Poor man's "Blind Trust" or LLC.

Reply #13

justxploring — Sat, 14 Jun 2008 15:13:59 GMT

...I'd rather not deal with this nonsense.

Yes, I agree. I guess the reason I never put much thought into it is in FL you can't do that. People have written that I'm wrong, but Florida will not let a winner claim a jackpot anonymously, even a Trust. They even have a .pdf file to download on their website so you can look at every name location. I've seen press releases where someone claims a Lotto Jackpot in the name of an LLC and his name is still listed. Of course I'd want to collect a... [ More ]

Reply #12

PrisonerSix — Sat, 14 Jun 2008 14:39:49 GMT

Although most winners don't have the kind of lives Jack Whittaker has had since winning, I've read stories here and other places about problems they have had. Many have to deal with people for months on end looking for handouts or asking for money for questionable business proposals. Others have lost friends or become alienated from their families due to refusing to give or keep giving them money. One couple who won had made a deal do purchase a vehicle and after the news broke, the dealership b... [ More ]

Reply #11

PrisonerSix — Sat, 14 Jun 2008 14:28:41 GMT

This is an interesting discussion. Here in Louisiana, a few Powerball prizes have been claimed by LLCs. The only downside to that is members of the LLC are public record, since LLCs are registered with the state. Most states also have that data online so getting it is quite easy for those up to no good.

We had a winner claim in the name of a trust a few years ago. She had her attorney go claim the money and handle the publicity on behalf of the trust. On the websites of both the Louisiana

Reply #10

Piaceri — Fri, 13 Jun 2008 01:31:52 GMT

I don't think it's so much anonymity as it is initial protection from being hounded by people with their hands out. People like Bill Gates and Oprah have had quite a bit of time to grow into their wealth and their public persona. Jackpot winners do not have the luxury of time. One day they are Joe Blow down the street and the next they are Joe Blow jackpot winner.

Granted that notoriety will be relatively short lived because most beggers will move on if Joe Blow jackpot winner either doesn't... [ More ]

Reply #9

DC81 — Thu, 12 Jun 2008 15:11:15 GMT

As I said in another topic, people tend to look at lottery winners differently than what they'd look at Bill Gates, Oprah or whomever didn't suddenly come into money. When it comes to the lottery the less people know where your money came from the better. There's a bunch of reasons why I wouldn't want my name out there, that's just a part of it. Of course if I couldn't in any way hide my identity I wouldn't turn down the winnings.

Reply #8

justxploring — Thu, 12 Jun 2008 06:11:05 GMT

Trust are not gifts. You can't just set up a trust to avoid gift tax. Trusts are usually created to avoid litigation and protect your beneficiaries after death. They are for wealth management and estate planning, not to share money with your friends if you win a jackpot. If you give money to a friend, that's a gift. However, if you win a big jackpot, just hire a good lawyer since you'll need one anyway.

I'm always puzzled by the amount of posts about anonymity on LP. Bill Gates isn't hiding f... [ More ]

Reply #7

cc63 — Thu, 12 Jun 2008 05:42:30 GMT

Maybe in MI they only report the clubs name, but I posed a similar question to the FL lottery commission...

If I won the FL lottery, and wished to include family via filing a 5754, is the 5754 part of the public record (thus available to anyone who asks for it)?

I got what I think was a form letter response...

Thank you for writing the Florida Lottery. Occasionally we do have requests such as the one you are inquiring about, and gladly I will answer. Anyone who may win an outstanding am... [ More ]

Reply #6

mylollipop — Fri, 06 Jun 2008 03:00:23 GMT

Well of course! Why not? Let's go clubbing! Good post

Reply #5

hearsetrax — Thu, 05 Jun 2008 19:54:49 GMT

color me curious .... but then I have a few friends up that way

Reply #4

Piaceri — Thu, 05 Jun 2008 17:05:45 GMT

So, I guess I could create a lottery club of myself and my two college kids with whatever % I decide to gift to them, and the only taxes would be income taxes, right? The bonus being that only the club name and city are released. I think I will start one today.

However, it sounds too simple. Being a resident of the Great Taxing Entity otherwise known as Michigan, I am suspicious.

Reply #3

Todd — Thu, 05 Jun 2008 16:38:51 GMT

Very interesting about Michigan's response about claiming as a club, and only showing the club's name.

I think moving to another state is a bit extreme if someone happens to enjoy where they live, but the real key, it would seem, is to prevent your name from being released. It also must be fairly hard to not talk about your big win, but that's probably the best approach.

The thing you want to avoid is the Jack Whittaker syndrome of being robbed every couple of months. (Or every week in his... [ More ]

Reply #2

eproducer — Thu, 05 Jun 2008 16:25:31 GMT

What does this mean

Reply #1

psykomo — Tue, 03 Jun 2008 01:27:27 GMT

please,please,please

IF U mame (make) $31,000 a YR.

yes, U pay 97% of taxes

BUT, PSYKO know's Todd DOZ the LOTTERY POST for FUN !!

BUTT, there is alway's a BUTT too D SITUATION Todd is RICK$$

RICK !!!!!!!!

LOL

PSYKOMO

Poor man's "Blind Trust" or LLC.

eproducer — Tue, 03 Jun 2008 01:03:35 GMT

Lets discuss the merits of this. What is the poor man's blind trust ? It's a lottery club. First let me state that this is a follow up to an earlier post by JWBlue on 15May Why is it beneficial to collect a lottery jackpot as a llc. My facts come from the Michigan.gov/lottery site and from email responses directly from them. The strategy here is to mitigate or postpone your name getting out. Giving you time to .......................... Response from Michigan.gov/lottery: If you chose to claim y... [ More ]