Search results
- When it comes to your lottery winnings, having blind trust means the public doesn’t get to know who created it, and the person who created it gets to control it. Ohio law requires prizes to be claimed at an Ohio Lottery Regional office. If you set up a blind trust, your attorney can assist with that process and your anonymity will be maintained.
manning-law.com › legal-considerations-if-you-win-the-lottery
Nov 15, 2022 · A blind trust can be an excellent way to protect your privacy and prevent conflicts of interest, but only if it is set up correctly. An experienced estate planning attorney can help you set up a blind trust that meets your needs and complies with the law.
People also ask
What is a blind trust?
Who can set up a blind trust?
Who would benefit from a blind trust?
Can a blind trust be a trustee?
A Blind Trust is a type of Trust used in estate planning where the beneficiary does not know the Trust holdings and has no right to manage those assets. This can prevent potential conflicts of interest, making it a popular choice for high-profile individuals and business owners.
Dec 1, 2023 · A blind trust is a type of living trust, either revocable or irrevocable, that grants full control of assets to the trustee. The trustee for a blind trust cannot be the trustor. The trustee must be a third party who doesn’t have a close, personal relationship to the trustor.
- General definitions. September 12, 2008. House Bill 499 - 127th General Assembly. PDF: Download Authenticated PDF.
- Application of trust chapters. September 12, 2008. House Bill 499 - 127th General Assembly. PDF: Download Authenticated PDF.
- Actual and constructive knowledge of facts. January 1, 2007. House Bill 416 - 126th General Assembly. PDF: Download Authenticated PDF.
- Trustee powers, duties, and relations - beneficiaries' rights. January 1, 2007. House Bill 416 - 126th General Assembly.
A blind trust allows you to remain anonymous and gives someone else control over trust assets to avoid conflicts of interest or maintain your financial privacy. They can also help you comply with insider trading laws or remain anonymous after winning the lottery.
A blind Trust is a powerful tool used to establish a degree of separation between you and your assets. This can come in handy if you’re looking to create confidentiality, or want to eliminate any perceived conflicts of interest.
Jun 12, 2018 · In those states, you don’t need to set up a blind trust if you win the lottery. These states include Ohio, North Dakota, Maryland, Kansas and Delaware. If you live in any other state, some of those state lotteries advise winners to set up a blind trust.