lmlassociatesin c
Level 3
10-22-2023
08:01 PM
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Lawyer told him to use an LLC so he wouldn't need to release his name. He doesn't speak English so has a translator (provided by attorney) with as you mentioned a hefty legal fee, somewhere around 5k to open the LLC. I didnt get involved until his granddaughter who was already a client of mine called me after some questionable financial decisions. He spent 80% of the money already (11 million) in 5 months. There is a 1.3 million remaining tax due and the idea was to split those winnings with family, but seems to be a situation that wont work anyway.
I was hoping to avoid the standard taxes with the additional Medicare tax but being that lotto winnings are other income, seems unavoidable. Was hoping i missed something obvious.