Very few people would reject the option of getting all the money that is due to them because of winning a lawsuit. Such windfall legally will be paid to the beneficiary only over a period as structured settlement.
Nevertheless, how many Americans are aware that they can sell structured settlement payments legally and that too tax-free?
Yes, there are financial institutions operating under Federals Laws that buy out your SSA and give you maximum possible money, which you can use for any other investment purposes.
However, since this legal transaction is carried out in the court of law, you must convince the hearing judge that you are taking this step in the interest of your family.
Sometimes, the judge may reject your selling of structured settlement but still might offer you the option of selling only part of your annuity. He does this in the best interest of you and your family.
The sale proceedings are also tax-free legally. There are cases that ended up paying tax for the receipt of selling structured settlement. However, such instances are rare and the main reason for that is, the entire transaction would have been carried out off the court of law.
Since there are several companies that buy SSA, you would better ask for quotes through Internet.
Kindly Bookmark and Share it:
No comments:
Post a Comment