If he was really smart he would not have claimed it this quickly. takes more time to assemble lawyer, accountant, financial guy than he took.
Also claim it at least a month later when you everything in place.
Also if you have a trust you do not want to put your name out in public or show your face. Claim it in the trust's name and keep yourself private.
Last thing you want is your face and name out there after winning 281 million.
His youth shows his ignorance.
Find it laughable anyone believes his positive twitter messages helped him win. People like this amaze me...
I wish him luck he will need it moving forward
I think they did a show in the 80's or 90's, and most are broke.
Stupid people can't manage money.
Any financial guys out there know the reason for setting up a LLC ? In case he gets sued or something?
Nothing from a financial perspective that I can think of, doesn't save on taxes either (federal anyhow, can't speak for all 50 states). Florida does not have an income tax and it repealed a tax it used to assess on investments.
It must be more of a legal issue than a financial issue. Control of assets, maybe during one's life or maybe after death or disability. Protection from creditors, although I think that's much less of an issue when you have that type of money, I'm assuming you're still going to establish a pretty healthy income stream for yourself to live on which can be tapped by creditors.
I might be missing something, but it might just be an opportunity for some attorney to benefit from a windfall
I agree with you it probably doesnt reduce his taxes on this lump sum payout. But I googled Llc and taxes and found this:
"An Llc business doesn't pay income taxes on its profits, rather any profits or losses are passed through to the owners personal tax returns."
Sounds like he might be starting a business and gets personal tax breaks next year with it.
Although I’m young, I’ve had a crash course this week in financial management
face)(*^%
I think he's going to be suckered into losing a large portion of this in sketchy investments.