What would you do?

[Agmen of Eladesor]

Live in Australia, all lottery wins are tax free and paid immediately.

Unfortunately, it's money earned in the United States. So you'd still be responsible for 30% U.S. Federal taxes. You wouldn't have to pay double (or any) Australian taxes at all. (Note that this is from Article 21, paragraph 1, of the Tax Treaty between the US and Australia, signed August 6, 1982. And yes, I do like reading this sort of stuff for fun.)

Oh, and the jackpot is now up to $540 million, and the drawing isn't until tomorrow night - so it could reach $550 - $575 million.

On a personal note, since I didn't say too much - here in the U.S., you may gift people with up to $10,000 per year and they don't have to report it as income. Yet even half of that amount can make a huge difference in someone's life.

Since I'd take the cash option, and end up with around $260 mil, even at a conservative investment return of 5%, you're looking at $9,000,000 in after tax income per year ad inifinitum. So going out and helping 1,000 people per year by gifting them with $5,000 each - or doing that 'random act of charity' and going into Wal-Mart and paying off the Christmas layaways of $250 or less for 4,000 families wouldn't even begin to make a dent in the fortune.

Cruise around the world.

Buy my own B-17 (since I think that's the coolest airplane ever).

Obviously you'd have to have some full time security people.

Play in the WSOP and every other major poker tournament.

Make a decent sized donation to IU Medical Center in Indianapolis. The last 27 years of my life have been a gift from them.

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Oh god... The end of days... Agmen agreed with me.