|Posted: December 13, 2004, 7:06 pm - IP Logged|
Let's say I, a resident of Texas with no state income tax, win $150 million in Megamillions and have chosen the cash option.
What would be my best options to minimize my immediate and short-term taxes on my winnings?
Primarily I'm wondering if I should perhaps claim the prize as a corporation or a trust of some kind?
I'm also wondering if I should stay in the USA or would I be better off moving to a country with no personal income tax, such as Monaco or Andorra in Europe?
And yes I DO understand that before even claiming the prize I should contact both investment advisors and qualified attorneys.
So that said...what do you think?