Go Back   AnandTech Forums > Social > Off Topic

Forums
· Hardware and Technology
· CPUs and Overclocking
· Motherboards
· Video Cards and Graphics
· AMD Video Cards
· Nvidia
· Displays
· Memory and Storage
· Power Supplies
· Cases & Cooling
· SFF, Notebooks, Pre-Built/Barebones PCs
· Networking
· Peripherals
· General Hardware
· Highly Technical
· Computer Help
· Home Theater PCs
· Consumer Electronics
· Digital and Video Cameras
· Mobile Devices & Gadgets
· Audio/Video & Home Theater
· Software
· Software for Windows
· All Things Apple
· *nix Software
· Operating Systems
· Programming
· PC Gaming
· Console Gaming
· Distributed Computing
· Security
· Social
· Off Topic
· Politics and News
· Discussion Club
· Love and Relationships
· The Garage
· Health and Fitness
· Home and Garden
· Merchandise and Shopping
· For Sale/Trade
· Hot Deals with Free Stuff/Contests
· Black Friday 2014
· Forum Issues
· Technical Forum Issues
· Personal Forum Issues
· Suggestion Box
· Moderator Resources
· Moderator Discussions
   

Reply
 
Thread Tools
Old 02-14-2010, 05:40 AM   #1
RaistlinZ
Diamond Member
 
RaistlinZ's Avatar
 
Join Date: Oct 2001
Location: Virginia, USA
Posts: 7,288
Arrow Claiming Lottery Winnings under Company Name??

Random question... I read a while back that a fellow had won the lottery and claimed it under and LLC he created to keep everyone in the free know from knowing he won. Does anyone know if this works and how to do it?

Is the money subject to additional taxes? How does it all still get to you if you claim it under a company name? Thanks.
__________________
i7-5820K l ASUS X99-PRO l MSI Gaming GTX 980Ti l 16GB PC2800 l 500GB Saumsung 850 EVO l Corsair HX750 l Corsair H110 l Jonsbo W2 Case l Dell U3011

Last edited by RaistlinZ; 02-14-2010 at 05:49 AM.
RaistlinZ is online now   Reply With Quote
Old 02-14-2010, 05:57 AM   #2
Zim Hosein
Super Moderator
Elite Member
 
Zim Hosein's Avatar
 
Join Date: Nov 1999
Location: New York City
Posts: 61,087
Smile

Quote:
Originally Posted by RaistlinZ View Post
Random question... I read a while back that a fellow had won the lottery and claimed it under and LLC he created to keep everyone in the free know from knowing he won. Does anyone know if this works and how to do it?

Is the money subject to additional taxes? How does it all still get to you if you claim it under a company name? Thanks.
Here's a primer on LLC's RaistlinZ
__________________
Mmmm... :beer:

AT Forum Guidelines | HeatWare | "Unfortunately, thousands die every year waiting for a donor organ that never comes. You have the power to change that, visit: OrganDonor.gov & Learn The Facts, The Need Is Real." | TeAm AnandTech Distributed Computing
Zim Hosein is online now   Reply With Quote
Old 02-14-2010, 05:58 AM   #3
TallBill
Lifer
 
TallBill's Avatar
 
Join Date: Apr 2001
Location: Washington
Posts: 45,056
Default

That isn't a random question.
TallBill is online now   Reply With Quote
Old 02-14-2010, 06:01 AM   #4
Zim Hosein
Super Moderator
Elite Member
 
Zim Hosein's Avatar
 
Join Date: Nov 1999
Location: New York City
Posts: 61,087
Default

Quote:
Originally Posted by TallBill View Post
That isn't a random question.
I'm feeling lucky?
__________________
Mmmm... :beer:

AT Forum Guidelines | HeatWare | "Unfortunately, thousands die every year waiting for a donor organ that never comes. You have the power to change that, visit: OrganDonor.gov & Learn The Facts, The Need Is Real." | TeAm AnandTech Distributed Computing
Zim Hosein is online now   Reply With Quote
Old 02-14-2010, 06:03 AM   #5
TallBill
Lifer
 
TallBill's Avatar
 
Join Date: Apr 2001
Location: Washington
Posts: 45,056
Default

Are you hitting on me? Because I'm liking it.
TallBill is online now   Reply With Quote
Old 02-14-2010, 06:35 AM   #6
Zim Hosein
Super Moderator
Elite Member
 
Zim Hosein's Avatar
 
Join Date: Nov 1999
Location: New York City
Posts: 61,087
Wink

Quote:
Originally Posted by TallBill View Post
Are you hitting on me? Because I'm liking it.


Cheers TallBill! :beer;
__________________
Mmmm... :beer:

AT Forum Guidelines | HeatWare | "Unfortunately, thousands die every year waiting for a donor organ that never comes. You have the power to change that, visit: OrganDonor.gov & Learn The Facts, The Need Is Real." | TeAm AnandTech Distributed Computing
Zim Hosein is online now   Reply With Quote
Old 02-14-2010, 06:40 AM   #7
So
Lifer
 
So's Avatar
 
Join Date: Jul 2001
Posts: 25,915
Default

Quote:
Originally Posted by Zim Hosein View Post


Cheers TallBill! :beer;
http://www.movieweb.com/tv/TEsqzstzH...HUJfsOJOisy4NK

I'm not hearing a noooo...
__________________
A is A | Official member of the ATOT Night Crew | ****

Free Waterfall Jr.: You can't own property, man!
Farnsworth: I can, but that's because I'm not a penniless hippie!
So is offline   Reply With Quote
Old 02-14-2010, 06:45 AM   #8
biggestmuff
Diamond Member
 
Join Date: Mar 2001
Posts: 8,207
Default

Quote:
Originally Posted by RaistlinZ View Post
Random question... I read a while back that a fellow had won the lottery and claimed it under and LLC he created to keep everyone in the free know from knowing he won. Does anyone know if this works and how to do it?

Is the money subject to additional taxes? How does it all still get to you if you claim it under a company name? Thanks.
It must not have worked. If it did work then you wouldn't be asking the question because you wouldn't have known about the guy.
__________________
FS: Line6 Variax modeling guitar, two Samsung DLP TVs...

Heat

Μολὼν λαβέ
biggestmuff is offline   Reply With Quote
Old 02-14-2010, 09:18 AM   #9
YetioDoom
Platinum Member
 
YetioDoom's Avatar
 
Join Date: Dec 2001
Posts: 2,162
Default

Quote:
Originally Posted by biggestmuff View Post
It must not have worked. If it did work then you wouldn't be asking the question because you wouldn't have known about the guy.
Or it DID work and there are tons of lottery winners we don't know about...
YetioDoom is offline   Reply With Quote
Old 02-14-2010, 09:26 AM   #10
SKORPI0
Lifer
 
SKORPI0's Avatar
 
Join Date: Jan 2000
Location: I'm from the internet
Posts: 12,849
Default

How Does a Blind Trust Work for Lottery Winners?
__________________
i7 3930k @ 4.3GHz @ 1.28v, Asus Sabertooth X79, 32GB (4x8GB) DDR3 1866, Sapphire HD 7970 3GB Crossfire, CM HAF 932 Advanced, CM Silent Pro Gold 1kW.
NZXT Kraken X60 PULL, Samsung 830 128gb SSD (Windows 8.1), Kingston
SSDNow V300 120gb (OS X 10.10.4), Dual Yamakasi 2703, Logitech MK320/Z-5300.
HP TouchPad - Dual boot Android CM10 (Jelly Bean 4.12) and webOS (F4 Phantom Kernel).
Anandtech Off Topic [Archive] - May 2000-present
SKORPI0 is online now   Reply With Quote
Old 02-14-2010, 10:41 AM   #11
LTC8K6
Lifer
 
LTC8K6's Avatar
 
Join Date: Mar 2004
Location: Under an American chemtrail
Posts: 20,453
Default

Quote:
You remain unanimous and newly rich.
Not sure I'd trust that site...
__________________
no offense, but does he have some sort of mental dissability? -nick1985

Brainwashed, mentally unstable, and stupid Intel user, screwed by Intel and located directly under a chemtrail.

Don't be a moron! Buy AMD!
LTC8K6 is online now   Reply With Quote
Old 02-14-2010, 11:21 AM   #12
techs
Lifer
 
techs's Avatar
 
Join Date: Sep 2000
Posts: 28,567
Default

Quote:
Originally Posted by SKORPI0 View Post
I don't need one.
I'd split town so fast the ink wouldn't be dry on my check.
I wouldn't live ostentatiously. Buy a nice upper middle class, lower rich type house.
No Rolls Royce's. A nice Lexus will do.
I would go by a different name to anyone I meet.
__________________
Imagine a really good sig is here.
techs is offline   Reply With Quote
Old 02-14-2010, 12:41 PM   #13
BoomerD
Lifer
 
BoomerD's Avatar
 
Join Date: Feb 2006
Location: Where I hang my hat.
Posts: 46,038
Default

Hmmmm.....Maui Bound LLC?

That has a nice ring to it...
BoomerD is offline   Reply With Quote
Old 02-14-2010, 02:19 PM   #14
dman
Diamond Member
 
Join Date: Nov 1999
Posts: 9,111
Default

I'd think if you won the lottery you'd be able to afford a legal adviser to help you through such an issue.
dman is offline   Reply With Quote
Old 02-14-2010, 03:21 PM   #15
HendrixFan
Diamond Member
 
HendrixFan's Avatar
 
Join Date: Oct 2001
Location: ATX
Posts: 4,636
Default

It isn't a LLC you want, it is a blind trust. See an attorney about setting it up BEFORE you cash your ticket. First thing you do is make a copy of the winning ticket. Casually go into a bank and get a safety deposit box, inquire about the price (even though money is now not an issue) to hide any idea that you just won. Keep the original in the safety deposit box. Then go see the attorney about setting up the blind trust to receive the winnings. Start your plan of escape, so that you can get away from all the leeches that will try and suck you dry. Get out and away without anyone knowing you won, and the blind trust will hide any legal mechanism to find out you won. Since lottery is public money, they have to provide the winner's information to those that inquire. Unless of course, the winner was smart enough to set up the blind trust as the winner.
__________________
Xeon L5639@3.9 - Asus Rampage III - G.SKILL 12GB
Asus Xonar DX -Unlocked MSI 6950/Sapphire 6950 Xfire
2 OCZ Vertex 2's RAID-0 - WD 4TB - WD 3TB
Dell u3011 - 2007fp - Klipsch 5.1 - CM HAF-X - Seasonic X750
HendrixFan is offline   Reply With Quote
Old 02-14-2010, 03:36 PM   #16
Mike Gayner
Diamond Member
 
Mike Gayner's Avatar
 
Join Date: Jan 2007
Posts: 6,179
Default

Here in NZ trusts are very common, particularly among the more affluent. We have suggested in the past that clients who are habitual lottery players withdrawal a few hundred dollars are year from the Trust as a "lotto expense" - non deductible of course. The reason is because for lottery winnings to be legally an asset of the Trust, the Trust must own the lotto ticket BEFORE the draw is won. If you try to set up a Trust after you have won, a court will "bust" it (look up Trust Busting).

As far as I'm concerned, it's impossible to legitimately get lottery winnings into another entity after the fact, and it's very easy for the government to detect any attempts to do so. I'm speaking from a NZ law perspective, but in this respect I would expect other jurisdictions to be similar.

I don't know what a "blind trust" is (must be an American thing), but I doubt there's any way of concealing your attempt to subvert the government's detection. They will simply look at the Trust deed, registration details, application for IRD number (IRD number, social security, whatever it's called over there) etc and easily see that the trust was set up post hoc.

BTW, a Trust is the perfect entity to keep lottery winnings - so if you already have a Trust, you should do everything you can to ensure your Trust is the one buying the ticket, not you.

(I'm an accountant BTW)
Mike Gayner is offline   Reply With Quote
Old 02-14-2010, 03:45 PM   #17
Mike Gayner
Diamond Member
 
Mike Gayner's Avatar
 
Join Date: Jan 2007
Posts: 6,179
Default

Dp

Last edited by Mike Gayner; 02-14-2010 at 04:16 PM.
Mike Gayner is offline   Reply With Quote
Old 02-14-2010, 05:42 PM   #18
gorcorps
aka Brandon
 
gorcorps's Avatar
 
Join Date: Jul 2004
Location: South Bend
Posts: 26,996
Default

__________________
-So sayeth Brandon, knower of things
PSN: gorcorps|||Steam: gorcorps
HEATWARE
gorcorps is offline   Reply With Quote
Old 03-08-2011, 03:42 PM   #19
RoamByChance
Junior Member
 
Join Date: Mar 2011
Posts: 1
Default Random Lottery Question

If you hit the jackpot in the USA and want to remain anonymous, you'll want a Blind Revocable Trust. But it's moot, if you live in one of the many states that adheres to strict transparency laws that will have them publish your name. After that, hunting you down isn't so hard.

To reiterate: the state in which you purchase lottery tickets sets the rules by which you can claim your lottery winnings.

Some states allow the winner to claim through a partnership, corporation or trust, in essence laying down a layer of anonymity for the winner. But only a layer, for a trust is a financial entity and basic details of its organization are usually a matter of public record, such as name of executor (third party -usually an attorney) and beneficiaries (you). Depending on which vehicle you use, tax implications will vary, so seek out the best professional advice. In other words, do research before you hand your money over to anybody.

I'm only aware of one state in the Union that by law does not publish your name without written consent. Do I hear cheers for Delaware? Yeah, it's our Switzerland.

A Blind Revocable Trust is a financial entity in which all the assets (your winnings) are transferred and the executor (lawyer specializing in estate/trust planning and not the one that gets you out of jail by setting bail) serves as the manager/gatekeeper. The extent of his duties and powers are set by you when you initially create the trust, to insure as much as possible that you're in control and not him. If he proves unsatisfactory, you can always revoke the trust and dissolve it. Not all blind trusts are revocable, so get very good legal advice before, during and after the process.

If you win a large sum, consider getting a team together:

1. Lawyer specializing in estate planning/trust management
2. Wealth management experts. Barron's publishes a list of top certified financial planners by state periodically. Find your list and work your way down. The best have expertise in working with high net worth individuals and families and have experience in all the areas of wealth management from estate planning, tax strategies, investment vehicles, business and financial planning, down to major gift giving and monthly cash flow, so you don't do what Mr. Jack Whittaker did.

For Christmas 2002, he won $315 million. After taking the lump cash sum and paying taxes, he walked away with a cool $114 million. That's as good as cash, folks. In less than five years, he was stone broke. As of the end of 2007, he had 400 lawsuits filed against him for everything from wrongful death to not paying gambling debts at casinos. Don't be Jack Whittaker.

Why do you need a lawyer specializing in estate planning and wealth managers/certified financial planners who know estate management? Because they can keep each other honest. And 80% of the time, their expertise veers into very divergent areas. Where they meet, they serve as checks and balances for one another.

My lawyer is in one large city and my financial management team is in another large city, but in the same state. At best, they know of each other, but don't know each other. I have boutique firms, not large companies with multiple offices all over the place. Big doesn't always mean better, and it just didn't feel right for me. Do your own research.

I interviewed three lawyers and three wealth management teams before choosing. I did a ton of research and asked lots of questions, including to their references.

Last extra: as of 2011, there are 8 states in the USA that do not charge state taxes: Alaska, Florida, New Hampshire, South Dakota, Tennesee, Texas, Washington,, and Wyoming. Florida is particularly good because it doesn't charge state or local income taxes. But beware, in lieu of these taxes, they charge higher property or sales tax. Your team should give you the whole low down. If you're a visitor to the USA and reside out of it, can't help ya, although the Cayman Islands is a no brainer.

Good Luck y'all!

RBC
RoamByChance is offline   Reply With Quote
Old 03-08-2011, 04:02 PM   #20
BudAshes
Diamond Member
 
BudAshes's Avatar
 
Join Date: Jul 2003
Location: In your head
Posts: 9,876
Default

Quote:
Originally Posted by RoamByChance View Post
If you hit the jackpot in the USA and want to remain anonymous, you'll want a Blind Revocable Trust. But it's moot, if you live in one of the many states that adheres to strict transparency laws that will have them publish your name. After that, hunting you down isn't so hard.

To reiterate: the state in which you purchase lottery tickets sets the rules by which you can claim your lottery winnings.

Some states allow the winner to claim through a partnership, corporation or trust, in essence laying down a layer of anonymity for the winner. But only a layer, for a trust is a financial entity and basic details of its organization are usually a matter of public record, such as name of executor (third party -usually an attorney) and beneficiaries (you). Depending on which vehicle you use, tax implications will vary, so seek out the best professional advice. In other words, do research before you hand your money over to anybody.

I'm only aware of one state in the Union that by law does not publish your name without written consent. Do I hear cheers for Delaware? Yeah, it's our Switzerland.

A Blind Revocable Trust is a financial entity in which all the assets (your winnings) are transferred and the executor (lawyer specializing in estate/trust planning and not the one that gets you out of jail by setting bail) serves as the manager/gatekeeper. The extent of his duties and powers are set by you when you initially create the trust, to insure as much as possible that you're in control and not him. If he proves unsatisfactory, you can always revoke the trust and dissolve it. Not all blind trusts are revocable, so get very good legal advice before, during and after the process.

If you win a large sum, consider getting a team together:

1. Lawyer specializing in estate planning/trust management
2. Wealth management experts. Barron's publishes a list of top certified financial planners by state periodically. Find your list and work your way down. The best have expertise in working with high net worth individuals and families and have experience in all the areas of wealth management from estate planning, tax strategies, investment vehicles, business and financial planning, down to major gift giving and monthly cash flow, so you don't do what Mr. Jack Whittaker did.

For Christmas 2002, he won $315 million. After taking the lump cash sum and paying taxes, he walked away with a cool $114 million. That's as good as cash, folks. In less than five years, he was stone broke. As of the end of 2007, he had 400 lawsuits filed against him for everything from wrongful death to not paying gambling debts at casinos. Don't be Jack Whittaker.

Why do you need a lawyer specializing in estate planning and wealth managers/certified financial planners who know estate management? Because they can keep each other honest. And 80% of the time, their expertise veers into very divergent areas. Where they meet, they serve as checks and balances for one another.

My lawyer is in one large city and my financial management team is in another large city, but in the same state. At best, they know of each other, but don't know each other. I have boutique firms, not large companies with multiple offices all over the place. Big doesn't always mean better, and it just didn't feel right for me. Do your own research.

I interviewed three lawyers and three wealth management teams before choosing. I did a ton of research and asked lots of questions, including to their references.

Last extra: as of 2011, there are 8 states in the USA that do not charge state taxes: Alaska, Florida, New Hampshire, South Dakota, Tennesee, Texas, Washington,, and Wyoming. Florida is particularly good because it doesn't charge state or local income taxes. But beware, in lieu of these taxes, they charge higher property or sales tax. Your team should give you the whole low down. If you're a visitor to the USA and reside out of it, can't help ya, although the Cayman Islands is a no brainer.

Good Luck y'all!

RBC
lol, what a first post.
__________________
There is nothing strange about being strange.

Life is only a dream and we are the imagination of ourselves. -Bill Hicks
BudAshes is offline   Reply With Quote
Old 03-08-2011, 04:04 PM   #21
bignateyk
Lifer
 
Join Date: Apr 2002
Posts: 11,291
Default

Quote:
Originally Posted by RoamByChance View Post
If you hit the jackpot in the USA and want to remain anonymous, you'll want a Blind Revocable Trust. But it's moot, if you live in one of the many states that adheres to strict transparency laws that will have them publish your name. After that, hunting you down isn't so hard.

To reiterate: the state in which you purchase lottery tickets sets the rules by which you can claim your lottery winnings.

Some states allow the winner to claim through a partnership, corporation or trust, in essence laying down a layer of anonymity for the winner. But only a layer, for a trust is a financial entity and basic details of its organization are usually a matter of public record, such as name of executor (third party -usually an attorney) and beneficiaries (you). Depending on which vehicle you use, tax implications will vary, so seek out the best professional advice. In other words, do research before you hand your money over to anybody.

I'm only aware of one state in the Union that by law does not publish your name without written consent. Do I hear cheers for Delaware? Yeah, it's our Switzerland.

A Blind Revocable Trust is a financial entity in which all the assets (your winnings) are transferred and the executor (lawyer specializing in estate/trust planning and not the one that gets you out of jail by setting bail) serves as the manager/gatekeeper. The extent of his duties and powers are set by you when you initially create the trust, to insure as much as possible that you're in control and not him. If he proves unsatisfactory, you can always revoke the trust and dissolve it. Not all blind trusts are revocable, so get very good legal advice before, during and after the process.

If you win a large sum, consider getting a team together:

1. Lawyer specializing in estate planning/trust management
2. Wealth management experts. Barron's publishes a list of top certified financial planners by state periodically. Find your list and work your way down. The best have expertise in working with high net worth individuals and families and have experience in all the areas of wealth management from estate planning, tax strategies, investment vehicles, business and financial planning, down to major gift giving and monthly cash flow, so you don't do what Mr. Jack Whittaker did.

For Christmas 2002, he won $315 million. After taking the lump cash sum and paying taxes, he walked away with a cool $114 million. That's as good as cash, folks. In less than five years, he was stone broke. As of the end of 2007, he had 400 lawsuits filed against him for everything from wrongful death to not paying gambling debts at casinos. Don't be Jack Whittaker.

Why do you need a lawyer specializing in estate planning and wealth managers/certified financial planners who know estate management? Because they can keep each other honest. And 80% of the time, their expertise veers into very divergent areas. Where they meet, they serve as checks and balances for one another.

My lawyer is in one large city and my financial management team is in another large city, but in the same state. At best, they know of each other, but don't know each other. I have boutique firms, not large companies with multiple offices all over the place. Big doesn't always mean better, and it just didn't feel right for me. Do your own research.

I interviewed three lawyers and three wealth management teams before choosing. I did a ton of research and asked lots of questions, including to their references.

Last extra: as of 2011, there are 8 states in the USA that do not charge state taxes: Alaska, Florida, New Hampshire, South Dakota, Tennesee, Texas, Washington,, and Wyoming. Florida is particularly good because it doesn't charge state or local income taxes. But beware, in lieu of these taxes, they charge higher property or sales tax. Your team should give you the whole low down. If you're a visitor to the USA and reside out of it, can't help ya, although the Cayman Islands is a no brainer.

Good Luck y'all!

RBC
That's a strangely specific and detailed first post. A little too detailed if you ask me...
bignateyk is offline   Reply With Quote
Old 03-08-2011, 04:14 PM   #22
thraashman
Diamond Member
 
thraashman's Avatar
 
Join Date: Apr 2000
Posts: 9,156
Default

Quote:
Originally Posted by bignateyk View Post
That's a strangely specific and detailed first post. A little too detailed if you ask me...
It also resurrected a year dead thread.
__________________
Grammar says the right to bear arms is reliant on being in a well-regulated militia
Deaths per 100,000 of women during childbirth in US, 7.1. Deaths per 100,000 of women in US related to abortion, 0.6.
"Eight years of one demographically symbolic president is enough." - Wayne LaPierre, EVP of the NRA showing how racist and sexist the NRA is.
thraashman is offline   Reply With Quote
Old 03-08-2011, 04:46 PM   #23
JTsyo
Diamond Member
 
JTsyo's Avatar
 
Join Date: Nov 2007
Location: NJ
Posts: 9,627
Default

Quote:
Originally Posted by RoamByChance View Post
...

RBC
ANd you don't want to keep a online account that can be traced. That means a new account for each post
JTsyo is offline   Reply With Quote
Old 03-08-2011, 05:35 PM   #24
cardiac
Golden Member
 
cardiac's Avatar
 
Join Date: Oct 1999
Location: Ask Your Mom..
Posts: 1,966
Default

Best first post so far this year.....
__________________
My Heatware
cardiac is offline   Reply With Quote
Old 03-08-2011, 05:48 PM   #25
MotionMan
Lifer
 
MotionMan's Avatar
 
Join Date: Jan 2006
Location: Los Angeles, CA, USA
Posts: 17,070
Default

A man rushes into his house and announces to his wife,
"I won the lottery! Go pack your bags!"

She says,
"Great! Where are we going?"

He looks at her blankly, pauses, and then says,
"I don't care where you go. Just get the f**k out."

(This joke only works in non-community property states, BTW.)

MotionMan
MotionMan is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 11:21 PM.


Powered by vBulletin® Version 3.8.8 Alpha 1
Copyright ©2000 - 2015, vBulletin Solutions, Inc.