{"id":208589,"date":"2022-04-08T08:45:09","date_gmt":"2022-04-08T15:45:09","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=208589"},"modified":"2022-04-08T13:31:10","modified_gmt":"2022-04-08T20:31:10","slug":"massachusetts-lottery-15m-winner-collects-money-via-a-trust-keeps-anonymity","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/massachusetts-lottery-15m-winner-collects-money-via-a-trust-keeps-anonymity\/","title":{"rendered":"Massachusetts Lottery $15M Winner Collects Money Via a Trust, Keeps Anonymity"},"content":{"rendered":"

A recent $15 million Massachusetts lottery<\/a> winner opted to collect the massive winnings through a legal entity called a trust. That arrangement means the person or persons who hold the winning ticket can remain relatively anonymous, and still collect the money.<\/p>\n

\"Robert
Robert Jarvis, a law professor at Florida\u2019s Nova Southeastern University\u2019s Shepard College of Law, pictured above. He explains it is easy for an attorney to set up a trust for a lottery winner. (Image: Nova Southeastern University)<\/figcaption><\/figure>\n

In the case of last month\u2019s win for the \u201cMassachusetts Millionaires\u2019 Club\u201d ticket game, the P.M. Investment Trust of Fall River, Mass., claimed the winning ticket on March 31, MassLive.com, <\/em>a regional news site, reported.<\/p>\n

The winner was represented by a trustee, identified as Joseph H. Silvia. He is an attorney in Fall River.<\/p>\n

He turned in the winning lottery ticket, got the check from the state lottery, and deposited the money in an account. The actual winner or winners then get access to the account. In practical terms, it means the lottery cannot publicly release the winner’s name.<\/p>\n

Red Tape<\/h2>\n

Still, trust members must be identified in the state lottery\u2019s internal documents. The names get shared with different government agencies, MassLive.com<\/em> said. If someone who wins the lottery owes money for taxes, public college tuition, or child support, those amounts can get deducted from the winnings.<\/p>\n

Some nine states actually allow lottery winners to remain anonymous — without a trust — and still collect the loot, MassLive.com<\/em> reported. Massachusetts is not among them.<\/strong><\/p>\n

Elsewhere, in Florida, last June, \u201cThe Love You More Trust\u201d turned in a $286 million Powerball ticket through a trustee. He was identified as Clay Tousey, 69, of Ponte Vedra Beach, the Florida Times-Union<\/em> reported.<\/p>\n

Setting Up a Trust<\/h2>\n

Robert Jarvis<\/a>, a law professor at Florida\u2019s Nova Southeastern University\u2019s Shepard College of Law, explains it is easy to create a trust. But a lawyer needs to set it up.<\/p>\n

\u201cAll trust lawyers have boilerplate forms that, with the addition of a little bit of information — and perhaps some tailoring if there are unique circumstances — can be ready to go in minutes,\u201d Jarvis said.<\/p>\n

The anonymity benefits winners. They can keep their privacy.<\/p>\n

Lottery winners typically are besieged by long-lost friends and relatives who want to cash in on their friend\u2019s or relative\u2019s sudden good fortune,\u201d<\/strong> Jarvis explained to Casino.org<\/em>. \u201cRemaining anonymous also helps lottery winners avoid being preyed on by criminals and scammers.\u201d<\/strong><\/p><\/blockquote>\n

Jarvis further warns that lottery winners need to ensure the trustee acts in the best interest of the trust and its beneficiaries. A dishonest trustee could abscond with the money.<\/p>\n

From the lottery\u2019s point of view, trusts can be annoying.<\/p>\n

\u201cBesides the extra paperwork that has to be checked, lottery officials don\u2019t get to take a picture of the beaming winner holding a huge check,\u201d Jarvis said. “Such photos are worth their weight in gold when it comes to advertising\/encouraging others to play. And it\u2019s just not the same when the photo is of a trustee.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

A recent $15 million Massachusetts lottery winner opted to collect the massive winnings through a legal entity called a trust. That arrangement means the person or persons who hold the winning ticket can remain relatively anonymous, and still collect the money. In the case of last month\u2019s win for the \u201cMassachusetts Millionaires\u2019 Club\u201d ticket game, […]<\/p>\n","protected":false},"author":44,"featured_media":208592,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[60,13699],"tags":[],"acf":[],"yoast_head":"\nMassachusetts Lottery $15M Winner Collects Money Via a Trust<\/title>\n<meta name=\"description\" content=\"A recent $15 million Massachusetts lottery winner opted to collect the winnings through a trust. 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