QUESTION
Can the beneficiaries of a trust remain anonymous if the representatives of the trust accepts a big lottery win?
Asked on Oct 31st, 2013 on Estate Planning - Michigan
8 ANSWERS
2 Awards
It doesn't have to be made public if that is what you are asking, but the beneficiaries will each know about each other and the trustee, attorneys, accountants, etc will be involved. Also a VERY GOOD financial planner needs to be brought in.
Answered on Nov 06th, 2013 at 6:16 AM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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I'm not sure why you'd want to; basic answer is no. Eventually the trust will need to file a tax return; it will be way better for tax purposes to "carry out" the lottery income to the beneficiaries for tax purposes. If it's a religious or moral problem, donate your share to charity.
Answered on Nov 01st, 2013 at 6:36 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Anonymous as to who? Tax agencies? The world? The lottery officials? Obtain yourself the services of a estate planning lawyer to advise you.
Answered on Nov 01st, 2013 at 6:35 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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It depends on your particular state's laws regarding lottery winners identities and trusts.
Answered on Nov 01st, 2013 at 6:35 PM
3 Awards
Anonymous to whom? The IRS or generally speaking. It is possible, seek legal assistance if you are contemplating this. This information is only intended to give general information in response to an inquiry. It does not establish an attorney client relationship. This response is only based upon the limited facts presented and is merely intended to assist you in determining if you should contact an attorney to provide you with legal advice.
Answered on Nov 01st, 2013 at 6:34 PM
It depends on the laws under which the lottery is operated in each state. Most states require the actual winner(s) to step forward and be publically acknowledged to prevent fraudulant claims by nonwinners.
Answered on Nov 01st, 2013 at 6:34 PM
Business Attorney serving Orem, UT
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Kirton & McConkie A Professional Corporation
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Yes. The biggest question is did the beneficiary assign the interest in the lottery winnings to the trust in a way the payor of the proceeds will respect, and is the trust drafted properly as a self-settled trust.
Answered on Nov 01st, 2013 at 6:34 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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They can attempt to, as long as the taxes are paid.
Answered on Nov 01st, 2013 at 6:34 PM