- Structured Settlements
- Annuity Payments
- Lottery Winnings
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What is a Structured Settlement?
A Structured Settlement is one of the possible outcomes of a lawsuit that arises from a number of different situations. The most common types of suits that result in a structured settlement are personal injury, wrongful death and medical malpractice. When insurance companies are responsible for paying out an award for one of these lawsuits, they will use a structured settlement as a way to pay the award money slowly over time instead of all at once at the completion of the lawsuit. When an insurance company awards a settlement in one of these cases, they look at a few different factors when assigning the payment stream.
The frequency and size of the payouts will depend mostly on the following:
- Current Financial Situation – employment status, debt incurred, current income and spending
- Medical Bills- current, reoccurring or future bills based on health issues (if applicable)
- Possible future costs- upper-level education, major life events, children
- Guaranteed vs. Life Contingent Payments
Typically, the payment stream set up to payout a structured settlement is only guaranteed up to a certain point in the recipient’s life. During the initial stages of structuring a payment stream, the insurance company will analyze the specifics of a case and decide upon a date that the payments become life-contingent, meaning the payments will stop if the recipient is no longer living. The most important thing to remember about the difference between guaranteed and life contingent payments is that guaranteed payments can be assigned a beneficiary. Typically a family member or estate of your choosing whom you want the payments to be made out to in the event you pass away. Life Contingent payments cannot be assigned to a beneficiary. They can only be paid out to the recipient of the structured settlement while they are living.
The Process of a Structured Settlement
The process for this type of settlement is quite complex but aids in a simpler solution. In several court cases, the plaintiff is owed money by the defendant. The issue is often resolved by agreeing to settlement cash paid periodically instead of the defendant paying a lump sum. The settlement cash and the schedule according to which it will be paid are to be decided through negotiation between the two parties. The decisions are taken according to the needs of the plaintiff. The structured settlement requires a hired consultant that monitors the negotiations between the two parties. Once the structured settlement is decided and paid, the consultant will buy an annuity from a life insurance company. This will act as the periodic payments for the plaintiff on behalf of the defendant. This annuity is protected by the insurance company separate from the party that is at fault. This kind of investment is not vulnerable to market changes, recessions or similar risks. Therefore, the plaintiff will be receiving money for the rest of their lives or a set period of time without any interruption or risk. Many of these settlements will set the plaintiff financially for life. While some people genuinely deserve this arrangement and its benefits, others can take undue advantage out of it. According to the National Structures Settlements Trade Association, around $6 billion is issued in structured settlements each year.
Structured settlements are arranged through courts. In comparison, an annuity is available through insurance companies or investment firms. Often, lottery winnings are counted under the same category. This happens when the winner decides to take the winnings as annuity payments instead of a lump sum. On the other hand, annuity cash acts as an investment. The owner will earn additional returns on the cash apart from the original amount. Annuities can have multiple beneficiaries as well after the owner has died. Moreover, an annuity can be divided into several types. Why should you know the difference? As an owner of a structured settlement or annuity, you may not worry about the differences as long as you are receiving the periodic payments. However, many people may decide to sell their structured settlement or annuity or they may demand to see all the money before they retire or die. When you want or need to sell an annuity, you should really have awareness about the different laws that apply to both concepts. In some states, selling a structured settlement is allowed but the matter may become different for an annuity. Selling your annuity may become a complex process since, at times, you will face some legal hurdles.
A structured settlement is a financial arrangement that is negotiated between two parties. One of the parties owes money to the other because of their wrongdoing. The money is proposed in order to compensate the victim. Instead of providing a lump sum, the party at fault will agree to provide the victim with periodic payments. How the periodic payments will be scheduled and how long they will be paid for is to be agreed upon between both parties. The parties are provided with a consultant that will help them negotiate and agree to certain terms and conditions. On the other hand, a third party in the form of a structured settlement company will ensure that these terms and conditions are followed and the payments run smoothly. In a case where the receiving party needs cash now, rather than wait for the periodic structured settlement funds, a third-party company can work with the court system to help them sell their structured settlement for an immediate cash lump sum. A structured settlement company also eliminates the hassle of the victim constantly having to deal with the process on their own. The consultant can use the structured settlement for buying an annuity from an insurance company for the plaintiff on the behalf of the defendant.
How to Sell Annuity?
If you are not an expert when it comes to annuities, you should take professional guidance before you sell your annuity. Many companies who deal with structured settlements also offer help with annuities. They have trained professionals who act as brokers. Your chosen broker should have extensive knowledge about the law. Find a reliable broker who has experience in providing reasonable and effective solutions for their clients to help guide them through the process of selling their annuity.
Sell Annuity with We Pay More Funding
We Pay More Funding helps annuity owners sell their annuity with a hassle-free process. We guarantee we will help our clients make their way through all the legal requirements and earn the cash they need immediately. You will be required to fill out a form that provides your contact information and describes the annuity you want to sell. Next, We Pay More Funding will have our highly experienced team launch a search to get you the highest price for your annuity. We only work with reputable funding companies. It may take some time to find a good bid but we will push to find it as quickly as possible. You will be informed about the bid as soon as it is received. Next, it is your choice if you want to accept the bid. If you do accept it, We Pay More Funding will introduce you to the certified funder. The sales process will then begin. We Pay More Funding will provide you with a notary representative who will review the sales documents. You can call the representative at your home or any other location convenient for you. As soon as the transfer process is completed, you will receive your cash within a few business days. We ensure that you get a great annuity cash deal in exchange for your annuity payments. We have had clients with multiple financial issues that decided to sell their annuity to meet their financial requirements. We understand the reasons people may want quick cash, and we help them find the best possible solution. With We Pay More Funding, you can sell your annuity risk-free. Clients can trust us to find them only the most reliable and authentic funders and can feel a peace of mind that they are in good hands.
Lottery winnings can set a person financially for a lifetime or, even more, if the money passes over to future generations. Lottery winners can receive their lottery payments according to what they choose. The winnings can either be received in periodic lottery payments or as a lump sum. If the winner wants the lottery payments all at once, it is known as a lump sum award. On the other hand, winnings received over a long period of time become an annuity. How the lump sum award or annuity works may depend on the laws of the state the winner lives in or rules of the lottery company in question.
Lump Sum Payout
Lottery winners may want to use their lottery winnings for profitable investments. For this purpose, they may opt for the lump sum where they receive cash immediately. This way they can take the investment opportunities available at that time beating any market returns that are long-term. They may invest their lump sum award in commodities or real estate, or even metals, bonds, and/or stocks. Some lottery winners may use their lottery payments to pay off debt or make an extravagant purchase. On the downside, when choosing a lump sum award, winners may not get the entire amount for the lottery winnings. The original amount may have tax deducted by the federal government and often, the states may pile on their own taxes on the remaining amount of lottery payments. On the other hand, some people are not good with money. When awarded the lump sum, they don’t use the money wisely. They don’t invest or pay any debt. If you think, you can’t handle a large sum of money at a single time or don’t have any idea about how to use it effectively, it is better to consult a financial advisor who guides you with the money or to consider other options like an annuity.
Periodic Lottery Payments
There are multiple benefits for choosing the periodic lottery payments in the form of an annuity. First and foremost, lottery winners can skip large tax deductions if they choose this method. So, they are also more likely to receive a larger payout in the long run. Also periodic payments mean that you can protect yourself financially for long term period. If you choose beneficiaries for the lottery winnings after your death, the next generation will be at a financial advantage as well. With an annuity, you always have the chance to sell it for a lump sum. At any time, if you need quick cash, you can hire a reputable structured settlement company to find you a certified funder to buy the annuity. This way, you can earn quick cash to meet any financial obligations or goals you may have. Just like a lump sum award, there are drawbacks to periodic payments as well. For example, your financial requirements may be bigger than the periodic payments you are receiving. You can’t depend entirely on these lottery payments in periodic sums to meet every kind of requirement. You may have to pay off debt, send children to college or handle a medical or health issue or emergency. In such situations, selling the periodic lottery payments is the best option.
Need Lottery Cash Now
If you had chosen for lottery payments to be received periodically in the form of an annuity, but you need money now, you should consider selling the lottery payments. You can get lottery cash now depending on the laws of the state you live in. In some states, it is easy to determine if you can sell lottery payments and get your lottery cash now. In others, the rules may be complex and you should hire a consultant, broker or attorney to help you. You can receive lottery cash now either through selling your entire annuity or just part of the lottery payments.
Lottery Cash Now with We Pay More Funding
We Pay More Funding will help you manage your lottery winnings wisely with our experts advising you through the process. You can consult with us to help decide what is the best option for you; lump sum award or periodic lottery payments. You can also hire the services of We Pay More Funding if you want to sell your entire annuity or part of the periodic lottery payments. We will help you find trusted and certified funders to sell your lottery payments to get your lottery cash now.
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