Welcome to StructuredSettlementCashNow.com, where you're able to learn everything about structured settlements and, if you so choose, explore selling your own annuity for cash!
In today’s economy, financial stability is far from a given. And as more Boomers approach retirement age, the pinch is being felt. When living on a fixed income, how can you make moves to keep yourself ahead of the game, and not having to go back to work in your retirement years?
Take a look at your monthly budget. See how much your bills equal, and how much you have coming in a month. Is it just social security or a pension? Try to put a little bit away whenever you can, and figure out what expenses you can cut out of your spending. Figure out cheap ways to go on vacations or visit your kids. There are lots of ways to cut down on travel expenses on the internet. The important thing to realize is that putting a little forethought into things can save big money in the future.
Stay Within Your Means
If planning ahead is the best way to keep you out of financial trouble, this is the easiest. Don’t spend what you don’t have. It’s just that simple. Only bringing in 500 bucks a month and relying on your savings? Don’t spend 550. Can’t pay for something with cash? Don’t pay for it with a credit card. Of course, things aren’t always so cut and dried. Sure, you’re going to need to over extend every once in a while, a home repair or a car repair. Look for senior or AARP discounts. Just make sure that if you do use credit cards, you’ll be able to pay down the balance in a timely manner.
Take a Look at Your Assets
Do you have stocks? Maybe an old 401(k)? Or a structured settlement from an accident? Keeping an eye on these assets can be a good way to stay ahead when financial instability comes nipping at your heels. Stocks are easy to sell, call a stock broker. 401(k)s have a few more rules. There are two kinds, the traditional 401(k) and the Roth 401(k). Each has different withdrawal rules. With a traditional, there are penalties if you withdraw your money too early. There are no penalties with a Roth, but you can’t withdraw until you’ve had the account for five years. If you have one, selling a structured settlement or a portion of it may be the way to go. Instead of receiving your money in timed payouts, you can receive a lump sum to help you out of any financial difficulties you may find yourself in. By selling only a portion of the structured settlement, even a portion of the timed payouts, you can continue to have checks come in while also receiveing the lump sum. In retirement, every bit of income counts. Companies can help you sell your structured settlement quickly and painlessly, and all costs can come out of what ever the lump sum ends up being, so nothing has to come out of pocket.
Just Pay Attention
This may seem like a simplified way of summing up the above points, but it cannot be overstated. Pay attention to what’s going on in your finances. If something looks out of the ordinary, follow up on it. If you see something on your bank or credit card statements doesn’t belong there, make a phone call. It’s up to you to make sure that you know what’s going on with your money. Talk to a financial manager, take time to go over your finances monthly, and you should be able to stay ahead of the game.
In this increasingly litigious world, more and more people are receiving structured settlements. An out of court settlement, structured settlements have become one of the more popular way for insurance companies to pay out damages. Ostensibly designed to provide long term support to victims, many find that they do not work that way. Small payments and sporadic schedules lead to families feeling boxed in by money matters. Looking for a way out of their structured settlement, people began selling their payments to third party buyers of structured settlements.
Structured settlements were first designed in the 1960′s around the Thalidomide scandal. Thalidomide was a prescription drug made to help alleviate pregnant women with morning sickness. While the drug was effective, the babies were born with serious birth defects. Class action suits in multiple countries went after the different distributors of Thalidomide. Concerned that these children would need financial support long after the settlement, insurance companies and governments created structured settlements. These allowed for afflicted children to receive a consistent flow of money for their entire lives. Starting in 1982, the United States Congress began endorsing structured settlements as the preferred method of out of court settlement.
Either the insurance company or victim can request that any settlement over $100,000 be set up as a structured settlement. Once the amount of the settlement is decided, the payments people get will come out of that amount on a specific schedule. These payments are often earmarked for a specific function, meaning that a victim cannot use these funds for other matters. While these payments may be able to alleviate those specific problems, often victims will find themselves facing tangential issues that arise from their initial accident.
Tragic accidents throw a pall across a family’s life. The incident touches all aspects of an existence. Houses become prisons because of mobility issues, cars are no longer viable transportation options because of wheelchairs, bills pile up due to lost work hours, and stress builds and builds. The victim knows that there is money due to them, but they can’t just go an get it. They must sell their structured settlement.
Selling a structured settlement is a lifeline to some families. Although they may appreciate the regular income that results from the settlement, they find that they just can’t live with them. By selling the settlement, they gain a modicum of control back in their lives. Many victims, however, do not understand the exact process behind selling a structured settlement.
While not an overly long process, selling a structured settlement is not exactly a short one, either. Between petitioning the courts for a court date and receiving the funding approval, the whole thing takes about two to three months. There are ways to speed up the proceedings though. A victim should shop around, look for the company that fits their needs the best. While shopping, victims should gather together all of their paperwork, including their benefits letter, to make it easier for the company to confirm their payment stream. This can take as much as two weeks time, so any information a person can give, the better.
When petitioning the court, the company buying the structured settlement will ask why the victim is selling. This is because the victim and buyer must bring a valid reason for selling the structured settlement to the judge. The judge will not allow the sale to go through if he does not believe the sale to be in the best interests of the victim. While the victim may resent the judge for having a say in what they do with their own money, it is important to remember that the judge is only looking out for the victim. It is the insurance company that has ulterior motives.
The insurance company takes the money that is set aside for the victim’s structured settlement and reinvests it. They make a profit off of the victims suffering. It is in the insurance company’s bet interests that the victim not be able to claim their money. That is just one reason that insurance companies are against selling structured settlements. All of their reasons they would ant a victim not to sell are for one reason: to keep money in their pockets.
Selling a structured settlement is a big decision for a victim and their family. They need to decide that they know what is best for them, and not bow to the pressure of a large insurance company that doesn’t care, that only wants to make their own money. When a person is ready to take control of their lives, selling their structured settlement may be the answer.
If you’ve been unfortunate in your life to be in an accident but fortunate enough to receive a structured settlement, then you could be enjoying the things that the extra income is bringing in. Trips to the movies, going out to eat, and day trips with your family are all things that those checks can supply. Maybe, though, you need more than the little things.
Structured settlements are given to people to make sure they don’t squander insurance payouts on frivolous things. However, people can outgrow these payments. Bills can pile up, debt can accumulate, and the structured settlement payouts seem like they’re getting smaller as financial problems build. When that happens, selling the structured settlement seems the only way to go.
iSettlements is one of the leading third party buyers of structured settlements. Their experienced staff will walk you through every step of the process of selling a structured settlement. They are easy to reach by phone or through their easy to use website. iSettlements is a firm with a strong commitment to their clients. They work with them to make sure they are getting the best price for their settlement.
iSettlements is a direct funder. This means that they are the ones giving the money. There is no other company taking a cut out of the lump sum received for the structured settlement. This ensures that iSettlements can give the most money to the people selling their structured settlements. The process with iSettlements can also be a relatively quick one. While some sales can take up to 90 days, iSettlements gets most of the sales they are involved in within eight weeks. It is this kind of dedication that puts them at the top of their field.
Selling a structured settlement is a big decision that requires much part on the thought of the seller. Are the payments received too confining? Are there important things you need more money for, like house repairs or higher education? Maybe you even want to take your family on a dream family vacation, something that probably wouldn’t be possible on the small amounts you are getting. By putting thought into your financial situation and talking to iSettlements financial advisors, you can make your structured settlement work for you.
Company Phone Number- 1-877-595-8073
There’s been a bump in the road of life. You’ve been in an accident, maybe a car accident, or an accident on the job. Or, perhaps, something good has happened. You hit it big in the lottery or a casino. Whichever it is, you get a payout in the form of a structured settlement. The money has been coming in, and things have been working out for a while. Life continues to happen, though. Bills begin to pile up, debt begins to grow, and the checks coming to you aren’t doing all that much to help. You decide to sell your structured settlement.
A company like 123 Lump Sum can be just the ticket from moving your structured settlement from being a reminder of what could be to a useful amount of money. How are structured settlements sold? What can you expect from selling a structured settlement? Even more importantly, how can you protect yourself while selling a structured settlement?
The first step in selling a structured settlement is collecting quotes from various third party buyers to see what you can get. 123 Lump Sum is a direct funder, meaning there is no middle man to get in the way of a larger payment. After collecting these quotes, a trip to the judge is in order. This is to make sure that selling the structured settlement is in the best interests of the seller. These reasons include, but are not limited to, car or home repair, business related expenses, like starting or expanding an existing business, and starting or continuing higher education. You could even use your lump sum to go on a dream vacation. If the judge decides that selling is in the best interests (and using 123 Lump Sum’s expert lawyers, they will), you can see your money in about two to three months. Any costs that come from these court appearances are folded into the lump sum you will receive. In some states, only the lawyer must appear, keeping things easy for you.
Knowing that there is a large amount of money that belongs to you and is just out of reach can be extremely exasperating. The small checks received from the settlement can be small enough as to be ineffectual. Having enough money to get out of debt but not being able to use it is a binding, suffocating feeling. By taking control of your structured settlement with 123 Lump Sum, you can also take control of your life.
Company Phone Number- 1-800-400-9123
Ready to sell your structured settlement payment rights in exchange for a Lump Sum? Well if so then the helpful team here at SS Cash Now is ready to go over your sales procedure. A Lump Sum is defined as a single sum of money that is made as a one time payment that serves as complete payment. You will hear this word used a lot of the time in financial situations such as Annuity selling, Lottery Winnings, and of course our specialty structured settlements.
How the process works to help you receive a lump sum in your state or municipality is that we will send a notary out to have you sign the properly designated paperwork. Once that is signed depending on the state whether it’s California, Texas, Arizona, Florida, or any of the other states that our clients come from we give you an allotted amount of time to look everything over as we set up the court date. The next phase is the big day in court where we transfer your monthly or annual payments for a large lump sum that is approved by a judge and sent right to your bank account.
If you have any questions about funding your settlement or borrowing against it in exchange for a large lump sum please do let us know.
In many cases, an annuity is the ideal long-term investment plan. Even though the circumstances that warranted it might not be ideal, the regular payments of set money amounts are easily definable, convenient, and provide financial freedom and security.
But sometimes things pop up that might make you wish you had taken a lump sum payment instead of a structured settlement. These include things like the purchase of a new home, the need for funds for an investment, the payment of unexpected medical bills, and the payment of growing debt.
Fortunately, annuities come with an interesting catch – they can be sold to a secondary buyer. This allows the seller to receive cash money much sooner than what the structured settlement schedule dictates.
But before making the moves and selling your annuity payment outright, it is important to first consider your options. Searching through your options starts with finding a free quote for your annuity payment. Here are a few of the best ways to do this.
- Make a List of Reliable Companies – There is no point in seeking a free quote for selling your annuity payment from a company that doesn’t have your best interests in mind and won’t get you the most money possible. For this reason, the first step you take should be tracking down reliable and honest companies with good histories. Do this by checking websites like the Better Business Bureau and making sure that they are a part of a trade group like the Structured Settlement Brokers Association.
- Contact for Free Quotes – Most structured settlement companies offer free quotes for the amount that you will receive from selling your annuity payment. If they don’t offer a free quote, you should select a different organization. Visiting the website of the reliable companies on your list is a surefire way of finding a free quote from each.
- Compare Quotes and Service – After receiving a free quote from each of the companies on your list, you should compare the quotes and the services that each company offers. Of course, the services will be nearly the same, but it is important to look at the specifics, the fine details. Select the company that will give you the most bang for your buck, especially if there are minimal fees involved on your end.
- Review With a Financial Advisor – Before making a final move, it is essential that you review your decision with a financial advisor. They will help you make sure that your decision to sell your annuity payment for cash is the best idea for you to currently make.
Many people with an annuity payment from a structured settlement decide, at some point, that they want to or need to sell it for cash. If this happens to you, seeking a free quote before doing so is important. This will allow you to estimate how much money you will receive when all is said and done.
Nearly every industry has its own trade association. The Structured Settlement Brokers Association is the name of the trade association for companies involved in structured settlements and factoring.
Trade groups like the Structured Settlement Brokers Association are a good thing. They are a way to make sure that the companies involved are adhering to a Code of Ethics. They furthermore maintain the highest quality of services possible and enable the group to police its members.
The National Structured Settlements Trade Association
The Structured Settlement Brokers Association also goes by the National Structured Settlements Trade Association (NSSTA). The group was founded in 1985 and currently has over 1,200 members. Among the group’s many members are brokers, finders, attorneys, insurance firms, licensed consultants, and other companies and individuals that work with those involved in structured settlement court cases and lawsuits.
A bill that Congress passed in 1983 favoring structured settlements prompted the trade group’s birth. Since this bill was passed, the structured settlements industry has grown by leaps and bounds. Among other things, the new legislation made sure that payments from a structured settlement were free from state and federal income taxes.
Code of Ethics
As mentioned above, a very important part of the Structured Settlement Brokers Association is their Code of Ethics. Members accept and must follow these rules upon joining. Here are the basic rules that members of the NSSTA must follow.
- Rule 1 – Integrity and Fidelity: All NSSTA members shall offer and provide their professional services with integrity and fidelity.
- Rule 2 – Competence: All members shall acquire and maintain the necessary knowledge and skills to assure delivery of high quality professional service. Knowledge and experience are the cornerstones of this industry. All NSSTA members are expected to have an understanding of relevant provisions of the tax codes, claim procedures and terminology, provider company products and procedures, negotiation skills and financial planning concepts.
- Rule 3 – Fairness, Honesty, and Due Care: Fairness mandates intellectual honesty and disclosure of relevant conflict(s) of interest. All members shall exercise reasonable due diligence and care when performing structured settlement services.
- Rule 4 – Confidentiality: To promote structured settlements and to strengthen the NSSTA, all members will hold in strict confidence, the confidential, sensitive, and private information they have been entrusted with by their clients. All members must not reveal information agreed upon as being confidential without the expressed consent of the source of the information, or in furtherance of a subpoena or court order.
- Rule 5 – Professionalism: All NSSTA members are expected to behave with dignity and courtesy to all those who may benefit from their services, including fellow professionals and those in related fields, clients and the general public.
- Rule 6 – Compliance: All NSSTA members should comply with all federal and state laws and regulations applicable to the structured settlement services provided.
As you can see, trade groups like the Structured Settlement Brokers Association are essential to the structured settlement industry.
A structured settlement is a method of payment that is designed to pay a person a specific amount of money in regular installments spread out over a specific amount of time. Their most common usage is that of making payouts from court cases, commonly personal injury lawsuits and product liability lawsuits. Basically, a structured settlement means that the person receiving it doesn’t get it all at once in a lump sum, but instead gets it spread out in convenient and reliable regular installments.
To find the best structured settlement possible it is essential that you find a trained professional to help you out. These professionals come in two primary forms: brokers and finders. Both negotiate and facilitate the monetary payout schedule that stems from your settlement. But there are some important differences between the two and these differences are discussed in greater detail below.
Structured Settlement Brokers
In most cases, a broker is an agent that is working on the behalf of a larger company or other entity. They are generally much more involved in the entire process of negotiating and facilitating a structured settlement payment, taking care of all the small details, gathering the required documents, negotiating the specific terms, and ultimately creating the final structured settlement deal.
A structured settlement broker basically acts as a middleman during the entire process. They are the person that goes back and forth between the two parties, the plaintiff and the defendant, after the lawsuit is settled in court. An established amount is already settled to be paid out and the broker’s job is to organize the means of this payment.
Structured Settlement Finder
Unlike a broker, a structured settlement finder is not working on the behalf of a larger company. They are generally going about business on their own. However, it is common for them to create relationships with larger companies or organizations to find clients in need of structured settlement services.
Beyond this, much of their job description is the same. Finders perform many of the same daily tasks as brokers, negotiating and facilitating structured settlement deals. The primary difference here is that finders often “find” those in need of these services before referring them to the company or even broker that they are associated with.
Structured Settlement Brokers and Finders
Though they perform many of the same actions and have many of the same responsibilities, there are a few primary differences between structured settlement brokers and finders. Brokers generally help you through the entire process while finders generally hook you up with the people that can help you.
So which one is for you, a structured settlement broker or finder? The answer depends on the specifics of your lawsuit, the specifics of your settlement, and on your personal preferences. More important than choosing one or the other, however, is finding a structured settlement professional that is reliable and invested in your situation, not just interested in making money off their fees.
Structured settlements are most commonly used to provide financial compensation for plaintiffs successful in court cases involving personal injury or product liability. Instead of being paid in one lump sum, the money awarded to them is spread out over a specific payment period.
Most of the time the person involved in the lawsuit is paid the money in the structured settlement. Because of the very nature of the particular court cases that often result in injury, disability, and even death, there is the option of having the structured settlement payments given to a beneficiary.
A little more about what a structured settlement beneficiary is and how they receive payments is discussed in greater detail below.
What is a Structured Settlement Beneficiary?
As mentioned above, a beneficiary when it comes to structured settlements is a person other than the plaintiff that receives the regular monetary payments.
Beneficiaries are most commonly used when the plaintiff (commonly referred to afterwards as the annuitant) has died. Sometimes this can be from the actual incident that has brought about the court case. In these circumstances, the beneficiary will receive the structured settlement payments from the get-go.
In other cases, the death might happen later, well into the terms of the structured settlement. When this happens, the beneficiary receives the remaining payments from the settlement.
Different Types of Structured Settlements With Beneficiaries
There are many different types of structured settlements that can be negotiated and facilitated. A few of them are common when beneficiaries are to be named.
The first is a structured settlement that is paid for life. These are referred to as life annuity structured settlements and are “period certain.” In this specific type of settlement, the plaintiff is allowed to designate a beneficiary to receive the remainder of their payments in the event of death.
Another type of structured settlement is the “lump sum” annuities. Though they are not as common as life annuity structured settlements, they are a possible option. They pay small payments on regular basis but provide a larger lump sum payment at some point in the future. These are excellent for settlements involving minor children. In the future, the lump sum is generally transferred to the children involved in the incident.
There are a number of other types of structured settlements that include beneficiaries. However, these are far less common. One that is of note is a “joint survivor” structured settlement. This type of settlement ensures that the beneficiary is paid alongside the annuitant for the entire payment period.
Structured Settlement Beneficiary
Structured settlements have numerous provisions that benefit the beneficiaries of those involved in personal injury and product liability lawsuits. This ensures that the family of the person receiving the structured settlement is taken care of financially far into the future, even if they themselves die. Understanding the specifics of structured settlement beneficiaries is essential if you are currently going through such a lawsuit.
A structured settlement is designed to pay a person a specific amount of money spread out over a specific period of time. It’s original intention – and current primary usage – stems from monetary payouts from a court case. In essence, its structure allows for a person receiving it to have peace of mind that they are going to be compensated for a most likely unpleasant situation for a while. This can help to alleviate some of the stress that may follow in the wake of such unpleasantness.
However, a structured settlement does come with a loophole of sorts, in which a person can potentially forego the structured settlement payments by selling the settlement to a secondary buyer in exchange for a lump sum. In this instance, a person would get their money at once now instead of getting it spread out later. While getting a lump sum payment may look like an attractive option as opposed to receiving structured settlement payments, there are a few differences between the two options that go beyond the payout time frame.
Part of the Solution
The biggest difference between structured settlement payments and lump sum payments is the overall payout that comes to a person. If someone opts for a lump sum payment, they will not receive the full amount of their structured settlement in return. Instead, they will only receive anywhere between 60% and 85% of the entire settlement. While a structured settlement has several variable factors in play that may render a such a reduction a moot point, like the age of the recipient or the overall dollar amount of the settlement, knowing that this reduction exists may be enough to cause a person thinking about the lump sum option to think twice.
Rules and Regulations
The other difference between structured settlement payments and lump sum payments stem from the way a person can use the settlement money. If a person wants to opt for a lump sum, they have to get approval from a state court in order to do so in all but six states. Furthermore, this approval hinges upon the way that a person intends on using the lump sum money. Under court regulations, a lump sum payment can only be used to help a person get out of a financial predicament. Some of the approved instances in which a lump sum is acceptable include:
- Payment of unpaid medical bills stemming from an unexpected emergency
- Payment of credit card debt or student loans
- Covering of sudden funeral costs
On the other hand, the money coming from a structured settlement do not have such restrictions, meaning that the fixed payment can be spent however the person wishes once it arrives.
With all that said, having the option of a lump sum payment can be a welcome relief for the person that finds themselves in a rough financial bind – particularly if said bind directly correlates with the incident that ended up producing the structured settlement in the first place. Even though it may cost a person a few dollars in the long term, it may be able to buy a person the comfort that they need in the short term.