I had a vivid dream a couple years ago that I won $13.2 Million dollars in the lottery. I want to be prepared, when that day comes, for what I will do with the winnings. I'm not looking for comments like "Go on a trip" or "Buy a car." I've got my own ideas in that regard
But what about the practical aspects? You don't walk into CIBC with that giant cheuque and deposit it into a single chequing account. Would you take the lump sum payment now or accept the installment plan? Does it make a difference how much you win? Do you throw it all into a regular account and get extra deposit insurance or diversify your holdings across multiple accounts, investments, etc.? What are the tax implications here? These are the kind of problems I wouldn't mind having to deal with someday. Any thoughts?