smart aware people use this
a trust
you can set it up yourself and be one of the many Beneficiaries along with your parents
the trustie/your creation intent of the trust ,you can put the intent is to give you must of the money/whatever else in trust , they"parents" also get some as Beneficiaries alongside you in the trust
the trust pays the tax!
AND say your parents and yours tax's dont GO UP on there other income!
a trust is the simple thing to do.
it pays tax on the money won and dont make the individuals taxes go up by putting them in a higher tax range !!!!!!!!!!!!!
matters like this are a cake walk for trusts
hell, if your not already paying the top 35% tax range, and you have other income thats taxed,
and then/win big money,a TRUST JUST MAKES COMMON SENSE,
sense it takes your winnings away form your other income
as a individual you save big time!
so"other income" wont be taxed to hell like your winnings.
the fact is
you can make the trust.and your slaves"the trusties'" do what you say and say who gets what, takes care of everything
like if i won anything big, i set up a trust and i never have to deal with the irs as a individual
also if i wanted to give big money to anyone else, i just make whoever that is, one of the many beneficiarie before hand
and i think you can add more Beneficiaries as time goes by, if the intent by everyone already in the trust, is for it :D
wikipedia>
A trust is created by a settlor, who entrusts some or all of his property to people of his choice (the trustees). The trustees are the legal owners of the trust property (or trust corpus), but they are obliged to hold the property for the benefit of one or more individuals or organizations (the beneficiary)
but if you do have big money, just talk to a trust lawyer/creater , am sure they can fill you in much better then we ever could LOL