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Purchase Structured Settlements: Understanding The Process Of Transferring Annuity Payments
March 1, 2010 by Best Ways To Save Money
Filed under Personal Finance
Investors who purchase structured settlements must adhere to strict state and federal regulations. The purpose of structured settlement annuity payments is to provide Annuitants with long term income as compensation for injuries caused by neglect of a company or individual. Structured settlements are often used to compensate victims of automobile accidents, worker's compensation injuries, or medical malpractice.
In order to purchase structured settlements, Annuitants must first obtain court approval. Nearly two-thirds of U.S. states prohibit the sale or transfer of annuity payments. Annuities are structured to provide income to injured parties to pay for ongoing medical expenses or replace lost income. Therefore, Annuitants must provide compelling evidence to a judge showing that selling forthcoming payments will improve their quality of life.
Structured settlements can also be established for individuals who win lottery jackpots. Instead of accepting lottery winnings in a lump sum cash payment, annuity payments can be established to provide income on a regular basis. Lottery jackpot annuities typically extend for twenty years.
Establishing annuity settlements for lottery winnings can reduce the amount of taxes owed and provide continued cash flow for years to come. Anyone fortunate enough to win lottery jackpots should consult with a structured settlement lawyer to determine options best suited for their financial needs.
Several reasons exist for selling annuity payments. The most common include paying off credit cards, medical bills and other outstanding debts; home improvements; college tuition; or to obtain cash for investment purposes.
Litigation settlements can be sold in whole or part. Investors purchase annuities at discounted rates and provide Annuitants with lump sum cash. For example, an Annuitant receives $50,000 per year for twenty years, which is paid on a quarterly basis. He receives $12,500 every three months.
The Annuitant requires $100,000 to invest in real estate to be used as rental property. In order to obtain the $100,000 he will need to sell two or more years of annuity payments. A funding source might charge upwards of 25-percent for providing upfront cash.
Upon court approval, the Annuitant transfers payment rights to the structured settlement investor. Transfer of rights must be authorized by the insurance company backing the annuity payments. Insurance companies are not required to authorize annuity sales or agree to payment rights transfers.
Legal advice should be obtained prior to selling or purchasing structured settlements. Attorneys can advise if settlement annuities can be sold, assist in negotiations, and determine if purchase offers are reasonable. Structured settlement lawyers should advise clients of advantages and disadvantages of buying or selling annuities, along with any tax ramifications.
Annuitants should take time to consult with several structured settlement companies and shop around for the best deal. One of the most trusted source for locating annuity buyers is the National Structured Settlements Trade Association at nssta.com.
Simon Volkov is a private investor and published author residing in Orange County, California. His website provides numerous articles, along with answers to frequently asked questions about selling annuities and how to purchase structured settlements. If you need a buyer for your structured settlement, submit information via the 'Structured Settlements' form available at www.SimonVolkov.com. Investors are encouraged to subscribe to Simon Volkov's private investor list to receive an updated list of investment opportunities.
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