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How can I sell a structured settlement payment?
The first step to selling a structured settlement payment
is to have an idea of the amount to be sold and finding a suitable buyer. The
internet is the best resource for obtaining quotes and information on buyers.
The information that buyers require to conduct a sale includes the state of
seller’s residence and the insurance company. If a seller wishes to proceed, he
is to submit copies of the settlement agreement and annuity policy.
One can also avail the services of structured settlement
brokers who are in a position to lead a person to favorable deals. However,
sellers should beware that the brokers are not into an exclusive contract with
an underwriter.
Annuitants can access immediate cash by selling off
either a part or the whole of their structured settlement to settlement
companies. However, there is a cost involved with the process as companies that
companies that pay cash upfront deduct to account for tax and their own profit.
In fact, selling a structured settlement should be avoided as the actual amount
received is far less than the amount that one would have actually obtained in
the normal course of events.
Usually, the seller does not incur any out-of-pocket
costs while selling a structured settlement payment. The funding company pays
for the legal expenses and any upfront costs incurred. The process of selling a
structured settlement payment can take up to two months to complete. In order
to ensure a smooth sale, one should conduct the sale in consultation with a tax
advisor and a legal professional who has the experience of selling structured
payments.
Sellers should try and understand the underwriting
process followed by a buying firm; this will help them to obtain clarity on the
amount that they will receive from the sale of their structured payments. Upon
finding the sale to be in favor of the seller and his dependants, a court will
issue an order to the insurance company to send payments to the buyer in
future. The transaction is non-taxable for the buyer and the seller.
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