Winners of Huge Jackpot Will Receive Winnings Through Trusts

Last week, three Connecticut asset managers came forward to claim a $254.2 million Powerball jackpot on behalf of the Putnam Avenue Family Trust. The beneficiary of the trust has been revealed as the Western Putnam Avenue Trust—both trusts were formed by the asset managers in connection with the lottery winnings.

The three managers have stated in affidavits that they are the sole “lifetime beneficiaries” of the Western Putnam Avenue Trust which will receive all the assets held in the Putnam Avenue Family Trust when it expires on Nov. 22, 2012. According to the group’s attorney, the structure of the trusts was not intended to hide anything, but was set up for privacy and estate planning purposes.

See Kevin Roose, It’s Official, 3 Asset Managers Will Share Huge Jackpot, DealB%k, Dec. 6, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.