My all time fave is the guy, year's ago, in NY, Curits something....who won like $50 mil and shows up the next day to claim his prize, in a limo, dressed in a tuxedo, with a bowler hat, his wife, AND his girlfriend...whe that story broke, the over/under on how long before he went broke was about 10 years..it was less.l.
With the state of the economy as it is, including State governments looking for ways to unload debt, lump sum.
I wouldn't trust the States to honor an annuity 10-30 yrs, down the line.