The cash option for Powerball is approximately half the total prize if paid over 25 years. We have a serious discussion at work as to whether the odds of winning the Powerball increase, decrease or remain the same depending on how many tickets are sold. In some states you can buy a year's worth of tickets at once. Everyone gets so excited when the Powerball jackpot goes way up to the multi-millions of dollars. I'm in a Lottery pool at work.
Payments continue to the winner's estate until exhausted.
The Lottery also permits the estate to request that the securities portfolio held for the winner be turned over to the estate. This permits the estate to pay inheritance taxes immediately, avoiding any penalties, and to distribute the remainder to the heirs. The amount of the payment will be based on the present value of the securities being held by the Lottery. Then, of course, no more payments exist. There are also certain lifetime prizes in the Lottery.