Creating a trust or LLC to claim lottery winnings

Reply #15

Resourceful — Thu, 18 May 2017 06:44:12 GMT

Some state lottery laws do not include entities under the definition of a person. -Artist77

The above is what confuses the living hell out the masses to no end. Legal entities........The min we start talking about them people lose force.

It works THE OTHER WAY in the state's favor even when it's allowed.

TN lottery deceptive behavior is a great example of this. They put on their website no one allowed to claim anonymously. It's a public record

Will always give out names, etc.... [ More ]

Reply #14

Dd2160 — Wed, 17 May 2017 00:15:15 GMT

I would blow it if its not under a llc

real talk

Reply #13

Artist77 — Wed, 17 May 2017 00:02:51 GMT

Not an option in Virginia.

There are state monetary limits as to how much you can place into a living trust. In VA, it is a little

over $5 million and when you die, the rest would go through probate. Remember you are using the trust To Claim a Jackpot first and foremost. And go through an attorney who specializes in trusts and estates. I put all my property and assets into a living trust and it was only $2000 in costs. That price included a pour over will if my assets exceed the trust... [ More ]

Reply #12

Artist77 — Wed, 17 May 2017 00:01:44 GMT

You cannot claim lottery winnings via a trust or llc in a number of states, for example Virginia. Some state lottery laws do not include entities under the definition of a person.

Reply #11

wander73 — Tue, 16 May 2017 22:27:32 GMT

Survey says good answer

Reply #10

music* — Tue, 16 May 2017 22:06:01 GMT

How are you going to pay for the Trust Estate Attorney? Will you say, I have this ticket that is worth millions of dollars. Will you accept my word?

The same goes for creating an LLC. When will they get paid? Here in California, they will have to wait 12 weeks.

I will contact a bank and get a loan as soon as possible. A personal loan. I hope that I will have a document from the Lottery Office that proves I now have millions on the way.

What say you

Reply #9

GaInVa — Tue, 09 May 2017 01:50:16 GMT

Asset protection should be the first concern for anyone after signing the ticket. Even if your state lottery does not allow a jackpot winner to remain anonymous, a trust, LLc, or both would be advisable. There's always going to jealous and greedy folks (especially family members) who will pull out all the stops to get a nice chunk of that cash.

Reply #8

Sarge0202 — Sat, 06 May 2017 12:42:41 GMT

According to Illinois Lottery, you have to have a trust/LLC created BEFORE a drawing.

You might get around it with large scratcher win before you claim the ticket.

Reply #7

lejardin — Fri, 28 Apr 2017 00:55:55 GMT

Music, I never heard of this, thank you for the info, will need to do some research on it.

Reply #6

music* — Fri, 21 Apr 2017 04:06:48 GMT

Have you heard of DAPT? Domestic Asset Protection Trust. One of your Trustees will be in Nevada because that is the State that legally enforces this Trust by law. Find an excellent lawyer/attorney who knows all about this Trust.

Reply #5

Teddi — Wed, 19 Apr 2017 21:07:35 GMT

Actually, yes they do. Everyone I know worthy a million or more, create corporations to conduct financial transactions, including vehicle purchases. It's not fool proof but the get more protection that way

Reply #4

DELotteryPlyr — Sun, 16 Apr 2017 18:30:40 GMT

Good point with the Umbrella Insurance with excess liability, I remember a guy I knew 20 years ago who was worth ALOT told me to do that.

Reply #3

music* — Sun, 16 Apr 2017 16:21:52 GMT

with Raven62.

You can search online firms that sell these products. I know of one that has very good information for free.

Do you know about Umbrella insurance or Excess Liability Insurance? Start with five million dollars of coverage and go from there. Most insurance companies carry this coverage.

Trusts come in all different forms. LLC's could be a good way also.

Enjoy hunting for the best way to go.

music

Reply #2

DELotteryPlyr — Sun, 16 Apr 2017 10:29:39 GMT

This comes down to the person, some will want 'protection' for any amount. Think about all the people out there that are already worth a cool mil or so, are they all using LLC's?

I really can't answer this until I have the money.......

Reply #1

Raven62 — Sun, 16 Apr 2017 02:41:55 GMT

Consult a Professional

Creating a trust or LLC to claim lottery winnings

scentcrazy — Sat, 15 Apr 2017 20:07:01 GMT

Haven't seen this question posted recently. Go easy on me, it's my first poll. LOL I was wondering this for myself and I would be concerned about frivolous lawsuits and accidents . I think even half a million is enough to put in a trust. What do you all think