Setting a trust for anonymity: how does it work?

Reply #33

rundown99 — Thu, 07 Jun 2007 18:22:42 GMT

If you live in Pennsylvania, why not just go to a border state that allows anonymity? Ohio (with the help of a trust) and Maryland both allow winners to remain anonymous.

Reply #32

rundown99 — Thu, 10 May 2007 17:54:37 GMT

Why not just go to a border state that allows anonymity? Ohio (with the help of a trust) and Maryland both allow winners to remain anonymous.

Reply #31

hypersoniq — Sat, 21 Apr 2007 21:20:03 GMT

The bottom line is that you accept the possible risks when you buy the ticket (not if you win). Really,who plays to lose?

I think it is a risk and not fair to be put on display, and if I ever win here in PA I won't spend a cent of it in this state because they advertised my name when it really wasn't necessary... but I still have my ticket, still hoping to win...

I would even ask them to wait on the announcement until I actually have access to the money so I can move away right away (out o... [ More ]

Reply #30

JRCa — Sat, 21 Apr 2007 17:00:00 GMT

KY, yes I did read that story. I also read a lot - believe me, A LOT - similar cautionary stories pointing to the same bottom line... JW is not the only one but just one of the many... It's not about the mistakes JW made, it is about the pitfalls inherent to not claiming your jackpot with absolute anonymity. I realize that by claiming such things here I have been upsetting that artificial sense of security deriving from a not too realistic view that many here want to believe, which is along the... [ More ]

Reply #29

KY Floyd — Tue, 17 Apr 2007 19:20:38 GMT

my reference to JW in this thread was intended as evidence, an example among many to substantiate how the issue of anonymity is a very important one when it comes to lottery winners...

You did read the story you quoted, right? Jack Whittaker went out and found his own trouble more often than the trouble found him, and almost every time the trouble found him it was because he was waving a giant flag at it. JW is the undisputed poster child for the lottery not making everything rosy, but he

Reply #28

JRCa — Tue, 17 Apr 2007 02:41:41 GMT

OK, JE and Todd, concerning JW and the use of this forum's search feature...

Let me point out, however, that my reference to JW in this thread was intended as evidence, an example among many to substantiate how the issue of anonymity is a very important one when it comes to lottery winners...

If posters here are already well acquainted with JW's sad story... this is good. There are many other instances out there of other lottery winners whose lives similarly turned more or less sour after... [ More ]

Reply #27

Todd — Mon, 16 Apr 2007 18:31:06 GMT

Right you are JE!

JRCa, using the Lottery Post Search page, you can even narrow your search by selecting just News and the date range. (For Jack W. stories you may want to include All History for the date range.)

You will find dozens/hundreds of references to JW at Lottery Post.

Reply #26

justxploring — Mon, 16 Apr 2007 17:14:02 GMT

JRCa,

I know you are a new member, but it might help if you use the SEARCH feature here to save yourself a lot of time. There have been stories about JW for years on Lottery Post. In fact, I don't think a week goes by without someone mentioning his name. Jack was a self-made millionaire before winning PB and was very generous with his money. He is an alcoholic and sadly made some very foolish choices.

Reply #25

JRCa — Mon, 16 Apr 2007 16:44:04 GMT

Sorry about the delay in replying... a couple of days ago I had posted a couple of links to some news stories (about what generally happens to large jackpot lottery winners) in my message and my account was suspended on suspicion of spamming... Anyhow, thanks to Todd and his gracefulness, I'm online again...

Thank you so much, joshuacloack, for taking the time to contribute here your wisdom... it is very much appreciated. The problem with setting two trusts, IMHO, with the second one being a... [ More ]

Reply #24

Jose400 — Sun, 15 Apr 2007 21:40:26 GMT

I've never done this myself, but my understanding is that you would probably

go to a tax attorney and create a revocable blind trust. If the lottery in your

state accepts that, then they would be publishing the name of your trust

as a winner instead of your name. Of course you would forego all the press

conference and all that, but I guess it depends on your state if the winner

wants to stay anonymous.

Reply #23

justxploring — Sun, 15 Apr 2007 21:02:02 GMT

I didn't get onto this topic to give advice, but as I am typing, it probably will sound like it. The reason I don't want to give advice on Trusts is that I am not an expert on Trusts although I have taken course on them. Also, the first thing I would tell anyone is never plan your financial future by what someone tells you on an internet board. There is no fiduciary relationship here and whoever tells you what to do can be totally wrong without any fear of litigation.

Regarding FDIC insure... [ More ]

Reply #22

rundown99 — Sun, 15 Apr 2007 19:05:18 GMT

If you want to remain anonymous, go to a state where you can be anonymous.

California will NOT allow their winners to remain anonymous. Like most states, California jackpot winners are public information. If anonymity was allowed in California, half of the jackpot winners would have remained anonymous.

Why don't you ever hear many names of Ohio jackpot winners???? Do you want to know why???? MOST of them remained anonymous through a trust, because Ohio ALLOWS jackpot winne... [ More ]

Reply #21

OldSchoolPa — Sun, 15 Apr 2007 18:43:12 GMT

id rather do it myself without hiring anyone not even a CPA

If you happened to take a look at the world's wealthiest people, you will find that none of them are do-it-yourselfers when it comes to the management, direction, and investment of their wealth. Those who are do-it-yourselfers end up either not becoming wealthy or significantly less so. All lottery players and winners should take a note from Brad Duke, the Idaho Powerball winner whose goal is to turn his lottery multi-millions... [ More ]

Reply #20

CA LotteryGuy — Sun, 15 Apr 2007 18:24:20 GMT

tnlotto1...here is information form the CDARS (sounds like the plural of the tree cedar) website.

CDARS is the Certificate of Deposit Account Registry Service . And it's the most convenient way to enjoy full FDIC insurance on deposits of up to $30 million. With CDARS, you sign one agreement with a participating local bank or other financial institution of your choice, earn one interest rate, and receive one regular statement.

Basically as you can see CDARS is a fina... [ More ]

Reply #19

savagegoose — Sun, 15 Apr 2007 18:09:18 GMT

we have discissed trusts before on here, blind trusts was what people decided where the go for anonimity

heres a link to past disacussions

https://www.lotterypost.com/search.asp?q=blind+trust

Reply #18

tnlotto1 — Sun, 15 Apr 2007 07:20:14 GMT

your welcome joshua, i feel like Todd and everybody here wants to provide information to each other so we can have a shot to win and know what to do after we win. i remember someone here informed me that safety deposit boxes may not be insured for the full amount of your lottery ticket so you may want to put it somewhere else just in case so i kept that advice with me because i know a small piece of paper worth millions would be easy to misplace or tear so i want to have the best spot for it whi... [ More ]

Reply #17

joshuacloak — Sun, 15 Apr 2007 05:57:47 GMT

tnlotto, thats a great idea, use the bank of the lottery for the wire the lottery does for ever big powerball/mega win

a bank makes a big deal out of sending that amount of cash to a other bank

i mean, all they then have to do is say okay, our customer#1{the lottery account }wants to wire our other customer#2{you} millions in cash, sense its all in house,

they just move the amount over to the 2nd customer

i mean its all numbers on there comps right, am sure changeing

Reply #16

tnlotto1 — Sun, 15 Apr 2007 05:40:02 GMT

wow i didnt know you could have fdic insurance for up to 30 million on a bank account? i thought it was capped off at 100k. mybest friend is an investment banker and he never told me that maybe he has to sign a document saying that he can only tell customers thatkind of information. i dont know a lawyer or tax attorney i can trust so id rather do it myself without hiring anyone not even a CPA but i know it will be so hard to do alone. the only thing i do know is that first tennessee is the bank

Reply #15

joshuacloak — Sun, 15 Apr 2007 05:25:40 GMT

my post is beyond human reasoning and facts of whatever others say you can and can't do

. with that said,

trusts are contacts.

fact is a trust once setup can own houses, papers, and lottery tickets. and whatever else on earth to own, but a living soul it can't own thats the olny rule am aware of aka slaves LOL

the lottery would give out a name alright

the NAME OF THE trust and the Personal,human name would have to be the trustie they give out

, as in all legal power of t... [ More ]

Reply #14

eproducer — Sat, 14 Apr 2007 19:14:01 GMT

Citibank would charge higher than average fees for the privilege of their services.

Reply #13

OldSchoolPa — Sat, 14 Apr 2007 19:05:49 GMT

Or you could use Citibank as a place to park your money and invest with Primerica, a Citi Company.

Reply #12

eproducer — Sat, 14 Apr 2007 15:57:25 GMT

Here is what I know for Michigan residents regarding this subject. This is a response to my email questions on blind trusts for Mi residents. This information was emailed to me from the Michigan Lottery. The rules of Mega Millions state that any jackpot winner must release - their name and city of orgin . I don't know anything about a blind trust, that would be a question for an attorney. But a check can only be made out to either a winner or a Lottery Club . If you chose to claim your ticket... [ More ]

Reply #11

MegaWinner — Sat, 14 Apr 2007 01:56:41 GMT

WOW LMAO!!! Good ones

Reply #10

hypersoniq — Sat, 14 Apr 2007 01:39:31 GMT

In what research I have done, the best vehicle seems to be a personal property trust . If you feel the need to be prepared, you need the document and to have it notarized.

Books on the subject might be helpful at this stage, just to know what you are looking at, you don't need a winning ticket to form a trust...

What I have seen done in the past... trust formed to claim the ticket, an attorney is hired to cash it in... named in the trust as a Trustee . The lawyer will provide the lotte... [ More ]

Reply #9

OldSchoolPa — Fri, 13 Apr 2007 22:01:33 GMT

I am actually glad that California requires the disclosure of all lottery winners (Kansas and Maryland to name a few need to get a clue). Besides, California is home to Hollywood and the stars, so even lottery winners need their 15 minutes of fame. BTW everyone knows how much loot all the actors, actresses, and sports stars are raking in...I don't see that in and of itself causing problems for them...besides I have never heard of the paparazzi chasing any lottery winners or stalking them...so... [ More ]

Reply #8

LuckyLilly — Fri, 13 Apr 2007 21:55:45 GMT

Have you tried asking on a site like these?

http://www.lawguru.com/index.php

http://www.chat.lawinfo.com

Reply #7

Todd — Fri, 13 Apr 2007 21:38:00 GMT

You ask, what I meant to ask is, how do you go about the specifics?

Nobody can answer all the detailed questions, other than a qualified lawyer. The link I gave you answers all the nuts and bolts questions about how trusts work, SO YOU KNOW BASICALLY HOW IT WILL WORK.

When it comes time to DOING IT, you go out and hire yourself a VERY good tax attorney. All good tax attorneys will be quite adept at setting up trusts. That's what they do.

When I say get a VERY good one, I mean D... [ More ]

Reply #6

tnlotto1 — Fri, 13 Apr 2007 21:05:05 GMT

this is a good topic because i was curious about if trusts are insured like bank accounts and if you can set one up online without having to hire a lawyer so todds link answered most of my questions because i know most bank accounts only are insured by FDIC for up to 100K so i know alot of people have to have other places to put large amounts of money like lottery jackpots and make sure they are insured for most of the value just in case there is id theft or some other theft of some of the money... [ More ]

Reply #5

JRCa — Fri, 13 Apr 2007 20:56:10 GMT

Sure, but what I meant to ask is, how do you go about the specifics? For instance, what type of trust is preferable? (there are several types, as you likely know...), do you just hand you winning ticket to the lawyer (or trustee)? you know, we are talking about entrusting a person you just met with a document worth several million dollars... Exactly this sort of practical questions...

It would be very interesting to hear from those who have invested some time researching this matter and prep... [ More ]

Reply #4

CA LotteryGuy — Fri, 13 Apr 2007 20:39:36 GMT

JRCa...here is what I have observed having followed the California Lottery fairly closely for the past few years.

Last year, July of 2006 to be specific, there was a person who claimed a Super Lotto Plus jackpot of $110 million, but refused to attend a press conference. His name was made public.

Every other California jackpot winner, both Mega Millions and Super Lotto Plus, has to the best of my knowledge been identified. I am not aware of a California Lottery jackpot winner claiming a... [ More ]

Reply #3

JRCa — Fri, 13 Apr 2007 20:15:48 GMT

Thank you so much for the very specific information you have provided .

I think I remember reading something in the news last year about a California resident claiming a prize anonymously through a trust... As I wrote earlier, it would not make much sense for me to pay a professional at this point to find out whether this is possible or not, just to satisfy my curiosity. It would be nice if someone with specific knowledge about this matter, that is, regarding the possibility of a large lotte... [ More ]

Reply #2

Todd — Fri, 13 Apr 2007 17:29:03 GMT

The way it works, and it may even work for states that require the disclosure of the winner's name, is that you create a trust, and then the trust claims the jackpot.

Trusts are legal entities that are formed to carry out specific functions.

I'd recommend this link to you:

http://en.wikipedia.org/wiki/Trust_law

Reply #1

CA LotteryGuy — Fri, 13 Apr 2007 16:30:52 GMT

JRCa...as your state of residence shows California, the following appiles to claiming a jackpot in the Golden State.

It does not appear possible to claim a jackpot without having your name released. According to the regulations for the California Lottery a winner's name is public record. As far as claiming in a trust, the Director of the California Lottery can require that a natural person be indentified in order to be paid the jackpot.

This information is on the California Lottery web s... [ More ]

Setting a trust for anonymity: how does it work?

JRCa — Fri, 13 Apr 2007 01:47:52 GMT

No, I haven't won a large jackpot yet... I'm just very curious about the way it works and, obviously, I am not going to hire a lawyer just to find out.

So, does anyone here know about it... what kind of trust and how one goes about claiming a large prize through such a device, the risks involved, etc. Please don't reply, after you have won, hire a good lawyer and a good accountant and they'll show you everything...

How many of you have researched it just out of mere curiosity or in... [ More ]