You probably receive structured settlement payments as a result of a personal injury lawsuit. These payments can be a great source for income but life sometimes happens and your financial needs change.
You may be able sell your structured settlement payments in these circumstances to obtain the cash you require now. But selling your structured settlement can be a complex process, so it`s important to know your options and make the right decision for you.
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What is a Structured Settlement?
A structured settlement is a series of tax-free payments issued to a plaintiff who has won a personal injury, wrongful death or worker`s compensation case. These annuities are flexible and can be designed to pay for medical treatment, retirement, basic living expenses or family needs.
Plaintiffs can rest assured that the payments will continue to be paid no matter what. This is important for plaintiffs who cannot afford to take care of their own financial needs but still need to be able pay for basic necessities.
Structured settlements are a great option for accident victims because they provide a steady stream of income. Structured settlements make it much easier to manage large sums of money. The money is 100% tax-free for physical injury and wrongful death cases, while it`s tax-deferred for non-physical injuries.
How do I sell my Structured Settlement?
Selling a structured settlement is an option for people who want to receive a lump sum of cash quickly. It can help cover unexpected expenses or financial needs, such as paying off credit cards, making a major purchase, or putting money toward retirement.
It is important to research before you sell your structured settlement. You should find a reputable company that offers different sale options and a competitive discount rate.
The company will calculate the value of your structured settlement and offer you a lump sum. This amount includes a discount rate and other fees. You`ll receive less money for your payments if the discount rate is higher.
Do I Need a Lawyer to Sell My Structured Settlement?
Structured settlements are a great way to receive cash over a longer period of time than a lump sum payout.
Some people might find that the payments don`t cover their expenses, or provide enough for their future financial needs. Selling structured settlement payments may be an option in these situations.
Before deciding to sell your structured settlement, you should consider your reasons and discuss them with a lawyer. This will ensure that your structured settlement sale is in your best interests and approved by a judge.
How Do I Find a Buyer for My Structured Settlement?
Structured settlements can be a great way for long-term financial security following personal injury lawsuits. They also provide tax-free payments on a monthly basis.
Some people might find their structured settlement doesn`t cover an immediate financial need or investment opportunity. This is where selling the future periodic payments for a lump sum may be an option.
Companies that purchase structured settlements, known as factoring companies, can provide you with the cash you need in exchange for your remaining structured settlement payments. The discount rate is a rate that reduces the value of your payments.
What Happens After I Sell My Structured Settlement?
It can be confusing to know where to begin after you have sold your Structured Settlement. There are some steps you can take to ensure your transaction is legal.
First, find a buyer willing to purchase your structured settlement payments. You should choose a company that offers the best price for your payments and is trustworthy.
After you have found a buyer, the next step in selling your property is getting court approval. This is required by law, and it must be done to protect your rights.