Legal Question in Wills and Trusts in Georgia

I'm a resident of Georgia in the 28% federal tax bracket and would like legal advice on the best practice of collecting a large lottery jackpot. I'm an educated individual who is fairly educated in investing and financial planning. Nevertheless, I am planning to hire a tax professional (CPA), tax attorney and a financial advisor (or several, to spread my money around to several different investment companies/banks).

My goals are (1) collecting the prize anonymously, if at all possible and (2) retaining control of my money/assets/investments after I collect.

I've read that a blind trust is the best way to collect a lottery prize, as it affords the winner the right to remain anonymous with the lottery commission and in the press. However, I'm wary of this strategy, as I'd lose visibility into the investments the trustee was making on my behalf. I'd like to retain control and visibility over my assets.

QUESTIONS:

(1) Is a blind trust to collect a lottery jackpot ALLOWED in the state of Georgia?

(2) is a blind trust the best strategy to collect a large lottery jackpot for a GA resident?

(3) if the best strategy is a blind trust, how do I avoid/mitigate losing control/visibility of my assets. Can I set up the trust to exist for a set period of time, dissolve the trust and move my assets to either another trust, or simply into various bank accounts? Is there another solution I don't know about? (LLC, other type of trust, etc.?)

Thanks -

Lucky In Georgia


Asked on 10/11/10, 9:59 am

2 Answers from Attorneys
Ralph Villani VILLANI LAW FIRM

I will need to discuss this with you at length.

You need professional and HONEST help in keeping your winnings and using them wisely

Call me to discuss this -- my office number is (770) 985-6773

Good luck,

Ralph J Villani, Esquire

DISCLAIMER:

The above is for information purposes ONLY and not a contract for legal service or legal advice; you MUST hire your own attorney for advice and/or to move forward on this matter.

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Answered on 10/16/10, 10:15 am
Scott Riddle Law Office of Scott B. Riddle, LLC

Is this post a joke? You don't get this advice from a website. You get it ONLY from a professional who handles these issues as the primary practice. A lawyer and a CPA. Not just any one and not lawyers who claim to handle several unrelated areas. Forget about this website and talk to lawyers and CPA's you know who will help you find the right people.

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Answered on 10/17/10, 6:56 am


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