I think I would take it in one lump sum. Pay off all debts and invest the rest.

I would take the money up front. One of the things I would want would be a new home and in my area a really nice home might just take the whole million. (I am a sucker for a view) I would still be making something as I would be putting it in equity. Then living off of just DHs Salery would be a little easier and the left overs could be re-invested.

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i would do as others said i would take the lump sum pay off every bill i have and invest the rest myself

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I would take the lump sum and invest it. 4.5% is pretty low. I think investing it on your own could offer just as much security or more if done correctly.

Estate tax is only paid by the estate itself; and only if the estate is worth over 2 million dollars (In 2009 it goes up to 3.5 million). So, the beneficiary himself doesn't pay the taxes on an inheritance.

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This is a tough, tough call! Yes, it would mean the end of debt for us. $5000 a month sounds like a great deal of money compared to what we are making now. However, it would mean the end of all Medicaid and SSI for Tommy. It's sad that that amount of money would never cover his medical bills if we paid out of pocket. Most insurance companies would never touch him with his pre existing conditions or the rates would be so hard, we'd be better off in poverty. Now, if I could guarantee his health for the rest of his life, yes, we'd take it. Otherwise, I would have to decline or make someone not in our home responsible for the money.

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I would take it over the thirty years. If I had it I would give it all way to my family and then I would have nothing. This way when they ask me for it I can only given them small amounts and not have to feel guilty about saying no. I know that sounds like a wimps answer but its the trueth.

It's not a wimp answer. It's the truth for me too. Family dynamics are interesting.

My BIL and his wife make really good money. They have a cottage, a 5000 sq foot house filled with antiques, they take ski vacations in Europe every winter, etc etc. My SIL (his sister & my husbands sister) makes a very modest income. And their relationship is fractured because she is jealous and she thinks because he has so much more, he should share. If we suddenly came into a million, there would be a HUGE expectation that we would share it. I'd like to share it but I want to do it on my terms and not because it's assumed that I will.

However, if I suddenly got a job that made $60,000 on top of what we already make, there wouldn't be any expectation that we would have to share it. We live generously but we could then be generous without risking the principle.

We knew someone who won $350,000 and even that amount fractured so many of his relationships. Out of guilt he gave most of it away after paying off what was left of his small mortgage. Money changes people but sadly it tends to change the money around the people who have it more than the people themselves. By making the payments more even, at least for me, this would help reduce the changing relationships around me.

Honestly, if you all knew I came into a million (I didn't) would you honestly be able to respect my posts about about being frugal? Yet if you knew my income was $60,000 a yr (it isn't), I'm not sure the same issues would be there.

I honestly believe that the nightmare lottery guy wouldn't have the problems that he did if he took his money over a long time.

Again, not that there is any right or wrong answer here. But don't think your answer means your being a 'wimp'. It means that you are being sensitive to your particular family / friend dynamic.

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I have won money a two times in my life and both times caused fights. It does bring out the worst in people!!!!! I know there would be many hands out and I'm not sure how I would feel about that. Selfish me, would want to store it all away so that my kids wouldn't have to worry in the future and just handing out would hurt them in the long run. hmmm

That said, I'm still on the fence. I would probably invest it and get the monthly payments. It would keep us in check so we didn't blow a lot of it.

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If I ever won ANY large amount of money I would have it payed to me monthly. With that I wouldn't need to teach. My expenses in a month are under 2000 so if I had 5000 I'd feel rich. I think this would be my best bet to make sure I don't do something foolish with it or become a different person. I would cut less corners but ultimately I think I'd be happier with less- helps you appreciate the luxuries you DO get.