Trusts

Reply #4

Chewie — Wed, 19 Oct 2005 18:09:39 GMT

Some one in Powerball formed a trust and claimed the jackpot in the name of the trust. They listed the names of everyone in the trust. Using a trust, or LLC, to hide your name is obviously a waste of time.I completely agree with GuessWhat. It can only be for liability reasons. If Mister Jack had done that, he could pat all the woman on the butt he wants. They could sue him and only get a shot at only what the trust paid him. Hummmmm ... there is an idea there

Reply #3

worldsux — Wed, 19 Oct 2005 16:20:40 GMT

Thanks so much for the comprehensive answer GuessWhat. At least now I know why forming a trust is so important. Let's hope one day I'll have to put that info to work for me, lol.

Reply #2

BaristaExpress — Wed, 19 Oct 2005 13:24:28 GMT

Worldsux what he is saying is correct, but look at his signature (Annuities are for Lovers...Lumps are for LOSERS !!!). I would think he would follow his own advice! You can not protect an annuity from LIABILITIES/JUDGMENTS! But you can protect A TRUST! Hey GuessWhat, why give such good advice when your own signature on LP says something totally different about you all together? It sounds like to me you have a split personality (one with common sense and another that is as dumb as taking an Annu... [ More ]

Reply #1

GuessWhat! — Wed, 19 Oct 2005 08:20:03 GMT

Your FIRST priority is to protect your windfall from LIABILITY. By establishing a trust you establish a separate entity in which to title the funds. There are practical reasons for this. Let's say one day you get into your car and with every intention to exercise due care you look first in all directions and seeing nothing you very slowly start to back out of your parking space. What you did not see was that little kid on his trike now squashed under your wheels....dead. No doubt his family... [ More ]

Trusts

worldsux — Wed, 19 Oct 2005 06:22:51 GMT

I've heard a lot about forming a trust to accept winnings but I don't understand what the benefits are. Do you pay less in taxes? Why do so many people recommend them? I know some people say you should wait to collect your winnings while you assemble a team to help you deal with the $, but if I've got a piece of paper worth millions of dollars the last thing I want to do is hold onto it. Thanks.