If you go the LLC or Trust route...

Reply #12

Teddi — Fri, 26 Feb 2016 13:00:58 GMT

I'm not really sure why people keep saying you can't get sued if an incident occurs on property owned by your LLC. There are a whole lot of situations where you can be personally sued even if the LLC owns the property.

Plus, LLCs require certain criteria to be met for you to be shielded from certain obligations and liability claims. If they aren't met, you aren't protected.

Using a LLC as an extension of your personal affairs which is what you seem to be suggesting, won't fly either. If... [ More ]

Reply #11

savagegoose — Fri, 26 Feb 2016 07:49:53 GMT

you own your house and car in a LLC, you rent the house from the LLC, so when some joker climbs the fnce and breaks his head, he cant sue you, the lotto winner, he sues the LLC; the property owner, or thats how i figure you use em.

Reply #10

Teddi — Fri, 26 Feb 2016 01:52:05 GMT

You are correct. I've thought the same thing. Why claim in an LLC if there wasn't some personal advantage to doing so? I've had about 3 LLCs and I still can't figure out what the great advantage would be for a lottery winner. I've been told that it's merely a buffer name between yourself and the money. But I personally don't get why anyone would go through the bother. In the states that I had my LLC, my name was just a click away. By state law, a legal name had to be given and it could not be an... [ More ]

Reply #9

KY Floyd — Thu, 25 Feb 2016 07:21:16 GMT

They can't go after or take what is in the name of the LLC

That's a great example of why the vast majority of people should consult competent professionals if they win the lottery.

Setting up an LLC to run a business is a great way to isolate your personal assets from the business. If your business is renting apartments, an LLC will protect your personal assets if a tenant falls down the stairs and sues the entity that owns the apartment building. That's useful protection, but it doesn't... [ More ]

Reply #8

Rexer90 — Thu, 25 Feb 2016 06:07:55 GMT

Which brings up the question:

What happens if you buy a car in the companies name get in a wreck that hurts someone... or a boat someone falls off it drowns, are the assets of the LLC then at risk

Reply #7

Coin Toss — Sun, 21 Feb 2016 15:19:47 GMT

Ah, got it, thanks Meatman.

Reply #6

TheMeatman2005 — Sun, 21 Feb 2016 13:30:40 GMT

Hi Coin,

As you stated in your reply, an LLC is a way of setting up a business so only the business assets can be gone after by others if something happens to trigger that, and not personal assets.

Wouldn't you want that kind of protection against anything happening to your assets?

You don't get that type of protection with a trust.

An LLC is an entity upon itself and protects your assets just in case something happens and you get sued...personally. They can't go after or take what i... [ More ]

Reply #5

Rexer90 — Sun, 21 Feb 2016 06:08:25 GMT

I've noticed that some winners claim the prize under an LLC instead of a trust. There must be some advantage to it

Reply #4

Coin Toss — Thu, 18 Feb 2016 05:44:28 GMT

What do LLCs have to do with lottery winnings?

Trusts, sure, but a LLC?

As far as I know, a LLC is a way of setting up a business so only the business assets can be gone after by others if something happens to trigger that, and not personal assets.

As far as a lottery win, what business are you protecting with a LLC?

Just my $.02

Reply #3

TheMeatman2005 — Wed, 17 Feb 2016 22:06:14 GMT

I'm not sure about this, but if you transfer the assets from one trust to another, you have to pay taxes on the amount transferred.

What a waste of money that would be.

Reply #2

MaximumMillions — Wed, 17 Feb 2016 20:26:28 GMT

I don't think you can rename a trust or llc, but you can always transfer the assets to a different llc or trust and disassemble the old one.

Reply #1

Rexer90 — Wed, 17 Feb 2016 20:09:21 GMT

Anyone

If you go the LLC or Trust route...

Rexer90 — Sat, 13 Feb 2016 02:57:51 GMT

What's to stop you changing the name of the trust within a week of cashing the check or transferring everything from the LLC to a trust etc to hide your identity?Would either work