How lotteries work and 3 key steps to take if you win one

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Form 5754 prior to arriving at TEL Are prizes taxable? Yes The State of Tennessee does not tax lottery winnings, but prizes are subject to federal income

Alternatively, the winners can form an LLC and appoint a single manager to handle the logistics of receiving the winnings, reporting to the IRS Forming an LLC is one way winners can protect their winnings and privacy Whether you're a lottery winner or just dream about being one, we'll

nhdtb - 257 You set up a trust by creating a document, known as a deed of trust, that names the trustee who will be handling the assets and dealing with the beneficiaries Lottery trusts are essentially a living trust where the settlor is a lottery winner, and the assets he or she places within the trust are the