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Apparently yes, in Mass. The Other Complication is the tax situation where Federal and State want to impose gift or estate taxes when you transfer to someone else.
Two questions:
Why didn't she form a blind trust to claim the prize?
Are you saying that if a lawyer claimed the prize through a blind trust that the Federal and State gift taxes would apply once the money from the trust would be transferred to the winner?
When an individual has won money in the RI or MA Lottery, there is sometimes a requirement to have the identity of the winning ticket holder disclosed, which may include their photograph. These pictures are then placed on the website of the Mass.State Lottery Commission that distributes the lottery winnings. Obviously the identity of the person becomes known at that time.
Mignanelli lottery attorneys have successfully used anonymous trusts to allow lottery winners to remain completely anonymous while having immediate access to their lottery winnings.
As far as why this lady chose to broadcast her lottery win to the world via public press conference, my guess as mentioned earlier in this thread, is that she is one of those people that is probably insecure in life, had a lot of ups and downs, and when she found out she won, it was her ultimate way of showing off to her co-workers and the world that she is finally somebody. Someone worthy of respect and attention and adulation.
She is now worth more than the following celebrities in terms of net worth, a staggering list:
I say this not out of jealousy or spite or resentment. In fact I wished her the best and hope that she will use this windfall to enjoy the rest of her life on her terms. I'm just speculating on why someone would do something so reckless and in haste.
Even 1 million dollar lottery winners have used blind trusts to protect themselves.
As far as why this lady chose to broadcast her lottery win to the world via public press conference, my guess as mentioned earlier in this thread, is that she is one of those people that is probably insecure in life, had a lot of ups and downs, and when she found out she won, it was her ultimate way of showing off to her co-workers and the world that she is finally somebody. Someone worthy of respect and attention and adulation.
She is now worth more than the following celebrities in terms of net worth, a staggering list:
I say this not out of jealousy or spite or resentment. In fact I wished her the best and hope that she will use this windfall to enjoy the rest of her life on her terms. I'm just speculating on why someone would do something so reckless and in haste.
Even 1 million dollar lottery winners have used blind trusts to protect themselves.
I only want to play the lottery in a state where I can remain anonymous!
But let's be honest. Remaining anonymous if you win the lottery takes away so much pressure that I would rather travel to a nearby state where I can remain anonymous state to buy lottery tickets a few times a year!
Two questions:
Why didn't she form a blind trust to claim the prize?
Are you saying that if a lawyer claimed the prize through a blind trust that the Federal and State gift taxes would apply once the money from the trust would be transferred to the winner?
I think I answered the first question a just minute ago.
No, the claim by the lawyer is that person acting as an agent to receive the money for the trust from the lottery. The winner can be a beneficiary of the trust as well as a trustee, and that can create an anonymous status.
There is a lot of case law that indicates subsequent transfers to friends and family and strangers is seen by the IRS as a gift and is therefore taxable to the DONOR as such.
In order to avoid that taxation the trust agreement may have to predate the award of the prize or maybe even predate the drawing.
That's why I have sent email to those I want to share with inviting them into a pool where they have to opt out of sharing any lottery tickets that any of us buy.
Why didn't she form a blind trust to claim the prize?
Are you saying that if a lawyer claimed the prize through a blind trust that the Federal and State gift taxes would apply once the money from the trust would be transferred to the winner?
"Blind Trust" doesn't mean what you think it does.
"Blind Trust" doesn't mean what you think it does.
Right, it is one of those phrases that triggers people to repeat something they have heard in the news, like "Trump put all his assets in a blind trust. I would too."
Actually:
"A blind trust is a trust in which the trust beneficiaries have
no knowledge of the holdings of the trust, and no right to intervene in their handling.
In a blind trust, the trustees (fiduciaries, or those who have been given power of attorney)
have full discretion over the assets.
Not my approach at all. I want a trust(?) where the PUBLIC is blind!
Right, it is one of those phrases that triggers people to repeat something they have heard in the news, like "Trump put all his assets in a blind trust. I would too."
Actually:
"A blind trust is a trust in which the trust beneficiaries have
no knowledge of the holdings of the trust, and no right to intervene in their handling.
In a blind trust, the trustees (fiduciaries, or those who have been given power of attorney)
have full discretion over the assets.
Not my approach at all. I want a trust(?) where the PUBLIC is blind!
thank you, I will bookmark this post for later on when I need it
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