LLCs and Lotteries

On January 13, 2016, Wayne Zell appeared on News Channel 8's Good Morning Washington to discuss how LLCs and trusts are used to secure lottery winnings.

[@Divine-pg1wm]

CONGRATULATIONS TO ALL THE WINNERS OUT THERE🎉🥳📈GOD BLESS YOU ALL❤

[@Divine-pg1wm]

Congratulations to all the winners out there🎉🥳

[@JessSkubi]

Thank you! Congrats to you too!

[@cherrieleah0]

Thank you 😊😊🙏🙏

[@itstheweather642]

The ticket has to be signed in the name of the trust! Not the individual.

[@itstheweather5859]

@@gustavotejada607 The lawyers? What do you think troll.... Depends what state you're in too. Don't be stupid.

[@user-py8xw5bk1s]

Very good advice that all major lottery winners, or big inheritance receivers should follow

[@garystinten9339]

@Markus Patients and do you have enough nerve not to want to go on. Murder spree if your house burnt down?

[@michellemcgill9328]

I once bought lottery tickets for my entire dept. We wrote down and signed a contract with each contribution, and I made copies for each of the tickets so that there wouldn’t be any confusion

[@Joshua79C]

As far I know a Trust allows the recipient(s) to remain anonymous or private as opposed to an LLC or other business like entity in which the partners are not at all kept that private as even a Blind Trust. Stick with a trust unless the states does not allow such and onl a LLC or even if any privacy what so ever if you won the lottery, Another way to collect in a state that does not allow some form of anonymity is to get the lawyer to collect on behalf or use some actor(s) through a lawyer doing the work.

[@lovewhitey2027]

Joshua79C C Great idea the whole world is our stage 😎

[@kbflorida888]

And it all works as long as the lawyer is honest and agrees to take responsibility (for a fee) in order to direct the funds to the LLC or trusts bank account, then step aside. Not misdirect the funds or unwittingly gets you to sign a POA to retain him indefinitely.

[@bobbybolt1473]

That’s the route to go.

[@rainysunday6186]

That was ignorant advise you don’t sign it immediately because if you sign it, the LLC cannot claim the prize

[@joeshmoe6858]

I worked at a place once where they did a lottery pool and they got offended when I told them I buy my own tickets and I didn’t like the idea of splitting the money am I wrong ?

[@edsan9788]

No your money your choice I just want that 5 bucks you borrowed in 8th grade 🙃

[@LahKing66]

@@edsan9788 😂😂😂

[@UncleKennysPlace]

Of course, your chance of winning goes up with the size of the pool.

[@veenarani4931]

Veena

[@Yahweh-dn9cv]

No u r not

[@joeyaz1521]

I will consider when I win my 256 million :)

[@shannonarmstrong6364]

Thanks

[@adamandrews9683]

Start a 501c3 foundation so you don't have to pay taxes

[@fernandoortiz-robles8771]

Is there a "tax break" for collecting through an LLC? Let's say i won a California lottery jackpot. Just wondering? I live in LAS VEGAS& I travel 1 hr to play the California lottery games @ the PRIMM location.

[@nyacoustics8373]

so what's to stop that one person in the group of 5 people just signing the ticket and claiming the whole prize and screwing everyone else. most office pools have no written agreements prior to the winning ticket being drawn. they may just have a copy of the ticket.

[@Joshua79C]

He mentions it toward the end, you along with the others in the presence of an attorney/lawyer, make up an agreement that is legal and binding, so if even one or two try to sue the others for more money it won't work out for them and all keep equal payouts as agreed upon.

[@nyacoustics8373]

@@Joshua79C sounds great but no group of people are going to an attorney PRIOR to winning a lottery. Office pools lend themselves to fraud. The person with the ticket can just sign it and claim the ticket and everyone else is stuck fighting the system which will be very costly in legal fees.

[@Joshua79C]

I got swindled by a friend after they gifted me a bunch of scratch tickets, after I scratched and won almost $200 I later found they had stole those tickets back when they found out, so what i say as what the guy also mentions is anyone wanting to do a pool really should have participants sign a conditional contract that is at least notarized. Even if one tries to sue and it goes to court it will only cost them loosing their own and the money they are further felt they are owed. Here is an example of why it is a good idea even if you buy one for someone else or someone else buys it for you. kzbin.info/www/bejne/gKq9fZWAhM-Heck

[@tory1560]

We photocopy all purchased tickets prior to every draw. This protects everyone as well as the purchaser who has his/ her personal tickets.

[@Phenomenal8448]

A lawyer told me anonymous winners laws ch6in Texas. If you sign back of winning ticket and cash in you won't be anonymous. That same lawyer told me not to sign the back of the tickets

[@clarkclarke]

So what happens if you lose that ticket ????

[@hothotheat3000]

Depends on what state you live in.

[@christopherhennessey8991]

Yes,for the purpose of anonymity.

[@prantickdwari7225]

Definetly ✋✋✋✋

[@ShOwStOpp3rr]

he should of said about how much money do you need to win to make it worth creating an LLC 250k,,500k 1 million or more?

[@Jolpz21]

What angers me about this video is, why don’t you explain what an LLC and a Trust is first?

[@henrysantos121]

Matatan Ribirin HS.👀🤔

[@AnonymOus-dp3jj]

what about a Scorp

[@DevilFruit2000]

What happens when multiple people sign the ticket

[@paladinkraus]

Here in FL, you claim as an individual for a group, in which you also have to submit a IRS Form 5754 which itemizes who all is entitled to money & how much

[@dennis3351]

and how much will lawyers rake from you?

[@proartwork7189]

Over $100,000

[@pagansmc13]

Upon what fact pattern or data analysis do you base that claim? Or did you pull a nice round number of $100,000 straight out of your ass?

[@buggerfiggie8780]

No these things don’t work. LLC’s are easy to see look up and find you. If people want to find you they will.

[@gamingnerdgirlz]

its your time to spend to find a person. Enjoy spending said time. if you have all day.

[@ocasio3024]

DO NOT sign the ticket! If you do, the LLC is worthless. You have to claim it in person and there goes You’re anonymity! Set up LLC or trust and your attorney claims the ticket. Duh!!! 🤦🏼‍♂️🤦🏼‍♂️🤦🏼‍♂️🤦🏼‍♂️

[@elchemavenegas1301]

Typical hire an attorney, money planner, professional advice. Never answered the question of how to properly buy lottery tickets as a group

[@chefchefiam8696]

👎👎👎👎👎👎 Scan scan lottery