topic 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 ? in Business & farm

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 ?

The Dragon — Tue, 19 Oct 2021 02:13:20 GMT

Re: 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 — Tue, 19 Oct 2021 03:05:21 GMT

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.

Re: 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 ?

Opus 17 — Tue, 19 Oct 2021 16:17:36 GMT

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.

Re: 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 ?

Anonymous_ — Tue, 19 Oct 2021 16:23:43 GMT

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

Re: 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 ?

YESSWECANN — Sat, 23 Oct 2021 06:52:44 GMT

www.lottoanalyst.com/lottery-trusts

Re: 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 ?

Anonymous_ — Sat, 23 Oct 2021 14:06:43 GMT

Start searching for an attorney at the site below.

https://avvo.com

A referral is your best bet.