Firstly, I will get in contact with a financial lawyer and set up a Family Trust! Then, I will have the Trust accept the lottery. From there I will take money from the trust!
The first this I would is pay off any debt my wife and I have! Then, I would completely pay off the rental property so we can finally make a profit off of that asset!
Then, I will ask both my parents if they have any debt. I will also ask my wife’s parents if there is any debt that needs to be paid off. I think both sides have done well enough to pay off their debts by now but I haven’t asked.
Then, I will open a high yielding savings account for my kids. This will be for their college fund or an adult life starter fund. Not every kid wants to go to college. They can easily go to trade school and master a trade and then open up their own business!
I will research some charities and homeless shelters around my area. Then, I will donate some money to help ease the burden! If possible, I will consider buying land. I can build small homes on the land for the homeless to live in.
