During these trying times, winning the lottery seems like the answer to all of one’s financial woes. Even the combined value of a meager income and annuity payments can barely pay for the rising cost of living. This is why many winners opt to sell lottery payments to a structured settlement company.
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"Winning the lottery was a completely amazing experience... Woodbridge Structured Funding, LLC helped make my dream a reality."
"Winning the lottery was a completely amazing experience... Woodbridge Structured Funding, LLC helped make my dream a reality."
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Archive for the ‘Lottery Payments’ Category
Real Winners Sell Lottery Payments for Cash
Take The Lump Sum now Instead of Selling Lottery Payments Later.
Winning the lottery can change your life. After the initial euphoria subsides, you begin to think about the first major decision you have to face, “Do I take the lump sum or annual payments?”
New Hampshire Couple Hits Lottery Prize Twice in Four Years
New Hampshire Couple Hits Lottery Prize Twice in Four Years
Bob Jaracz of Nashua, NH has always believed himself a lucky guy. In light of the fact he has won the lottery twice, who can really dispute that?
Jaracz said he plays the lottery weekly. Like many other players, he picks the numbers quickly and randomly, and buys his tickets at random stores.
But unlike those other players, he’s hit the lottery twice for over a million dollars.
Winning the Lottery in 2005
The first time was on Thanksgiving Day 2005, when he won Tri-State Megabucks for $1.9 million.
Jaracz said that initially, it was hard to believe. Diane, his wife, said that with all the excitement of telling friends and family, they sort of forgot about the turkey in the oven.
“It was only a little dry,” she said.
The couple used the prize money to settle all their debts, repair their home, purchase a new car and go on some trips.
Winning the Lottery Again in 2009
Then, in late September this year, fate would smile on them a second time.
Jaracz won the Weekly Grand Game for a little more than $1 million. He said he always had the feeling like he was going to win again.
This time around though, Jaracz said he will be dedicating his good fortune to help the Humane Society, the Santa Fund, and other local charities.
When asked if he plans to stop playing the lottery, Jaracz replies, “No way. I think I’m going to win again.”
How to Sell Your Lottery Payments
“I Want To Sell My Lottery Payments – But How?”
Lottery prize winners receiving payments over time may be able to convert all or part of their future payments into an immediate lump sum cash payment.
Though some states prohibit assignment of future lottery payments, certain conditions can lift this prohibition. Such conditions include bankruptcy, the splitting of assets required by a divorce, and the need to fund a major medical procedure if you would like to sell lottery payments
Need Lump Sum Cash Now?
If you need a lump sum now but want to keep receiving part of your annual payments, you can choose what is called the “split payment option”. Under this option, you literally split your future lottery payments into two parts. One part is given to you as the lump sum you need now while the other part is given to you on your periodic/annual payment day.
The sale of lottery prize payments takes about 2 to 3 months to complete. The process cannot be any shorter than that because you have to get a court order instructing your state lottery commission how the original payment arrangement should be amended.
Since the tax treatment of a lump sum gained through the sale of lottery prize payments varies from case to case, it is best to consult with a tax adviser.
Furthermore, since you need court approval for the transaction when you sell lottery payments, also seek the assistance of an attorney.
Sell Lottery Payment Companies – What To Look For
There are many companies out there who want your lottery winnings. You don’t want to accept the first offer that comes along when there’s a company out there that’s willing to pay you top dollar. Compare the offers of many different companies. Look them up online and check with the Better Business Bureau (BBB) to see if they have a complaint-free record. Exercise prudence because a bad decision may leave you with a raw deal that you’ll regret for a long time.
Lottery payment buyers normally require the following information to provide you a quote:
• The state in which the lottery prize was won
• The exact amount that was won
• The gross payment per year
• The actual value of the check you receive each year (after taxes)
• The exact annual payment date (month, day, and year)
• The total number of payments for the lottery prize.
Sometimes, buyers can purchase future payments from winners who have won contests or prizes other than state lotteries. It depends on the specific language of the prize agreement. Some prize agreements clearly forbid assignment to another party. Review the agreement with a lawyer to see if future payments can be sold.
How To Sell Lottery Payments
HOW TO SELL LOTTERY PAYMENTS
Lottery prize winners receiving payments over time may be able to convert all or part of their future payments into an immediate lump sum cash payment.
Though some states prohibit assignment of future lottery payments, certain conditions can lift this prohibition. Such conditions include bankruptcy, the splitting of assets required by a divorce, and the need to fund a major medical procedure.
Need Lump Sum Cash Now?
If you need a lump sum now but want to keep receiving part of your annual payments, you can choose what is called the “split payment option”. Under this option, you literally split your future lottery payments into two parts. One part is given to you as the lump sum you need now while the other part is given to you on your periodic/annual payment day.
The Process When you Sell Lottery Winnings
When you sell lottery payments it takes about 2 to 3 months to complete. The process cannot be any shorter than that because you have to get a court order instructing your state lottery commission how the original payment arrangement should be amended.
Since the tax treatment of a lump sum gained through the sale of lottery payments varies from case to case, it is best to consult with a tax adviser.
Furthermore, since you need court approval for the transaction, also seek the assistance of an attorney.
There are many companies out there who want your lottery winnings. You don’t want to accept the first offer that comes along when there’s a company out there that’s willing to pay you top dollar. Compare the offers of many different companies. Look them up online and check with the Better Business Bureau (BBB) to see if they have a complaint-free record. Exercise prudence because a bad decision may leave you with a raw deal that you’ll regret for a long time.
Information You Should Have Handy When You Want To Sell Your Lottery Winning
Lottery payment buyers normally require the following information to provide you a quote:
• The state in which the lottery winning was won
• The exact amount that was won
• The gross payment per year
• The actual value of the check you receive each year (after taxes)
• The exact annual lottery payment date (month, day, and year)
• The total number of payments for the lottery winning.
Sometimes, buyers can purchase from winners who want to sell future payments. It depends on the specific language of the prize agreement. Some prize agreements clearly forbid assignment to another party. Review the agreement with a lawyer to see if future lottery payments can be sold.
Lottery Winners Who Went Bankrupt
Bad Habits and Poor Financial Decisions
Turn Instant Millionaire Lottery Winnings Poor
It is said that money cannot buy happiness and that if a miserable man were to suddenly gain a vast amount of wealth, he would still remain miserable.
The initial thrill of spending money on his whims may afford him the illusion of happiness, but is an illusion that is short lived – especially if he/she squanders everything from their lottery winnings and ends up poorer than he initially was.
Experts have studied the histories of past lottery winners and have discovered that an alarming number of them went bankrupt. These studies revealed that many lottery winners lacked the experience and knowledge to handle a sudden increase in wealth.Unable to cope, they mismanaged their resources till they ran dry:
Some Lottery Winners Who Splurged Their Lottery Payments
• Evelyn Adams won the NJ lottery twice (1985, 1986) but was unable to save and now lives in a trailer.
• William Post won $16.2M in the PA lottery in 1988 but now lives on his Social Security
• Suzanne Mullins won $4.2M in the VA lottery in 1993 but is now deeply in debt
• Ken Proxmire won $1M in the MI lottery and within five years, filed for bankruptcy
• Willie Hurt of Lansing, MI won $3.1M in 1989 and ended up broke and charged with murder two years latter
• Charles Riddle of Belleville, MI won $1M in 1975 and had a life troubled by divorce, lawsuits and drug dealing
• Janite Lee of Missouri won $18M in 1993 and, according to published reports, only has $700 left in two bank accounts and no cash on hand.
• A Southeastern family won $4.2M in the early 90s, bought a huge house and unthinkingly kept helping family members pay off debts till nothing was left of their winnings.
How to Improve Your Chances of Winning the Lottery
Increase Your Chances of Lottery Winnings!
While there is still no way to accurately predict winning numbers, there are ways to improve your chances of winning the lottery by analyzing mathematical probabilities and trends.
Here Are Some very Helpful Lottery Winning Tips
• Try to choose numbers that are unlikely to be picked by other people. That way, if you win the lottery, odds are you won’t have to share the prize.
• Avoid the numbers 7 and 11. Most people believe them to be lucky numbers and are almost always picked.
• Avoid numbers 1 through 31. These numbers represent the days in a month and are also popular picks.
• One way of improving your chances of winning the lottery is by using the potential of probability. Combining a balanced mix of odd and even numbers can bring you closer to winning the next lottery game. Winning combinations made up of purely odd or even numbers are extremely rare.
• Calculate your chances of winning. For example, if the odds of winning are one to six million and the jackpot is $30M, buying a lottery ticket is a reasonable enough gamble even though you might not win.
What To Do If/When You’ve Won The Lottery
So, You’ve Just Won the Lottery: What Now?
Lottery winners usually have a difficult time adjusting to the lifestyle that comes with sudden wealth. Here are some tips that aim to help them cope with the unwanted attention and dilemmas that result from winning the lottery.
Tips For Lottery Winners
1. Protect your winning ticket. Until it is time to bring it to the lottery commission, keep your ticket in a place where it’s out of reach from other people and safe from spills and other damaging accidents.
2. Tell no one outside your closest friends and family. Confide in people whom you know can keep a secret and who are not greedy or manipulative.
3. Meet with a lawyer. A lawyer can guide you through the legal issues winning the lottery can raise.
4. Rent a hotel room with cash and under an assumed name. This will spare you from the incessant pestering of the press and all your new “friends”.
5. Confirm the ticket with the lottery commission.
6. Meet with an accountant.
7. Go on a one-month vacation. Not only will this protect you from excessive press and public attention, the time off will give you the opportunity to carefully plan your purchases.
8. Calculate your interest. Ask a financial advisor about the interest that can be generated from various investment options and then budget your “disposable income” according to how much you earn in interest each year.
9. If you feel the need to give, find people and organizations you truly want to help and focus your generosity on only them.
10. Pamper yourself. Set limits though. You do not want to keep spending on your whims till you suddenly realize there’s no money left.
How Lottery Winnings Work
Lottery Winnings, How Do They Work?
A lottery winner usually receives his prize as a series of deferred payments for many years. Sometimes, a winner who needs immediate cash might opt to sell his lottery payments to company who will give him a lump sum of cash. While most states restrict the sale of lottery winnings, Texas, Washington, Virginia, New York and New Jersey are some of the few states that permit court ordered transfers of lottery winnings.
How Long is The Process?
Normally, the transfer process takes 6 to 8 weeks and winners are given the freedom to choose if they want to sell all or just part of their future lottery payments.There are companies who are in the business of buying and selling lottery payments. Most of them prefer a lump sum purchase of a lottery payment. Others employ a customized payment schedule to cater to the needs of the seller.
These companies take into account your current financial standing and your future needs to come up with a customized payment plan.
If you are planning to sell your lottery payments you have to produce the following items:
• A lottery award letter obtained from the state lottery commission
• A duplicate of your most recent lottery check
• A copy of your most recent tax return
• A passport-size photograph
• Identification documents
• Copies of your marriage license or divorce decree
• Copies of all documents pertaining to your bankruptcy discharge Copies of any other documents related to your lottery winnings
To Sell or Not to Sell Lottery Payments
So you’ve won the lottery and you originally chose to receive periodic payments?
It may already have crossed your mind to sell some or all of your payments for a lump sum payment. The question is: Is it a good idea to sell lottery payments?
There Are A Number Of Reasons To Sell Lottery Payments
If done for the right reasons, cashing in your lottery payments can work to your advantage. The money can be used to pay bills, buy a home, start a business, pay for college tuition, or fund other investments. Another major consideration is inflation. Your money will be worth less in the future than it is now. Just recall how much a dollar could buy years ago. No matter what your reason, you may want to consult with a financial advisor before you sell lottery payments.
Know These Fundamental Principles
Before you sell, it is important for you to understand some of the fundamental principles involved when people sell lottery payments:
1. You will receive a discounted lump sum cash price, not the full face value of your lottery payments.
2. If you decide to sell lottery payments later rather than sooner, the amount offered you will be smaller.
Once you understand these basic principles and take into consideration your personal financial situation, you should be able to decide how much of your periodic payments you ought to sell.