Blind Trust Example For Lottery Winnings
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FAQ
A blind trust is most common with public officials whose decisions can directly affect the financial markets, but another example would be creating a blind trust to hide its monetary value from an individual whose behavior and actions would change if they were privy to it.
Imagine you won the Powerball jackpot and you were going to take home $100 million. The Powerball annuity option would split that prize into 30 lottery payments. You'd get one payment immediately and the rest would come in future payments every year for 29 years. Each payment would be roughly $3.33 million.
If you are part of a winning lottery pool, an irrevocable trust guarantees that everyone gets their share of the winnings at the beginning of the trust process and helps prevent future disputes among the winners.
An irrevocable trust, however, gives you greater asset protection. They protect lottery winnings and investments because the assets legally do not belong to you, and they benefit your family, as they are not subject to estate taxes.
In a blind trust, an individual places assets that could otherwise create conflicts of interest into an asset vehicle ("trust"). Control over the trust and its assets are given to an independent trustee, who may buy and sell assets without the knowledge or consent of the beneficiary ("blind").