Depends on how much I won - but anything over 10 mil I would probably go annuity.
Annuity works for a lot of reasons.
•) It controls my spending
•) guarantees I'll never run out of money (short of a global collapse - but then again ALL money will be useless if that happens...)
•) When my friends find out I won, I have a wonderful reason to say "I'll help you soon, but I chose the annuity - so you will have to wait until I get to you. Unless you have a BIG emergency that I can help you fix right now."
As for what I would do with the money - primarily would be to help others in need. But my basic plan goes as follows:
•) Pay off anything that my parents need, and send them off on a world-tour vacation. They deserve it. ^_^
•) Pay off my Condo in Illinois and my other condo (rental) in South Carolina.
•) Make a list of all friends and family who have helped me in a time of need - and check who can use the most financial help.
•) Go down list of friends/family and help them financially with something. (Paying off their mortgage, pay off credit cards, purchase investments for children's college, ect...)
•) When the list is done, I'll invest some money into my condo building association for paying off their debts due to bad homeowners who have been evicted, and help my neighbors who have helped me.
•) Research charities (particularly ones that help people to keep their homes) and invest the rest of my money in those charities. It would be a wonderful feeling for me to be helped to keep my home out of the blue by winning the Lottery, so I want to share that with others and help them keep theirs.
Toy-wise? Not a lot I would buy. Maybe a new car - a 4-door sedan with all-wheel drive (should I stay in the northern temps) and would go Hybrid :P. I'd buy a nice gaming rig for sure... and maybe put some money to spruce up my condo's furnishings. But that's about it really... I don't need too many toys, and I would rather travel than play with toys at home.