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The following article was published in our article directory on February 17, 2014.
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Attorney for Trusts: Blind Trust for the Winners of the California State Lottery

Article Category: Legal

Author Name: Mortensen Law Office

Winning the lottery has its own negative implications for the winner. If you are someone who has won in the lottery, you must have suffered either being a subject of the media, or have been divided from friends and relatives, or both.

These are not small problems, so you must avoid them the next time your luck works another wonder for you. The best thing to do is to keep discretion by hiring a trust lawyer and utilizing a blind trust. Here's how it works:

How Does a Blind Trust Work?

For a lottery winner, it is unavoidable that relatives and friends would come to beg for money. Some of the lucky guys even have to deal with lawsuits which are carried forth by people who believe that there's something irregular with how the lottery was conducted. Some even obtain death threats for not sharing.

Furthermore, a blind trust permits a trust lawyer to redeem the prize without telling who actually won the game. You remain anonymous and undisturbed while enjoying a private, quiet life and your money.

You see how clever that decision would be. Nobody, not even you mother, knows you have become an prompt millionaire.

What is a Good Way to Invest?

First, you can use a blind trust as your financial tool. Financial advisers are the ones who will manage the money for you. Usually, these people would convince winners to invest their money so that it will grow and whatever earnings from the investment are utilized to provide for the winner's everyday requirements.

Keeping Everything Top Secret

Anonymity is ensured through the use of a blind trust. So far, that is the only way to do it. Though there are states, with their open document laws, which force trust lawyers to reveal the information, it will still be up to you. Also, entities entreating for information are required to make available the rationality of the request for information.

As you can see, there's a little chance that your name will be exposed. Chances are the only people who know your name are the lottery officials and the executor of the blind trust.

A Setback about Blind Trusts

There's something not appealing with this type of deal and that has something to do with not being able to fully control of the money.

However, you are the beneficiary and it is you money. Therefore, study carefully the agreement and make sure your preferences are incorporated. You can even limit the things that the executor is allowed to do with your money.

There is also an option that allows a beneficiary to revoke the blind trust at any point afterwards. If you want to add up this provision to the agreement, no one can stop you.

If, then, you would consider everything, you are actually the one who is in control and the trust lawyer is subject to your wishes and permission. Before you sign up, there shouldn't be any doubt. Clear up everything first.


Tax, Trust & Probate Lawyers, P.C.
22807 Lyons Avenue
Newhall, CA 91321
www.mortensenlaw.com

Keywords: Attorney, California law, Tax law, Trust lawyer, Probate lawyer, Mortensen Law, Medicare, Attorney

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