Lottery Attorneys for Protecting Winnings and Other Cash Awards
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Kalamazoo and Grand Rapids estate planning lawyers with experience handling significant cash awards
The lottery attorneys at Willis Law, Attorneys & Counselors, advise you on how to reduce your taxes on lottery winnings, as well as the tax burden on your heirs, when you receive a large cash award such as the following:
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Investing Lottery Winnings & Cash Awards
Blind trusts for lottery winners
There are significant writings on the internet related to blind trusts for lottery winners. Most are misguided. If the intention of the lottery winner is to remain amonymous, a trust (whether blind or otherwise) is just one way to accomplish this goal. Lottery winners will not generally want to establish a true blind trust, as the creator of such as trust loses control over investment of the trust assets. Contact Willis Law, Attorneys & Counselors today for sound legal and tax counsel related to a lottery win.
Protecting cash awards
Our lottery lawyers advises you on how to protect the value of cash awards during your lifetime, and to preserve their value for your heirs:
- Gifting cash or other assets before your death
- Transfer on death (TOD) or payable on death (POD) bank accounts
- Holding assets by joint tenancy with right of survivorship (JTROS)
- Holding assets through a tenancy in common
- Retirement plans and Individual Retirement Accounts (IRAs)
- Revocable living trusts
High net worth estates
We advise high net worth clients on estate and generation-skipping tax planning. Their goal is to lower your taxable estate and therefore reduce your transfer taxes. Some of the planning techniques that the firm employs include the following:
- Irrevocable life insurance trusts
- Annual gifting programs
- Use of the unified credit exemption equivalent for lifetime gifts
- Asset protection trusts (APTs) both domestic and foreign
- Sophisticated gifting to various types of trusts for children or others
- Sophisticated gifting to charitable trusts such charitable remainder trusts
The lottery attorneys at Willis Law, Attorneys & Counselors, help address the special needs of the closely-held business owner:
- Life insurance needs
- Buy-sell agreements
- Family limited liability companies
- Management succession
- Estate freezes
- Gifting of business interests to younger generation family members
- Generation-skipping transfer tax (GSTT)
