First of all, let me introduce myself,
My Name's Viceroy, I have been trying to work on this problem for about a month now.... and I'm going to post it to you, to see what you have to say, I am looking forward to hearing any comments, or suggestions, and I hope that there is someone on this board with maybe a little knowldge as to a certain part of the subject matter that I am trying to convey....
Anyway, Here goes.
Let's say for instance you bought what turned out to be the WINNING POWERBALL TICKET. You just seen the numbers flash on the TV screen, and your Numbers match......HOORAY!
But now you come across a dillema.
After reading accounts of Identity theft, and accounts of the alternative minimum tax eating away at people's lives (AMT supposed to soak the rich, drawn everyone in middle class instead), and stories of greedy family members, and wives and how horrible some peoples lives end up becoming after BIG LIFE ALTERING WINS.....(jack whittaker, for example)
....all that has turned you completely paranoid, and fearful...(not fearful enough to stop playing or god forbid tear up the Winning ticket)
So there you are, about to "follow the rules" and IN INK put YOUR NAME to the back of the ticket to start the process of claiming your win.
But you stop, right before that pen touches that paper.
You realize that putting your name to the back of that winning ticket turns that BEARER INSTRUMENT (read anonymous) into a REGISTERED INSTRUMENT (meaning linked to you)
and you start to sweat. You have to. because this is the FIRST step in a process that may make you lose control of your life and your future as you know it...;..and if you kept your mouth shut and did not scream out....ONLY YOU...know that the winning ticket is in your possesion.....
AT THIS STAGE OF THE GAME You can probably be sure that the lottery knows that SOMEONE won, but they are not sure WHO...and they do not immediately know that its YOU (unless someone at the mini-mart you purchased that ticket at blabbed, or provided security tapes to lottery officials, to go through the process of DL photo matching)
I will postulate this to you.....and I want you to keep this in mind should you ever win....
FREINDS, FAMILY MEMBERS, BUSINESS ASSOCIATES, even second cousins thrice removed who you never heard of will SOAK YOU FOR EVERY LAST POSSIBLE DIME YOU STAND TO GET, and THEY BELIVE THEY ARE ENTITLED TO THAT WINNINGS, no matter what you think, feel or or say...You are just a means to that greenback ending up in THEIR POCKET. Not yours. THink about it.
Love your family, love your church, love your freinds, but NEVER EVER EVER let tham use you as a conduit to that money.
NOT TO MENTION GOVERNMENT, who take 25% off the top through a W-4G and have it all set up before you even walk through the door, because they know someone won that night (even if they are really not sure WHO) and I guarantee you that AMT that i spoke about before will try to extract EVEN MORE...
So there you are....ready to put pen to the back of the ticket, and you stop REALIZING ALL THIS....
What do you do?
Well, in the one instance of family and freinds, you have to control WHO KNOWS, and preferably WHO DOESN'T KNOW(and to control suspiscion)...Preferably you do not want ANYONE TO KNOW until that money if safely locked away in a bank account that you control, and no one else can touch it, or you to get it (hanger on's or loan shark "friends", or greedy ex-wives)
And in the case of the Government, you want to minimize the amount of taxes, and other expenditures taken out of that pile. ESPECIALLY if you wanted CASH option.
Preferably you only want them to be able to tax it TWICE ONLY (once for federal, once for state), before it goes into your hands. and if you make any money OUTSIDE OF YOUR WIN that year(wages tips etc.) you only want Government to tax what you made, and not have to risk being exposed to the AMT. or even double taxation.
Never mind money made as return on investments that you use PART OF THE PILE to generate, which you only want taxed on the gains ONLY and not the pile.
Correction of things at their end may take long and arduous process that TAKE TIME, and time is MONEY out the window. So you want to minimize or eliminate that problem before it gets a chance of rear its ugly head.
SO. I have been looking at Corporation brokers as a way to solve this problem. The idea being...You buy a dummy corporation.
You have dummy corporation walk in (instead of you) and say to the Lottery officials...
"We hired someone out of state and he purchased aforementioned ticket for us. He was compensated for his time and effort and is no longer with the company.. and wishes not to be bothered. .Here is the winning ticket, let's process it, please, and here is the account we wish to send funds to."
All the while YOU are hanging back at the hotel room, in FULL CONTROL of the agents walking in in your place, What exactly they are to say to lottery officials, and any responce they could give to officials if they stant getting REALLY NOSY...(because in some powerball states, they want the NAME AND LOCATION of said person who bought the ticket, because they want to bother said person.)
And if all works out...You have a PRIVATE company you control instead of an EXPOSED individual risking privacy loss. And in the case of TAXES, that Company (that you control) gets taxed on the Ticket, and you dont. leaving you to pay for your own taxes outside of THAT WIN, all the while still controling the comapny with the account full of MOOLAH!
Aaanyway, this is an oversimplified plan of attack, to control you winnings, your way. There is a lot more involved, I guess you know what that may or may not be....NOTICE I DID NOT SAY ANYTHING ABOUT TAX AVIODANCE, I do not intend to. The Winnings SHould only be taxed ONCE. (federal and state) before it goes under your control, after that if you(rather, the company you control) make any money using any part of that pile as investment...that should be taxed too (or deducted off company tax books if it is a loss)
The other aspect or advantege of having your PILE OF DOUGH in a company you SECRETLY with REPRESENTATION, control, is that anybody snooping around your private affairs (your public credit record, for example, or your asset holdings) you appear to them as OWNING nothing....not even a new car. The idea here is that the company you SECRETLY CONTROL THROUGH PROPER REPRESENTATION, purchases, and owns (on paper) said property. Then its a matter of paperwork having that said company allowing you to use said property for "business use"
And if you want money from your pile, another aspect you could get is to hire you (as an individual) as an outside contractor, or "butler" or "housesitter" or "gardener" or "interior decorator" or "chauffer" or "procurement agent" to buy your needed goods and services, or food or to drive yourself around, proivide entertainment material, etc.
that all depends on how involved you put the paperwork, and how much you can automate so that you do not get bogged down in the paperwork....
Aaaanyway these are my ideas, and i wanted to post them here, anything you could add here is greatly appreciated. I look forward to your comments.
Sorry for the long post.