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would form a trust to claim a 2million pb prize?

Topic closed. 9 replies. Last post 5 years ago by savagegoose.

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kyokushin187's avatar - evildead2
cornwall,ct
United States
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December 23, 2010
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Posted: February 15, 2012, 12:41 pm - IP Logged

if you guys and gals hit the 2nd place prize of 2mill on powerball,would you claim the ticket asap or form a trust?

Kyokushin karate a.k.a.

" The strongest Karate"

    New York's avatar - 103h4yr
    NYC
    United States
    Member #117984
    October 19, 2011
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    Posted: February 15, 2012, 12:46 pm - IP Logged

    if you guys and gals hit the 2nd place prize of 2mill on powerball,would you claim the ticket asap or form a trust?

    The trust fund is sort of like an annuity right? I think, I'll get the annuity payment. However, greed might kick in so I'll take the money and run haha. =P


      United States
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      May 25, 2011
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      Posted: February 15, 2012, 12:56 pm - IP Logged

      if you guys and gals hit the 2nd place prize of 2mill on powerball,would you claim the ticket asap or form a trust?

      With the crappy interest rates as they stand now,  Confused   (which is what they base your 20-30 annual annuity payments on), screw that!!!

       

      '"Take The Money And Run" as quickly as you can.  And don't look back. Ever   Dance

        Avatar
        Left Coast
        United States
        Member #122298
        January 28, 2012
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        Posted: February 15, 2012, 2:53 pm - IP Logged

        if you guys and gals hit the 2nd place prize of 2mill on powerball,would you claim the ticket asap or form a trust?

        I would consider it. But mostly because I have a last name that is rare in the U.S. and because of some home remodeling projects and the trend of openness and transparency, a bunch of permits are on the web. My name, address, and phone number are google-able.

        Even if someone could find the owner or beneficiary of the trust, I think the extra hurdle would help.

        If I lived in a big city and my name was Michael Jones or James Brown, I probably wouldn't bother.

          rdgrnr's avatar - walt
          Way back up in them dadgum hills, son!
          United States
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          April 28, 2009
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          Posted: February 15, 2012, 4:44 pm - IP Logged

          I would consider it. But mostly because I have a last name that is rare in the U.S. and because of some home remodeling projects and the trend of openness and transparency, a bunch of permits are on the web. My name, address, and phone number are google-able.

          Even if someone could find the owner or beneficiary of the trust, I think the extra hurdle would help.

          If I lived in a big city and my name was Michael Jones or James Brown, I probably wouldn't bother.

          You think you got it bad?

          How'dja like to have a name like mine - Benito Mussolini?

          Try ordering some marital aids under that  name sometime!


                                                       
                               
                                                   

           

           

           

           

                                                                                                             

          "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                      --Edmund Burke

           

           

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            Kentucky
            United States
            Member #32652
            February 14, 2006
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            Posted: February 15, 2012, 5:42 pm - IP Logged

            The trust fund is sort of like an annuity right? I think, I'll get the annuity payment. However, greed might kick in so I'll take the money and run haha. =P

            PB doesn't offer an annuity for matching 5 numbers because $2 million is the actual prize. If the winner wants to purchase an annuity after taxes deducted, they can and chose the number of payments.

            Trust are created to help the winner remain anonymous, but in some states the name of the owner of the ticket is still published. As we learned from the Hot Lotto controversy in Iowa, their rules require the name of the winner or they won't pay.

              savagegoose's avatar - ProfilePho
              adelaide sa
              Australia
              Member #37136
              April 11, 2006
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              Posted: February 15, 2012, 5:48 pm - IP Logged

              a trust is a legal entity, you assign assets to the trust, to manage and own and operate for the  benefit of the beneficiaries named in the trust.

              the trust pays corporate taxes, and beneficiaries only pay tax, or any extra taxes when income is distributed from tthe trust to them. ie as a dividend. or special payment.

              so you could have a situation fer instance, where yuor trust earns $5M in income  and pays the appropriate company taxes. but you only get paid $100k a year, income from the trust.

              you only pay the personal rate on the 100k. also the trust can be set dso there's more than 1 beneficiary. like a family trust. then everyone  can get 100k a year income.

              also assets are in trusts name not yours so anyone suing you  only has your personal assts to claim against , not the trusts.

              if you die, the assets are in family trust s  no succession dramas in trasnfering wealth to children, its already in a trust , you just get name taken off as beneficiary.

               

              i cant think of any other reasons for having a trust atm, but 2 mill prob isnt enough for me to bother. and

              why the question ? you get lucky?

              2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = ?  TOT =  -3596

              keno historic = -2291 ; 2015= -603; 2016= -424; 2017 = ? TOT = - 3318

                kyokushin187's avatar - evildead2
                cornwall,ct
                United States
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                December 23, 2010
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                Posted: February 17, 2012, 10:55 am - IP Logged

                a trust is a legal entity, you assign assets to the trust, to manage and own and operate for the  benefit of the beneficiaries named in the trust.

                the trust pays corporate taxes, and beneficiaries only pay tax, or any extra taxes when income is distributed from tthe trust to them. ie as a dividend. or special payment.

                so you could have a situation fer instance, where yuor trust earns $5M in income  and pays the appropriate company taxes. but you only get paid $100k a year, income from the trust.

                you only pay the personal rate on the 100k. also the trust can be set dso there's more than 1 beneficiary. like a family trust. then everyone  can get 100k a year income.

                also assets are in trusts name not yours so anyone suing you  only has your personal assts to claim against , not the trusts.

                if you die, the assets are in family trust s  no succession dramas in trasnfering wealth to children, its already in a trust , you just get name taken off as beneficiary.

                 

                i cant think of any other reasons for having a trust atm, but 2 mill prob isnt enough for me to bother. and

                why the question ? you get lucky?

                not yet savage. but I plan to  tonight or Saturday..

                Kyokushin karate a.k.a.

                " The strongest Karate"

                  Uff Da!'s avatar - InCelebration 001.jpg
                  Washington State
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                  February 26, 2006
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                  Posted: February 17, 2012, 6:10 pm - IP Logged

                  I'm on the fence about whether or not I'd go the trust route for a $2 million win.  I'd probably want to discuss it with an attorney before I decided one way or the other.   If I were younger I most likely would not, but at my age (retired many years) a family trust might not be a bad idea even without the concern about anonymity.

                    savagegoose's avatar - ProfilePho
                    adelaide sa
                    Australia
                    Member #37136
                    April 11, 2006
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                    Posted: February 17, 2012, 6:46 pm - IP Logged

                    oh yeah i ignored thre answer to the question. would i for $2M. nope.

                    id have to look at thetax implications, but isnt tax based on what you earn not what you own?

                    and i think it wouldnt be worth the effort for the small earning from 2 mill or what ever is left.

                    2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = ?  TOT =  -3596

                    keno historic = -2291 ; 2015= -603; 2016= -424; 2017 = ? TOT = - 3318