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A Structured Lawsuit Settlement Seemed Like a Good Idea at
One Time
You are receiving payments spread out over months, years, even
a lifetime. It's great when the money arrives but the
payments are often too small or too spread out to really satisfy
your needs. Careful research could yield more of your cash
faster. There are some half dozen financial institutions with the
knowledge and resources to effectively advance your future
lawsuit payments.
While the rewards are obvious, the risks are not so easily
understood.
Once you identify an annuity buyout funding source, consult your
attorney for an explanation of the legal requirements.
Beware some of the following pitfalls when obtaining an
advance on your future lawsuit payments.
It takes time.
In most cases the industry-wide standard is several months. Some
companies will tell you they can get your deal processed in
weeks. Unfortunately, courts do not operate that quickly. Most
people want a set time frame and need the money right away.
You have to go to court.
Most states have passed a Model Act that requires annuitants to
obtain a court order prior to reassigning their
payments. A federal law levies stiff tax penalties on
any advance obtained without a court order. (Unless you are
the "owner" of the annuity)
You will receive a discounted value of your future
payments.
There are many variables involved. The rating of the insurance
company making the payments, the size of your transaction and how
far into the future the payments extend all affect the amount you
will receive. Often it is less than you would expect.
You do not have to sell all your payments.
You can structure your purchase in multiple ways. For example,
you can sell all remaining payments, a partial number of payments
or a percentage of your payments.
It is recommended to not sell beyond 14 years of payments.
The freedom to accelerate the payout of your lawsuit annuity
is yours, exercise it carefully.
Jason Rigler
Structured Settlement Counselor
ppicash.com
MORE RESOURCES:
Selling structured settlementsInfos Jeunes France, France - Nov 25, 2008Alternative arrangements know as structured settlements were created in the 1980's. Under these arrangements the beneficiary would receive cash structured ... |
From comments: lawyer referral feesOverlawyered, NY - 22 hours ago... by marketer lawyer advertising (with companies providing cash in exchange for assignments of lawsuit structured settlements also prominent there). ... |
Father paved way for Street's debutDenver Post, CO - Nov 17, 2008... and Nixon Coming" — on Monday, at the Austin, Texas, offices of The James Street Group, a financial firm that specializes in structured settlements. ... |
Structured-Settlements - Google News
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