It makes some sense to set up a trust to claim the prize in order to protect your identity. But I guess that takes some time and no small upfront expense to do so.
Texas doesn't allow you to remain anonymous. But, there are ways around it.
It makes some sense to set up a trust to claim the prize in order to protect your identity. But I guess that takes some time and no small upfront expense to do so.
It makes a lot of sense, and is very common in states that don't allow the recipient to remain anonymous. I don't know why no one has done it in Iowa yet -- perhaps they just don't know better.
But I guess that takes some time and no small upfront expense to do so.
It's not a huge amount of time -- a month or two. You have to file paperwork with the state, and get a tax ID number from the IRS (the last part can be nearly instant).
But, it's not really that expensive, at least in comparison to the amount that was won. A good attorney specializing in estate law will do it right for under $10K.
If the attorney knows what he/she is doing, they will also set a limited partnership so that the winner is protected from bogus lawsuits.
A simple family trust can be set up for $500.....