Creating a trust or LLC to claim lottery winningsPrev TopicNext Topic

• scentcrazy

  

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  Apr 15, 2017, 4:07 pm

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  Haven't seen this question posted recently. Go easy on me, it's my first poll. LOL I was wondering this for myself and I would be concerned about frivolous lawsuits and "accidents". I think even half a million is enough to put in a trust. What do you all think?
• Raven62

  

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  Apr 15, 2017, 10:41 pm

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  In response to scentcrazy

  Quote: Originally posted by scentcrazy on Apr 15, 2017

  Haven't seen this question posted recently. Go easy on me, it's my first poll. LOL I was wondering this for myself and I would be concerned about frivolous lawsuits and "accidents". I think even half a million is enough to put in a trust. What do you all think?

  Consult a Professional!

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• DELotteryPlyr

  

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  Apr 16, 2017, 6:29 am

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  This comes down to the person, some will want 'protection' for any amount.  Think about all the people out there that are already worth a cool mil or so, are they all using LLC's? 

  I really can't answer this until I have the money....... 
• music*

  

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  Apr 16, 2017, 12:21 pm

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  In response to Raven62

  Quote: Originally posted by Raven62 on Apr 15, 2017

  Consult a Professional!

   with Raven62. 

   You can search online firms that sell these products. I know of one that has very good information for free.

   Do you know about Umbrella insurance or Excess Liability Insurance? Start with five million dollars of coverage and go from there. Most insurance companies carry this coverage.

   Trusts come in all different forms. LLC's could be a good way also.

   Enjoy hunting for the best way to go.

  music*

   "We are all in this together!" 
• DELotteryPlyr

  

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  Apr 16, 2017, 2:30 pm

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  In response to music*

  Quote: Originally posted by music* on Apr 16, 2017

   with Raven62. 

   You can search online firms that sell these products. I know of one that has very good information for free.

   Do you know about Umbrella insurance or Excess Liability Insurance? Start with five million dollars of coverage and go from there. Most insurance companies carry this coverage.

   Trusts come in all different forms. LLC's could be a good way also.

   Enjoy hunting for the best way to go.

  music*

  Good point with the Umbrella Insurance with excess liability, I remember a guy I knew 20 years ago who was worth ALOT  told me to do that.
• Teddi

  

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  Apr 19, 2017, 5:07 pm

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  In response to DELotteryPlyr

  Quote: Originally posted by DELotteryPlyr on Apr 16, 2017

  This comes down to the person, some will want 'protection' for any amount.  Think about all the people out there that are already worth a cool mil or so, are they all using LLC's? 

  I really can't answer this until I have the money....... 

  Actually, yes they do. Everyone I know worthy a million or more, create corporations to conduct financial transactions, including vehicle purchases. It's not fool proof but the get more protection that way

  I too would prefer Cersei Lannister to Tiny Hands. She always pays her debts, hasn't filed 6 bankruptcies and is educated enough to know Nambia isn't a country.
• music*

  

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  Apr 21, 2017, 12:06 am

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   Have you heard of DAPT? Domestic Asset Protection Trust. One of your Trustees will be in Nevada because that is the State that legally enforces this Trust by law. Find an excellent lawyer/attorney who knows all about this Trust. 

   "We are all in this together!" 
• lejardin

  

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  Apr 27, 2017, 8:55 pm

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  In response to music*

  Quote: Originally posted by music* on Apr 21, 2017

   Have you heard of DAPT? Domestic Asset Protection Trust. One of your Trustees will be in Nevada because that is the State that legally enforces this Trust by law. Find an excellent lawyer/attorney who knows all about this Trust. 

  Music, I never heard of this, thank you for the info, will need to do some research on it.
• Sarge0202

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  May 6, 2017, 8:42 am

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  According to Illinois Lottery, you have to have a trust/LLC created BEFORE a drawing. 

  You might get around it with  large scratcher win before you claim the ticket.
• GaInVa

  

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  Asset protection should be the first concern for anyone after signing the ticket.  Even if your state lottery does not allow a jackpot winner to remain anonymous, a trust, LLc, or both would be advisable.  There's always going to jealous and greedy folks (especially family members) who will pull out all the stops to get a nice chunk of that cash.
• music*

  

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  May 16, 2017, 6:06 pm

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   How are you going to pay for the Trust & Estate Attorney? Will you say, "I have this ticket that is worth millions of dollars." "Will you accept my word?"

   The same goes for creating an LLC. When will they get paid? Here in California, they will have to wait 12 weeks. 

   I will contact a bank and get a loan as soon as possible. A personal loan. I hope that I will have a document from the Lottery Office that proves I now have millions on the way.

  What say you?

  

   "We are all in this together!" 
• wander73

  

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  May 16, 2017, 6:27 pm

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  In response to Raven62

  Quote: Originally posted by Raven62 on Apr 15, 2017

  Consult a Professional!

  Survey says good answer
• Artist77

  

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  You cannot claim lottery winnings via a trust or llc in a number of states, for example Virginia. Some state lottery laws do not include entities under the definition of a person.

  
• Artist77

  

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  In response to GaInVa

  Quote: Originally posted by GaInVa on May 8, 2017

  Asset protection should be the first concern for anyone after signing the ticket.  Even if your state lottery does not allow a jackpot winner to remain anonymous, a trust, LLc, or both would be advisable.  There's always going to jealous and greedy folks (especially family members) who will pull out all the stops to get a nice chunk of that cash.

  Not an option in Virginia.

   

  There are state monetary limits as to how much you can place into a living trust. In VA, it is a little

  over $5 million and when you die, the rest would go through probate. Remember you are using the trust To Claim a Jackpot first and foremost. And go through an attorney who specializes in trusts and estates. I put all my property and assets into a living trust and it was only $2000 in costs. That price included a pour over will if my assets exceed the trust limit, funeral wishes, power of attorney, medical directives, etc. Well worth the price. My attorney was surprised I was doing this relatively young. And yes, attorneys have attorneys.

  
• Dd2160

  

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  May 16, 2017, 8:15 pm

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  I would blow it if its not under a llc 

  real talk!

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