The Big Win - What are the pros and cons
I know that this has probably been a thread in the past, but I can't find it.

If you win a big one (6 figures), how do you take it to most profit you and not the government or casino?

If you decide to take it as a lump sum do you have them take the taxes (govt and state) out first and take what's left or do you just let your accountant figure it out or do you just go to the IRS and State Treasury and say "this is what I won, what do I owe you?

Is there a minimum amount that you win that you don't have to take the yearly installments - and how many years are the installments? Do you get some of it right away or do you have to wait a year for the installment?

I know that if you win Powerball or MegaBucks and take the lump sum, you lose 40% right off the top because of the "projected interest" it could accrue over the years and then comes the taxes due.

What scenario would you chose?

For all you experts out there; I was just wondering . . .