If I ever do win, the first thing I will do is type the exact amount won into my excel spreadsheet set up for it, it breaks down everything... I would take the cash rather than annuity, and a percentage would be set aside to draw from as an annual "income"... to my own checking account, until then, it would remain in the protection of a personal property trust.
I have the plan, just need the numbers...
my quick plan....
1) Quit Smoking!
2) Create the trust with one attorney
3) Have it pored over by another to be sure it's iron-clad and reflects my wishes to the letter... and is enforceable
4) Shop around for "Dream Team" players... including a high profile firm to actually turn in the ticket (signed with the trust's name and my own address (a P.O. box just for that purpose) to make the ticket no longer "hot" )
5) wait the 6 to 8 weeks for verification and payment... in the mean time, open up several accounts in the name of the trust at as many different financial institutions as I can (up to 20, getting a guaranteed 2 million worth of FDIC insurance).
6) immediately pay the taxes owed from the difference of their 27% withholding and the 35% you actually owe... once I have an after-tax figure and access to the funds, that's when the fun begins...
7) Tell immediate family...
8) Pay off every debt, Find a nice estate with alot of land, buy the Mrs. some horses ;-)...
9) move quietly with no forwarding info, return to help out family...
10) set up trust funds for the kids to begin at age 21. Tie full payment to the pursuit and attainment of a bachelor's degree... wath them enjoy financial freedom NOW rather than after we're gone...
11) for me... flight lessons, Private pilot thru Commercial cetificate, with single engine seaplane rating... Also, go to college for Aeronautical Engineering... Eventually buy the seaplane in my avatar and design others...
12) to be determined, but most likely involves an italian exotic sportscar and a full course at a high performance driving school ;-)
