FILE - In this Dec. 13, 2004 file photo, Jack Whittaker heads toward the Putnam County Judicial Annex in Winfield, W.Va. Whittaker won the $315 million Powerball jackpot in 2002, but fell victim to scandals,... (Associated Press) 
 
 With a half-billion-dollar multistate lottery jackpot up for grabs, plenty of folks are fantasizing about how to spend the money. But doing it the right way _ protecting your riches, your identity and your sanity _ takes some thought and planning. 
 
 Making sure you don't blow the nation's largest-ever lottery jackpot within a few years means some advice is in order before the Mega Millions drawing Friday, especially if you're really, really, really lucky. 
 
 Q: What do I do with the ticket? 
 
 A: Before anything else, sign the back of the ticket. That will stop anyone else from claiming your riches if you happen to drop it while you're jumping up and down. Then make a photocopy and lock it in a safe. At the very least, keep it where you know it's protected. A Rhode Island woman who won a $336 million Powerball jackpot in February hid the ticket in her Bible before going out to breakfast. 
 
 Q: What next? 
 
 A: Relax; breathe; take time to think about your next move. Don't do anything you'll regret for the next 30 years, like calling your best friend or every one of your aunts, uncles and cousins. It doesn't take long to be overwhelmed by long-lost friends, charities and churches wanting to share your good fortune. You've waited a lifetime to hit the jackpot; you can wait a few days before going on a spending spree. 
 
 Q: So whom should I tell first? 
 
 A: Contacting a lawyer and a financial planner would be a lot wiser than updating your Facebook status. Make sure it's someone you can trust and, it's hoped, dealt with before. If you don't have anyone in mind, ask a close family member or friend. Oklahoma City attorney Richard Craig, whose firm has represented a handful of lottery winners, says it's essential to assemble a team of financial managers, tax experts, accountants and bankers. 
 
 Q: Remind me, how much did I win? 
 
 A: As it stands now, the Mega Millions will pay out a lump sum of $359 million before taxes. The annual payments over 26 years will amount to just over $19 million before taxes. 
 
 Q: How much will I pay in taxes? 
 
 A: This partly depends on where you live. Federal tax is 25 percent; then there's your state income tax. In Ohio, for example, that's another 6 percent. And you might need to pay a city tax depending on the local tax rules. So count on about a third of your winnings going to the government. 
 
 Q: Should I take the cash payout or annual payments? 
 
 A: This is the big question, and most people think taking the lump sum is the smart move. That's not always the case. First, spreading the payments out protects you from becoming the latest lottery winner who's lost all their money. Don McNay, author of the book "Son of a Son of a Gambler: Winners, Losers and What to Do When You Win the Lottery," says nine out of 10 winners go through their money in five years or less. "It's too much, too fast," he says. "Nobody is around them putting the brakes on the situation." 
 
 Q: But what if I'm good at managing the money? 
 
 A: Invested properly, the lump sum option can be a good choice. There's more planning that you can use to reduce estate taxes and other financial incentives. Others, though, say that with annual payments, you are taxed on the money only as it comes in, so that will put you in a lower tax bracket rather than taking a big hit on getting a lump sum. And you still can shelter the money in tax-free investments and take advantage of tax law changes over the years. 
 
 Q: Should I try to shield my identity? 
 
 A: Absolutely. This will protect you from people who want you to invest in their business scheme or those who need cash in an emergency. Lottery winners are besieged by dozens of people and charities looking for help. "There are people who do that for a living. Unless you understand that, you can become a victim very quickly," says Steve Thornton, an attorney in Bowling Green, Ky., who has represented two jackpot winners. 
 
 Q: So how can I protect myself? 
 
 A: Again, it somewhat depends on where you live. In Ohio, you can form a trust to manage the money and keep your winnings a secret. In other states, you can form a trust but still be discovered through public records. And a few states require you to show up and receive your oversized check in front of a bunch of cameras, making it impossible to stay anonymous. Thornton set up a corporation in the late 1990s to protect the identity of a client in Kentucky who won $11 million. "No one had done this before, and there were legal questions about whether a corporation can win," he says. "We were able to hide their names." 
 
 Q: Is it OK to splurge a little? 
 
 A: Sure, it's why you bought a ticket, right? "Get it out of your system, but don't go overboard," McNay says. But remember that if there's a new Mercedes-Benz in the driveway, your neighbors will probably be able to figure out who won the jackpot. 
 
 Q: How much should I help my family and others? 
 
 A: It's certainly a natural desire to help relatives in need and take care of future generations. But use extreme caution when giving out your money. Jack Whittaker, a West Virginia contractor who won a nearly $315 million Powerball jackpot in 2002, quickly fell victim to scandals, lawsuits and personal setbacks. His foundation spent $23 million building two churches, and he's been involved in hundreds of legal actions. "If you win, just don't give any money away, because the more money you give away, the more they want you to give. And once you start giving it away, everybody will label you an easy touch and be right there after you. And that includes everybody," Whittaker said five years ago. 
 
 ___ 
 
 Associated Press writer Vicki Smith in Morgantown, W.Va., contributed to this report. ||||| ADVERTISEMENT 
 
 It's been said that you're less likely to win the lottery than you are to be struck by lightning. 
 
 If that's the case, the odds are even slimmer for Peter McCathie. 
 
 The owner of the Amherst Shore Country Store in Amherst Shore, N.S. was once hit by a bolt from the sky. 
 
 And now he's sharing a $1 million prize with co-worker Diana Miller. 
 
 Congrats to Peter McCathie & Diana Miller! The 2 co-workers from Cumberland Co. #NS won $1M on #lotto649! pic.twitter.com/zjLJKjMVCV — Atlantic Lottery (@AL_Lottery) July 20, 2015 
 
 The pair had been buying tickets for approximately one year, and had bought the latest one from the very store that McCathie owns. 
 
 They purchased it through what's known as a "Retailer Play" button, which allows store owners or employees to buy tickets and avoid disputes later, The Amherst Daily News reported. 
 
 "I honestly expected to get hit by lightning again first," McCathie told CTV News. 
 
 The Nova Scotia man was struck by a bolt while on a boating trip when he was 14, the network said. 
 
 "I was trying to lock the boat up, it was a very sunny day, there was one big, white cloud in the sky and the lightning bolt came through the trees and hit me," McCathie said. 
 
 He now plans to spend the winnings paying off debt and taking a second honeymoon with his wife. 
 
 Miller, meanwhile, wants to take a trip to Cancun. 
 
 University of Moncton mathematician Sophie Leger calculated the odds of winning the lottery AND being struck by lightning at about 1 in 2.6 trillion, CTV News reported. 
 
 In other words, if McCathie were a U.S. resident, he'd have had a better chance of being a movie star (1 in 1,505,000) or being attacked by a shark (1 in 11.5 million), according to NBC News. 
 
 Thank goodness the odds have finally turned in his favour. 
 
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 Follow Us On Twitter ||||| (CNN) -- A few lucky folks across the country will wake up Wednesday a whole lot richer after hitting Tuesday night's $636 million Mega Millions jackpot. 
 
 People who play the lottery love to dream about the things they'd do if they won the big one. Telling the boss off might top your list (not mine, oh no, not mine). Maybe a new mansion and a fancy car and a gasoline-powered turtleneck sweater (right, Steve Martin?). 
 
 We know at least two people matched all the winning numbers: 8, 20, 14, 17 and 39, and a Megaball of 7. If those showed up on your ticket, there are a few important things you should do before you go out and blow your winnings. 
 
 1. Sign the ticket. 
 
 You didn't already? Are you crazy? What if the roommate "claims" it? What if your significant other isn't as significant as you thought? What if you are showing it to someone, say over a beer or 10, and it goes missing? What if you forget it on your desk and you suddenly have the richest cleaning person in the U.S.? Sign it -- if you didn't when you bought it -- because whoever has an unsigned ticket when it gets turned in can call dibs on it. 
 
 It's also time for a selfie. With you and said ticket. It might even be a good idea to run to the drug store and buy a camera with actual film in it. 
 
 And then find a hiding place for that ticket. A safe deposit box is probably, yes, safest. Or go get a portable home safe. Remember, this ain't Canada; no one is going to track you down to hand you your millions. 
 
 2. Contact people who have dealt with large sums of money before 
 
 And we don't mean your Uncle Eddie who says he's doing great with his online stock portfolio or a cousin who just passed the bar. Start with one experienced attorney and look for a seasoned certified financial planner. You don't want to contact more than a few people, lest the word get out before you even get the big cardboard check. 
 
 Your biggest decision right now is whether to take the cash prize (the actual money in the pot) or take an annuity (the estimated value of the cash option plus whatever interest it will earn over 30 years). 
 
 It seems like a no-brainer to get it all up front and do your own investing, but a bright financial mind will help you see if it's best to get 30 checks over time or one check. 
 
 The lawyer you pick will also need to hook you up with specialists in subjects like estate planning, taxes and such. You might want to know if it's best to buy Mom a house or just give her some cash each year or set up some sort of trust fund. I vote to buy the house and let her live there. Wait, is that OK? Need a lawyer. 
 
 Why you keep playing the lottery 
 
 3. Figure out if you can stay anonymous 
 
 Chances are, you can't. Only a few states like South Carolina allow it, so you may want to hire a media consultant or a PR flack. Let someone else plan your appearances after you claim your coin. And remember, you don't have to make your decisions right away. You might have as long as 180 days to claim your prize, but check state rules while you're looking to see if you can remain anonymous. 
 
 But it would be best if you didn't have to give out your name, some former winners say. 
 
 If you can't, lie low for a while. If you can't lie low, it might be prudent to hire a bodyguard. We don't want you to be like the winner in Florida who ended up buried under a driveway. 
 
 4. Plan a trip 
 
 Speaking of staying out of sight, it might be a good time to head to South America. We hear it's nice this time of year. Or someplace like the U.S. Virgin Islands if you don't have a passport. 
 
 One set of winners went straight from the news conference to the airport. They were gone for weeks. If it were me, I might have the news conference at the airport, in front of the private jet. 
 
 If you do duck out for a few weeks, you probably won't come back to find the news media parked in front of your house and people won't recognize you in stores. 
 
 Now there probably will be a pile of mail and e-mails from relatives you never knew you had and messages on the answering machine (if you still have your phone connected). 
 
 Sudden lottery fortunes not always for the best 
 
 5. Don't give up just because you didn't win the top prize 
 
 Every year, a few of the people who match five numbers and win the measly runner-up prize fail to collect their winnings. So check those tickets again to see if you might have won $1 million. You don't want to be among the 2% of people (OK, it's like one or two) who threw away a million bucks. Last year there were $800 million in unclaimed lottery prizes. That's everything from $1 prizes to the $1 million prize (that can be even bigger if you play the multipliers). 
 
 It might be, for instance, the guy I talked to at a sandwich shop in the CNN food court who says he plays only when the jackpots are huge. He checks to see where the big winner lives and if it's not here, he tosses his tickets. 
 
 $800 million in lottery prizes go unclaimed 
 
 But if you do get a piece of the top prize, you'll be in rare territory. The jackpot is near the U.S. record, which was a $656 million Mega Millions prize, shared by three winning tickets in March 2012. 
 
 The $636 million estimate for Tuesday's jackpot was the latest figure as of around noon ET, updated from $586 million a day earlier, Virginia Lottery spokeswoman Rachel Buhse said. If there's one winner, and the winner chooses the lump-sum cash option, the payout would be $341.2 million. Otherwise, the jackpot would be distributed over 30 annual payments. 
 
 If no one wins Tuesday's jackpot, it will rise to at least $950 million for Friday's drawing, Buhse said. 
 
 CNN's Devon Sayers contributed to this report.
– If you're hoping to win that $500 million Powerball jackpot tonight, we have bad and less-than-surprising news for you: It ain't gonna happen. But one person ultimately has to defy the stacked-way-against-you odds, and if that happens to be you, do this: Get yourself some good lawyers and financial advisers, one analyst tells CBS News. Actually listen to them. Sign that winning ticket and put it somewhere safe. Take note: "The safe place is not a shoebox in your closet." Keep quiet, and hold your horses. There's no reason to claim your prize immediately, and it's best to get your "team" set up before you come forward. Because once you do, you can expect to be inundated with appeals from cash-seeking strangers. Remember the winning ticket may not be the answer to your prayers. Time lists jackpot winners who would have been better off burning their ticket. Here's one: William Post III won $16.2 million. Three months after his first payout he was $500,000 in debt (buying an airplane and a restaurant may have been a mistake); his brother allegedly hired a hit man to kill him; and Post himself faced jail time after shooting at a bill collector. But that fate won't be yours ... because as CNN sagely points out, you're not freaking winning this thing: You're vastly more likely to get struck by lightning, be attacked by a shark, or die from a bee sting. On the odd chance that you do win (that chance being one in 175,223,510), here are some quirky ways to contextualize your winnings, compliments of HLN: If you counted one dollar per second, it would take you 16 years to finish. Or you could give a buck to every single person in North America and still walk away with a cool $40 million.