Don McNay Says Lottery Winner Can Remain Anonymous
Dec. 15, 2007
Linville Lee Huff of Bullitt County Kentucky was the winner of the December 12, 2007 $33.8 million Powerball Jackpot. Huff claimed the cash option of $16.8 million.
As reported in a (Louisville) Courier Journal article, Mr. Huff had requested that his cashing of the winning ticket remain anonymous. However, his name was obtained by the Courier Journal after it made an open records request to the Kentucky lottery.
”There are a variety of ways Mr. Huff could have protected his identity,” said Richmond Ky. Don McNay. “He could have had advisors set up a trust or a corporation.” author and lottery expert,
”There are Kentuckians who have protected their identity by setting up corporations,” said McNay. “A $148 million Powerball winner in Ohio protected his or her identity by setting up a trust.”
McNay is the author of the recently released book, Son of a Son of a Gambler: Winners, Losers and What To Do When You Win The Lottery. The book is published by RRP International and can be found at www.sonofagambler.com
“I wish Mr. Huff had sought advice, read my columns or had a copy of my book,” said McNay. ”
McNay has written extensively about lottery winners and offer three tips for lottery winners:
1. Never let anyone know you have won. “Winning the lottery is a life changing experience,” said McNay. ”Several well known lottery winners, like Jack Whittaker in Hurricane, West Virginia, who have run into legal and financial difficulty after publicizing their lottery winnings.”
2. Before you cash a ticket, seek out advisors. “There are attorneys, financial advisors and trust officers who have expertise in dealing with the legal, financial and tax implications of winning the lottery,” said McNay.
3. Take the payments over 30 years instead of the cash option. “Although more than 90% of lottery winners take the cash option, there are a number of financial planning and tax advantages to taking payments over time,” said McNay.
”I does not look like Huff followed any of the three rules,” said McNay. “It is estimated that over 90% of people who win large lottery amount spend all of their money in five years or less. I hope that Mr. Huff is not one of those people.”