Georgia  |  Wills and Trusts

Legal Question

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

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

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