That’s not the advice I’m hearing in PSA’s on college radio coming from the local historically black university. There’s an attorney saying to retain an attorney, set up an LLC then a blind trust, fill out the name of the blind trust with address being your attorney’s office, and have the attorney claim the winnings on behalf of your blind trust.
“There’s an attorney saying to retain an attorney, set up an LLC then a blind trust, fill out the name of the blind trust with address being your attorney’s office, and have the attorney claim the winnings on behalf of your blind trust.”
I understand this option is dependent on what state you win the jackpot in. Some allow this method, some allow total anonymity without the legal mumbo-jumbo while others require public disclosure that can be done at a specified time interval from the actual claiming of the prize. In my state, the attorney route would be my choice to ensure it’s set up to take care of family for generations, a la the Kennedy clan, and causes of my choosing while minimizing Uncle Sam as one of those causes.
Bingo! We have a winner.
Only a couple states allow this.
Just cash in the ticket. If anyone asks you for money, say “No”.
Take the lump sum and park it for a while. Don’t make financial decisions immediately.
They probably said “trust” but unlikely that they said “blind trust.”
That's EXACTLY what you do! Then, start buying bulks of multi unit real estate to rent out, which should be professionally managed. Create an ironclad will and revocable trust to lock and avoid the inevitable inheritance nightmare. Then, call me, LittleBillyInfidel, to take care of the rest of the wealth as a primary Trustee. :)