Tax
Aug. 19, 2022
Tax planning for the $2 million lottery (or bonus)
There are at least three legal and ethical structures that can significantly mitigate the ultimate tax cost.
Owen Kaye
Managing Partner
KFB Law Group
12100 Wilshire Blvd #245
Los Angeles , CA 90025
Phone: (310) 207-8008
Fax: (310) 207-8708
Email: owen@kfblawgroup.com
Western State Univ College of Law
John and Sally live on John’s AFTRA pension; Sally’s CALPERS pension; and Social Security. They live within their means. However, every week they spend two dollars on lottery tickets. They daydream: “What if?”
One day there is a big drawing. They don’t win. But they get a large consolation prize: $2,000,000! They come to your office and ask: is there something you can do to help reduce the tax? Their CPA estimates a federal tax (there is ...
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