Preparation for picking up the prize.Prev TopicNext Topic

• BaristaExpress

  

  Magnolia, Delaware
  United States
  Member #18,794
  July 20, 2005
  789 Posts
  Offline
  Nov 13, 2005, 3:21 pm

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  Maybe I'm too optimistic, but I sign my tickets as soon as I purchase them. That way if they are lost or stolen, nobody can claim them since positive ID is required of course. But Justxploring, if you do that, you can't claim it as a Trust or an LLC! Claimed as a Trust or an LLC provides you a great deal of protection from law suits and other things! Remember this world today always has someone or a group of someones out there looking to make an easy buck at someone else's expense! Having the money in a Trust or forming an LLC protects you a great deal for those types of people!

  Keep dreaming the impossible dream, it just may come true!
• Lawrence Connor

  United States
  Member #25,880
  November 12, 2005
  62 Posts
  Offline
  Nov 13, 2005, 4:53 pm

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  I think we can all guess what we would do,

  but we can't know for sure until it happens,

  and that whatever we decide to do then

  will be based on the reality and that point

  in time & how we feel we should take action

  and for most of us the guesses before mostly

  won't mean or matter much then if it's for real.
• justxploring

  

  Wandering Aimlessly
  United States
  Member #25,359
  November 5, 2005
  4,461 Posts
  Offline
  Nov 14, 2005, 4:08 am

  ▲▼
  Quote: Originally posted by BaristaExpress on November 13, 2005

  Maybe I'm too optimistic, but I sign my tickets as soon as I purchase them. That way if they are lost or stolen, nobody can claim them since positive ID is required of course. But Justxploring, if you do that, you can't claim it as a Trust or an LLC! Claimed as a Trust or an LLC provides you a great deal of protection from law suits and other things! Remember this world today always has someone or a group of someones out there looking to make an easy buck at someone else's expense! Having the money in a Trust or forming an LLC protects you a great deal for those types of people!

  Thanks for the warning, but I'm not sure I agree.  I am familiar with creating trusts to avoid probate and litigation & to reduce one's estate before death. However, what you wrote makes sense even though I'm not sure signing my name would prevent me from forming a revocable trust and collecting the money as the trustee.  It is food for thought,  however.  Hmm.  I'm pretty sure I'd have to apply for another tax ID for the trust, but I also think I could still use my name and collect the winnings as trustee of the "Nancy J. Xploring Trust"  Every state website says to sign your ticket so I just assumed that with proper ID they wouldn't be that petty, but maybe I'm giving them too much credit.  The name of the Trust would then be stated on the claim form. An LLC can be tricky.  I'd definitely get a good tax lawyer if I won a lot of money.
• RJOh

  

  100

  mid-Ohio
  United States
  Member #9
  March 24, 2001
  20,272 Posts
  Offline
  Dec 7, 2005, 2:50 pm

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  Quote: Originally posted by BaristaExpress on November 13, 2005

  Maybe I'm too optimistic, but I sign my tickets as soon as I purchase them. That way if they are lost or stolen, nobody can claim them since positive ID is required of course. But Justxploring, if you do that, you can't claim it as a Trust or an LLC! Claimed as a Trust or an LLC provides you a great deal of protection from law suits and other things! Remember this world today always has someone or a group of someones out there looking to make an easy buck at someone else's expense! Having the money in a Trust or forming an LLC protects you a great deal for those types of people!

  According to the tax laws I've read you are suppose to pay taxes on all your lottery winnings. Signing all your tickets even the ones under $600 leaves a paper trail back to you.  Many people neglect to record these winnings on their tax forms because they are not included on the W-2G the state send you for your winnings of $600 or more.  If your are including these small winnings on your tax forms then that shouldn't be a problem.

   * you don't need to buy every combination, just the winning ones *