If you won the Lottery: Would you pay a couple % extra tax to remain anonymous?

[JEDI]

http://www.cnn.com/2013/09/20/us/lottery-windfall-disasters/index.html?hpt=hp_t3

Only Delaware, Kansas, Maryland, North Dakota and Ohio allow lottery winners to remain anonymous.

Md levies an extra tax for out of state winners.


yes, I would gladly pay it.

since i'm in md often, I'll probably buy my lotto tix there from now on.
(my threshold for buying is advertised jackpot > $250M)

 

[Vic Vega]

...

 

[allisolm]

I thought SC also did not require identification of winners. Here.

I wouldn't pay any extra to remain anonymous.

 

[MisterJackson]

I live in SC and was thinking about this same thing the other day. With a windfall like that, I'd be seriously concerned for the lives of my son, my gf, and the rest of my family. So yeah, I'd pay extra to fly under the radar if I needed to.

 

[mnewsham]

Having lived in MD for so long i'd forgotten it was one of the few states that allowed you to remain anonymous.

 

[lxskllr]

Probably not. One of the first things I'd be doing is changing my address, so my id would be obfuscated from a pest perspective anyway.

 

[Mr.IncrediblyBored]

From the article:

There's the British man who squandered a 2002 jackpot of 9.7 million pounds, much of it on cocaine and hookers, only to find himself working as garbage man again by 2010.

This guy had the right idea.

 

[JEDI]

From the article:


This guy had the right idea.

they interviewed him after the lost it all and was working as a garbage collector again.
he said he would do the hookers again but not the drugs. he said wasting all that $ on drugs was stupid.

 

[Sonikku]

Of course I would. Too many Occupy lechers trying to "share" my wealth.

 

[darkxshade]

Only if I can get the money back if I lose my anonymity. Otherwise, depending on the size of the jackpot, it's not worth the price for something that isn't guaranteed.

 

[GagHalfrunt]

Hell no. I'd buy a huge house with an electrified fence around it, hire a team of ex-Mossad security guards and install a giant flashing neon sign out front saying "Suck it losers!!!!"

 

[Tsavo]

Just set up a trust, and have the trust claim the prize.

Completely anonymous.

 

[HendrixFan]

Just set up a trust, and have the trust claim the prize.

Completely anonymous.

This.

 

[soulcougher73]

Only if I can get the money back if I lose my anonymity. Otherwise, depending on the size of the jackpot, it's not worth the price for something that isn't guaranteed.

This

 

[IEC]

they interviewed him after the lost it all and was working as a garbage collector again.
he said he would do the hookers again but not the drugs. he said wasting all that $ on drugs was stupid.

Hah. Someone who actually lived the hookers and blow forum meme.

 

[Imp]

Meh. So many people share my name in my city alone, it'd be hard to pin down. And if I won, I'd quit my job in a second, then give out a few "gifts", and cut the rest off for life. Let them know all they want, I'd probably skip town too.

 

[Cr0nJ0b]

Couldn't you just form a complicated well insulated trust and have the trust receive the winnings...with the members of the trust hidden from public?

 

[Kaido]

There's the British man who squandered a 2002 jackpot of 9.7 million pounds, much of it on cocaine and hookers, only to find himself working as garbage man again by 2010.

http://s3-ec.buzzfed.com/static/enhanced/webdr06/2013/9/6/14/enhanced-buzz-15707-1378490499-29.jpg

 

[iGas]

Depends on how much is the fee for remaining anonymous. For the me the best action would to change my name, leave 99% in stocks and safe securities, and take 1% to travel and only come home when that 1% is gone.

 

[Wreckem]

Couldn't you just form a complicated well insulated trust and have the trust receive the winnings...with the members of the trust hidden from public?

Doesn't need to be complicated or "insulated." You in fact don't want a irrevocable trust here, you want a revocable one unless you want someone else forever in control of your money.

Trust documents are not public record, so no one but the grantor(you), trustee, and beneficiary(you) will know whats in the trust and who the beneficiary is.

I'd hire an attorney and a highly reputable professional trust company that also has a highly reputable investment arm, something like Vanguard. Attorney and Trust Co. would be co-trustees of the revocable trust. They both would have a fiduciary duty and a duty of confidentiality.

Depending on the size of the winnings, if a lot, the trust would be set up where it would disperse $10million after the trustees claim the prize. I'd pocket $5million, and then create a series of irrevocable trusts with the other $5million for immediate family members. Family members would be required to sign non disclosure agreements, violation of which would result in the termination of their trust with the balance going to the remainder-men(me). Since my trust would be revocable I could alter it or revoke it at any time.

 

[WaTaGuMp]

They already take enough out in taxes, fuck the government.

 

[BUTCH1]

Hell no. I'd buy a huge house with an electrified fence around it, hire a team of ex-Mossad security guards and install a giant flashing neon sign out front saying "Suck it losers!!!!"

Better to incorporate yourself first, then fund the corporation with just enough $$ to keep it running, this separates you from the bulk of the $$ less one of your security guards "accidentally" wanders into the fence and files a lawsuit, he works for the corporation and that's who he would have to sue.

 

[BUTCH1]

http://www.cnn.com/2013/09/20/us/lottery-windfall-disasters/index.html?hpt=hp_t3

Only Delaware, Kansas, Maryland, North Dakota and Ohio allow lottery winners to remain anonymous.

Md levies an extra tax for out of state winners.


yes, I would gladly pay it.

since i'm in md often, I'll probably buy my lotto tix there from now on.
(my threshold for buying is advertised jackpot > $250M)

Wow, dude did do some very noble things with some of the money but fell into utter stupid by hanging out in sleazy strip clubs with $500K in his car "cause I can". Anyone who's ever been to a strip bar knows strippers flock to $$ like seagulls on a bag of fries, then if they know you've won $111 mil in the lotto they and the manager might come up with a plan to kill you and try and take all of it. Christ, just call for a high-priced callgirl, pay for your fun and NEVER let on your a lotto winner EVER..

EDIT: one can legally change their name as well, might be a good idea..

 

[Imp]

Depends on how much is the fee for remaining anonymous. For the me the best action would to change my name, leave 99% in stocks and safe securities, and take 1% to travel and only come home when that 1% is gone.

Depending on how much you win and spend, that 1% AND the distributions from your stocks may keep you on the road forever. For example, $10M in winnings, $100k to travel and $9.9M in the bank at 5%/year is about $500k/yr in income.

I don't need 5 star hotels, so I'd last forever on that. How people manage to blow all their winnings, "I don't know" -- just an expression.

 

[Rakehellion]

Yet by 2007, barely four years after what should have been the luckiest day of his life, Whittaker was a broken-down man who had lost his granddaughter to drugs and who had a reputation for DUIs, frequenting strip clubs and getting robbed. His divorce would be finalized the following year. His daughter would die the next.

His daughter would die the next.

die the next.

die the next.

Oh.