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Tax Avoidance on Big Win - IRA, Multi-Split?

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TN
United States
Member #78133
August 8, 2009
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Posted: September 19, 2015, 9:17 pm - IP Logged

Wondered from time to time, the best way to keep the IRS out of a big hit, if ever so lucky.

Common instruction tells you to sign the ticket, immediately... thus, setting you up solely for all the taxes.

Rather, wouldn't it be better to see an attorney, pronto, prior to signing? Perhaps one who specializes in preserving family wealth?

Would it not be better to have some group set up to split the ticket taxes - be it a family corporation, whatever? Having them on the win-front side might save cash, rather than making them pay inheritance taxes, later - in that, the funds were already taxed once, if you follow.

What about having the funds paid out to some sort of IRA, maybe for multiple family members? Particularly, if taxes are not paid until withdrawn/retirement.

If nothing else, having the ticket paid out to a "company" might keep one out of the limelight.

There must be some work-around, to where the winner doesn't get the proceeds directly in hand - it is delayed and/or split among heirs.

I realize most couldn't wait to enjoy it - but, just what if... how best to preserve it for generations?

Likely, this post should have been in the lotto-forum, as it is in regard to a Large win.... just posted as it came to mind. Apologies - mod - feel free to move.