Tax Strategy for $150 million jackpot?

Reply #2

rabbitfoot — Tue, 14 Dec 2004 19:13:04 GMT

Go to the below site and read this info: You won the lotto now what? It won't answer all your questions but it's a start. http://www.bankrate.com/brm/news/advice/20041108b1.asp

Reply #1

CASH Only — Tue, 14 Dec 2004 00:11:07 GMT

I can't give you tax advice. I can tell you that I live in NY, where we also have to choose in advance how we wish to get paid.

Tax Strategy for $150 million jackpot?

ssupauqa — Tue, 14 Dec 2004 00:06:10 GMT

Let's say I, a resident of Texas with no state income tax, win $150 million in Megamillions and have chosen the cash option.What would be my best options to minimize my immediate and short-term taxes on my winnings?Primarily I'm wondering if I should perhaps claim the prize as a corporation or a trust of some kind?I'm also wondering if I should stay in the USA or would I be better off moving to a country with no personal income tax, such as Monaco or Andorra in Europe?And yes I DO understand th... [ More ]