You was just another on the hit list4/7/2023 ![]() The astute reader may be wondering how anonymous the Claiming Trust is when your name is listed as grantor, trustee, and beneficiary throughout the trust document. The Claiming Trust, like most trusts, include three types of people: (1) grantor – this is you, the creator of the trust and the individual whose assets are put into the trust, (2) trustee – this is also you, the person who manages the trust and makes decisions regarding investments and distributions and (3) beneficiary – again, also you, the person for whom the trust was created and who receives the benefits of the trust. Why is this strategy recommended? Rest assured, even though the name of the Claiming Trust won’t have your name, the trust will be directly tied to you. Handing over ownership of a million dollar winning ticket to a trust that is not in your name can seem reckless and scary. For example, you wouldn’t want the trust to have your name, address, or other identifiable information as the title. To keep your win as private as possible, the Claiming Trust should have a unique title not at all related or traceable to you. The Claiming Trust is a short-term trust that simply claims the prize and then distributes the win to the Bridge Trust. The trust, which now holds the winning ticket, can claim the prize. As the winner, you assign the ticket to the trust. It’s called the Claiming Trust because this is the entity that claims the prize. The trust within a trust requires two trusts: Jason is an advocate of the trust within a trust structure because it not only shields winners from requests for money, but also protects them from others. Jason has represented several of the largest Powerball jackpot winners and specializes in protecting the anonymity of lottery winners. ![]() One of my sudden wealth colleagues, Jason Kurland, is a “lottery lawyer” and partner at Certilman, Balin, Adler, & Hyman, LLP. This is an advanced strategy that should only be taken with competent and experienced legal counsel. Remaining Anonymous After Winning the Lottery: Using a Trust Within a Trustįor high profile lottery winners who want even greater anonymity, a trust within a trust structure is recommended. For example, Louise White, the winner of a $210 million lottery, named her trust the “Rainbow Sherbert Trust” after the ice cream flavor that led her to the grocery store where she purchased the winning ticket.Ĭut your expenses, boost your net worth and secure your financial future in a day. This doesn’t completely cloak the account, but it can make tying the trust to my client more difficult in an asset search. Unlike a politician’s blind trust, he has 100% control of the trust, assets, and decisions. For example, one of my actor clients titled his trust using an obscure quote from a former president of the United States. Here you create an entity, a trust or LLC, and name it something other than your name. ![]() In this case, “blind” refers not to the owner of the trust but to everyone else. Recently, the term blind trust has grown to include a trust or entity that attempts to hide the true ownership from the public and asset searches. But you’re not a politician and you don’t want to give up control of your assets to someone else. To prevent the perception that they are voting on legislation from which they could personally benefit, their assets are managed independently and by a third party, without their knowledge or control (i.e., the politician is blind to their investments). Federal officeholders, such as senators or governors, are required to either fully disclose all their financial holdings and any possible conflicts of interest, or place their holdings in a blind trust with a financial institution as the trustee. There are a lot of misconceptions and potential problems with blind trusts. Remaining Anonymous After Winning the Lottery: Using a Blind Trust
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