Here's an article on what to do after you win:
**This link already posted in past topic threads**
http://www.mmcinstitute.com/media.html
also has some that might interest you
And here's another article I got off the web. It's from 2000 & taken off the web so I can no longer link to it. But this is from my notes: It's long so I'll break it up into many posts.
WHAT TO DO WHEN YOU WIN.............
Sudden wealth
Sure, it's a long shot, but you could come into a major windfall. A smart investment...an inheritance...the lottery...
By SUSAN FERRIER MACKAY
IE: Money
Step by step when your ship comes in
STEP 1: Consult a lawyer and accountant about tax implications before claiming your prize
STEP 2: Determine who should claim it
STEP 3: Pay off all non-deductible debt
STEP 4: Blow two to five per cent on a celebration
STEP 5: Tie up the rest of the money for six months to one year to cool off before making major life changes. Be firm -- that is, firmly negative -- about requests for money
STEP 6: Shop around for a financial advisor
STEP 7: Develop a financial plan and stick to it for at least three years
{SNIP)))))))))
You need help
If you win a lottery, experts agree that, before you claim the prize, you should speak to a tax lawyer or an accountant to determine who should own the ticket: you or a spouse or child. Legal entitlement to the winnings has income tax, estate and creditor implications you must consider. First thing after making the claim, eliminate all non-deductible debt -- mortgages, credit card balances or car loans.
If your mortgage carries a penalty for early payment, you may avoid it by borrowing the same amount from the lender, at the same interest rate. Once the mortgage is paid, you are in effect reborrowing the money. If you then invest the reborrowed money, the interest on the loan, because it's for investment purposes, is tax-deductible.
Cool off, mostly
Now what? Hank Wissenz, a financial advisor at TD Evergreen, suggests T-bills or Canada Savings Bonds for at least six months -- "A year would be even better" -- to develop the patience and understanding of what the principal can do.
"A lot of people think, 'Oh, a million dollars. At a 10 per cent return, that's $100,000 a year," Wissenz says. " 'I can quit my job and buy all the things I've wanted and live happily ever after.' But $100,000 a year, because it is investment income, is taxable. So in fact it is more like $60,000." And since many winners spend $100,000 in the first month, they have less principal to generate income.