The Mega Millions jackpot goes back again. If you win, here's what to do first

The Mega Millions jackpot has climbed even higher.

With no ticket for the six draw numbers on Tuesday night, the first prize is now $ 530 million. This is the seventh largest jackpot in the history of the game.

Meanwhile, a man from North Carolina approached Tuesday to claim the jackpot of $ 344.6 million Powerball he had won Saturday in the draw. Charles Jackson, a 66-year-old resident of Tar Heel State, chose to receive the lump sum of $ 223.3 million ($ 158 million after tax withholding).

If you're lucky enough to win big at the Friday night Mega Millions draw, here are some recommendations that experts recommend you do from the start to protect your boon.

Although you may want to claim your winnings, experts say that it's best not to rush to the lottery headquarters the day you discover that you've become one of the richest people from the country.

Winners have three or six months to a year to claim their prize, depending on the place of purchase of the winning ticket.

The experts recommended spending as much time as necessary to allow you to claim your winnings. This should include building a team of experienced professionals: lawyer, financial planner, tax advisor and insurance agent.

"The time between the day you win the lottery and the day you claim is your last period of normalcy," said Jason Kurland, a partner at Rivkin Radler, a law firm based in Uniondale, New York. .

The usual advice of the experts is to sign the back of the winning ticket so that, if you are separated from it, your signature can help to ensure that you still win the prize.

However, his signature could affect your ability to protect your identity from the public, depending on where you bought it.

A handful of states allow you to claim anonymously, while others require that the winner's name be announced. Others allow a trust or other corporation to claim the prize on your behalf, thus keeping your name out of sight.

Your first desire could be to share your exciting news with the world. However, the fewer people who know, the better. This is the case even if you can claim your prize anonymously.

"Obviously, it may be impossible to keep that from close family, but news like this is going fast," said Kurland, specializing in helping lottery winners. "Try to keep the circle of people who know as little as possible."

If you can not escape the advertising because of the law in force, consider changing phone number or live temporarily elsewhere, in order to avoid media attention and sudden requests for funds from Long lost friends or relatives.

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The winners of the jackpot must choose between an immediate and reduced lump sum or spread their gains over three decades. Whatever the case may be, the IRS will take 24% before the money reaches you.

For the $ 530 million Mega Millions jackpot, the cash option is $ 343.9 million. The 24% federal withholding would reduce this amount to approximately $ 82.5 million, bringing it down to $ 261.4 million. However, since the highest marginal tax rate is 37%, the winner should anticipate the fact that the debt would revert to Uncle Sam at the time of the tax return.

In addition, state taxes are generally withheld or due, depending on where you live and where the ticket was purchased.

Before spending a dime, think about what your sudden wealth means. Not only financially, but emotionally.

Instead of yielding to the temptation to buy expensive items right off the bat, give yourself time to deal with the magnitude of your gain.

It is often at this point that the winners start thinking about their legacy and the societal contributions they wish to bring. Some even created their own charities.

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