Selling a Structured Settlement or annuity? Independent Professinal Advice will help you get more.
As a Registered Investment Advisor, Akin Investments will provide a comprehensive review of the recipients financial condition and discuss the options that are available to them. Calculate the"Current Value"of your Structured Settlement or Annuity. At the conclusion of this review we will provide an "Independent Professional Advice" letter.
If you want to sell an annuity for cash, sell a structured settlement for cash, or pursue a settlement loan including cash for life insurance it's important to consider the consequences.
A structured settlement is a financial arrangement between an insurance company and a person that arranges for the payment of court awards and lawsuit settlements in tax free installments instead of in a single payment. Each structure is created for the specific individual so that it’s valuable and helpful for them. The payment period and amounts will vary.
Structured settlements are now used in a wide variety of types of lawsuit settlements such as:
aviation
construction
auto
medical malpractice
product liability
Other uses for structured settlements are:
divorce
minor children
estate planning
tax planning
trusts
Let's Calculate the"Current Value"of your Structured Settlement or Annuity!
Structured settlements may include income tax and spendthrift provisions.
Your attorney and structured settlements professional invested time, effort and expertise in creating your individual settlement plan, so we recommend that any decision you’re considering to sell the payments be carefully and seriously considered. Often, it’s just better for your situation to keep your payments rather than sell them.
While the original settlement was set up with your future needs in mind, times change. So, you may be faced with the need to adapt to unexpected events in your life. That’s when selling part or all of your structured settlement may be a good option so you can get cash for structured settlement payments.
The Structured Settlement Protection Acts are laws in 49 states and the District of Columbia that exist to protect recipients of structured settlement payments from the predatory purchasing practices often associated with the sale of structured settlement payments. Specifics of the laws vary from state to state, but all protection acts reflect the same basic intent.
Structured settlement factoring transactions, which implemented the protections, imposes a 40 percent tax on anyone who acquires settlement payment rights in a transaction that doesn’t qualify for an exemption.
To get an exemption, a payment sale must receive approval from a local court, which determines whether the sale complies with the relevant state’s SSPA.
Regardless of whether you choose a lump-sum payment or a structured settlement, it is worth your while to consult with a tax professional, accountant, or financial planner to determine how the structure of your award or settlement will help you to maximize your outcome based on your personal circumstances and to achieve your financial goals.
Let's Calculate the"Current Value"of your Structured Settlement or Annuity!
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