|Posted: December 10, 2008, 5:36 pm - IP Logged|
I agree 100% that the Trust and/or Corporation opinion is definatly the route to take when claiming a jackpot. Both for privacy (upmost importance) and proper management!
Now here is my concern (its simple really) and perhaps some of the good folks here have already concidered this and can enlighten me. Now when you claim the prize the trust or corp is going to pay the federal taxes on the money right? Now after that when YOU personally want to access funds, are YOU now taxed a SECOND time on the money once it becomes personal taxable income to you??
Dont be quick to just say no...
I means this is pretty simple but I was wondering if folks thought of this? Noone is going to be happy paying taxes twice on the same money so whats the answer?
Thanks for having a great forum like this!
There are a few ways to do what needs to be done.
1) You could form a corporation to claim the jackpot. But if you do that you better use the seasoned corporation. To explain what that is it's a corporation that's a shelf company that's been around for 2 or 3 years in the respected state of incorporation and just do a 24hr. Expedited name change for that shelf company you just purchased! Just go here and do some serious reading on the facts of incorporating.
Go to www. nevada123. com
2) The other route to use is to have a Dynasty Trust claim the jackpot.
Most estate plans address only the client’s immediate wishes involving their children and grandchildren. Through the use of documents such as the Dynasty Trust, The Avelino Law Firm addresses multi-generational goals, i.e. Legacy Wealth.
Many times family wealth is stripped away by estate taxes and divorce. A Dynasty Trust allows money to stay within a family for generations while being estate tax and creditor protected.
The benefit is that you do not own whatever property is in the Dynasty Trust. Therefore, it is not included in your estate (to the extent possible) and is creditor protected. The Avelino Law Firm follows the great words of John D. Rockefeller, “Control Everything, Own Nothing.”.
Good luck in your quest for the answers that you are looking for. I hope I have been of some help to you.
Keep dreaming the impossible dream, it just may come true!