How long do you plan on living? ..What's the minimum you can live on now? ...and adding 5% per year for inflation until you die.. That's pretty-much how much you need to be as comfortable as you are today..
Now.. If we're talking lottery mega-bucks.. Then it's down to how optimistic you are, you'll be investing (you're just gonna need to), so, when you invest, if you expect to make small returns on investment 3-4% per year say - then take the lump sum, any higher take the annuity..
Don't ask me how the math works, but, was informed, that's just how the cookie crumbles on Mega Buck$$
...Yes, gonna need lawyers to draw up papers to make sure that the money is protected and that it is robbed of any power, i.e. ..the wife don't bail and rob it all to spend on shoes etc.
Family? ...If you ain't in the mood to buy an new one, allocate a fund taken from a percentage of investment returns for "PIA family gannets" and budget it.
Also, Rich or Poor.. Gotta live on a budget..
If you win the lottery, $400 million say.. Mmmmm..After taxes lump sum say 70 million...
.. You can invest, spend a million a year (on, whatever), and still have high 200 millions in the bank after 30 years of investment returns..
...you could practice the Mike Tyson Method of Respectibiller-er Finance.. Spend half a million a month, rape some chick, and resort to cannibalism, when hungry, when you run out of cash.
...Cause.. Blowing through money like that.. Just Gonna Happen!