Today got a client asked, what he should do if he got $500K?

How risk adverse is your client? If very gung-ho, consider learning to manage an options portfolio for 40% returns, p.a.

If he wants to convert it all into a steady stream of income, getting a leveraged annuity could be the wisest choice. Its possible to turn that 500k into 42k per year in 5 years for the rest of his life without reduction in his capital.

I wouldn't choose property because even that doesn't provide a guarantee of income or capital.