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Who to Trust with a Trust??

Topic closed. 10 replies. Last post 6 years ago by drhymes74.

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Nino224's avatar - Lottery-013.jpg
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Posted: August 28, 2010, 2:42 am - IP Logged

You won big, but if there's one thing you've learned from being on LP is that you must remain anonymous. So you form a trust (blind, revocable, living, irrevocable, etc.), so you can send a lawyer to collect and control the assets that go into the trust.

Really?

I'm just gonna hand over all that power to somebody, a lawyer of all people?? That sounds worse than a bad marriage. There has to be a better way.

"...a chance to push everything aside, the circumstances that've controlled our lives, and do it our way now. Good, bad or otherwise. You'll maybe get lost in it, tied up in it a little bit, but if you work your way through that the real you shows up, I think. Maybe what's at your core deep down, maybe that comes out. Maybe that's what it's about." Mike Pace 

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    Milwaukee, WI
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    Posted: August 28, 2010, 4:33 am - IP Logged

    I trust nobody. I do it the traditional way. Many have done that way.

    If ANY lottery winner can't handle money and fame together give me the money!

    Me and my 300 concubines will be very happy!

    MarkP

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      Posted: August 28, 2010, 11:05 am - IP Logged

      I guess you'd have weigh the pros on cons.  I don't think it's a matter of not being able to handle the money, it's a matter of protecting it from the vultures....You could easily tell everyone "no" but you tick off the wrong person they'll be gunning for a lawsuit, as frivolous as that may be. 

      You could hire a lawyer to act as a trustee and have another lawyer oversee the trust and the trustee. If the lawyer does not fulfill their fiduciary responsibility, they face serious consequences. 

      Any trustee can be removed and replaced by someone else.  You could also have co-trustees.  You can state the objectives of the trust and if they are not met.

      As much as I don't trust in anybody, I feel the lesser of the two evils is to set up a trust through a lawyer.

      "It's not a matter of 'if,' but a matter of 'WHEN!!!'  "

        savagegoose's avatar - ProfilePho
        adelaide sa
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        Posted: August 28, 2010, 11:26 am - IP Logged

        yeah handing over to a lawyer to manage is kinda like, cutting out the middle man.i would have a prob with that.

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          Nino224's avatar - Lottery-013.jpg
          Miami
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          Posted: August 29, 2010, 12:56 am - IP Logged

          I guess you'd have weigh the pros on cons.  I don't think it's a matter of not being able to handle the money, it's a matter of protecting it from the vultures....You could easily tell everyone "no" but you tick off the wrong person they'll be gunning for a lawsuit, as frivolous as that may be. 

          You could hire a lawyer to act as a trustee and have another lawyer oversee the trust and the trustee. If the lawyer does not fulfill their fiduciary responsibility, they face serious consequences. 

          Any trustee can be removed and replaced by someone else.  You could also have co-trustees.  You can state the objectives of the trust and if they are not met.

          As much as I don't trust in anybody, I feel the lesser of the two evils is to set up a trust through a lawyer.

          My problem with that is that from that point on you're married to a lawyer. Not to mention all the money they're going to charge you. It's almost like THEY won. That's insane!

          "...a chance to push everything aside, the circumstances that've controlled our lives, and do it our way now. Good, bad or otherwise. You'll maybe get lost in it, tied up in it a little bit, but if you work your way through that the real you shows up, I think. Maybe what's at your core deep down, maybe that comes out. Maybe that's what it's about." Mike Pace 

            Nino224's avatar - Lottery-013.jpg
            Miami
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            Posted: August 29, 2010, 12:58 am - IP Logged

            yeah handing over to a lawyer to manage is kinda like, cutting out the middle man.i would have a prob with that.

            There has to be a better way.

            "...a chance to push everything aside, the circumstances that've controlled our lives, and do it our way now. Good, bad or otherwise. You'll maybe get lost in it, tied up in it a little bit, but if you work your way through that the real you shows up, I think. Maybe what's at your core deep down, maybe that comes out. Maybe that's what it's about." Mike Pace 

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              Posted: August 29, 2010, 3:42 am - IP Logged

              You won big, but if there's one thing you've learned from being on LP is that you must remain anonymous. So you form a trust (blind, revocable, living, irrevocable, etc.), so you can send a lawyer to collect and control the assets that go into the trust.

              Really?

              I'm just gonna hand over all that power to somebody, a lawyer of all people?? That sounds worse than a bad marriage. There has to be a better way.

              All banks provide an executor service for a fee and will act as the executor of the trust.   They are closely regulated and are held accountable, besides you're already trusting them to keep your money safe to begin with.

              One alternative would be to collect your winnings, then fly to Thailand and have a sex change operation, legally changing your identity (even your birth certificate as that's part of a legal sex change) and move to Brazil.   You can re-enter the US as a Victoria Secret model.

                Nino224's avatar - Lottery-013.jpg
                Miami
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                Posted: August 29, 2010, 5:58 am - IP Logged

                All banks provide an executor service for a fee and will act as the executor of the trust.   They are closely regulated and are held accountable, besides you're already trusting them to keep your money safe to begin with.

                One alternative would be to collect your winnings, then fly to Thailand and have a sex change operation, legally changing your identity (even your birth certificate as that's part of a legal sex change) and move to Brazil.   You can re-enter the US as a Victoria Secret model.

                Well, maybe not a sex change, but perhaps a man-junk size reduction? No one would recognize me, lol.

                "...a chance to push everything aside, the circumstances that've controlled our lives, and do it our way now. Good, bad or otherwise. You'll maybe get lost in it, tied up in it a little bit, but if you work your way through that the real you shows up, I think. Maybe what's at your core deep down, maybe that comes out. Maybe that's what it's about." Mike Pace 

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                  Posted: August 29, 2010, 5:35 pm - IP Logged

                  I would sooner trust a lawyer than my ex or her meddling mother....

                   

                  Heck, I'd trust the mob before I trust those two.

                  "It's not a matter of 'if,' but a matter of 'WHEN!!!'  "

                    Nino224's avatar - Lottery-013.jpg
                    Miami
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                    Posted: August 29, 2010, 7:55 pm - IP Logged

                    I would sooner trust a lawyer than my ex or her meddling mother....

                     

                    Heck, I'd trust the mob before I trust those two.

                    My wife checks these forums so I can't comment, but let's just say I feel your pain, lol!

                     

                    Please send help....

                    "...a chance to push everything aside, the circumstances that've controlled our lives, and do it our way now. Good, bad or otherwise. You'll maybe get lost in it, tied up in it a little bit, but if you work your way through that the real you shows up, I think. Maybe what's at your core deep down, maybe that comes out. Maybe that's what it's about." Mike Pace 

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                      Posted: August 29, 2010, 9:35 pm - IP Logged

                      My ex's mother is the Osama bin Laden and Adolph Hitler of mothers in law combined.

                       

                      That two ton piece of garbage has her husband so whipped he even looks like a lump on a log.

                      I am and always have been civil towards her especially when my kids are around....the funny thing is they can't stand her and the boys' mother is oblivious to it all......Before we split, the boys would call her the witch....at first I didn't know who they were talking about and then one day I put two and two together.

                      "It's not a matter of 'if,' but a matter of 'WHEN!!!'  "