Interesting info re: Trusts

Reply #11

NightStalker — Thu, 04 Oct 2018 20:29:13 GMT

You should have a plan when you win of what you will do if you win any large jackpot. A trust is a good start. But you should also think about a financial planner as well. Because after you pay off your bills, you don't want to blow all your money.

Reply #10

Artist77 — Wed, 03 Oct 2018 22:04:31 GMT

If a lottery allows you to claim via a trust, they do not care what type of trust it is. There is no reason I can see for an irrevocable blind trust unless you are an elected official or are incompetent at managing your own finances and not capable of consulting experts.

Reply #9

Raven62 — Wed, 03 Oct 2018 10:39:46 GMT

All Trusts are not equal:

https://info.legalzoom.com/blind-trust-work-lottery-winners-20115.html

Reply #8

KY Floyd — Wed, 03 Oct 2018 04:47:36 GMT

Sometimes even using a trust doesn't protect you from having to go forward in public

It's the rules on what name will be released that shields your identity, not simply using a trust. In some states they name the trustee and in others they name the person who's the actual winner, regardless of what legal entity they use to claim the prize. Like the woman in NH, the couple on the YouTube example must not have know what the law was if they were surprised that forming a trust didn't help hide t... [ More ]

Reply #7

Coin Toss — Wed, 03 Oct 2018 04:06:20 GMT

Thanks for the replies, especially artist.

All that considered I think I'd name the trust

AREA 51 Come find us

Karen Nathan,

That situation is the pits.

All,

I still say all US lotteries need to copy Australia

On the play slip

NP ......no publicity

No tax

Reply #6

Karen Nathan — Wed, 03 Oct 2018 02:40:02 GMT

Sometimes even using a trust doesn't protect you from having to go forward in public in order to claim the winnings. On YouTube, a couple used a trust in order to claim the winnings anonymously and still had to do a public press conference, and although they smiled it was easy to see how mad they were that they still had to go public at a lottety press conference.

Reply #5

eddessaknight — Wed, 03 Oct 2018 02:10:20 GMT

Point Taken, CT, thanks

Reply #4

Artist77 — Wed, 03 Oct 2018 00:11:37 GMT

Claiming it anonymously is not the same thing as claiming via a trust unless you are in one of a small handful of 100% automatically anonymous states like Maryland.

Reply #3

Artist77 — Tue, 02 Oct 2018 22:57:35 GMT

Hi Coin Toss...when are you going to write your book on the gaming industry? I keep waiting for a signed copy.

I have a roundabout answer.

Ever since that case with the woman who signed her ticket without full knowledge of her options, I noticed both VA and DC are harping on signing your ticket. I find this a bit misleading since DC allows you to claim via a trust...although they do not advertise this fact. VA says only a person can claim so that rules out trusts.

The law in this area

Reply #2

CDanaT — Tue, 02 Oct 2018 17:46:27 GMT

Good article CT !!! not too lengthy in words but very efficient in advice

Reply #1

beret32 — Tue, 02 Oct 2018 15:33:06 GMT

That's always been an interesting question for me. If I wanted to anonymously claim the prize, I'm not sure how long I could sit around and leave the ticket unsigned. It would drive me crazy, even if the ticket was in a safe deposit box.

Interesting info re: Trusts

Coin Toss — Tue, 02 Oct 2018 14:41:09 GMT

From CNBC (Yahoo has this in Sports)

Never saw this discussed here before (or I missed it);

partial, most everything else in the article has been mentioned but still a good read;

Three big decisions to make if you win some of the $600 million in Powerball, Mega Millions jackpots

partial;

Also, the standard advice is to sign the back of your winning ticket in case you are separated from it. However, if you end up having the option of claiming your prize through a trust to protect... [ More ]