On January 13, 2016, Wayne Zell appeared on News Channel 8's Good Morning Washington to discuss how LLCs and trusts are used to secure lottery winnings.
As far I know a Trust allows the recipient(s) to remain anonymous or private as opposed to an LLC or other business like entity in which the partners are not at all kept that private as even a Blind Trust. Stick with a trust unless the states does not allow such and onl a LLC or even if any privacy what so ever if you won the lottery, Another way to collect in a state that does not allow some form of anonymity is to get the lawyer to collect on behalf or use some actor(s) through a lawyer doing the work.
And it all works as long as the lawyer is honest and agrees to take responsibility (for a fee) in order to direct the funds to the LLC or trusts bank account, then step aside. Not misdirect the funds or unwittingly gets you to sign a POA to retain him indefinitely.
I once bought lottery tickets for my entire dept. We wrote down and signed a contract with each contribution, and I made copies for each of the tickets so that there wouldn’t be any confusion
I worked at a place once where they did a lottery pool and they got offended when I told them I buy my own tickets and I didn’t like the idea of splitting the money am I wrong ?
Is there a "tax break" for collecting through an LLC? Let's say i won a California lottery jackpot. Just wondering? I live in LAS VEGAS& I travel 1 hr to play the California lottery games @ the PRIMM location.
so what's to stop that one person in the group of 5 people just signing the ticket and claiming the whole prize and screwing everyone else. most office pools have no written agreements prior to the winning ticket being drawn. they may just have a copy of the ticket.
He mentions it toward the end, you along with the others in the presence of an attorney/lawyer, make up an agreement that is legal and binding, so if even one or two try to sue the others for more money it won't work out for them and all keep equal payouts as agreed upon.
@@Joshua79C sounds great but no group of people are going to an attorney PRIOR to winning a lottery. Office pools lend themselves to fraud. The person with the ticket can just sign it and claim the ticket and everyone else is stuck fighting the system which will be very costly in legal fees.
I got swindled by a friend after they gifted me a bunch of scratch tickets, after I scratched and won almost $200 I later found they had stole those tickets back when they found out, so what i say as what the guy also mentions is anyone wanting to do a pool really should have participants sign a conditional contract that is at least notarized. Even if one tries to sue and it goes to court it will only cost them loosing their own and the money they are further felt they are owed. Here is an example of why it is a good idea even if you buy one for someone else or someone else buys it for you. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-JyZLbJOjTCg.html
A lawyer told me anonymous winners laws ch6in Texas. If you sign back of winning ticket and cash in you won't be anonymous. That same lawyer told me not to sign the back of the tickets
DO NOT sign the ticket! If you do, the LLC is worthless. You have to claim it in person and there goes You’re anonymity! Set up LLC or trust and your attorney claims the ticket. Duh!!! 🤦🏼♂️🤦🏼♂️🤦🏼♂️🤦🏼♂️
Here in FL, you claim as an individual for a group, in which you also have to submit a IRS Form 5754 which itemizes who all is entitled to money & how much
