I've always said I would elect the cash option if I ever won big, but cases like these are causing me to rethink my position. Maybe we should be lobbying for a change in the prize structures of lotteries to produce more winners of smaller amounts. It might even be wise to eliminate the cash options altogether and require everyone to legally designate, up front, what happens to their, say, "$2000 a Week for Life" payments when they die. And how about a provision that beneficiaries only receive 1/2 of the principal's annuity payments. This way, "friends" and relatives would have an incentive to keep their cash cow alive!
I know this would end all the "fun" of buying multi million dollar villas and other extravagances, but wouldn it also be fun to be alive, and have a lot more people winning and enjoying the smaller prizes?
Happy Thanksgiving Everyone!