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Would you claim your Jackpot winnings through a Trust or Not?

Topic closed. 26 replies. Last post 1 year ago by maximumfun.

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noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
Bay Area - California
United States
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December 12, 2012
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Posted: June 16, 2015, 11:56 pm - IP Logged

l love this part ...

Confidentiality

***  Winning a large lottery prize can cause you as many problems as it solves. If your name becomes public, you may be besieged by salesmen or requests for donations. Greedy relatives or friends may attempt to enrich themselves at your expense, and you may become the target of unscrupulous people. If you set up a blind trust, however, the trustee may claim the prize on behalf of the trust, and your name need not be made public.  * LegalZoom.

 ***Or would you bypass that idea and decide to handle your winnings all by yourself, being confident that you will avoid all the pitfalls that have claimed so many lottery winners finances?

Meself : A Trust- 100% Baby!! 

People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

    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: June 17, 2015, 12:15 am - IP Logged

    From what you posted I'd say yes, go through a trust.......but I do recall some posts here on LP about thanks to the FOIA anyone who wants to can find out who belongs to the trust.

    Bang Head

    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.

      noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
      Bay Area - California
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      Posted: June 17, 2015, 1:00 am - IP Logged

      From what you posted I'd say yes, go through a trust.......but I do recall some posts here on LP about thanks to the FOIA anyone who wants to can find out who belongs to the trust.

      Bang Head

      Yeah l am aware of the FOIA Coin, But if you have a pretty good Attorney, he/she could bury your identity so deep that the press or whoever was so interested in finding out who you are could/would say " The heck with this, we rather go find out who that female is that K.O''d  that guy breaking into her car". if you laid low for awhile, no one would care who won, they would be busy concentrating on the next JP. Think on this : whose "really talking" about American Pharaoh right Now?..... No One!!

      People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

        zinniagirl's avatar - flower avatar_0026.jpg
        nc
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        October 26, 2010
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        Posted: June 17, 2015, 2:47 am - IP Logged

        Yes, if the state allows, will claim thru a blind trust that automatically transferfs the winnings into another trust within a day.  You have no control legaly over your money in a blind trust.  You must trust the trustee you chose to properly handle the money for you.

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          homestead
          United States
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          August 14, 2014
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          Posted: June 17, 2015, 4:46 am - IP Logged

          Maybe the best thing to do is wait around 3-4 months to claim your winnings. There is nothing wrong with setting up a Trust. But be very careful as to who you put in charge of that Trust as there are cases of theft involved.

            MaximumMillions's avatar - Lottery-013.jpg

            Germany
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            March 8, 2015
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            Posted: June 17, 2015, 6:23 am - IP Logged

            If I win in a state that doesn't give the option of anonymity 100% yes.

            Obviously I'd make sure it's weirded in a way that not dispensing 100% of the assets would be illegal.

              mypiemaster's avatar - 2015021003pileofcash
              JACKPOT HUNTER

              United States
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              April 2, 2013
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              Posted: June 17, 2015, 8:03 am - IP Logged

              Just claim the money and move. I'm not putting anybody in charge of my lottery winnings, no matter how trustworthy, they might seem at the time.

              Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

              Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

                Raven62's avatar - binary
                New Jersey
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                June 28, 2005
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                Posted: June 17, 2015, 9:12 am - IP Logged

                Yes, if the state allows, will claim thru a blind trust that automatically transferfs the winnings into another trust within a day.  You have no control legaly over your money in a blind trust.  You must trust the trustee you chose to properly handle the money for you.

                If a blind trust is good enough for senators & congressmen then it is good enough for Jackpot Lottery Winners!

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

                  music*'s avatar - nw bookeep.jpg
                  Happy California
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                  Posted: June 17, 2015, 3:38 pm - IP Logged

                  Each State is different when using trusts. 

                   Please remember to buy Umbrella insurance.  The first million of coverage will cost $20 per month. I got that number from an advertisement.    This will protect you from annoying lawsuits. 

                  Bon Fortuna  i.e. Good Luck in Italian

                   I've been rich and I've been poor. Believe me, rich is better. 

                   Attributed to Joe E. Lewis and others

                    CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
                    TX
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                    Posted: June 17, 2015, 8:18 pm - IP Logged

                    Under $8 Million???....myself
                    $9 Million and up ???....Gotta trust the "trust"

                    Stay Positive, Believe and good things will come your way

                      Drenick1's avatar - villiarna
                      USA
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                      Posted: June 17, 2015, 8:56 pm - IP Logged

                      If I won a net of +$10 million then without a doubt a trust would claim it.

                        veganlife125's avatar - Lottery-061.jpg

                        United States
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                        May 18, 2013
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                        Posted: June 17, 2015, 8:59 pm - IP Logged

                        If Donald Trump can show the brass and courage to do a live press conference and claim 9 BILLION then we

                        should be able to show up live and claim 100 million!Banana

                        Don't forget to visit the Lottery Post Gift Shop!

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                          Kentucky
                          United States
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                          February 14, 2006
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                          Posted: June 17, 2015, 11:26 pm - IP Logged

                          If a blind trust is good enough for senators & congressmen then it is good enough for Jackpot Lottery Winners!

                          I Agree! and even without winning a huge jackpot we all should blindly hand all our money over to a financial adviser we just met (before the senators and congressmen get their hands on it).

                          Hiding Behind Computer

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                            Kentucky
                            United States
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                            February 14, 2006
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                            Posted: June 17, 2015, 11:37 pm - IP Logged

                            Yeah l am aware of the FOIA Coin, But if you have a pretty good Attorney, he/she could bury your identity so deep that the press or whoever was so interested in finding out who you are could/would say " The heck with this, we rather go find out who that female is that K.O''d  that guy breaking into her car". if you laid low for awhile, no one would care who won, they would be busy concentrating on the next JP. Think on this : whose "really talking" about American Pharaoh right Now?..... No One!!

                            Talked to a retired co-worker today that won a $10 million before tax jackpot several years ago and he stayed under the radar. If a large jackpot winner decides to continue working, living in the same house, and having the same phone number, they will be easy targets.

                            American Pharoah took a victory lap at Church Hill Downs last Saturday, but other than that it's old news.

                              Funtimz's avatar - Lottery-022.jpg

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                              Posted: June 18, 2015, 5:18 am - IP Logged

                              If we're talking about a large jackpot, a trust seems the way to go.  But for a few mill I would be wiiling to take my chances. However at the same time if you go through a trust you would have to have a lawyer that you trust (no pun inteded) 100%.  So in the end I may just take the money and run...

                              Take Risks: If you win, you'll be happy.  If you lose, you will be wiser...