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Question about blind trusts...

Topic closed. 6 replies. Last post 9 years ago by Coin Toss.

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rundown99's avatar - cigar

United States
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August 14, 2002
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Posted: April 16, 2008, 3:44 pm - IP Logged

I have a question about the forming of blind trusts for anonymity:

I probably will never be lucky enough to win a lottery jackpot.  But if I were to ever win a jackpot in an anonymous state and form a blind trust and had an attorney to claim the prize on behalf of the trust, of course you would have to file taxes and pay fees.  Here is my question:  Can I be  ABSOLUTELY sure that NO ONE ELSE other than me, my attorney, and the federal and state governments would know what is going on.  Because if I ever win, I would NEVER want my family, relatives, or friends to know about it.  Thank you in advance for your response.

Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!

    Raven62's avatar - binary
    New Jersey
    United States
    Member #17843
    June 28, 2005
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    Posted: April 16, 2008, 8:35 pm - IP Logged

    That's OK: If they ever Win: They don't want you to know about it either!

    A mind once stretched by a new idea never returns to its original dimensions!

      Pinkpansies's avatar - Lottery-050.jpg

      United States
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      February 27, 2008
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      Posted: April 16, 2008, 11:13 pm - IP Logged

      From Wikipedia

       

      A blind trust is a trust in which the executors or those who have been given power of attorney have full discretion over the assets, and the trust beneficiaries have no knowledge of the holdings of the trust. Blind trusts are generally used when a settlor (sometimes called a trustor or donor) wishes to keep the beneficiary unaware of the specific assets in the trust, such as to avoid conflict of interest between the beneficiary and the investments. Politicians often place their personal assets (including investment income) into blind trusts, to avoid public scrutiny and accusations of conflicts of interest when they direct government funds to the private sector.

       

      One thing you can do is form an LLC in Nevada (Nevada corporation).  They never reveal who the owners of the business are unless there are extreme extenuating circumstances.

       

      Best thing to do is wait until you win and have your attorney advise you on the best way to remain anonymous.

        time*treat's avatar - radar

        United States
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        March 30, 2005
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        Posted: April 16, 2008, 11:48 pm - IP Logged

        Here is my question:  Can I be  ABSOLUTELY sure that NO ONE ELSE otherthan me, my attorney, and the federal and state governments would knowwhat is going on.

        The short answer in "no". With more and more info in databases and more of those databases being compromised by stupid gov't (redundant statement?) employees leaving that info on laptops to be stolen, you can't trust other people to absolutely keep your info private.

        If someone sues you 'cause they hurt themselves while breaking into your house on xmas eve, you could be called upon to list your assets in a civil suit. If you "omit" anything (even to protect it from someone who dosen't deserve a cent of it) well, that's perjury ...

        There are more ways to have your info compromised than you want to know. Many of them have nothing to do with mistakes on your part.

        In neo-conned Amerika, bank robs you.
        Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

          Coin Toss's avatar - shape barbed.jpg
          Zeta Reticuli Star System
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          January 17, 2006
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          Posted: April 17, 2008, 1:58 am - IP Logged

          In most states, if not all, who a trust is made up by is a matter of public record.

          People would have to look it up, but the infromation is available.

          Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

          Lep

          There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

            DC81's avatar - batman39
            MI
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            August 31, 2007
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            Posted: April 17, 2008, 3:36 am - IP Logged

            How much faith would you have in the person/attorney appointed will always serve with your best interest? I think there was a topic here where there was a bit of discussion on why you'd need to make copies of the ticket (via copy machine or just taking pictures or video in posession of it) and I think this is a good one, you wouldn't want something to happen such as the trustee going and try claiming it as their own.

             

            After it's claimed do you want to keep them on as the trustee? Especially if you establish the trust in a different state from which you live. Would that even matter? What kind of power, as the trustee do they have over your money? What control would you still have? Do you still have the power to be able to remove or change who the trustee is or at least limit the power of the trustee has so they still have to answer to you?

             

            I like the idea of forming a trust to at least give a small bit secrecy (I doubt anyone I know would even bother investigating it, others though I dunno about) and whatever benefits may come with it but I don't know if I like the idea of giving up control and putting trust in someone whom I wouldn't likely know all that well. Trusting people isn't one of my strong suits.

            You can't predict random.

              Coin Toss's avatar - shape barbed.jpg
              Zeta Reticuli Star System
              United States
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              January 17, 2006
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              Posted: April 17, 2008, 12:01 pm - IP Logged

              DC81

              From what I've seen you can bet there are people who would investigate who formed such a trust.

              The lotteries publish the location of the winners, the store that sold the winning ticket.

              A few months back, someone in a town near here hit 5 + 0 on Mega Millions.

              The store didn't even put one of those "Winning Ticket Sold Here" signs up but the town and half of the county was trying to figure out who it was that made the score.

              (Granted, it could have been a traveler passing through, but the "nosy neighbor" factor never stops.)

              Bear in mind, that was for a lower prize than the jackpot without any press conference or news article other than the location of the ticket seller.

              Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

              Lep

              There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.