee (administrator), you can (and should) be both parties.

If it is the lawyer who sets up the trust, how much do I pay him in commissions?

If you don't let on that it is a lottery win, any decent attorney would draft you one for around $60 to $100... total... it's the one you get to claim the ticket that would need to get paid... for that I have no guidelines (and no experience :-(    ).

Thanks

Michigan Lottery Player

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Great information hy

Hey thanks a lot of the detailed explamnation Hyper. You are indeed the man!

With regards to your answer to the first question, I do like the part where the lawyer does not have to know that the trust is for colecting the winning of a lottery ticket.

So what do I have to really do once I set up the trust and if I won the lottery?

When I go and claim the prize, what do I tell the lottery officials? Assuming my trust in now called, say, Apple and Orange Trust, what do I tell them?

Won't they ask me for my identity details? OR would they just give me a cheque made payable to "Apple and Orange Trust"

Thanks

Michigan Player

Even with a trust, the lottery people has to have your details. Name, SS#, etc. But this is not public info, so they don't release it. Have your lawyer handle the lottery people, You are going to have to trust somebody at some point, unless you get your winnings and put it under your mattress. Go to a well known law firm and set everything up with them. Most of the time the lottery wires your winnings to a special account if it's a large amount.

What happens is you sign your ticket in the name of the trust. THis is why it is a good idea to get a name in mind beforehand and use your address, they can only publish hometown, NOT street address... put this info on the ticket IMMEDIATELY because an unsigned ticket is a HOT ticket, anyone can take it and cash it in if unsigned... Safety deposit box is the way to go until you are ready to have a lawyer cash it in. That becomes the public domain info. I agree about getting an established law firm to claim the ticket, perhaps some clause in the trust to appoint an attorney as either LIMITED trustee might make trusting another easier to handle, I would never let the lawyer that drafted the trust claim the ticket...

Again, this is the price for anonymity... there is always the option of claiming the ticket, refusing a photo (only name and hometown and amount won and date won are info that needs to be published, photos and press interviews are optional) and disappearing ;-)

Quote: Originally posted by michiganplayer on February 27, 2004

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If I won the lottery, how do I remain anonymous?

I have read a few threads on this issue but I cannot understand. I have a few questions I hope people can help me.

What must I do to set up a trust?

Who do I go and see to set up a trust?

What is this type of trust called?

Does the bank or the lawyer set up the trust?

How risky is it if the administrator of the trust runs away with my winning?

If it is the lawyer who sets up the trust, how much do I pay him in commissions?

 

Thanks

Michigan Lottery Player

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Quote: Originally posted by goose on February 29, 2004

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why do you want to be anonymous after hitting a jackpot?you can advertise yourself and make money from it

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There are compelling reasons....

1. Prdvent solicitation by everyone that thinks that you owe them  something just because you got lucky.... including con-artists, relatives that mysteriously shook out of the family tree, salespeople, etc...

2. Avoid becoming a focus of unwanted media attention... just look at the fiascos of Jack Whittaker.

3. Safety of your family. Especially important if you have young children, why make them open targets for a kidnapper? This country is on a corporate greed induced downward spiral, as they try to eliminate the middle class here, things will get much worse as desperation levels rise ,I can see this on a local scale, there have been more reported bank robberies in this corner of PA in the last 6 months than in the last 6 years... I would also entertain the thought of picking up a Glock and giving everyone GPS transmitters before leaving the house if I ever did win... Playing for that much money does carry with it some responsibilities...

4. Take the focus off of yourself as a target for frivilous lawsuits...

I couldn't imagine collecting a win any other way. I know the reason the states give for making winner info public, but I thing as long as the state and the government know and get their tax money, it is socially irresponsible to put people at risk like they do...

I do agree with what you sugested hyper!

but I think this way

If you make yourself known to the public and use the money to help people in need and send money to poor people as a way expressing your love to them.thats a very honorable thing to do.

I always remember we cant live without love

goose

 Hypersoniq?.......What about setting up the trust you would need ahead of time,before you win. You said that you can open one up for $1 Dollar. Could this be done? At least the structure of the trust would be there ready and waiting. It would be one less thing to worry about. And if so,what yearly,monthly amount would one have to put into it to "keep it alive"?........"Luck is preparation meeting oppurtunity".

Quote: Originally posted by goose on February 29, 2004

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but I think this way

If you make yourself known to the public and use the money to help people in need and send money to poor people as a way expressing your love to them.thats a very honorable thing to do.

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struggle to stay alive --isn't it the case that happens all over the world.

I know its very hard to  go to america living a developed country.I know for sure I have to make over a million RMB before I can be able to do so.But the main reason I want to go to US is not for money or stupid lottery(indeed it is,look around here how many people are seeking for the final solution to crack it).because I seem to be born to love the american style--being free and open

thats why theres only ONE guy from non english-speaking country  at lotterypost I guess.so far I have never seen any other one coming here

what comforts me is that I am going to end the pain and I know I will

goose

Goose there are many people on the lottopost from other countries all you need to do is slow down and read under their screen names.

struggle to stay alive in the urban areas it is not as bad people have a little more breathing room. I am not trying to paint a picture that all americans are suffering. Just that there are far more poor people than rich. And winning the lottery is a way of getting out of the hum dum lifestile and move to the upper class. Although having money dosen't mean you have class just that you can hang with some of them.

You get a good edjumication and you will do just fine.

Quote: Originally posted by JetSet9 on February 29, 2004

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 Hypersoniq?.......What about setting up the trust you would need ahead of time,before you win. You said that you can open one up for $1 Dollar. Could this be done? At least the structure of the trust would be there ready and waiting. It would be one less thing to worry about. And if so,what yearly,monthly amount would one have to put into it to "keep it alive"?........"Luck is preparation meeting oppurtunity".

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I don't think it needs to be maintained until you attach a bank account to it... It will be the type of document you make ammendments to, you can (and should) keep the trust document in a safety deposit box (along with the $1 if you like) and need not touch it again until you want to ammend the trust to include a bank account (or accounts ;-)  ) that holds the lottery winnings.

Unlike forming an LLC or S-Class corporation (as others have in the past) there are no public records... you have the one original document, so keep it safe!!!!

You can either get a kit or software to help draft your own, OR pay the money to have an attorney draft one to your liking, just be sure to name yourself both Grantor (tied to your SSN, in this way uncle sam is happy) and Trustee... Also be sure that the clause where your co-trustees and successor trustees includes two or three independent doctors to declare you incompetent, money does strange things to people... the less ANYONE knows about the document, the safer you are.