AuthorCynthia Collins

A Complete Overview When Selling Annuity Payments

Annuities are insurance inventions that provide long-term income through a stream of future payments either through beneficiary or retirement means. In case unexpected situations emerge, and you need money, selling annuity payments may be a consideration because they have a high value.

Types of annuities

  1. Deferred annuity: Deferred annuities usually have an accumulation stage, whereby interest accrues over time. In this type of annuity, your lump sum or payment is deferred until a later period when the annuitant accepts to receive them.
  2. Immediate Annuity: In the immediate annuity, payment usually begins after a period of 12 months. This type of contact is widely endorsed by people who are closer to retirement. It also guarantees the annuitant an instant income.
  3. Other types of annuities
    Lottery Annuity: It is a structured settlement that disburses payment to the owner over a period of years instead of funding the beneficiary a lump sum of cash.
    Pensions: They pay the retiree a fixed amount of money based on time and salary of service with the employer before the time of retirement.
  4. Fixed annuities: In fixed annuity, the money you receive depending on the period scheduled is fixed and will not change.
  5. Variable annuities: In variable annuity, your returns are joint, and it depends on how your issuer invests with your money.

Selling Option: Selecting The Payout On Your Annuity

selling your annuity payments for lump sumSelling annuity payments depends on two main options which are the partial annuity sale and the entire annuity sale.

Partial annuity sale; in partial annuity sale, you are entitled to a continued periodic income without losing tax benefits if only you sell a segment of your payments. Whereas in Entirety annuity sale, it means that you have decided to sell the total structured settlement for the entire period of the contract. In short you will have emptied all your savings without further ado; however, you will still have a lump sum left to invest.

What You Should Know About Selling Annuity Payments

The process of selling your annuity payments early on is very simple and is outlined below. In case you need cash today, you can get easily get an advance by selling annuity payments that you have. Below are ways to consider when selling annuity payments

  1. Get a free quote: A quick email or phone call conversation is sufficient to give you a free no-obligation quote that will some time to evaluate
  2. Collect and submit your paperwork: After getting a quote, you will be required to get all the paperwork which are linked with your annuity payments before contacting anyone about selling your payments. In case you don’t have the paperwork, consider getting help from an expert representative who will help you to get your information from the structured settlements annuity database.
  3. Get connected: You are required to do your research cautiously on the representative to hire when representing you in finding the correct buyer for your annuity. Once you have the right representative and they have given you an offer, evaluate it slowly and if you are clear with the whole information, sign it as prove off acceptance and return it to the representative.
  4. Go before a judge: An annuity is usually a planned settlement, and according to the law, a judge is supposed to endorse the sale to guarantee it is in your best interest and also that you are not to utilize the cash because it will not help you or your family.
  5. Collect your money: Once the judge has approved the sale of your annuity payments, the paperwork is then transferred to the new owner for them to start receiving your annuity payments. You will then receive your money through a certified check or wire transfer, but this depends on how fast you return your paperwork.
Key Reasons That Will Make You Sell Your Annuities
  • investing in a home of your own or an investment property
  • funding a college education for you or your family
  • getting rid of any debts to reduce your stress
  • starting your own business
  • covering overdue medical expenses for you or your family
  • purchasing a much desirable vehicle for your family
  • in the case of a divorce
  • in the case of assisting friends or family financial needs
  • when you have lost a job
  • the time you have inherited an annuity
  • when liquidating a long-term investment

A Basic understanding of Structure Settlements

Structure settlements are negotiations between an employer and employee on behalf of an injury settlement claim whereby the claimant agrees to resolve the claim by receiving some sort of compensation or weekly payment from the employer / insurance agency due to personal injury at the workplace. Rather than paying the whole lot at once. The claimant can ask for regular compensation on a weekly, fortnightly, or monthly scheme that can help the person affected recover from their injury faster by having a constant stream of income from the lawsuit coming in. Ultimately, both parties must agree to the deal and must accept the terms and conditions of the agreement and the amount of Money involved.

Structure settlements were first implemented in Canada after a case involving work related illness spreading to a number of children. Structure settlements can include income tax and quite often can only be claimed upon if the claimant has purchased one or more annuities, which generate future payments to the claimant.

Selling your Structure Settlements

You may want to buy or repair your home, buy a new boat / car or invest in a new business. Whatever your reason, you may stumble across the circumstance of needing a lump sum of money in your hand right now. To get that, you may need to sell your Structure settlement. Here’s how you do it.

  • Make the decision to sell: You can sell your Structure settlement if you have a valid and pressing reason to do so. The selling of your structure settlement does not affect your financial profile in any way.
  • Shop around for a discounted rate and service of your sale: It is recommended that you research and find the best funding company out there so as they have your best interests at heart and are willing to fight for you. This is important so as they submit the appropriate paperwork and know the correct legal procedures.
  • Have the sale approved by a Judge: After all of the paperwork is signed and submitted, the waiting game begins. You will then be summoned to a court and will have to justify why you need the money and your reason for selling your settlement.
  • Get your money: Once approved, the Judge will sign all of the documentation and the request is sent over to the appropriate insurance agency for refunding.

get your structured settlement cash

How to choose the best Structure settlement company

So your looking for a reputable Structure settlement Company to get your cash back. Well, there’s lots of different companies out there that can give you a helping hand in regards to coming to an agreement. The way to choose what company is the best is to ask these 4 simple questions.

  • Do they have a genuine interest in assisting you?
  • How long have they been in business?
  • Can they give you a quote quickly without any issues?
  • Can they Represent you in Court?

Although some new companies can be a good way to get what you’re after, one bad experience can spoil the whole process and represent you incorrectly to the Judge. Newly structured businesses may not have the experience, expertise, reputation and may not be the correct representative that you need. You want someone that is going to be a representative for you and who is going to come to an agreement with the court on your behalf.

Some good settlement firms to consider are:

  1. JG WENTWORTH, These guys offer a lot more than just Structure Settlements, they offer Mortgage advice, Personal Loans, Prepaid credit Cards and extensive history working with clients for over 20 years. JG WENTWORTH is the nations largest in Structure Settlements and have a variety of positive customer stories on their website.
  2. OLIVE BRANCH FUNDING, Brags about how they can, get your money sooner, Get a better deal, and get a more reliable ally. Olive Branch Funding dabbles in Structure settlements and Annuities. Olive Branch is committed to providing fast and affordable solutions to families and individuals who need their cash now! They have years of industry experience and you are guaranteed to be in safe hands.
  3. SENECAONE, Offers an effective and affordable scheme for selling your Structure settlement. SenecaOne is a trusted source for discovering long lasting solutions to your financial situation. They offer, Lottery and prize winning solutions, Structure settlement solutions, and Pre-settlement advice. SenecaOne offers guaranteed services at an affordable price and have over 15 years experience in the industry.

Out of the three aforementioned firms, I recommend Olive Branch Funding because they seem to have the most experience in the industry and have a driving passion for assisting and helping their clients. They also have a guaranteed service that they provide at an affordable rate.

Top Tips to Sell Your Home Fast

Home sellers are in flux these days as they face declining home realty prices, stagnating real estate market, increased competition in the form of more homes for sale, and wary home buyers.

Statistics released in July saw a drop of 16.3% in 12 months, according to the Standard & Poor’s/Case- Shiller 20-city housing index, prices will be recovering well into the next decade.

There are some steps you can take to make sure your house is the most competitive on the market. These steps require some detective work, leg work, and muscle. Here are the things you can do:

Step 1: Curb Appeal

Put your best foot forward by cleaning your house from top to bottom, every crevice, nook and cranny. Avoid being a pack rat, dispose of clutter, have a garage sale if necessary. You have to do what is takes to distinguish yourself from the local herd by repainting, landscaping, among other creative steps. Increase your curb appeal. Often, you are lacking the cash to cover the costs of curb appeal and a loan isn’t usually the best answer. According to the latest research by Washington Accord most people with annuity payments decided to sell them for cash.

Step 2: Determine your Real Estate Home Value

In these economic times, home buying has become a spectator sport, as majority of home buyers spectate on the sidelines, waiting for residential real estate prices to drop further. Houses for sale by owner crowd the real estate property listings along with builder homes.

Herein, in the overcrowded property for sale market you will have to realistically assess your home’s value. The level of urgency to sell and your financial situation will dictate the sale price of your home.

You will have to do some detective work to find the value of your home. First, log onto the internet and visit your county’s property appraiser’s website. The property appraiser will list the market value of your home; the appraiser values your home for the collection of real estate taxes or property taxes.

Also, you can check what are the prices of homes similar to yours, sold for in your neighborhood. From this you can get a general assessment of what home buyers are willing to pay for your type of home.

By following these steps you can help ensure your home for sale pricing is in alignment with the market.

Step 3: Marketing Strategy

What can you do to distinguish yourself from the home for sale pack? How serious are you in doing what it takes to sell your house?

Well, you have to develop a marketing plan, nothing difficult but something that reflects some effort on your part.

List your home with a local realtor; a real estate agent can help you in optimize your marketing plan. The realtor will place your home on the MLS listing; it is the most comprehensive real estate listing in the nation, accessible to all realtors.

Also, your real estate agent can help you advertise in the local paper and place your house on popular internet listings. An experienced and market savvy real estate agent can make the process simple and speed up the sale of your home.

Step 4: Making the Deal Happen

Now is the time to get down to the nitty gritty, you have a buyer for the home, an offer has been made, and it is time to negotiate. The real estate agent can guide you during the negotiation, they are an invaluable resource. Remember, the realtor will work with you to get the best possible price for your home.

Once you agree to accept the offer, it is time to seal the deal. Make sure all deadlines are met with regards to buyer visits, home inspections, deposits, and other items. Be prepared for any renegotiation.

At the closing, arrive prepared with proper documents to seal the deal. Your home is now officially sold.

Related articles:
https://www.washingtonaccord.org/annuities/

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