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{"id":16453,"date":"2017-03-09T20:00:12","date_gmt":"2017-03-09T20:00:12","guid":{"rendered":"http:\/\/www.seonewswire.net\/2017\/03\/estate-planning-implications-of-winning-the-lottery\/"},"modified":"2017-03-09T20:00:12","modified_gmt":"2017-03-09T20:00:12","slug":"estate-planning-implications-of-winning-the-lottery","status":"publish","type":"post","link":"http:\/\/www.seonewswire.net\/2017\/03\/estate-planning-implications-of-winning-the-lottery\/","title":{"rendered":"Estate planning implications of winning the lottery"},"content":{"rendered":"

Although winning the lottery can be exciting, it carries enormous estate and gift tax implications. Finances can dwindle away in no time if they are not managed properly.<\/p>\n

Lottery winners have the option of taking the prize as a lump sum or an annuity that is divided into 30 annual payments. California exempts lottery winnings from income tax. However, a chunk of winnings are withheld for federal taxes. The annuity payments are also subject to the same federal tax albeit spread over each installment.<\/p>\n

Establishing a trust can help lottery winners maintain a degree of anonymity and provide a tool for managing assets and finances. Trusts can also allow the future transfer of wealth to children and other heirs with minimal estate tax exposure. If a prize is assigned to a qualifying revocable living trust, the lottery will make installment payments to the trust.<\/p>\n

Lottery winnings present a number of estate planning challenges. If (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Although winning the lottery can be exciting, it carries enormous estate and gift tax implications. Finances can dwindle away in no time if they are not managed properly. Lottery winners have the option of taking the prize as a lump…<\/span><\/p>\n

Read more ›<\/a><\/div>\n

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