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Lottery Trust Fund

Topic closed. 5 replies. Last post 11 years ago by psykomo.

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dphillips's avatar - littleuns
Albuquerque, New Mexico
United States
Member #5128
June 18, 2004
377 Posts
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Posted: August 13, 2005, 4:00 pm - IP Logged

Would someone explain -- why do some lottery winners elect a trust fund instead of going directly to the lottery headquarters and processing the paperwork?

So, if I won and I decided to have a Trust Fund set up in my name or some other name, would my public identity be known?

Does my attorney rush to the lottery headquarters gasping for breath to do the paperwork -- while I sit out in the limo waiting for him or her to do my bidding?

Finally, is a trust fund set up the way an annunity is provided?

 

 

    four4me's avatar - gate1
    MD
    United States
    Member #1701
    June 18, 2003
    8361 Posts
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    Posted: August 13, 2005, 4:21 pm - IP Logged

    There are many reasons one might want a trust fund. The first being persons or person might want to be anonymous.

    Other reasons might be if you have family members you want to set up a trust fund for. Or friends or charities or whatever one might need a trust for. Another reason a trust might be good for is to reduce you overall tax burden by disbursing the funds to different accounts in the trust before you sign off on the first check for the people in the trust.  

    Depends on what kind of physical shape your attorney is in whether he would run or walk in the lottery office. He might just fax the paperwork. Then set up a day when you and the lottery personal could meet in private and do the paperwork. Thereby avoiding the line of paparazzi. 

      dphillips's avatar - littleuns
      Albuquerque, New Mexico
      United States
      Member #5128
      June 18, 2004
      377 Posts
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      Posted: August 13, 2005, 4:43 pm - IP Logged

      Thanks four4 me for the valuable information. Good luck to you if you win, and I hope your lawyer can run marathons!

        dvdiva's avatar - 8ball

        United States
        Member #2338
        September 17, 2003
        2063 Posts
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        Posted: August 14, 2005, 5:11 pm - IP Logged

        The main reason for trust funds is liability protection. Having your house in one trust and different income sources in different trusts makes it very difficult to go after your prize winnings. It's the main reason if you were to look at the most expensive real estate its rarely in someone's name. Getting sued is an unfortunate part of having money and protecting yourself from this is something you have to consider if you win.

          rabbitfoot's avatar - 8ball

          United States
          Member #620
          August 25, 2002
          205 Posts
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          Posted: August 15, 2005, 10:25 pm - IP Logged

          My wife and I each have our own trust.  When we buy a large ticket item, we title it in the name of both trusts.  But, our trusts have nothing to do with avoiding taxes.

          A trust is simply a method of avoiding having your property go through probate when one dies.  In this manner,  one's personal affairs doesn't become public knowledge.

          I play to dream and dream of winning a major jackpot!

            psykomo's avatar - animal shark.jpg

            United States
            Member #4877
            May 30, 2004
            5121 Posts
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            Posted: August 15, 2005, 11:14 pm - IP Logged

            My wife and I each have our own trust.  When we buy a large ticket item, we title it in the name of both trusts.  But, our trusts have nothing to do with avoiding taxes.

            A trust is simply a method of avoiding having your property go through probate when one dies.  In this manner,  one's personal affairs doesn't become public knowledge.

            tHANKS  rabbitfoot>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

            You are correct about the taxes,,,,,,,,,,,,,I have been a member of disk........

            LP & respect all post including this ONE.......thanks for your education.........

            on this subject:::::::::::::::::::::::::::::IT is important,,,,,,,,,I appreciate any

            education ............we receive on this  SITEEEEEEEEEEEEEEEEEEEEEEEEEE!

            TRICK-QUICKs !!!!!!!!!!!!!!!!!!!!!!!!!!!!......LOL>>>>>>>>>>>>>>RF^^^^^

            PSYKOMO