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Level 2
posted Oct 18, 2021 7:13:20 PM

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 ?

0 5 1450
1 Best answer
Level 15
Oct 18, 2021 8:05:21 PM

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
Level 15
Oct 18, 2021 8:05:21 PM

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
Oct 19, 2021 9:17:36 AM

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. 

Level 15
Oct 19, 2021 9:23:24 AM

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

Returning Member
Oct 22, 2021 11:52:44 PM
Level 15
Oct 23, 2021 7:06:43 AM

Start searching for an attorney at the site below.

 

https://avvo.com

 

A referral is your best bet.