Idiot. Stopped reading right there. NO WAY IN HELL I would trust the government or an insurance company to fulfill their obligation/contract/promise.
TAKE THE LUMP SUM After
1) Call trust attorney that has experience WINNING IRS court battles.
2) Call Tax Attorney that has experience winning IRS Court battles,
3) Then call me for tax free munis and general securities.
930mm cash payment=
403mm Fed 39%+ Obamacare tax
69mm average state 7.5% state income tax
Net After tax winnings = approx. $450mm
Unless you live in 0% state income tax state (TX, NV, FL,etc) = $525mm after tax winnings.
Take 25mm and pay off all your debts, and those you love/trust. The remainder is cash/wants such as new home, car, land, guns, jewlrey, etc.
Then the rest, 500mm, you invest in tax free muni bonds. Even at 3.5% yield, that's still a staggerting $17mm tax free income a year.....and when the bonds mature, you still have 500mm.
Make sure your bonds are at least AA or higher rated with UPDATED credit report, preferably with AGM, BAM, or NAT RE insurance.
Then change your phone number ;) Gift to charities from your $17mm/yr income. (you can gift $14,000.00/yr tax free gift exclusion to anyone, or a x1 lifetime tax free gift exclusion of $5,450,000.00 for 2016).
I would have my attorney allocate percentage ownership of the winning ticket among those to whom I intended to gift. That way, their initial payout after taxes would account for the amount I might gift, so as to avoid gifting restrictions/taxes.
Good advise. Just get a very reputable financial attorney and accountant. With winnings that big, spend money on the family and maybe very close friends. Life is short. You'd expect the same if one of your family members hit it this big. Bottom line is don't get suckered or go crazy blowing big dollars are high priced extravagant BS. Just be sensible.
With 500 million or so after taxes, you, your entire family and a close friend or two could have a great time and basically do what you please and still have plenty left over for the grand-kids.