Lottery Blind Trust Attorney

If you create your new trust before claiming your lottery winnings and if your state s laws say trusts can claim prizes you can claim the winnings as a trustee.

Lottery blind trust attorney.

Many states permit a lottery winner to utilize a blind trust to claim the winning monies in order to protect the winner s. Second the creator cannot serve as the trustee of a blind trust. Full discretionary powers are given to the trustee they manage the lottery winnings. As with any other trust a lottery trust whether it s a blind revocable or irrevocable trust is managed by an appointed trustee.

Some states prohibit winners from remaining anonymous but a blind trust allows lottery winners to. A financial planner can help you manage your wealth while an estate lawyer will be able to draft a lottery trust for you and your family. Under a blind trust you designate a trustee and beneficiaries. A tax lawyer trust and estate attorney and asset protection lawyer are just a few examples.

You can name yourself as a beneficiary but you transfer your lottery ticket to the trustee. A lottery trust is an excellent way to do this it can take the form of a blind trust revocable trust or another legal entity and it can help avoid problems that will quickly come with such a large amount of money. After creating your valid trust agreement you are ready to open a bank account or investment account in the name of the trust to hold the proceeds from your winning lottery ticket. When a lottery ticket is cashed out funds can be taken and anonymously donated to the trust.

Lottery winners seeking anonymity sometimes opt to establish a blind trust. Putting together a trustworthy advisory team the lottery lawyer isn t the only important team member that a new jackpot winner needs. An attorney may advise you to set up a trust and transfer ownership of the ticket to the trust for which you are the sole trustee. There are different types of lawyers you ll want to look for after winning the lottery.

This makes it important to retain a reputable attorney or trust management company that has experience and a long track record. With a blind trust the trustee makes all the trust s asset management decisions and the creator. A blind trust for lottery winners differs from a typical living trust in two significant ways. First a blind trust is irrevocable the creator cannot change its terms or revoke it.

A lottery lawyer can help determine whether a trust is advantageous for the winner and if so can help set it up. The trustee often a lawyer or financial advisor has complete discretion over how the winnings are managed. The winner may appoint him or herself as the trustee but appointing. You ll still receive your winnings but the trust can save you on taxes.