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Why Sell Your Structured Settlements?

Why_Sell_Structured_SettlementThe saying goes, “The best things come to those who wait.” Well, that isn’t always the case. When financial need arises, waiting for your structured settlement payments to come in may do more harm than good. If you need a lump sum to cover expenses, pay your mortgage, pay outstanding medical bills, buy a new car to get to and from work or for any other reason, selling your structured settlement could work in your favor. Unlike pay day loans or get-rich-quick schemes, your scheduled payments belong to you and you do not have to pay them back.

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What is a Structured Settlement?

What_is_a_structured_settlementWhat You Need to Know about a Structured Settlement

A structured settlement is a legal, financial arrangement whereby tax-free periodic payments are made to a claimant as resolution for a personal injury tort claim. Lump sum payments alternatively are made all at once and are taxed by the government. Structured settlements became more widespread over 30 years ago, in 1982. Congress passed legislation that amended the federal tax code that advocated for the use of structured settlement in physical injury cases as each payment wouldn’t be taxed. The action was called the Periodic Payment Settlement Act of 1982.

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Things to Consider Before Selling Your Annuity Payments

Advice for selling your annuity paymentsWhen you decide to sell your payments, your lump sum will be less than the original amount of the settlement. So why do it?

For starters, people who expect to receive structured settlement or annuity payments are in a great position. They have a fixed income stream that will last for a predetermined period or in some cases, for the duration of his or her lifetime. As secure as this situation might seem, there are times when cash is needed on-hand.

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Leveraging an Annuity Broker

Annuity_BrokerIf you own a structured settlement, you’re likely receiving regular payments as a result of a positive outcome from a lawsuit or winnings from a lottery. These regular payments are great on the surface, but if you prefer to receive all or a portion of this income stream as a lump sum payment, you can do so by using a structured settlement annuity broker.

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