Lottery winnings and the beneifits of an LLC and a Trust

by Tim
(Idaho)

If I win a large lottery amount over 30 million what are the benefits to me having a family trust or foundation and a LLC. Will I be able to pay less taxes and financially benefit others members of my family without them having to pay such high amounts of gift taxes, or any tax at at?

Answer

If you win $30 million in the lottery, hire a local attorney and accountant!

*edit*

To the sarcastic commenter...yes, this is advice.

If you win $30 million and search for free advice on the internet INSTEAD OF hiring your own attorney and accountant, you are an absolute fool. If there is any justice in the Universe you will be parted with your lottery winnings as quickly as humanely possible.

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