i cannot concede that a strategy is a strategy if no such strategy exists.
Not aware of any law requiring the taxes for a 2012 winning be paid before April 2013. Do not know why taxes are taken out of the prize as the law does not seem to require it.
Even if you renounced yer citizenship and went somewhere ... doing an electronic transfer out of the country ain’t all that simple. Never tried it.
Maybe some day, I go to Belize.
PS ain’t nothing no accountant can do about ordinary income once it is incurred. There is no more 10-year averaging. gone 20 years ago.
All bonds are “promises made over x years that may not be kept.” And stocks are a claim on future earnings that may not occur.
I can only speak about my jurisdiction.
I have talked to my lotto sales rep about such things. It may be possible, once my right to the money has been positively established, to have the money made out to a corporation. Under Canadian law, corporations can pay out the taxes over a 5 year period.
If this is the case, I could establish a corporation prior to picking up the cheque, have the cheque made out to my corporate’s name, and then pay out the taxes over 5 years using whatever strateies I could to lower the tax burden.
Even if it only ends up saving my a paltry amount, like hundreds of thousands of dollars, it’s still hundreds of thousands of dollars. :)