Oh I dream about this weekly....I am all over this.
I only play if the jackpot is over 100 mil, so I would cash out instantly and taht would give me about 50 mil, I would keep 5 mil to play with, and hire an accountant to put the rest in offshored banks that are insured up to 10 mil, normally if you invest more than 5 mil you can get roughly 3% interest if you leave it there for 5 years at a time, and are allowed to remove the interest as it accrues.
So that 5 mil to pay off land debt for both sides of my family, buy me some land and build a new house, pay off siblings housing debts and establish college funds for nieces and nephews. I would also buy some nice cars and build a huge shop. Oh and I would probly build my own cutom smoker that would make a jambo look like a toy! HEE HEE.
Part of that 5 mil would also go to a kickass RV, would load the wife and baby up and spend the first couple years traveling the country and the world, all the while that 45 mil in the banks makes me about 1.35 million a year that goes into the bank account. By the time the kids hit school age we would have to settle down a bit, and we would have about 10 million or so to play with, probably start a company in renewable energy. No I am not a tree hugger that believes in global warming, I just think that getting off oil is not a bad thing, we have to go that way eventually might as well start now. I also would spend a great deal of time hunting all over the world.
Would also look into starting a trade school and scholarship system for it, because I think the current 4 year college system is completely and utterly broken and trade schools are the future.
That about sums it up. Oh and I would drop a 2010 Camaro off at lingenfelters garage with a check for 250k and tell him to make it fast! Then ship it to the nurenburg ring and spend a couple weeks tearing it up.....ya'll wanna come?