Welcome Guest
Log In | Register )
You last visited December 8, 2016, 6:57 am
All times shown are
Eastern Time (GMT-5:00)

More lottery winners using trusts to accept prizes anonymously

Topic closed. 69 replies. Last post 11 months ago by OneTrickpony.

Page 3 of 5
53
PrintE-mailLink
Avatar

United States
Member #160355
October 25, 2014
101 Posts
Offline
Posted: November 30, 2015, 9:54 pm - IP Logged

What about that clown that got busted messing and or rigging the hot lotto? If he went the trust route 

he might have had a better shot at getting away with it? 

Transparency seems to be the best method for all us non-winners.

    Avatar
    Kentucky
    United States
    Member #32652
    February 14, 2006
    7313 Posts
    Offline
    Posted: November 30, 2015, 10:48 pm - IP Logged

    What about that clown that got busted messing and or rigging the hot lotto? If he went the trust route 

    he might have had a better shot at getting away with it? 

    Transparency seems to be the best method for all us non-winners.

    Forming a trust doesn't mean the state lottery will issue the check without an investigation and everyone who cashed a prize over $600 knows we almost have to prove we own no back taxes, child support, or whatever state law dictates. Lotteries don't allow prize winners to portion out their before tax prize so a trust is an option. Lotteries are state agencies and it's possible  eventually the state will release the winners name because of the Freedom of Information Act.

      travelintrucker's avatar - morph
      Greenville, SC
      United States
      Member #169870
      November 4, 2015
      374 Posts
      Offline
      Posted: November 30, 2015, 10:58 pm - IP Logged

      People are smart to protect their anonymity. You don't want relatives that you didn't know existed coming out the woodwork to ask for cash.

      May the balls bounce in your favor!

        travelintrucker's avatar - morph
        Greenville, SC
        United States
        Member #169870
        November 4, 2015
        374 Posts
        Offline
        Posted: November 30, 2015, 11:02 pm - IP Logged

        Welcome to LP!

        May the balls bounce in your favor!

          Coin Toss's avatar - shape barbed.jpg
          Zeta Reticuli Star System
          United States
          Member #30470
          January 17, 2006
          10351 Posts
          Offline
          Posted: December 1, 2015, 12:30 am - IP Logged

          I do wonder why this is legal/possible in Massachusetts but not in other state, at least not to this extent.

          Maybe Mass. having an 'unusual' number of wise guys winning jackpots has something to do with it.

          Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

          Lep

          There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

            Avatar
            Framingham,Ma
            United States
            Member #87369
            February 23, 2010
            50 Posts
            Offline
            Posted: December 1, 2015, 7:01 am - IP Logged

            funny how you can use a trust to claim lottery prize without being known in Mass yet can't use tax form 5754 claiming lottery pool to have taxes taken out of winnings for taxes in lump sum right up front. in mass 1 person collect winnings the has to give out names of where money in pool s going so money get taxed twice making the state tons of extra money. alot of states allow lottery pools to use 5754 tax form to claim winnings. makes me wonder if trust was allowed because someone that was not supposed to be playing won and used this method to get their money.

              Erzulieredeyes's avatar - spider miss.png
              Painesville, Ohio
              United States
              Member #117718
              October 12, 2011
              215 Posts
              Offline
              Posted: December 1, 2015, 1:24 pm - IP Logged

              I wouldn't bother setting up a trust to claim my money for anything under $2 million.

                HaveABall's avatar - rocket

                United States
                Member #72448
                March 18, 2009
                1228 Posts
                Offline
                Posted: December 1, 2015, 7:03 pm - IP Logged

                I wouldn't bother setting up a trust to claim my money for anything under $2 million.

                Erzulieredeyes, would that be Gross or Net $2M?

                Having several millions of dollars in my financial accounts means receiving several valuable services each day!

                Disney

                  Avatar
                  New Member
                  Kansas City
                  United States
                  Member #170445
                  December 1, 2015
                  1 Posts
                  Offline
                  Posted: December 1, 2015, 8:23 pm - IP Logged

                  Kansas does not require you to release your identity if you win Party

                    Groppo's avatar - cat anm.gif

                    United States
                    Member #162631
                    January 7, 2015
                    504 Posts
                    Offline
                    Posted: December 1, 2015, 8:43 pm - IP Logged

                    Man, if I ever win,
                    I'm just going to do whatever the state needs as far as identity.

                    What's all this paranoia about, other than keeping Lawyers in business?
                    I mean what the heck is going to happen to me, if I choose not to go by way of a trust?   Not one person in this thread has disclosed that.
                    Not even the article did that.

                    If I'm shot, because I've been found to have zillions of bucks, it better be in the head, where I'm dead for certain and can't get up to testify, because I won't care.  Otherwise, I see problems.

                    SO PLEASE, Make me feel stupid.   Answer this for me: Why should I name a trust? What is a trust?   What the heck does it do, besides make some jive a$$ Lawyer more rich?

                      Groppo's avatar - cat anm.gif

                      United States
                      Member #162631
                      January 7, 2015
                      504 Posts
                      Offline
                      Posted: December 2, 2015, 5:43 am - IP Logged

                      Man, if I ever win,
                      I'm just going to do whatever the state needs as far as identity.

                      What's all this paranoia about, other than keeping Lawyers in business?
                      I mean what the heck is going to happen to me, if I choose not to go by way of a trust?   Not one person in this thread has disclosed that.
                      Not even the article did that.

                      If I'm shot, because I've been found to have zillions of bucks, it better be in the head, where I'm dead for certain and can't get up to testify, because I won't care.  Otherwise, I see problems.

                      SO PLEASE, Make me feel stupid.   Answer this for me: Why should I name a trust? What is a trust?   What the heck does it do, besides make some jive a$$ Lawyer more rich?

                      I meant to add to my previous post that a lot of Lawyers are very good, and take care of these things, professionally, as they're expected.

                      But never having understood what a Trust is or does, just confuses the whole money thing for me, in the event I win the BIG PRIZE, which I 
                      know will likely NOT happen.

                      Still, I need to know what the "Trust thing" is all about.

                        Avatar
                        Framingham,Ma
                        United States
                        Member #87369
                        February 23, 2010
                        50 Posts
                        Offline
                        Posted: December 2, 2015, 9:17 am - IP Logged

                        here is what a nominee trust is

                        Nominee trust is a trust created for the purpose of holding property for beneficiaries whose identities are kept secret. In such trusts, the beneficiaries have the power to direct the trustee's actions regarding the trust property. Nominee trusts also refer to an arrangement for holding title to real property under which one or more persons or corporations, under a written declaration of trust, declare that they will hold any property that they acquire as trustees for the benefit of one or more undisclosed beneficiaries. The nominee trust was conceived as an estate-planning vehicle to allow a decedent’s real estate to pass to beneficiaries without the necessity of it being probate.

                        that being said it depends on the person setting up the trust with the trustee's most are doing this to keep from being known as winning the lottery to keep people from coming to house/calling on phone/ emailing sending letters asking for money because of their problems. neighbors thinking each is entitled to something, relatives thinking each is entitled to something. whole lot of people want a piece of you new winnings and will do what ever to get some. Just a greedy world we live in. don't know if this helped just my thoughts on the matter.

                          Avatar
                          NY
                          United States
                          Member #23835
                          October 16, 2005
                          3474 Posts
                          Offline
                          Posted: December 2, 2015, 12:46 pm - IP Logged

                          "But never having understood what a Trust is or does, just confuses the whole money thing for me"

                          Sounds like an excellent reason to seek professional help if you were to win, no?

                            Groppo's avatar - cat anm.gif

                            United States
                            Member #162631
                            January 7, 2015
                            504 Posts
                            Offline
                            Posted: December 2, 2015, 1:14 pm - IP Logged

                            here is what a nominee trust is

                            Nominee trust is a trust created for the purpose of holding property for beneficiaries whose identities are kept secret. In such trusts, the beneficiaries have the power to direct the trustee's actions regarding the trust property. Nominee trusts also refer to an arrangement for holding title to real property under which one or more persons or corporations, under a written declaration of trust, declare that they will hold any property that they acquire as trustees for the benefit of one or more undisclosed beneficiaries. The nominee trust was conceived as an estate-planning vehicle to allow a decedent’s real estate to pass to beneficiaries without the necessity of it being probate.

                            that being said it depends on the person setting up the trust with the trustee's most are doing this to keep from being known as winning the lottery to keep people from coming to house/calling on phone/ emailing sending letters asking for money because of their problems. neighbors thinking each is entitled to something, relatives thinking each is entitled to something. whole lot of people want a piece of you new winnings and will do what ever to get some. Just a greedy world we live in. don't know if this helped just my thoughts on the matter.

                            Luck6025,

                            Your reply did in fact help educate me on trusts. But still, I would want to do the most economical thing,
                            while I would plan to make donations, to St. Jude's, Shriners, and Mercy Ship. In such a case of a significant win (significant => 200,000,000), I would bypass the trust and make those personal donations.

                            The Bible says not to make a donation and blow your horn (ideal situation for a trust).
                            But, I would have to ward off the rest of those people, as described in your second paragraph that would definitely have to be informed, and expected to understand.

                            Thanks again

                            JJ

                              Groppo's avatar - cat anm.gif

                              United States
                              Member #162631
                              January 7, 2015
                              504 Posts
                              Offline
                              Posted: December 2, 2015, 1:16 pm - IP Logged

                              "But never having understood what a Trust is or does, just confuses the whole money thing for me"

                              Sounds like an excellent reason to seek professional help if you were to win, no?

                              Anything to add to Lucky6025's excellent reply?