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 ?

[rjs · Accepted solution]

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.

[Opus 17]

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. 

[tagteam]

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

[YESSWECANN]

www.lottoanalyst.com/lottery-trusts

[tagteam]

Start searching for an attorney at the site below.

https://avvo.com

A referral is your best bet.