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

Reply #9

savagegoose — Fri, 17 Feb 2012 23:46:49 GMT

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.

Reply #8

Uff Da! — Fri, 17 Feb 2012 23:10:48 GMT

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.

Reply #7

kyokushin187 — Fri, 17 Feb 2012 15:55:25 GMT

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

Reply #6

savagegoose — Wed, 15 Feb 2012 22:48:59 GMT

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 tr... [ More ]

Reply #5

Stack47 — Wed, 15 Feb 2012 22:42:06 GMT

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.

Reply #4

rdgrnr — Wed, 15 Feb 2012 21:44:49 GMT

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

Reply #3

WesternRedDoug — Wed, 15 Feb 2012 19:53:57 GMT

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.

Reply #2

mcginnin56 — Wed, 15 Feb 2012 17:56:47 GMT

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

Reply #1

New York — Wed, 15 Feb 2012 17:46:13 GMT

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

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

kyokushin187 — Wed, 15 Feb 2012 17:41:55 GMT

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