Monday, June 6, 2016

Get Cash Now by Selling Your Structured Settlement


There are a few factors to consider before selling your Structured Settlement:

     You must have a clear understanding of the process of selling your structured settlement or annuity.


     You must know your role during the sale and the define the desired type of settlement payout , along with its requirements.

     You must make careful decisions based on your financial situation.



The process of selling a structured settlement takes 30-90 days depending on the lump sum payment and where you reside — every state has its own waiting period and unique laws regarding the sale of structured settlements.

The process of selling your structured settlement is not difficult, however, there are required steps one must follow to begin this process:

     One must contact a  structured settlement buying company for a free quote. A representative will ask the for details about the settlement or annuity, including the company that is providing the payment, the payment frequency, and the payment amount.

    The company will then analyze your case, and then send an offer to buy out the  settlement or annuity that will include the discount rate and the amount of cash you will receive.

     Once there is an agreement, one must accept and sign the offer.

     Once the offer is signed,  the sale is then reviewed and approved by a judge. Attendance at this reviewal depends on the court and is determined on an individual basis.

     The judge will then sign the approval and grant approval for the transaction. The order is sent over to your settlement issuer to wire funds.

Understand Your Role

Throughout the entire process, there will be a representative to provide you with guidance. This representative can answer any questions you have and provide assistance with any paperwork one may need to complete. Noted below are the documents your representative will need in order to collect essential information about your structured settlement or annuity:

     Two photo IDs for verification

     Social Security card or birth certificate

     Driver’s license or passport

     Non-photo ID

     Completed application (provided by your representative)

     A copy of your Annuity Policy and the original Settlement and Release Agreements.

The seller and the representative should prepare by collecting all the necessary documents and paperwork obtained from the original settlement.

Decisions Before Selling

In most cases, one's purpose for selling his or her structured settlment or annuity is a sudden huge expense (e.g. medical expenses, paying off debt, unexpected moving expenses, vacation costs, identify theft, educational expenses etc) and the lump sum payment may be considered the only option to cover one of the aforementioned expenses. On the other hand, some settlement recipients sell for personal reasons, such as purchasing a home, buying a car and even starting a business.


Questions to consider:

     Do I understand the transfer agreement?

     Do I understand that selling my payments may mean receiving a lump sum less than the total amount of future structured settlement cash?

     Do I really need the lump sum payment? 

     Am I fully prepared and comfortable with the deal?

     Did I contact the right structured settlement purchasing company?

     Did I have the opportunity to review this transfer with a financial adviser, who is not related to the structured settlement buying company?
  

Expectations

Once the arrangement has been legitimized, funds are then delivered within 3 - 5 business days. Take note, the more you are prepared for the settlement, the faster the process as the representative of the structured settlement buying company will inform you about the timeline of your specific structured settlement or annuity sale process.


For more information, you can contact Protect Your Settlements at (888) 537-9094

Tuesday, May 24, 2016

How to Sell Your Structured Settlement for Cash


There are a few factors to consider before selling your Structured Settlement:

     You must have a clear understanding of the process of selling your structured settlement or annuity.


     You must know your role during the sale and the define the desired type of settlement payout , along with its requirements.

     You must make careful decisions based on your financial situation.



The process of selling a structured settlement takes 30-90 days depending on the lump sum payment and where you reside — every state has its own waiting period and unique laws regarding the sale of structured settlements.

The process of selling your structured settlement is not difficult, however, there are required steps one must follow to begin this process:

     One must contact a  structured settlement buying company for a free quote. A representative will ask the for details about the settlement or annuity, including the company that is providing the payment, the payment frequency, and the payment amount.

    The company will then analyze your case, and then send an offer to buy out the  settlement or annuity that will include the discount rate and the amount of cash you will receive.

     Once there is an agreement, one must accept and sign the offer.

     Once the offer is signed,  the sale is then reviewed and approved by a judge. Attendance at this reviewal depends on the court and is determined on an individual basis.

     The judge will then sign the approval and grant approval for the transaction. The order is sent over to your settlement issuer to wire funds.

Understand Your Role

Throughout the entire process, there will be a representative to provide you with guidance. This representative can answer any questions you have and provide assistance with any paperwork one may need to complete. Noted below are the documents your representative will need in order to collect essential information about your structured settlement or annuity:

     Two photo IDs for verification

     Social Security card or birth certificate

     Driver’s license or passport

     Non-photo ID

     Completed application (provided by your representative)

     A copy of your Annuity Policy and the original Settlement and Release Agreements.

The seller and the representative should prepare by collecting all the necessary documents and paperwork obtained from the original settlement.

Decisions Before Selling

In most cases, one's purpose for selling his or her structured settlement or annuity is a sudden huge expense (e.g. medical expenses, paying off debt, unexpected moving expenses, vacation costs, identify theft, educational expenses etc) and the lump sum payment may be considered the only option to cover one of the aforementioned expenses. On the other hand, some settlement recipients sell for personal reasons, such as purchasing a home, buying a car and even starting a business.


Questions to consider:

     Do I understand the transfer agreement?

     Do I understand that selling my payments may mean receiving a lump sum less than the total amount of future structured settlement cash?

     Do I really need the lump sum payment? 

     Am I fully prepared and comfortable with the deal?

     Did I contact the right structured settlement purchasing company?

     Did I have the opportunity to review this transfer with a financial adviser, who is not related to the structured settlement buying company?
  

Expectations

Once the arrangement has been legitimized, funds are then delivered within 3 - 5 business days. Take note, the more you are prepared for the settlement, the faster the process as the representative of the structured settlement buying company will inform you about the timeline of your specific structured settlement or annuity sale process.



For more information, you can contact Protect Your Settlements at (888) 537-9094

Monday, May 16, 2016

Structured Settlements: Reap the benefits




More and more Americans are using the judicial system to their advantage.  Most people think if you sue someone, you will go to trial. However contrary to popular belief, instead of going to trial, they are being offered settlements to avoid dragging out the dispute any further. Most times it is easier for the company, as well as the individual, to simply settle out of court. By doing this, legal fees are minimized and time is saved for both parties in the end. When a settlement amount is agreed upon, two options are given to the plaintiff (the individual bringing forth the claim); take the money in one lump sum, or get paid out over time, which is known as a structured settlement. 

A structured settlement is when an amount of money is agreed upon to pay the plaintiff so they will drop their lawsuit, which is the settlement. The terms of the payout are spread over a designated amount of time. One of the advantages to this is the “structure” of the settlement has endless possibilities to how it is paid out. The payments will go through a broker that is part of the National Structured Settlements Trade Association, who will ultimately be the entity paying the plaintiff directly.

It is important to understand the different ways the money can be paid out in a structured settlement. Depending on the amount of money being paid out, there is an option to take the payments in equal amounts over one’s lifetime. This usually occurs when a life-long debilitating injury occurs. The large initial payment structure is common. This set-up allows for one large payment upfront, helping someone catch up on any bills that may be outstanding due to their circumstances, while also giving them some money to pay for any current expenses, such as food, gas, and other living essentials. Another option of payout is o defer the money for up to 15 years. This is particularly useful when planning for retirement. Knowing the exact amount of money paid out monthly will give peace of mind in planning retirement with less stress. Another option to consider is for the deferment to be paid out in less time, resulting in larger monthly amounts. This style of structure is great for parents with younger children who want a way to pay for college. There are so many different ways that they can be structured, however, you have to make sure to know and fully understand this prior to signing any paperwork. Once locked into a settlement structure, it cannot be re-structured.  

The most beneficial aspect of choosing to do a structured settlement, and why most people do it, is to avoid having to pay a large upfront amount of taxes on the money to be received. Also, one must take into consideration that not all awarded monies are taxable. When the money is won, the plaintiff will know if taxes will be applied to their settlement. If someone were to choose to take the lump sum of money, taxes would be owed on the entire amount at the end of the year. Unfortunately, most people don’t account for this when their taxes are due, and depending on the amount of money paid out, the tax amount due could be substantial. The laws regarding taxes on settlements are, as you can imagine, complicated. For a full and complete understanding, it would be best to speak to a tax attorney, or make sure that your attorney has experience in taxes and will help you make the most informed decision for your particular situation.   

So now you won a settlement, the structure that you decided was best for you has been agreed upon and the money is coming in monthly.  But what happens when something comes up and you need to get to all of the money that is owed to you? How do you get it and what are the consequences of getting it your cash right now?

You may have heard about cashing out structured settlements when watching commercials on late night TV. There is always some lawyer pointing their finger and telling you that it’s your money and you deserve it now. And they are right, it is your money and if you need it, there are ways to get it. There are many commercials that say you need to call now, and while time is important, it is more important to find a company that will work with you and do that is best for you.
There are some important things to consider and understand when looking to cash out any settlement. The first question to ask is, is this really what I need? As we mentioned before, once a settlement is structured and finalized, it cannot be undone. 

Also, one must understand that although you have to contact a company such as Protect Your Settlements, the money isn’t provided overnight. Once you have selected the company that works best for you, there will be a petition brought by the court and ultimately, it will be a judge’s decision whether to allow the cash out your settlement or not. While this may seem time-consuming, especially when money is needed quickly, these steps are put in place to protect you and the company representing you. 


There are many things to research and understand when it comes to your structured settlement.For more information, you can contact Protect Your Settlements at (888) 537-9094