Trusts and Tax - losing the anonymous benefit?

Reply #16

CDanaT — Tue, 30 Oct 2018 13:01:51 GMT

..... I am torn between a few...................

Don't Ask For Any Cash Trust Which Part Of No Don't You Get Trust Borrowing From Us Is Denied Trust I Will Get Back To You In 42 Years Trust RIGHT( retire, invest, give, help, travel) Trust

Reply #15

jerryb*49 — Tue, 30 Oct 2018 12:26:09 GMT

Mine will be the BFJ Trust

Reply #14

Coin Toss — Tue, 30 Oct 2018 03:58:21 GMT

Try And Find Me

or how about the

Trust No One Trust

Reply #13

jerryb*49 — Tue, 30 Oct 2018 02:43:31 GMT

Like the trust name in the above article, BWE (Best Week Ever), but I think we can come up with an even better trust name. Thoughts

Reply #12

CDanaT — Fri, 26 Oct 2018 18:26:30 GMT

https://www.metrowestdailynews.com/article/20140927/News/309279988

Reply #11

Todd — Fri, 26 Oct 2018 11:57:33 GMT

Iowa works the same way, which is how they caught Eddie Tipton. He tried to claim anonymously through a trust, but abandoned the claim when the Iowa Lottery insisted on obtaining the actual names in the trust. That s when they got suspicious and investigated.

Reply #10

KY Floyd — Fri, 26 Oct 2018 06:13:57 GMT

In Arizona, the lottery agency will not pay out prizes without knowing who, specifically, will be receiving the money, even if it is claimed through a trust.

I've always figured that every state would want to know the identity of the actual person who owns the ticket. Remaining anonymous means that the lottery doesn't release your name to the public, not that they write a check to John Doe and have no idea who actually won. Recently somebody claimed through a trust somewhere and the article... [ More ]

Reply #9

Raven62 — Fri, 26 Oct 2018 02:46:43 GMT

https://www.journalofaccountancy.com/issues/2010/oct/20102933.html

Trusts are separate legal entities and are required to file annual income tax returns. ... However, trusts are often designed as grantor trusts, which require the grantor to report all income earned by the trust on the grantor's individual return.

Reply #8

zeroleafclover — Fri, 26 Oct 2018 02:28:33 GMT

Thanks to all for the replies.

Thanks Raven62 for the specific links (both Lottery post and external), however despite containing interesting general information about trusts, none of them get to the heart of the matter - how to connect you personally with the tax withheld when claiming via a trust.

I know that trusts can and do protect peoples identities (such as with the Avondale trust in TN in 2015) - this isnt in doubt if done right. However the mechanics of how this is accomplished ar... [ More ]

Reply #7

Raven62 — Fri, 26 Oct 2018 02:07:30 GMT

https://estate.findlaw.com/trusts/lottery-trusts.html

https://www.forbes.com/sites/robertpagliarini/2016/01/12/how-to-remain-anonymous-if-you-win-the-lottery/#2aa509d13064

https://finance.zacks.com/create-revocable-trust-lottery-winner-11568.html

https://info.legalzoom.com/create-trust-claim-lottery-winnings-26346.html

https://www.nerdwallet.com/blog/investing/dear-powerball-winner-make-no-sudden-moves-until-you-read-this

Reply #6

Raven62 — Fri, 26 Oct 2018 01:19:14 GMT

I guess you don't want to know bad enough to put any effort into what you want to know.

https://www.lotterypost.com/thread/154452

Reply #5

Murgatroyd — Fri, 26 Oct 2018 00:21:29 GMT

It depends on your state. In Arizona, the lottery agency will not pay out prizes without knowing who, specifically, will be receiving the money, even if it is claimed through a trust. The stated reason for this is that if the beneficiary owes back taxes or child support, it will be deducted from the payout.

Since the lottery agency has the name of the actual recipient, that's a public record, which will be released to anyone who asks. There is no anonymity-by-trust in Arizona.

Reply #4

CDanaT — Thu, 25 Oct 2018 23:57:01 GMT

https://www.tennessean.com/story/news/2015/12/03/1441-million-antioch-powerball-winner-claims-prize/76743512/

Fill out a FOIA form with the TN lottery and see if you can get the name(s) of the members of that trust

Reply #3

zeroleafclover — Thu, 25 Oct 2018 23:46:29 GMT

Thanks - yes I did search for that, though I admit I didn't read every single one of the 10933 search results returned. I will admit I also didn't try https://www.lotterypost.com/search/forums?t=all q=lottery

More usefully I tried trust with SSN and TIN . They returned a more manageable number of results, though those leaned towards a solution of the trust having a separate TIN, and that's what is used.

If it's a case of just supply your own SSN, they don't need your name , that's fine - t... [ More ]

Reply #2

Raven62 — Thu, 25 Oct 2018 22:56:19 GMT

As a Long Time Lurker You already know the answer:

https://www.lotterypost.com/search/forums?q=trust t=all

Reply #1

alsmurf4 — Thu, 25 Oct 2018 22:31:03 GMT

Not sure but I believe the trust would pay taxes under federal and state Tax I.D. Numbers

Trusts and Tax - losing the anonymous benefit?

zeroleafclover — Thu, 25 Oct 2018 21:13:11 GMT

Hi Lottery Posters - long time lurker, first time poster...

I've tried searching for this in posts, but I can t find it - perhaps my search foo is not strong - maybe somebody knows the answer.

So - let s say you are a normal person with a normal uncomplicated personal tax situation and you win a substantial amount in a multi-state jackpot game, a prize big enough that you will definitely be brought into the highest tax group at tax time. You bought the ticket in a state that doesn t grant... [ More ]