PSA: Powerball now $900 Million. Get your ticket(s) for tonight's drawing

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The guy in front of him bought 150

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Are Certain Numbers Luckier Than Others?

If you opt to pick your own numbers, you might want to include 8, 54, 14, 39 and 13. Based on an ABC News analysis of past Powerball winners, these numbers are the most frequently drawn numbers.

Sign the Back of the Ticket

Imagine beating the nearly impossible odds and having the winning ticket but someone else claiming the money as their own. That's what could happen if a stranger gets hold of an unsigned ticket and turns it in.

Tracey Cohen, interim executive director of the D.C. Lottery, told ABC News that a signed ticket with two forms of matching identification is what is required to get the payout in D.C.

Stay Anonymous, If You Can

States have different rules when it comes to publicly announcing the winner's identity.

If anonymity is possible, Alexa von Tobel, the founder and CEO of financial planning site LearnVest.com, recommends taking that option.

"It creates a ton of problems for lottery winners. We've seen everything from robberies to even murders of people who have won lotteries," von Tobel told ABC News.

"A lot of your social dynamics around you change if people are aware of your status," she noted.

Even in states where you are not allowed to remain anonymous, there are ways to try to keep your winnings private.

Cohen told ABC News that people can create LLCs or non-profit entities that can protect their identities. The organization then claims the jackpot without revealing the name of the actual winner.

Assemble a Money Management Team

State-run lottery organizations do not give tax or financial advice to winners and they urge people to seek outside counsel.

Von Tobel notes that in addition to just calling up the first financial planner from an Internet search, be sure to do thorough background checks on the individuals that you hire to help you navigate the win.

She suggested hiring an estate planner, a certified financial planner and an accountant before claiming the ticket. In addition to completing background checks, von Tobel also noted the importance of confirming their respective fees before signing on any dotted lines.

Once You Win, Don't Spend

Many experts, including von Tobel, suggest that any winners wait at least six months -- if not a year -- before making any purchases.

"We often find that a lot of people end up blowing through millions," von Tobel told ABC.

According to a 2015 study by the Camelot Group, 44 percent of winners spend their entire winnings within five years.

What Are the Odds of Actually Winning

Sadly, the odds of winning the Powerball are not good. Ticket holders have a 1 in 292,201,338 shot of winning the grand prize, according to the Powerball website. Your chances of winning a seven-figure payout are a little bit better: 1 in 11,688,053.

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1. Remain anonymous if your state rules permit it.

Although Mega Millions is a national lottery, rules on winner publicity vary by state. In New York, for example, winners’ names are a public record. Elsewhere it may be possible to maintain your anonymity by setting up a trust or limited liability company to receive the winnings, says Beth C. Gamel, a CPA with Pillar Financial Advisors in Waltham, MA. A client of Gamel’s who won a past lottery did that, and had a lawyer claim the prize on behalf of of the trust. In South Carolina, where the Sept. 18 winner bought his or her ticket, it’s also possible to remain anonymous.

2. See a tax pro before you cash the ticket. You have the choice between taking the prize money all at once or having it paid out over 26 years in 30 installments over 29 years in the form of an annuity. With a lump sum payment, you must immediately pay tax on the entire amount, says Michael A. Kirsh, a financial planner in New York. With an annuity, you are taxed only as you receive the payments. People who have trouble controlling their spending might prefer the discipline of receiving the money as an annuity. But this payout form has other drawbacks, Kirsh notes. You will want to compare the effective yield of the annuity with what you could earn by taking the money as a lump sum, paying the taxes and investing the proceeds.

Another issue to consider is whether taking an annuity will leave your family without the cash they need to pay estate tax if you die before the 30-year period is up, Kirsh says. In such situations people typically buy life insurance policies to cover the estate tax bill.

You have 60 days from the time you claim your lottery prize to weigh the pros and cons. During this time, ask advisors to crunch the numbers and help you decide which type of payment suits you best.

3. Avoid sudden lifestyle changes. For the first six months after you win the lottery, don’t do anything drastic, like quitting your job, buying a home in Europe, trading up for a luxury car or building a collection of Birkin handbags. Meanwhile, set aside a fixed amount for splurges—it’s only natural to want to celebrate your windfall.

4. Pay off all your debts. As I wrote in my post, “The Best Investment Advice I Ever Received,” there is no better investment than paying off debts. Whether it is credit card debt or a mortgage, your rate of return equals the interest rate on the loan. With today’s abysmal yields on relatively secure investments like CDs and Treasurys, that’s especially true. When you’ve paid down a dollar of debt, that’s a dollar you no longer owe. When you invest a dollar, you can’t be sure whether it will grow or shrink.

5. Assemble a team of legal and financial advisers. In situations like this it’s very hard to know “who’s trying to help you and who’s trying to use you,” says Ely. Rather than signing on to a group of advisers that someone else has put together, he recommends handpicking your own lawyer, accountant and investment adviser, and requiring them to work together.

Carefully vet each advisor before discussing your situation. Check broker records at the Financial Industry Regulatory Authority. For attorneys and insurance agents, see whether there have been any complaints filed with state disciplinary authorities.

If you live in a small community and don’t want lawyers there to know your business, seek out a professional in the nearest large city.

In effect, the team you put together will function as your board of directors, Ely says. You can start by having a fee-only adviser put together a long-term financial plan and running it by the group for comment. Once you’ve decided on a plan, they can provide checks and balances on each other. You can ask one of them to serve as quarterback, coordinating the group effort. That person can also play the “bad guy,” declining requests from people or organizations for gifts that you don’t want to make.

6. Invest prudently. Ely recommends putting the money in safe, short-term investments and not even touching it for the first six months. Then ask your advisors is to put together an investment portfolio divided half-and-half between equities (such as stocks) and fixed income (like bonds). Don’t fall for investments that you don’t understand or that sound too good to be true.

7. Live within a budget. Especially if you’re not accustomed to having a lot of money, it may take some discipline to preserve your winnings and not go on a wild spending spree. One way to restrain yourself is to only spend income–not principal. Especially in today’s investment world, “It takes a lot of principal to generate income and once you start spending principal, the principal quickly dissipates,” says Dennis I. Belcher, a lawyer with McGuireWoods in Richmond VA.

8. Take steps to protect assets. People who are worth a lot of money need to guard against losing assets to creditors. They include everyone from disgruntled spouses and ex-spouses to people who win lawsuits against you. If people think you have deep pockets they may look for reasons to sue. “If you win the Powerball, everyone’s going to be laying in front of your car so you can run over them so they can sue you,” says Ely. It’s prudent to ensure you are not an easy target.

The best defense is to erect a variety of roadblocks that make it difficult, if not impossible, for creditors to reach your money and property. These asset protection strategies, as they are called, can range from relying on state-law exemptions to creating multiple barriers through the use of trusts and family limited partnerships or limited liability companies. It may be possible to rely on a variety of strategies, either separately or in combination with each other.

9. Plan charitable gifts. You can offset the additional income from your lottery winnings with a charitable deduction. But you must make your donation by Dec. 31.

For gifts to a public charity, donors are entitled to an income tax deduction for up to 50% of adjusted gross income (AGI) for cash contributions and up to 30% for donations of other appreciated assets held more than 12 months.

If you are unable to decide between now and year-end which charities to support, it may be worth considering a donor-advised fund. With a donor-advised fund, you can make a charitable donation this year and claim a federal tax deduction for your irrevocable contribution but postpone recommendations about which charities should receive grants from the account until some time in the future. If you don’t want to be badgered by requests, see my post, “How To Stay Anonymous When You Give To Charity.”

10. Review your estate plan. If your winnings have made you suddenly wealthy, this may be the first time that you need to plan for estate tax. The 2012 tax law offers more flexibility than ever before. Each person has a $5.25 $5.43 million limit on tax-free transfers, which can be applied during life, when you die or some combination of the two. So if you want to share some of your largess with family and friends, this is the ideal time to do that. For details, see my posts, “6 Ways To Give Family And Friends Financial Aid” and “ Give Your Estate Plan a Checkup.”

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