what exactly is meant by forming a trust?

Reply #6

justxploring — Thu, 12 Jun 2008 23:50:54 GMT

I just noticed GamerMom asked about setting up a trust before claiming a prize, so that might be if there are multiple winners. In Florida only one person can claim a prize, although once someone here told me I'm wrong. That one person or entity can be an individual or a group like an LLC or a Trust, but then the Trust or LLC is responsible for paying the taxes. In any case, if there are multiple winners, I'm sure a good attorney and accountant would know how to handle the distribution of funds.... [ More ]

Reply #5

Coin Toss — Thu, 12 Jun 2008 22:46:48 GMT

Justxploring

A clown suit!

How about a Riddler clown suit- remember the character on Batman with the question marks all over his clothes?

You could have a clown suit with QP all over it!

:)

Here lies a lotto player

who is a lotto player no more

they chose number after number

yet had they marked QP they would have made a score

Reply #4

psykomo — Thu, 12 Jun 2008 21:52:36 GMT

Thank's JXP:

only GOD play's quick pick's !!!

LOL

PSYKOMO

Reply #3

justxploring — Thu, 12 Jun 2008 19:32:50 GMT

though you need to do it properly

Key words. The same reason I won't go to a Dermatologist for a colonoscopy. That's why I paid a lawyer, although it wasn't cheap. It was a whole package, however. I have a last will testament, a trust and a living will. Now when I die, my relatives will have to bury me in a clown suit. LOL I was thinking of adding all of my losing lottery tickets and on my tombstone If I only played quick picks.

Reply #2

KY Floyd — Thu, 12 Jun 2008 04:41:42 GMT

Though they're typically done by lawyers or estate planners anybody can set up a trust. All you have to do is file the paperwork, though you need to do it properly. The only way the state gets to decide what to do with your estate is if you're foolish enough to die without a will or a trust. Either one, if it's properly executed, should accomplish your goal, but only a trust can avoid probate.

Reply #1

justxploring — Thu, 12 Jun 2008 04:11:39 GMT

Good question. Trust for what? There are about 100 different types of trusts and most are for asset protection. The best contact would be an estate attorney who might also work with a financial planner. AFAIK only an attorney can set up a Trust. Since trusts are usually regulated by state law, the rules aren't always the same. I was told by a very reliable source that if you don't have one, the state might decide what to do with your house, bank account and any other assets like your car, especi... [ More ]

what exactly is meant by forming a trust?

GamerMom — Thu, 12 Jun 2008 01:30:38 GMT

what does it mean when winners set up a trust before claiming their winnings? a trust for what? is it done with an accountant or a lawyer