Question
please assume that you have won $100 million dollars (after taxes) from the Mega-Millions lottery. You will receive your lottery winnings on 7/1/2024. You have
please assume that you have won $100 million dollars (after taxes) from the Mega-Millions lottery. You will receive your lottery winnings on 7/1/2024.
You have decided to invest $50 million of your winnings in safe and secure investment products - a wise move! You have also decided to set up a trust for the benefit of your family, friends, and/or charity. Now you must answer the following questions as you draft your trust.
1) Who will benefit from the trust?
2) Who will be the trustee or trustees?
3) How much money will you place in the trust? (You have $50 million at your disposal but need not include the entire amount)
4) What type of trust will you create?
After you have answered the above questions, please draft a trust instrument detailing your wishes as settlor of the trust.Depending on several factors, including how complicated you wish to make the trust and how many beneficiaries you have, the trust instrument will vary in length but should include all necessary provisions to have a legally enforceable trust that articulates your wishes and anticipates possible issues.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started