Lottery Trust Fund

Reply #5

psykomo — Tue, 16 Aug 2005 03:14:09 GMT

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Reply #4

rabbitfoot — Tue, 16 Aug 2005 02:25:01 GMT

My wife and I each have our own trust. When we buy a large ticket item, we title it in the name of both trusts. But, our trusts have nothing to do with avoiding taxes.A trust is simply a method of avoiding having your property go through probate when one dies. In this manner, one's personal affairs doesn't become public knowledge.

Reply #3

dvdiva — Sun, 14 Aug 2005 21:11:47 GMT

The main reason for trust funds is liability protection. Having your house in one trust and different income sources in different trusts makes it very difficult to go after your prize winnings. It's the main reason if you were to look at the most expensive real estate its rarely in someone's name. Getting sued is an unfortunate part of having money and protecting yourself from this is something you have to consider if you win.

Reply #2

dphillips — Sat, 13 Aug 2005 20:43:25 GMT

Thanks four4 me for the valuable information. Good luck to you if you win, and I hope your lawyer can run marathons

Reply #1

four4me — Sat, 13 Aug 2005 20:21:59 GMT

There are many reasons one might want a trust fund. The first being persons or person might want to be anonymous.Other reasons might be if you have family members you want to set up a trust fund for. Or friends or charities or whatever one might need a trust for. Another reason a trust might be good for is to reduce you overall tax burden by disbursing the funds to different accounts in the trust before you sign off on the first check for the people in the trust. Depends on what kind of physica... [ More ]

Lottery Trust Fund

dphillips — Sat, 13 Aug 2005 20:00:55 GMT

Would someone explain -- why do some lottery winners elect a trust fund instead of going directly to the lottery headquarters and processing the paperwork?So, if I won and I decided to have a Trust Fund set up in my name or some other name, would my public identity be known?Does my attorney rush to the lottery headquarters gasping for breath to do the paperwork -- while I sit out in the limo waiting for him or her to do my bidding?Finally, is a trust fund set up the way an annunity is provided