Houston Estate Planning Law Blog

81-YEAR-OLD WOMAN CREATES A TRUST WITH HER LOTTERY WINNINGS

Many Texas residents wish they could win the lottery. What would you do if you won? Buy a boat? Purchase a new home? Or, would you save all of your winnings for your family and friends? In a recent story, a woman will have the opportunity to purchase nearly anything she wants with her new winnings.

It all started when a woman had a craving for dessert. She journeyed to her local Stop and Shop to ease her hunger, and while she was in the store, the woman decided to purchase a Powerball ticket. Much to her surprise, the 81-year-old woman won $336.4 million. She is the winner of the sixth-largest prize in the United States. According to sources, to protect her savings, the woman opted for a lump sum of $210 million and set up a trust under the name “Rainbow SherbetTrust.”

Sources say that the woman was so shocked. She did not claim her prize for about one month. In fact, she kept the ticket in a Bible and slept with it in her bed. Once she got over the shock, the woman was smart and set up a trust for her winnings. It is extremely important to make plans for such a large amount of money. With proper trust arrangements, the woman can ensure that her family and loved ones are financially cared for after she passes.

The woman made a statement about her incredible luck: “I’m very happy and I’m very proud and this will make my family very happy. We are truly blessed. Thank you.”

Source: New York Times, “$336.4M Powerball winner is 81-year-old woman,” Mar. 6, 2012

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