For reasons unknown, I found myself today in a whole bunch of posts on "what to do if you win the lottery."
It is fascinating reading. I don't know if it's sour grapes or the truth but many people cited instance after instance where no matter how many millions were won, many winners were broke in a few years.
The "experts" advised (a) keeping the win to yourself as long as possible, only sharing it with your spouse (assuming you are in a good marriage.) Also, they said don't turn in your ticket right away but put it in a safety deposit box while you consult with expert lawyers, accountants and financial advisors. Let's assume you win $20 million---what would you do?
I really need to ask the lawyers who are reading this (if any) about the advice to "set up a trust." Does that mean you don't opt for the immediate pay-out or does that mean the monthly pay-out will continue to go to your heirs after you die?
My husband and I are getting older so we are a little leery of the monthly pay-out unless it would continue to go to our kids and grandkids.
No, I haven't won a lottery and don't ever expect to, so the questions I'm asking are out of pure curiosity.
Also, I haven't written a Kos diary that I haven't been "slammed" on, people on this site are not all that thrilled with my topics. But my middle name is "perseverance" so maybe someday I'll write something that you find interesting and worthwhile.
To go back to the original question, what would you do if you suddenly had $20 million?