Structured
Settlements
You have probably heard the term “Structured
Settlements” on a TV ad and wondered what exactly it meant.
It's not one of those terms you hear every day...
A structured settlement
is a legal contract under which an insurance company decides
to make periodic payments to an injured person as part of a
bodily injury claim, or to a surviving family member to whom a large
settlement has been awarded... Finding a buyer
Definition
Senior Settlements
What are annuities
Tax Free Payments
Structured Settlement Companies
Structured Settlement Annuities
Selling Settlements
Sell Structured Settlements
Annuity for Cash
Selling for cash
Sell annuity payments
Settlment Payouts
Planning Life Settlement
Life Settlments
Life Settlments Articles
Immediate Annuities
Get cash for your Structured Settlment
Get cash for you annuity
Senior Life Settlments
How and When
Who to sell your payout
Selling Structured Payouts
Selling Monthly Settlements
Managing Structured Settlements
Fixed Annuity Options
Choosing buyers of structured settlements
Cash for annuity payments?
Buyers
Annuity Rates
How to sell your structured settlement
Let’s say you are a beneficiary of a structured settlement,
whether from a personal injury case, worker’s compensation suit,
or perhaps even from winning a lottery or similar contest involving a
large cash prize. You may have decided that you prefer to have a large
sum paid to you at one time, rather than have a series of smaller
increments over a period of years. What options are available to
you?
The quick and easy answer is this: sell your structured settlement. Yes, it is possible! You may not think of it this way, but a structured settlement is an asset that can be bought and sold, just like a car or a house. Nowadays, many companies offer a large, one-time cash payout in exchange for your structured settlement.
Ask an Expert
However, before you out-and-out sell your structured settlement, you
should know how to go about such a transaction. Remember, you’re
dealing with a huge amount of money here, so it pays to be careful and
prudent.
Step One: Ask an expert. To
ensure that you are really making the right decision about selling your
structured settlement, seek the advice of a trusted legal attorney.
It’s generally a good idea to consult the attorney who first
negotiated your structured settlement. Another option is to seek legal
help from the office of your state Attorney General.
A lawyer can first of all advise you of other options for dealing with
your structured settlement. As it is, selling it may not be the best
option for you based on your particular circumstances. Or, you may not
have to sell the entire amount of the structured settlement, but simply
a proportion of the entire settlement. In case he does advise you to go
ahead with the sale, a lawyer will also be an invaluable help in
sorting out all the legal terms and helping you decipher the fine print
of structured settlement sale contracts offered to you, thus helping
you get the best deal on your settlement.
Step Two: Put your documents in
order. As with any legal transaction involving large sums of money, a
lot of paperwork will have to be done before you can sell your
structured settlement and get that one big payout. To help cut down on
the time it takes to do all that paperwork, make sure that all
documents relevant to your structured settlement are in your hands. It
is also extremely useful to have multiple copies of these documents
To get your paperwork in order, you’ll need to contact four key
sources: your attorney, the company that settled your case, the company
that is responsible for processing, paying out or managing your
structured settlement payments, or the broker that assisted you during
the settlement.
Step Three: Look around for a
buyer. And don’t just look at one or two or even three offers.
Really shop around! Even if you need the money in a short period of
time, it pays to spend time and effort to scrutinize and compare your
options.
Step Four: Secure court
approval. Some states do not allow the sale of a structured
settlements. Even in states that do allow it, by law, a sale of
structured settlement must be duly authorized by a court order.
Although this seems like just another unnecessary hassle, this step
actually protects beneficiaries of structured settlements. First, a
judge must ensure that your financial need is genuine and cannot be
addressed by any other course of action. Second, a judge will
scrutinize the legality and funds of your buyer. Third, a judge will
double check if you are not selling your settlement under duress, i.e.
being forced by another party (or blackmailed). This step is the
longest and may take up to 90 days.