$220M Mega Millions lottery jackpot advice offered

"FYI those who work for Primerica DO care how their clients portfolios perform."

What  about Charlie,  the guy who's quitting in 4weeks?   He  might be a great guy with loads ofintegrity, but he certainly doesn't  have a financial incentivebased on the long term results of my  portfolio.  If he canoffer me three choices and one of them puts more money in his pocketthan the others, that's a powerful incentive to point me in thatdirection, especially if he thinks all three choices are good. 

"The issue is whether the person  for one to follow."

That's absolutely true, but the problem is figuring out ahead oftime who's going to make those appropriate and sound recommendations.It's very easy to tell people to go out and find a good advisor, butnot so easy to actually do it. As with any other profession there aregood financial advisors and bad ones, and there are honest ones whowill accept the lower paycheck for giving you better advice,  andthere are some who will give you advice that isn't as goodbecause  it will put a few more bucks in their pocket. Plenty ofadvisors will  offer you honest and excellent advice when they are compensated with  comissions from products they sell you,but there's an awful lot to be  said for advisors who arecompensated based on how well your investment turns out. Failing thatoption, an advisor whose income depends on their advice rather thanwhat they sell makes sense.

Hit the Mega Millions jackpot? Here's some advice on what to do next

A drool-inducing $220 million is up for grabs in Tuesday night's Mega Millions lottery drawing. Before all that green goes to your head, we asked three Atlanta-based experts what should be the first five things on a lottery winner's to do list.

Barry Berlin, managing director of the Atlanta office of Atlantic Trust, a private wealth management firm and subsidiary of Invesco:

• Cold call successful people and ask them to recommend financial advisers. Hire a financial adviser, who doesn't work on commissions.

• Pick a place to park the money on the first day. Think safe, short-term and liquid instruments, such as Treasury bills. Don't put it all in a single financial instrument.

• Develop long-term plans for managing the money.

• Set a limit on immediate spending and don't go over it.

• Don't try to change everything about your life right away. "It takes time to get used to what the funds can do."

Sheryl Pressler, consultant and former chief investment officer of the nation's largest public pension fund, the California Public Employees' Retirement System:

• Keep quiet and don't rush to claim your winnings.

• Get a lawyer with expertise in handling lottery winnings. Consider putting ownership of the ticket into a limited liability corporation or partnership to limit potential tax liability and to obscure your identity.

• Don't change anything major in your lifestyle for the first year.

• Take courses to get educated about money management and investing.

• Hire a fee-based financial adviser who is at a reputable firm and experienced in handling large sums of money.

Stephanie Casteel, partner in trusts and estates for King & Spalding:

• Get an unlisted phone number before claiming the prize. A lottery winner she represented was inundated with calls, packages, flowers and balloons sent by financial advisers, people seeking money, etc.

• Put the unclaimed ticket somewhere safe, such as a safe-deposit box, until you are prepared to claim it.

• Hire a good tax or trusts and estates lawyer. Winnings can incur federal and state taxes of up to 41 percent, plus there can be additional taxes on gifts to people. Later, hire an accountant and a financial adviser. One financial adviser she's familiar with charged a flat $100,000 a year.

• Protect yourself from liability. Put ownership in a legal entity, such as a limited liability corporation to reduce potential liability from lawsuits and limit gift taxes.

• Be wary of friends. "Everybody has the next great deal."

NEVER take the annuity...regardless, that is just the dumbest thing to do and exactly what they want you to do.