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Level 2
October 19, 2021
Solved

If I win 1 million from Texas lottery , is it better to claim it as a married filing jointly ( with kids ) or as s corporation or as LLC ?

  • October 19, 2021
  • 5 replies
  • 78 views
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Best answer by rjs

Consult a local lawyer who specializes in advising major lottery winners.


Do you live in Texas? If not, consult a lawyer who is licensed to practice in the state that you live in.

 

5 replies

rjs
Level 15
rjsLevel 15Answer
Level 15
October 19, 2021

Consult a local lawyer who specializes in advising major lottery winners.


Do you live in Texas? If not, consult a lawyer who is licensed to practice in the state that you live in.

 

Level 15
October 19, 2021

I agree with @rjs and be sure to contact a lawyer who practices in this area before you claim the prize.

Level 15
October 19, 2021

A single member LLC would be taxed for federal purposes exactly the same as yourself as an individual.  I don't know whether you would get any liability protection, but you might be able to keep your personal name private (depending on Texas law).  

 

I don't know anything about S-corp taxes. 

YESSWECANN
Level 2
October 23, 2021
Level 15
October 23, 2021

Start searching for an attorney at the site below.

 

https://avvo.com

 

A referral is your best bet.