If you are among those people in Los Angeles CA who are in a tight financial fix and the thought of selling a legal settlement, which you’ve been granted in the past occurs to you, don’t jump right into transacting a sale. Even if time is of the essence (you need to finance a child or grandchild’s college tuition, or to pay off a hospital bill or some other emergency situation) and you are in urgent need of cash, you need to take into consideration some important issues and matters before selling your legal settlement in order to obtain the best value for it.
Now if the main reason you want to divest partially of your structured settlement is to have some extra funds to embark on a vacation with your spouse or finance a home renovation or purchase, then there’s all the more reason to wait a while and discuss things thoroughly with your lawyer first. It is also crucial to find a reliable third party firm to facilitate the sale. Before even proceeding to authorize the transfer of your annuity or structured settlement into another person’s name, you need to know state laws/regulations that may place a restriction on the liquidation of a structured settlement.
There are tax matters that you may also have to deal with. A good company specializing in selling annuities or structured settlements will be well-informed on state laws and taxation matters, and may package the consultation with their professional fees.Good legal advice will be your safest bet. A legal counsel will ensure that you get the money you deserve. It is important to comply legally with the steps necessary to carry out a sale in your district.
Know How to Sell Structured Settlements or Annuities in Los Angeles CA ?
Were you awarded a settlement in a lawsuit or in a case that never made it to court? If so, you might want to cash it out for one lump sum of money. Some structured settlements can be paid out over as many as 30 years and that can be very inconvenient if you need the money now. Selling structured settlements is not difficult anymore, but you do have to know how to get the most out of it. Here is a little advice to help you get top dollar for your settlement. First, never accept the first offer. Shop it around with at least two other companies that will buy settlements. This will ensure that you get the top bid and get more value out of your legal settlement. It is kind of like an auction since you will be taking a bid from one company and telling another that they have been outbid. Do this until one company backs down, then accept the final offer from the company with the highest bid.Second, make sure you start by consulting your attorney to find out what your tax ramifications are going to be if you sell all or part of your settlement. This will also give you peace of mind to know that someone is there watching over your shoulder to make sure you make the right decisions and don't get a raw deal.Last, check the references of the company you choose. Also, check the better business bureau to make sure there are not complaints against them. It is necessary to make this transaction with a very reputable company so check them out thoroughly to give yourself peace of mind. You can cash out your settlement by following these tips on selling structured settlements. Use the lump sum to pay off medical bills, debts, your home, or to invest for a rainy day. It is your settlement so if you decide to sell it make sure it is your decision to do so and not someone else talking you into it.
What is a Structured Settlement Annuity?A Structured Settlement Annuity (SSA) is a contract issued by an insurance company that originated from a legal action such as a car accident, workplace accident, wrongful death, medical malpractice, etc. The original claimant (plaintiff) elected to accept a series of payments instead of a lump sum settlement. This series of payments are guaranteed by an US based insurance company and is in the form of a fixed annuity.In about 20% of the cases the claimants (or their heirs) elect to sell their SSAs (in full or part) in exchange for a discounted lump sum of cash today.What is the process when a Claimant decides to sell their SSA? Claimants that are considering selling their SSAs seek out factoring companies which are institutions that buy SSAs. Claimants are looking to get the largest lump sum of cash today in exchange for the rights that they give up to receive those future payments.This process must go through the court system which protects both the claimant and the factoring company in the selling of the SSA. Once the agreement is made and approved by the courts the factoring company pays the original claimant the agreed upon amount in a lump sum and the claimant signs off on all rights to receive those future payments.When a factoring company buys a SSA from a claimant they then offer to sell those court ordered rights to recoup the funds that they paid out. Some factoring companies package the SSAs and sell them on Wall Street or to large institutional investors and pension plans. Some factoring companies sell them to individual investors through a network of brokers as a Safe Money alternative which are good choices for both IRA funds and non-IRA funds.The payment streams can be either ongoing monthly payments for a set period of time or can come in the form of a deferred lump sum. The safety rests in the insurance company that is backing the payment stream. In addition, in most states there are State Guarantee Associations which back the principal of these annuities up to a certain amount. These are fixed annuities and as such they are afforded this protection.The court process is designed to protect all parties. The court sends a letter to the underlining insurance company notifying them that their policy-owner (the claimant) has sold the rights to their contract to the new owner. Once the insurance company responds and accepts (Acceptance Letter) that transfer of ownership the security to the new purchaser is complete.
When considering investment options, one that always comes up is the annuity. But what exactly is it? An annuity is an investment in which you make one or more payments into an account, and receive the money back, with interest, in payments. Depending on the type of annuity, these payments can be small or large, spread over a long or short time period. But what if you want a large sum of money all at once, or at least sooner than the terms of the annuity allow? It may be time to sell your annuity.First, you should know that annuities vary widely, so you should learn as much as possible before investing. The terms can be complicated, so your best bet is to read as much as possible before investing. Annuities are generally safe, low-return investments, so they can be a good way of diversifying. However, they generally have low rates of return, so if you want to get a large sum of money you have to get creative. There are several ways of selling an annuity, and all of them have their advantages and disadvantages. The most straight-forward way of selling is through a company. They do all the leg-work and pay the up-front costs, and in exchange they take a fee for selling. This reduces the total return from your annuity, but it is an easy and sure way of selling.It is also possible to sell your annuity personally to another individual, although this can be complicated in some instances. However, there are online resources to help you sell your annuity to an interested buyer.In addition to simply selling an annuity, you can trade your annuity or use it as collateral for a loan to get quick money. If you trade your annuity with someone who has one of equal value but a shorter payment term, you can get more money faster than your annuity will allow. Using it for collateral will also give you access to cash more quickly. You can also combine different methods, for example you can trade for an annuity that is easier to sell than yours, then sell it online or through a company. All in all, it is important to remember that you have a lot of options with annuities. If the payment terms do not work in your favor, you have several options to get money virtually as soon as you need it.
Sell My Settlement Payments Los Angeles