When should someone cash out a structured settlement? The answer depends upon the needs of each individual. There are some general guidelines that can help answer this question. Keep in mind that it’s not necessary to sell the entire structured settlement. As long as there are payments remaining in the settlement, getting cash for a structured settlement can be done multiple times.
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Archive for the ‘Cash Structured Settlements’ Category
Cash for Structured Settlement Payments: A How To Guide
Getting cash for structured settlement payments can be a great idea. Selling structured settlement payments for a cash lump sum gives you control over your personal injury award, letting you use your money however it benefits you the most. With a structured settlement, your money is a fixed payment stream paid by a third party company, preventing you from accessing it when you need it. Whether you need the money for rent, a mortgage, a down payment, vehicle repairs, or some other large expense, selling a structured settlement puts your money in your hands. Read on to find out how to get cash for your structured settlement payments.
Structured Settlement Buyers: A Guide to Structured Settlement Companies
Structured settlements are awarded to plaintiffs who have sustained life-altering injuries in personal injury, liability, malpractice, and harassment cases. While these structured settlements are designed to provide the injury victim with a steady stream of income, there are significant disadvantages to having your funds locked up in an inflexible annuity. As a result, many accident victims choose to sell structured settlement payments. Selling a structured settlement is a big decision—be sure to consult your legal and financial advisors before taking action—and the first step in the process is to research trusted structured settlement companies to find out who buys structured settlements. (more…)
How Selling Structured Settlements for Cash Saved Brenda’s College Career
Why Sell Settlement Payments?
No matter how hard you work or how carefully you plan, unforeseen events can change your life—often dramatically. No one expects to be injured in an accident, and few are prepared for the host of hurdles that accompany a personal injury lawsuit. While a structured settlement might seem like the end of the process, for many, it’s the beginning of a new set of challenges in their lives. Fortunately, you can sell structured settlement payments, and many find selling these payments for cash is the answer to their financial troubles. (more…)
How to preserve a lump sum payment of cash
5 Tips on how to stay rich after selling your structured settlement, annuity payments or lottery winnings for lump sum payment
Selling a structured settlement, annuity payments or lottery winnings can certainly be daunting. No one knows what the next ten, twenty or thirty years may hold, thus it is a common belief that selling regular payments is like selling your safety net.
Despite this belief, receiving a lump sum of cash will not necessarily leave you high and dry, although you do need to be careful managing your newfound wealth. You might want to sell structured settlement payments, annuity payments or lottery winnings in exchange of a lump sum of cash, but this doesn’t mean you have to be scared of having your money run out before you’re ready.
How not to spend your entire lump sum of cash right away
Get an accountant
With your new lump sum of cash, you should be able to afford to hire an accountant. This is a very worthy investment to get professional advice and avoid any unnecessary fines, settle any tax issues and establish a long term plan for your money.
Pay off all of your debt before your spend that lump sum of cash
Debt is not something that you want to deal with when you are no longer receiving steady payments from your previous structured settlement, annuity payments or lottery winnings. Make this a priority so you will know exactly how much spending money you actually have.
Keep your day job, or at least get a new one
As mentioned before; you never know what could happen over the next decade or three. It should always be a goal of yours to continue increasing your net worth, or at least not letting the number slip to something negative. Keep your job to maintain an additional stream of steady income. If you just can’t stand your current job, at least use your new financial freedom to take some time off and begin a new venture making money by doing something you are passionate about.
Avoid gambling with your lump sum of cash
Hopefully the thing you are passionate about is not gambling or taking on high risk financial investments. Taking on high risk investments or gambling with the lump sum of cash you just got is a surefire way to loose the money you would have had with each new structured settlement, lottery or annuity payment. Note: Chances of receiving lottery winnings twice in life are even more slim than winning once. Protect your assets.
Invest your new lump sum of cash
Whenever you sell your structured settlement, annuity payments or lottery winnings, you usually have to sacrifice a portion of the ultimate amount in order to receive that large lump sum of cash. If you invest what you get in a smart way, you might be able to make back all of that money and then some.
If you are selling a structured settlement, annuity payments or lottery winnings, consider getting a free quote about how much you could get in a lump sum of cash by visiting our free quote page.
Don’t fall into a financial pitfall.
Financial considerations for after you sell a structured settlement, lottery winnings or annuity payments
Selling your structured settlement, lottery winnings or selling an annuity payment by no means automatically suggests that you are not financially planning for the future.
Yes, there are many pitfalls that one can fall into after selling a structured settlement, lottery winning or annuity payment, but these can easily be avoided just by keeping a few pointers in mind.
1) Sell up to the budget that’s needed
Take some time before you sell your structured settlement, lottery winnings or annuity payment to set up your own budget and identify how much lump sum money is needed. Sell only the portion of payments that’s needed to fulfill this budget. Most Structured settlement companies will allow you to sell a portion of payments and if you need more at a future date you can sell your remaining payments
2) Determine long term and short term financial goals
Just because you should budget does not mean that you shouldn’t take advantage of the large amount of money you just got by selling a structured settlement, lottery winnings or annuity payments. Go ahead and enjoy, buy a new gift for yourself. However, don’t buy a car or boat right away if that wasn’t in your budget. It is good practice to limit what you spend a large amount of money on right away so you can see what the rest of your new spending habits are like. You might realize that you just can’t help going out for a lot of fancy dinners. Take some time to slowly evaluate what you want to spend your money on.
3) Think outside the box about spending
Right now your financial responsibilities may be limited. Think also about your future. Don’t forget that down the road you may have other people in your family or close circle of friends that you might need to take care of financially. Before you start spending the money you just got, make sure you cover all your bases and try to anticipate all of the large expenses you’ll have to cover in the next five or twenty-five years.
Selling a structured settlement, lottery winnings or selling annuity payments can be a great and fiscally responsible thing to do, as long as you take all aspects of managing your finances into consideration. For a free quote on how much money for future payments you can get, visit our free quote page
Bright Ideas When Selling Structured Settlements
A structured settlement is an asset just like stocks or property. The main difference though is that a structured settlement is a lot more versatile when it comes to meeting your financial requirements. If you are considering the option to sell structured settlements, make sure that the sale will serve your best interests. Will a lump sum payment work best for your plans and finances? How will selling structured settlements affect your life? Structured settlement owners have a lot to consider before selling. Here are some tips on how to make the most of a sale. (more…)
JG Wentworth Filed for Chapter 11 Bankruptcy Protection
JG Wentworth Inc., a financial services firm and buyer of deferred payments such as annuities, structured settlements and life insurance policies, filed for Chapter 11 bankruptcy protection on June 1, 2009.
Founded in 1991, J.G. Wentworth is owned by New York-based private equity firm JLL Partners. As part of the reorganization plan, JLL Partners invested $100 million of new equity to support J.G. Wentworth’s ongoing operations. J.G. Wentworth has since emerged from bankruptcy.
Although J.G. Wentworth laid off 120 of its 200 employees and closed its office in Las Vegas due to economic constraints, the Bryn Mawr, Pennsylvania-based company continued to operate during the reorganization process and has since hired new employees.
Do You Have to Sell All Of Your Structured Settlement Payments?
When Structured Settlements Are Not Enough
Personal injury victims receiving structured settlement payments are painfully aware of how unpredictable and unfair life can be.
You can never tell when disaster may strike and put you in a financial situation that cannot wait for periodic payments. It is during such times that many opt to sell structured settlements for a lump sum of cash.
Selling Structured Settlements: The Partial Lump Sum Option
The flexibility of a lump sum gives people the power to spend when they need it. Many of those who have decided to sell structured settlements assume that they are obligated to sell all of their payments and are surprised that they don’t have to. As a matter of fact, most lump sum transactions only involve a fraction of the payment stream.
This is actually the best option for any seller: a partial lump sum transaction to cover a current financial emergency without sacrificing the security of periodic payments.
Beware Structured Settlement Buyers Who Keep You in the Dark
There are some structured settlement buyers who take advantage of sellers who are ignorant of this fact. Now that you know, be wary of companies who do not bother informing you of your this option.
Everyone’s financial situation is unique, so take your time deciding how much money you require for your present need – because the decision may affect your future security.
Selling Your Settlement? Know What Yours Is Worth!
Even When Not Yet Selling Your Settlement,
Get Quotes from Structured Settlement Buyers
Most structured settlement recipients do not foresee a need to sell their payments in the secondary market for structured settlements. However, knowing the value of your structured settlement payments may come in handy later on should a financial emergency force you to sell structured settlement payments.
Know What Your Structured Settlement Is Worth
To know your structured settlement’s worth, contact a number of structured settlement buyers and ask them how much they’d offer should you decide to sell. Before calling, prepare your documentation – including a copy of the settlement agreement and the annuity policy. The purchasing company can quote you their offer much quicker if you immediately provide them the information in these documents.
Ask How Much Portions of Your Settlement Are Worth
When asking for a quote, don’t just ask them for the value of the entire settlement you want to sell. Inquire how much portions of the annuity payments are worth, so you will have a good idea of the kind of flexibility you might have in customizing the transaction to fit whatever needs you may have in the future.