Many personal injury or death cases end in a settlement for a particular amount of money. But instead of receiving a lump sum, many recipients choose to receive a structured settlement. This type of settlement involves a series of payments programed to pay out over a certain amount of time.
Having a structured settlement annuity is an excellent financial asset and one that offers stability and security for your future. However, you might have hit a rough patch, trying to avoid going into debt or needs to start a business. If you need money quickly, the option to sell your structured settlement annuity is attractive, but you must understand how the process works before making any decision.
What is your reason for selling?
Though this might look obvious, the first thing you need to consider is why you want to sell your structured settlement annuity payments and if the reason is genuine. Before making a decision, talk to someone you trust about what got you into your current financial situation and the reasons that you want to sell your payment.
If, for instance, you are in this financial situation due to poor financial management, then perhaps the best option is to keep the annuity. That said, there are several valid reasons for selling your payments, such as paying medical bills, putting a down payment on a home, buying a car, paying for college, starting a business, and more.
Your overall financial plan
Since the purpose of an annuity is to help you plan for your financial future, you may need to look for an alternate plan if you decide to sell your annuity. Do not allow your current financial needs to cloud your judgment, especially if you know you might end up squandering the money in a few years. So, before choosing to sell your annuity, evaluate your overall financial plan, then you can sell if you have no better choice.
State laws for selling annuities
There are varying laws and regulations from state to state for selling structured settlement annuities payments, so you may want to talk with a financial advisor or attorney in your area so that you understand the process. For instance, when it comes to selling structured settlement payments for cash, Texas has specific laws. If you are looking into TX structured settlement funding and want to deal with a reputable and reliable professional with years of experience, you can contact We PayMore Funding.
Do you know you don’t have to sell all of your payments?
Many people don’t realize that they don’t have to sell all of their payments to get cash. You can decide to sell some of your annuity payments and leave the remaining for monthly payment or future use. With partial options, you can decide on how much of your settlement payment you want to sell.
To go over your specific needs and the TX structured settlement funding options available to you, call We PayMore Funding. We look forward to working with you!
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