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kyokushin187

cornwall,ct
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Feb 15, 2012, 12:41 pm

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

NYC
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October 19, 2011
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Feb 15, 2012, 12:46 pm

Quote: Originally posted by kyokushin187 on Feb 15, 2012
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

~ Win NY Pick 3 ♦ Create Pick 4 Numbers ♦ Create Pick 3 Numbers ♦ Pick 5 Numbers And Win ~
mcginnin56

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Feb 15, 2012, 12:56 pm

Quote: Originally posted by kyokushin187 on Feb 15, 2012
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, (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
WesternRedDoug

Left Coast
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January 28, 2012
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Feb 15, 2012, 2:53 pm

Quote: Originally posted by kyokushin187 on Feb 15, 2012
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

100

The Hall Of The Mountain Kings Tennessee
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Feb 15, 2012, 4:44 pm

Quote: Originally posted by WesternRedDoug on Feb 15, 2012
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!
Stack47

Kentucky
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February 14, 2006
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Feb 15, 2012, 5:42 pm

Quote: Originally posted by New York on Feb 15, 2012
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

adelaide sa
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April 11, 2006
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Feb 15, 2012, 5:48 pm

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?

" Still swinging, still missing "
2014 = -1016; 2015= -1409; 2016 = -1171; 2017 = -1257 ; 2018 = - 1380 = TOT = - 6233

keno historic = -2291 ; 2015= -603; 2016= -424; 2017 =-427; 2018= -223 TOT = -3968

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kyokushin187

cornwall,ct
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December 23, 2010
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Feb 17, 2012, 10:55 am

Quote: Originally posted by savagegoose on Feb 15, 2012
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!

Washington State
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February 26, 2006
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Feb 17, 2012, 6:10 pm

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

adelaide sa
Australia
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April 11, 2006
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Feb 17, 2012, 6:46 pm

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.

" Still swinging, still missing "
2014 = -1016; 2015= -1409; 2016 = -1171; 2017 = -1257 ; 2018 = - 1380 = TOT = - 6233

keno historic = -2291 ; 2015= -603; 2016= -424; 2017 =-427; 2018= -223 TOT = -3968

:

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