I would take the lump sum and then work with a tax accountant to lower possible taxes.
I don’t trust the state enough to pay me out over 20 years. If I could trust the state, I would probably take the annuity.
Most financial advisors I found online seem to suggest the annuity option is far better than taking the lump sum option, if the payout is $10 million and above. Just google ‘lottery winnings annuity vs lump sum’ and you will see their reasoning. The are other factors to consider, I’m sure.
there just ain’t no way to lower the taxes on a lump sum.
some question on here whether you can move to TX NH or FL before cashing the ticket. not sure what the answer is on that ... to avoid state income tax.