The last big Powerball jackpot winner ($262 mil) does it right.

[A HERETIC I AM]

The Large Powerball jackpot winner in Ohio - the drawing held on June 2 - took an entire month before coming forward and did the right thing; He/she took the time to set up a trust and then sent a Lawyer to collect the prize, thus staying anonymous.

http://www.10tv.com/live/content/local/stories/2010/07/07/story-sunbury-ohio-powerball-ticket-winner.html?sid=102

That's the way to do it.

Compare that to the previous big winner, Chris Shaw of Missouri who showed up on national TV the very next day!
http://www.examiner.com/examiner/x-19632-Salt-Lake-City-Headlines-Examiner~y2010m4d23-Chris-Shaw-is-the-winner-of-258-million-in-Missouri-Powerball-lottery-10th-largest-in-history

Mr. Shaw, I'm sorry to say, is the kind of guy you are going to be hearing about in the future, just as we heard about Jack Whittaker ie: not in a good way. Showing up on national TV the day after winning that much money tells me Mr. Shaw is a dumbass. Whoever it was that won in Ohio has brains and took the time to get their shit together before coming forward.

Now I realize damned few people win large amounts like this, but the fact is lots of people in the country win lots of money in lotteries, simply because there are so many of them. If it ever happens to you, STAY ANONYMOUS!

[Bunny]

1. I don't think the law in PA allows you to remain completely anonymous.

You don't have to come forward to collect your money in a big public spectacle, but your name will be released to the media. I understand some states allow you to remain anonymous, PA is not one of them.

[Dr Morbius]

2. Neither will that work in Illinois. When you buy a ticket, you give permission...

...to the lottery authorities to use your name and likeness to promote the lottery. You cannot win anonymously. I think the smart thing to do is to be as boring as possible and indicate very little ambition publicly. And hire someone to keep the vultures away.

[Bunny]

3. Yeah, keep a very low profile.

I think PA will give you a few weeks grace period to get your act together before it releases your name, so you could always take off for an extended vacation to Europe or the Caribbean or somewhere and wait for the dust to settle before you come back.

[A HERETIC I AM]

4. I agree with both of you above that it isn't always possible to keep your name out of it...

depending on the state lottery rules, but there is no way they can force you to be on TV for instance nor can they even force you to have your picture taken. At the very least, wear a disguise!

The point about being boring is a good one. Don't make a spectacle of yourself, stay as low-key as you can and get the hell out of Dodge for a while.

[Ikonoklast]

5. I used to date a girl that worked for a privately-held investment firm.

They only dealt with high-end clients, trust-fund babies, foundations, that type of thing.

But one thing they did do, and never had to advertise for, is set up blind trusts for lottery winners.

No one ever knows who you are, and it stays that way, unless you decide otherwise.

[A HERETIC I AM]

7. The trust doesn't even have to be a "blind" trust. There are several types...

as you probably know.

Charitable Lead Trusts
Charitable Remainder Trusts
Naked Trust (Also known as a "Bare", "Passive" or "Dry Trust")
As well as numerous other types


All of which, to my knowledge, can be named in any way the grantor chooses. They don't have to be named after or include the name of the grantor.

[Ikonoklast]

9. They specialized in non-revokable type trusts.

IIRC, the firm was almost always named the adminstrators of any trust they would set up, and this was the type they usually set up for their clients that had windfalls like lottery winnings or a large inheritance not already set up as a trust.


I don't remember if the reason used for that type was more for asset protection as much as it was for tax purposes.


As an aside, they administered quite a few charitable trusts for some old-time money in NE Ohio...and I was surprised at just how much of that "Old Money" there was still laying around, and just how much of it there was.

[NewJeffCT]

6. I think you can't remain anonymous in CT, either

However, I'm sure a person can take time to get a new unlisted phone number and give that number to his or her loved ones and friends/family that are important to them, as well as set up a trust.

[gvstn]

8. My state allows anonymity

I think their may be financial advantages to creating a trust. I noticed that the majority of MegaMillions winners claim the prize through a trust.

[edbermac]

10. Wrong way: Won $31 mil, committed suicide 2 years later.

http://www.houstonpress.com/2000-02-10/news/billie-bob-s-mis-fortune/

[LisaL]

11. If you think of, it's not the surprising.

When someone has to work for a living, they are busy most of the time. Now, all of the sudden, they got a lot of free time and a lifestyle they aren't used to.

[CTyankee]

12. And that's too bad. You can do A LOT with a fortune that would keep you busy.

If I ever got my hands on that much money, I would spend lots of time researching areas where I could give as much away as I could. It would be a full time job because there is so much need out there. It's a good feeling to know you are making some difference in the lives of people...