annuity

What You Need To Know About Structured Settlements

For almost four decades now, structured settlements have been a favorite means of compensation in personal injury and wrongful death cases. Structured settlements are designed to fulfill the needs of the recipients for a certain number of years or a lifetime as the case may be. To very many people, structured settlements are a bulwark of financial security in case of any tragedy.

Courts usually use structured settlements in a diverse range of cases to supplement or replace an income stream that was lost thanks to another party’s negligence. It is noteworthy that structured settlements do not affect a person’s eligibility to qualify for different forms of aid. That means that if an individual receives a settlement, the amount they receive doesn’t affect their eligibility for Social Security, Medicaid as well as other disability benefits. More, the income a person receives from a structured settlement is also cushioned from taxes, and that is why most litigators recommend for their clients to take structured settlements instead of a lump sum payout after victory in a personal injury lawsuit.

Selling your Structured Settlement Payments

After an individual receives his or her structured settlement, he has the right to sell it for any reason, and especially when he is facing foreclosure; buying a car or a house; paying medical fees; paying attorney fees; etc. He can sell part or all of the structured payments.

Well, a structured settlement is always set up to satisfy the needs of a surviving or injured person. However, those needs can change, and the settlement owner might desire to access his money immediately. If he sells his future structured settlement payments, he’ll be able to access the money quickly and, therefore, deal with the emergency. Thankfully, there are state and federal laws in place to cushion structured settlement owners against shady and unscrupulous companies. In most cases, folks who need quick access to the money in their structured settlement fund trade their future payments with a lump sum. These shady and unscrupulous companies prey on desperate individuals in need of money urgently.

Therefore, it is wise to ensure that when you are working with a structured settlement buyer, all fees chargeable should be in writing and that no attorney fees are passed onto you.

Lastly, before you cash out the structured settlement, you’ll have first to present your case before a judge to approve.

sell your structured settlement

Structured Settlement Companies

When searching for a reputable and trustworthy structured settlement company to work with, there are some factors you ought to consider. For example:

  • The willingness to assist you- The ideal structured company should demonstrate a willingness to assist you through your problem by treating you with patience and respect and offering you a high level of service.
  • The amount of time they have been in business- It is prudent to choose a company with a track record of success. If they’ve been representing clients pursuing a structured settlement, then it is most likely that they will succeed with your claim, too.
  • Ability to get quotes quickly- don’t waste time to work with a structured company that can’t get quotes quickly.
  • The ideal company has to commit to having all the agreement in writing.

Below are some of the most reputable companies any individual can work with:

  1. JG Wentworth- JG Wentworth sits in the pantheon of the world’s largest purchasers of structured settlement payments. It has been in this trade for a quarter a century now and has an A+ rating for exemplary customer service with the Better Business Bureau.
  2. Olive Branch Funding- This Company makes it incredibly easy and fast to get money for your future payments. If you call the company, you’ll get a quote instantly. More, if your information is in order, you can sign documents electronically using DocuSign. In case you are stuck on the way, there is a representative ready to help you complete the process.
  3. Seneca One – The Company is a member of National Association of Settlement Purchasers and has an A+ rating with Better Business Bureau. It offers exemplary service geared to meet customer’s unique financial needs. More, it has some of the most innovative programs in the market today, for example, the $5k Right-Away Cash Advance Program for qualifying structured settlement annuitants.

Keep in mind that before you sell your structured settlement, you have to go to court, before a judge, to get approval.

Sources:

Sell Your Structured Settlement on Washington Accord

https://en.wikipedia.org/wiki/Structured_settlement