This year’s Powerball lottery totaled nearly $1.6 billion – a record winning amount that sent many hopefuls into a buying frenzy. Lines wrapped around store corners showcased the optimism in the air.
Powerball winners have the legal right to remain anonymous in only five states: Delaware, Kansas, Maryland, North Dakota, and Ohio. So if you bought your winning ticket in one of the other 39 states that offer Powerball, keeping your name out of the spotlight won’t be as easy. The best alternative? Create a revocable trust that is called anything but your own name.
You can imagine you might be popular for a while, and then most winners want protect their privacy and their jackpot. If you don’t want your name to be in the papers and on the lottery website as the outright winner, you should consider taking your winnings as trustee of a trust. You do this by preparing a trust NOW and sign it prior to claiming the lottery jackpot. You would redeem the ticket as trustee of the trust, NOT with just your individual name.
In a revocable trust you could be the owner, the trustee and the beneficiary AND you could indicate who would receive the assets once you are gone. You could name the revocable trust anything you choose. For example, you could call it the Moondoggy Trust, to truly protect your identity Your bank account would also say the name of your trust so you could easily deposit your winnings.
Now the more important question to ponder, “What would you do with the money?” I recommend the book “Money Magic” by Deborah L. Price. One of my favorite exercises in the book focuses on just this question and answering it changed my life! Don’t forget, you actually have to buy a ticket, visualize winning and let the universe do the rest.