Sell your Structured Settlement Annuity

If you own a structured settlement annuities, you can get a lot of advantages. Structured settlement payments provide long term financial security for you and your relatives, and the payments and interest is tax free. It is legal to use this money, neither for an imminent emergency or for an investment with high returns provides. 

The federal law HR-2884 allows you to sell your structured settlement payments without paying tax. ) About two-thirds of U.S. states also permit the sale of structured settlement payments. In both cases, however, the transaction must be approved in court in order to stay tax exempt. 

Sell Your Structured Settlement

The structured settlement payments can be sold either in whole or in part, in case you need a tax-free status for this you have to get court approval, and it can easily be reached if you have a real need for funds. The President will go through your case and give his assessment based on whether this sale will be on you and your family has an interest or not. 

As long as you are an adult of sound mind, and you can prove that you and your relatives will benefit from the transaction, the judge has little reason to deny your case. Your personal appearance in court will help to get a positive rating. Court approval is not required to sell your structured settlement payments, but the amount and interest will be taxed. 

It has proved in practice that in many cases, the purchasing company is working with the seller buys structured settlement payments. They take responsibility for making the necessary legal work to ensure that the sale closed. You should not pay for this extra effort, but without court approval, you may be liable to pay tax on the money you receive. 

Quotations must be obtained from various companies buy to buy the settlement. It is always an advantage for you to get multiple quotes. You must select the company with whom you want to go further, and after selecting the company you must send copies of the structured settlement policy for the purchasing corporation. In return, the purchasing corporation shall send a disclosure document, which must be signed by you. You'll find in this document the procedures for the transaction. It must be singed and returned. 

The hearing will be the next step in this process. The duration of court approval depends on your state of residence, and also stay in the state of your insurance company and it will usually be around 90 days. When the court gives approval, it can take 10 days to get your money.