Did you win a lottery payout recently? Lottery payments usually come in the form of structured settlements — monthly or annual payments which occur over time. For example, one popular lottery payout involves an immediate payment followed by 29 more which happen annually. In some scenarios, this can be a good way of receiving your money. However, if you have an urgent need for cash, you would be much better off if you get cash for your settlement.
Selling an annuity settlement is a smart move if you would rather do away with staggered payments and have the money due to you up front. There are many companies that purchase a lottery annuity and provide you with instant cash. There can be quite a few financial situations which warra
In recent months the news media has covered the dangers and potential pitfalls associated with selling an annuity settlement, or structured settlement annuity. A piece in the Washington Post this past summer highlighted one particular company involved in what appeared to be predatory practices.
There is of course the entirely other side of the industry, which involves buying an annuity for future investments instead of getting cash for settlements now. A structured settlement can save you somewhere between 25 and 35% in state and federal taxes on interest income that would otherwise be subject to tax. Here are four important questions to ask before you do so, with information from a financial expert and
Winning a structured settlement can be a great source of steady, regulated income over the next few decades. These settlements, which are typically awarded in life insurance payouts and employee lawsuits, allow you to get your compensation over time rather than all at once.
Yet financial situations change all the time, and what may have seemed like a sound source of income for the future might now be putting your finances in jeopardy, because you could be using that money to pay for your current unexpected financial obligations. If this is the case, don’t worry — you always have options. And one of the best options to help you avoid a financial crisis might just be to sell structured settlement payments in exchange for a lump sum.
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