Get Cash for Structured Settlement
Below is a MRR and PLR article in category Finance -> subcategory Insurance.
Get Cash for Your Structured Settlement
Word Count:
580
Summary:
Learn how to receive cash for your structured settlement by following these straightforward steps.
Understanding Structured Settlements
When accidents or injuries from incidents like auto accidents, slips and falls, medical malpractice, or wrongful deaths occur, structured settlements often come into play. In these cases, people choose to receive regular payments over time rather than a lump sum from insurance companies. This option usually results in a higher total payout.
How Structured Settlements Work
The injured party agrees to a "Settlement and Release Agreement," which allows the insurer to purchase an annuity policy. This policy provides regular payments?"monthly, quarterly, or annually?"to the injured party, now known as the Annuitant.
Selling Your Structured Settlement
Thanks to federal laws enacted in 2002 and subsequent state protections, you can sell your structured settlement payments to a third party if desired. This allows you to receive a lump sum now instead of future payments. However, it's crucial to obtain a court order to protect your interests and maintain the tax-free status of the proceeds.
Legal Considerations
Different states have specific legal requirements for annuity sales, so it's essential to follow these guidelines closely. Typically, the recipient must sign a new transfer and assignment agreement outlining all contract terms and the sale price.
Simplifying the Process
While this may seem complex, selling a structured settlement annuity is a straightforward process that institutional funders handle regularly. They will manage all the paperwork, and you need to provide the necessary documents promptly.
Once everything is in order, the potential sale is announced to all relevant parties and submitted for court approval.
Timing and Efficiency
This process usually takes around 90 days. To expedite it, ensure you respond quickly to any requests for information or paperwork from the funder. A reliable institutional funder should have extensive experience, be well-versed in legal guidelines, and offer referrals to reassure you of their credibility.
Choose Wisely
If your structured settlement company doesn't meet these standards, consider finding a different one. Reputable providers will adhere to all legal requirements and facilitate a smooth transaction.
Conclusion
Can you get cash for your structured settlement? Absolutely, as long as you follow these easy guidelines.
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