Would you take a lump sum or annuity lottery winnings and what would you do with the money [View all]

With the Powerball Lottery sitting at $1.6 billion dollars, which would you take, the lump sum or annuity payment?
A lump sump would reduce the amount of the lottery and the remainder would be subject to federal and state (where applicable) taxes.
An annuity would be paid over a 30-year period

I would take lump sum even though it would mean losing over half the amount of the money. I'm 75 and I doubt I'd live to collect the full 30-year payout. I could set it up to so after I die I could leave it to one or more persons. What I would do with the money is to give half the after tax money to charities and good causes but not to political parties, candidates for office, political issues/causes and the like, nor to any religious organizations because they receive the bulk of donations. I'd prefer to give the money to smaller charities and good causes that don't get the support they need. The money I'd won in the lottery would be more than I'd ever need for 10 lifetimes.

With the remainder of the money, I give my three siblings, three nieces, and nephews enough money to take care of them or set them up to live comfortably for the rest of their lives. For my nieces and nephews, I'd set up trust funds for them where they could withdraw $100,000 a year for the first 10 years, $150,000 the next 10 years, and $200,000 the next 10 years. Once they reach age 60, they get the entire remaining amount. I'd also put in a restriction such as they cannot use the trust as collateral or sell/trade their trust.

The remainder of the money I'd buy me a new condo, put enough money in treasury bills/bonds to protect my assets, and invest the remainder in the stock market. I'd take half the amount I make each years, after taxes, and continue to donate to charities and good causes. The other half I'd use for my living expenses and reinvesting.

So, which would you take, the lump sum or the annuity and what would you do with the money?