LLCs and Living Revocable Trusts

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There are a lot more to LLCs, Limited Liability Companies, and Living Revocable Trusts that I have discovered by viewing more YouTube videos.

 I will plan on placing my ticket in a very safe place like a home safe, a safety deposit box while I go through the process of making appointments and creating an LLC and a Living Revocable Trust. With the help of the correct professional. 

 I am here in California. I will call the Fresno Lottery District Office and confirm that I have a winning ticket. I can do that by telling the Lottery Official the 18 digit code on my winning ticket. I will also inform the Official that there will be a lengthy delay while I get my ducks in a row. 

DanceGood Luck!!

Entry #62

Comments

Avatar mikeintexas -
#1
Texas does its own share of screwy stuff, but sometimes CA does more...but their lottery procedures are great . Even though CA has a state tax, the lottery is exempt . (we Texans will get our hangin' ropes out if they ever enact a state tax here)

I also like the regional offices; TX has those, but you cannot collect anywhere except Austin. Since I live as far from Austin as you can live anywhere (just about) in Texas, it will be a hassle, esp. if I need to go claim, (which I plan on doing not long after I win), then return home and wait a month or longer to go collect then return back down there.    I also like the idea of using the code to verify.

About the only thing TX has over CA in the lottery is our new ability to claim anonymously.   I might sound like a hypocrite since I've always argued for transparency, but anyone would be a fool to not take advantage of claiming anonymously. Besides, if I won, then I'd know there was a winner! - wink-

I was reading a PDF I had d/l from some website; it was called "The Invisible Man", believe it was, and he did everything through an LLC, bought his car, had his insurance through it and the address on his driver's license was that of his LLC. It was very interesting. He couldn't get to TOTAL anonymity because going that last step (fake identity) was against the law.

Don't know if I told you, but I found out my bank has safe deposit boxes; I seldom go inside and I guess I didn't notice them when I opened an account there 20+ yrs. ago.

Doesn't an Irrevocable Trust help do away with probate, though? I forget. I have all that information somewhere, either in a list of links or the entire page saved to a folder in my computer.
Avatar mikeintexas -
#2
I was semi-listening to a financial radio show and a story made my ears perk up.

It seems there was a young couple down in S. Texas who received an offer on their nice, lakeside home and property. They signed the papers and to make a long story short, they had signed their house away for nothing and didn't know anything about it until prospective tenants started showing up at the door, wanting a tour. Come to find out, they had turned their property over to an LLC which had immediately started advertising it in real estate journals and Craigslist, a shoreline property for $5k down w/ no credit check. Of course, that great deal brought hundreds and hundreds of in person inquiries. The couple got a lawyer, but they still had to move out of their house.

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