2323.58 Transfer of structural settlement payment rights definitions.

As used in this section and sections 2323.581 to 2323.587 of the Revised Code:

(A) “Annuity issuer” means an insurer that has issued an insurance contract that is used to fund periodic payments under a structured settlement.

(B) “Applicable law” means any of the following, as applicable in interpreting the terms of a structured settlement agreement:

(1) The laws of the United States;

(2) The laws of this state, including principles of equity that are applied in the courts of this state;

(3) The laws of any other jurisdiction if any of the following applies:

(a) The laws of that other jurisdiction govern the structured settlement.

(b) A court or a responsible administrative authority approved the structured settlement agreement under the laws of that other jurisdiction.

(c) The transfer of payments under the structured settlement is subject to the laws of that other jurisdiction.

(C) “Dependent” means a spouse of a payee, a minor child of a payee, or any other member of the family of a payee or other person whom, by law or by court order or decree, the payee is legally obligated to support.

(D) “Discounted present value” means the fair present value of the future payments under a structured settlement that is determined by discounting those payments to the present, using the most recently published applicable federal rate for determining the present value of an annuity as issued by the United States internal revenue service.

(E) “Independent professional advice” means the advice of an attorney, a certified public accountant, an actuary, or any other licensed professional adviser if all of the following apply:

(1) The payee has engaged the services of the licensed professional adviser to render advice concerning the legal and other implications of a transfer of structured settlement payment rights.

(2) The licensed professional adviser has signed a statement to the effect that the licensed professional adviser rendered advice to the payee concerning the legal and other implications of a transfer of structured settlement payment rights.

(3) The licensed professional adviser is not affiliated in any manner with, referred by, or compensated in any manner by the transferee of the structured settlement payment rights.

(4) The compensation of the licensed professional adviser is not affected by whether or not a transfer of structured settlement payment rights occurs.

(F) “Interested party” includes the payee with respect to a structured settlement, the annuity issuer, the structured settlement agreement obligor, and any other party that has continuing rights or obligations under the structured settlement agreement.

(G) “Payee” means an individual who is receiving periodic payments under a structured settlement agreement that are excludable from the individual’s gross income under federal income taxation laws applicable to that individual and who proposes to make a transfer of the rights to receive those periodic payments.

(H) “Periodic payments” includes both continuing monthly or other periodic payments and scheduled future lump-sum payments under a structured settlement.

(I) “Qualified assignment agreement” means an agreement that provides for a qualified assignment, as defined in section 130 of the “Internal Revenue Code of 1986,” 100 Stat. 2085, 26 U.S.C.A. 130(c), as amended, through an assignment of the liability under a structured settlement agreement to make periodic payments as damages, on account of personal injury or sickness.

(J) “Responsible administrative authority” means any government authority of another state vested by the law of that state with the original exclusive jurisdiction over the settled claim resolved by a structured settlement.

(K) “Settled claim” means the original tort claim resolved by a structured settlement.

(L) “Structured settlement” means an arrangement for periodic payments of damages for injury to a person that is established by a settlement or a court judgment in resolution of a tort claim.

(M) “Structured settlement agreement” means an agreement, judgment, stipulation, or release that embodies the terms of a structured settlement, including the rights of a payee to receive periodic payments.

(N) “Structured settlement obligor” means the party that has the obligation to make continuing periodic payments to the payee under a structured settlement agreement or a qualified assignment agreement.

(O) “Structured settlement payment rights” means the rights under a structured settlement agreement to receive periodic payments from a structured settlement obligor or an annuity issuer if either of the following applies:

(1) The payee, the structured settlement obligor, or the annuity issuer with respect to the structured settlement agreement is a resident of this state.

(2) The structured settlement agreement was approved by a court in this state.

(P) “Terms of a structured settlement” includes the terms of a structured settlement agreement, an insurance contract, a qualified assignment agreement, and any order or approval by a court, a responsible administrative authority, or other government authority authorizing or approving the structured settlement.

(Q) “Transfer” means a sale, assignment, pledge, hypothecation, or any other form of alienation or encumbrance of structured settlement payment rights made by a payee for consideration.

(R) “Transfer agreement” means an agreement that provides for the transfer of structured settlement payment rights from a payee to a transferee.

(S) “Transferee” means a party acquiring or proposing to acquire structured settlement payment rights through a transfer of those rights.

Select Estate Solutions, Inc.

Arizona



Maricopa County
301 West Jefferson Street
Phoenix, Arizona 85003-2143
Phone: (602) 506-3271
FAX: (602) 506-5997
http://www.superiorcourt.maricopa.gov/docket/index.asp





California



Alameda
1225 Fallon Street, Room 109

Oakland, CA

(510) 272-6799

http://www.alameda.courts.ca.gov/courts/divs/probate/index.shtml



Butte

655 Oleander Avenue,

Chico, CA 95926

(530) 532-7017

http://www.buttecourt.ca.gov



Contra Costa

(925) 646-2978

http://cc-courts.org/civilcms.htm



El Dorado

South Lake Tahoe
Civil/ Criminal/ Traffic/ Small Claims/Probate/ Family Law
1354 Johnson Blvd. #2
South Lake Tahoe, CA 96150
Civil and Family Law - (530) 573-3075
http://eldocourtweb.eldoradocourt.org/

http://www.co.el-dorado.ca.us/countyclerk/



Monterey

1200 Aguajito Rd.

Monterey, CA 93940

(831) 647-5800

http://www.monterey.courts.ca.gov/



Nevada

201 Church Street

Nevada City, CA 95959

(530) 265-1294

http://court.co.nevada.ca.us/services/civil_probate/probate.htm



Orange County
Orange County Superior Court
Lamoreaux Justice Center
341 The City Drive
Orange, CA 92868

http://www.occourts.org/probate/



Placer

(530) 886-5600

http://www.placer.ca.gov/county-government/county-government.htm



Sacramento

3341 Power Inn Road
Sacramento, CA 95826
(916) 875-3400
http://www.saccourt.com/index/online_svcs.asp



San Diego

(Two Courthouses)

Madge Bradley Building
1409 Fourth Ave

Third Floor
San Diego, CA 92101

(619) 687-2000



North County Regional Center
325 South Melrose
First Floor behind the Jury Lounge
Suite 1200
Vista, CA 92081
(760) 806-6150
http://www.sdcourt.ca.gov/portal/page?_pageid=53,128302&_dad=portal&_schema=PORTAL



San Joaquin

222 E. Weber Avenue
Stockton, California, 95202

(209) 468-2843

http://www.stocktoncourt.org/courts/courts.htm



San Francisco

400 McAllister Street - Room 204

San Francisco, CA 94102-4514

(415) 551-4000

http://www.sfgov.org/site/courts_page.asp?id=3671



Solano

707-421-6471

http://www.solanocourts.com



Sutter

Courthouse East Second Floor
463 Second St Rm 211 Yuba City CA 95991
(530) 822-7352 Press 8 to Reach a Clerk

http://www.suttercourts.com/



Yolo

725 Court Street

Room 103

(530) 406-6704

http://www.yolocourts.com/faq_probate.html



Yuba

215 Fifth Street

Suite 200

Marysville, CA 95901

(530) 749-7600

http://www.yubacourts.org/index.htm





Connecticut



All Jurisdictions

http://www.jud.state.ct.us/probate/





Hawaii



Hawaii County
25 Aupuni St., Room 209
Hilo, HI 96720-4252
Telephone: (808) 961-8255



Honolulu County
Honolulu County Clerk
City Hall
Honolulu, HI 96813-3014
Telephone: (808) 586-4533

Kauai County
Kauai County Clerk
4396 Rice Street
Lihue, HI 96766-1337
Telephone: (808) 246-3330



Maui County
Maui County Office of the County Clerk
200 S. High St.
Wailuku, HI 96793-2155
Telephone: (808) 243-7825



Massachusetts



Massachusetts Online Probate Resources

http://www.mass.gov/courts/courtsandjudges/courts/probateandfamilycourt/index.html



Massachusetts Guide to Estate Taxes

http://www.massdor.com/publ/pdfs/estate03.pdf



Directory to Court Locations

http://www.mass-doc.com/probate_court_dir.htm





Michigan


Michigan Probate Courts

http://www.courts.michigan.gov/scao/services/dirs/tlinks.htm#probate


Michigan Probate Registers
http://www.courts.michigan.gov/scao/selfhelp/general/probateregisters.pdf



Barry County
220 W. Court Hastings..
Probate Court (269) 948-4842

Clare County
225 West Main Street, P.O. Box 438
Harrison, MI 48625
989-539-7109
http://www.clareco.net



Clinton County
Suite 4300
St. Johns, MI 48879
PH:(989)224-5190
FAX:(989)224-5102
probatect@clinton-county.org
http://www.clinton-county.org/prob-juv/probate_court.htm



Eaton County
1045 Independence Blvd.
Charlotte, MI 48813
(517) 543-7500
http://www.eatoncountycourts.org/courts.html
Ingrham County
313 W. Kalamazoo, Lansing, MI 48933
Phone: (517) 483-6300 Fax: (517) 483-6150
http://ingham.org/PR/Default.htm


Ionia County
100 Main Street
Ionic, MI 48846
616-527-5326
http://www.ioniacounty.org/Probate/Probate_home.asp

Ottawa County
12120 Fillmore Street
West Olive, MI 49460
Main Phone Number: (616) 786-4110 FAX (616) 738-4624
http://www.co.ottawa.mi.us/Courts/Probate/probate.htm


Wexford County

503 S. Garfield Street, Cadillac, MI 49601
Phone: (231) 779-9510 - Fax: (231) 779-9485
http://www.wexfordcounty.org/courts_probate.phpp





New Hampshire



New Hampshire Online Probate Resources

http://www.courts.state.nh.us/probate/index.htm




New Jersey


Hunterdon
Hunterdon County Justice Center
65 Park Avenue
Flemington, NJ 08822
(908) 788-1156
http://www.co.hunterdon.nj.us/depts/surrog/probate.htm



Mercer
Mercer County Civil Court House
175 South Broad Street
Fourth Floor Room # 420
Trenton, New Jersey 08608
(609) 989-6331
http://www.mercercounty.org/surrogate/index.htm


Ocean

118 Washington Street, P. O. Box 2191
Toms River, NJ 08754-2191
(732) 929-2011

http://www.oceancountygov.com/surrogat/guide.htm




New York


New York City Surrogate Court (Probate Office)

31 Chambers Street

New York City, NY

212-374-8240

http://www.courts.state.ny.us/courts/nyc/surrogates/index.shtml



New York City Housing Resources

http://www.nhsnyc.org



Ohio


(Coming Soon)





Oregon



Klamath County

305 Main Street
Klamath Falls, OR 97601
800-377-6094

http://www.ojd.state.or.us/ojin/index.htm





Pennsylvania



Adams

111-117 Baltimore St.
Gettysburg, PA 17325

(717) 334-6781



Allegheny

414 Grant St.
Pittsburgh, PA 15219

(412) 350-4184

http://www.county.allegheny.pa.us/regwills/Index.asp



Armstrong

500 Market St.
Kittanning, PA 16201

(412) 548-3280



Beaver

Third St.
Beaver, PA 15009

(412) 728-5700

http://www.co.beaver.pa.us/Register/index.htm



Bedford

200 S. Juliana
Bedford, PA 15522

(814) 623-4836



Berks

633 Court St., 2nd Fl.
Reading, PA 19601

(610) 478-6600

http://www.co.berks.pa.us/berks/cwp/view.asp?a=1138&q=444510view.asp?a=1138&q=444510



Blair

Courthouse
423 Allegheny St.
Holidaysburg, PA 16648

(814) 693-3095



Bradford

310 Main St.
Towanda, PA 18848

(717) 265-1702



Bucks

Main Sts.
Doylestown, PA 18901

(215) 348-6265

http://www.buckscounty.org/departments/registerofwills/index.html



Butler

P.O. Box 1208
Butler, PA 16003-1208

(412) 248-5348



Cambria

P.O. Box 298
Ebensburg, PA 15931

(814) 472-5440

http://www.co.cambria.pa.us/cambria/cwp/view.asp?a=3&q=499971



Cameron

Courthouse
Emporium, PA 15834

(814) 486-3349



Carbon

P.O. Box 286
Jim Thorpe, PA 18229

(717) 325-2261

http://www.carboncourts.com/regwill.htm



Centre

Courthouse
Bellefonte, PA 16823

(814) 355-6724

http://www.county.centreconnect.org/224.htm



Chester

2 N. High St., Ste. 109
West Chester, PA 19380-3073

(610) 344-6335

http://dsf.chesco.org/wills/cwp/view.asp?A=3&Q=608597#estates



Clarion

Main St.
Clarion, PA 16214

(814) 226-4000 Ext. 2500



Clearfield

P.O. Box 361
Clearfield, PA 16830

(814) 765-2641 Ext. 23

http://www.clearfieldco.org/Departments/Register___Recorder/register___recorder.html



Clinton

P.O. Box 943
Lock Haven, PA 17745

(717) 893-4020

http://www.clintoncountypa.com/register_&_recorder.htm



Columbia

P.O. Box 380
Bloomsburg, PA 17815

(717) 389-5632

http://www.columbiapa.org/county/reg_rec/index.html



Crawford

903 Diamond Pk.
Meadville, PA 16335

(814) 333-7338



Cumberland

1 Courthouse Sq.
Carlisle, PA 17013-3387

(717) 240-6345

http://www.ccpa.net/row/default.html



Dauphin

Courthouse, Room 103
Front & Mkt. Sts.
Harrisburg, PA 17101

(717) 255-2657

http://www.dauphincounty.org/dauphin/cwp/view.asp?a=1129&q=444384&dauphinNav=|27326|



Delaware

Gov. Center Bldg.
201 W. Front St.
Media, PA 19063

(610) 891-4400

http://www.co.delaware.pa.us/registerofwills/index.html



Elk

Main Street
P.O. Box 314
Ridgway, PA 15853

(610) 891-4400

http://www.co.delaware.pa.us/registerofwills/



Fayette

61 E. Main St.
Uniontown, PA 15401

(412) 430-1206



Forest

P.O. Box 423
Tionesta, PA 16353

(814) 755-3526



Franklin

157 Lincoln Way E.
Chambersburg, PA 17201

(717) 261-3872

http://www.pacounties.org/franklin/cwp/view.asp?a=1447&q=464754



Fulton

201 N. 2nd St.
McConnellsburg, PA 17233

(717) 485-4212



Greene

Courthouse
Waynesburg, PA 15370

(412) 852-5283

http://www.co.greene.pa.us/secured/gc/depts/lo/rr/index.htm



Huntingdon

223 Penn St.
Huntingdon, PA 16652

(814) 643-2740

http://huntingdon.sapdc.org/hunt_co/cwp/view.asp?a=1212&Q=504258&hunt_coNav=|31675|



Indiana

825 Philadelphia Street
Indiana, PA 15701

(412) 465-3860



Jefferson

200 Main St.
Brookville, PA 15825

(814) 849-1610



Juniata

P.O. Box 68
Mifflintown, PA 17059

(717) 436-7709



Lackawanna

200 N. Washington Ave.
Scranton, PA 18503

(717) 963-6702



Lancaster

50 N. Duke St.
Lancaster, PA 17608-3480

(717) 299-8246

http://www.co.lancaster.pa.us/lanco/cwp/view.asp?a=562&Q=262545&lancoNav=|5720|6220|5773|



Lawrence

430 Court St.
New Castle, PA 16101

(412) 656-2159



Lebanon

Room 105
400 S. 8th St.
Lebanon, PA 17042

(717) 228-4415



Lehigh

P.O. Box 1548
Allentown, PA 18105

(610) 820-3170

http://www.lehighcounty.org/elect/elect.cfm?doc=elect_wills.htm



Luzerne

Courthouse
Wilkes-Barre, PA 18711

(717) 825-1668



Lycoming

48 W. Third St.
Williamsport, PA 17701

(717) 327-2263



Mckean

Courthouse
Smethport, PA 16749

(814) 887-3263



Mercer

112 Courthouse
Mercer, PA 16137

(412) 662-3800



Mifflin

20 N. Wayne St.
Lewistown, PA 17044

(717) 242-1449



Monroe

Courthouse
Stroudsburg, PA 18360

(717) 420-3540



Montgomery

P.O. Box 311
Norristown, PA 19404

(610) 278-3410

http://www.montcopa.org/registerofwillsorphanscourt/row.htm



Montour

29 Mill St.
Danville, PA 17821

(717)271-3012

http://www.montourco.org/montour/cwp/view.asp?a=770&Q=417483&montourNav=|8473|



Northampton

669 Washington St.
Easton, PA 18042

(610) 559-3094



Northumberland

Sunbury, PA 17801

(717) 988-4140



Perry

New Bloomfield, PA 17068

(717) 582-2131



Philadelphia

Room 180, City Hall
Philadelphia, PA 19107

(215) 686-2918

http://www.phila.gov/wills/



Pike

506 Broad St.
Milford, PA 18337

(717) 296-3508



Potter

1 E. 2nd St.
Coudersport, PA 16915

(814) 274-8370



Schuylkill

401 N. 2nd St.
Pottsville, PA 17901

(717) 628-1381

http://www.co.schuylkill.pa.us/Offices/RegisterOfWills/index.asp



Snyder

Middleburg, PA 17842

(717) 837-4225



Somerset

Ste. 170
111 E. Union St.
Somerset, PA 15501

(814) 445-2096



Sullivan

Laporte, PA 18626

(717) 946-7351



Susquehanna

P.O. Box 218
Montrose, PA 18801

(717) 278-4600

http://www.susqco.com/Reg_and_rec.htm



Tioga

116 Main St.
Wellsboro, PA 16901

(717) 724-9260



Union

Lewisburg, PA 17837

(717) 524-8761

http://dsf.seda-cog.org/union/cwp/view.asp?a=3&Q=401754&unionNav=|6647|



Venango

1168 Liberty St.
Franklin, PA 16323

(814) 432-9534



Warren

Warren, PA 16365

(814) 723-7550 Ext. 232



Washington

Ste. 1002
1 S. Main St.
Washington, PA 15301

(412) 228-6775

http://www.co.washington.pa.us/maindepartment.php?menuDept=30



Wayne

Honesdale, PA 18431

(717) 253-5970 Ext. 210

http://www.co.wayne.pa.us/register.asp



Westmoreland

301 Courthouse Sq.
Greensburg, PA 15601

(412) 830-3189

http://www.co.westmoreland.pa.us/westmoreland/cwp/view.asp?a=1453&Q=576845



Wyoming

1 Courthouse Sq.
Tunkhannock, PA 18657

(717) 836-3200



York

York, PA 17401

(717) 771-9601

http://www.york-county.org/departments/courts/wills.htm

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Traditional real estate brokers and offices can help you sell real estate, but at Select Estate Solutions, Inc. our goal is to provide the help and education you need to solve a wide range of financial problems.
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Falling behind in your mortage payments? Don't loose your home! You can avoid foreclosure and all of the associated problems. Learn about your options to stop foreclosure. And find out how to protect yourself from falling victim to foreclosure fraud.
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Wills, Probate & Estate Liquidation

Dealing with probate and the legal system can be difficult and confusing, expecially when you are grieving over the loss of a loved one. Learn more about probate and settling an estate.

Settlement Annuity Payment

Structured settlements are funded by annuities. These single premium annuities are purchased to provide a predetermined cash payment stream to the payee. These annuities are typically backed by an insurance company and provide for a long term payment stream, making it similar to investment annuities.

In order to sell an annuity settlement, you must often receive judicial approval. If you are the recipient of an income stream you must determine whether the asset for the cash flow is an investment annuity or a structured settlement annuity.

Sell Your Structured Settlement Payment Or Sell A Payment Annuity (Annuities).

If you receiving periodic payments from a structured settlement or annuity you may want to entertain the possibility of selling your stream of future payments for a lump sum cash pay out. Rather than receive smaller payments, the lump sum settlement of your annuity will give you cash that you may need to buy a home, take a vacation or pay for a college education.

Many companies buy structured settlement payments or payment annuities and convert them to a single pay out. This is helpful if you need cash now from:
bullet Periodic payment from investment annuities

bullet You have settled insurance claims and receive monthly payments.

bullet You receive other larger periodic lump sum payments, such as lottery or inheritance monies.

bullet You are carrying mortgage notes or trust deeds against a property.

bullet You have sold a business by carrying paper to facilitate the sale and want to receive a lump sum payment.

A company that buys structured settlements will convert your periodic payments into a lump sum amount. In turn, the structured settlement company will now be the recipient of the stream of the monthly payments which you formerly received.

Buy Structured Settlement Payments Or Purchase A Payment Annuity (Annuities).

If you are looking to buy a structured settlement as an investor, you may be able to work with a structured settlement or payment annuity broker.

You should receive full documentation on the structured settlement, including information on:

bullet All legal documentation.

bullet Credit report of all parties involved.

bullet Full disclosure of all relevant factors impacting the value of the structured settlement.

bullet A structured settlement transfer can typically be handled via an attorney or escrow service.

Buy Structured Settlement Payments Or Purchase A Payment Annuity (Annuities).

If you are looking to buy a structured settlement as an investor, you may be able to work with a structured settlement or payment annuity broker.

You should receive full documentation on the structured settlement, including information on:

bullet All legal documentation.

bullet Credit report of all parties involved.

bullet Full disclosure of all relevant factors impacting the value of the structured settlement.

bullet A structured settlement transfer can typically be handled via an attorney or escrow service.

When Should I Use A Structured Settlement?

Fixed annuities and structured settlements have been successful means in settling damage liabilities in numerous circumstances - some of which include:
Personal Injury or Physical Injury: For example, if you were injured in a car accident and received a physical injury or suffered from medical malpractice your structured settlement compensation could be in the form of a fixed annuity payment.

Worker's Compensation: If you have a claim because your were injured on the job or have a job related physical injury directly related to employment, a structured settlement agreement can help you receive the compensation deserve and make it easier for your employer to make the liability payments.

Environmental Claims: Frequently, structured settlements can be used for those injured, or even in a class action settlements involving exposure to toxic spills, illegal pollutants or the subsequent clean up efforts of the environmental hazard.

Attorney Fees: For those who may need to structure attorney fees regardless of any other structuring in the clients' case.
What Are Some Of The Reasons A Structured Settlement Will Work For My Case?
Through negotiations, structured settlements will listen to and incorporate the needs of every party involved.

Through the use of structured settlements, negative externalities are often eliminated - maximizing benefit for the plaintiff and creating a quick settlement with low litigation costs for the defendant.

Fixed annuity payments are income tax-free to the plaintiff, creating desirable tax benefits associated with structured settlements. For the defendant, liability can often be removed from the books.

In many cases it is more preferable and beneficial to the plaintiff to obtain a guaranteed payment stream as opposed to a lump sum

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Rapid Settlements has refined the process of getting cash to clients quickly and with minimal hassle. Clients wishing to cash out or sell structured settlements, annuities, mortgage notes, and other long-term obligations — either in whole or in part — find us easy to deal with. We specialize in the purchase of annuities, which are payable over a term-certain period, and also those which are payable for life, beyond any term-certain period.

Rapid Settlements' on-hand capital enables us to advance money to our clients, in many cases even while the approval of the structured settlement purchase is pending. Our affiliated legal department allows us to expedite our purchase of your settlement. Many of our clients have found other organizations unable to finalize their transfers. Our ability to get you immediate cash for collateral gives Rapid Settlements its well-earned reputation for performance.

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The skinny on getting cash for a structured settlement payment

Very often, individuals who receive a structured settlement do not wish to wait for years to obtain the cash and would rather have it all in one go. Settlement purchasing companies help people to get cash instantly; the cash can be obtained at any stage of the execution of the structured settlement. A person who receives the lump sum is free to use it any way he desires – for education, home, or car.

It is not uncommon for a recipient of a structured settlement to run into a financial difficulty or come across an investment opportunity that promises better returns than a structured settlement. At such times, individuals consider getting cash for their structured settlement and use the money to build their own portfolio of investments. An advantage of getting lump sum cash is that it acts as a hedge against inflation.

Companies that purchase annuities do so at a discounted rate, at the very minimum, the discount is equal to the existing bank rates. Sometimes, purchasers may require a higher discount in order to cover the risk involved and make a profit. One should ideally take the help of a financial advisor who can professionally assess an individual’s income, assets, and monetary obligations. This helps to put into perspective future security as assured by a structured settlement against a lump sum payment.

Companies that purchase structured settlements offer to do so in a number of ways so that an individual can sell different amounts of an annuity. The flexible plans can be tailored according to an individual’s requirements; this allows one to enjoy both a lump sum at hand for immediate needs and regular payments from the annuity. The course of action to be taken while selling a structured settlement depends upon the immediate needs that could include paying off debts, child’s college fees, debt consolidation, or a business venture. Cash for structured settlements can be obtained as a full payment, partial payment, or a shared payment.

A full payment involves receipt of a lump sum for the entire annuity. It is an option when high debts have to be repaid. While selling an annuity that is due well into the future, one should be careful because they do not result in as much money as those annuities that are due sooner. This is because the value of money depreciates due to inflation.

Partial payments can be useful if a limited amount of money is required for consolidating debts or repaying a loan. A given number of payments can be sold off for a lump sum in a partial payment. With a shared payment, one can sell of a portion of a lump sum that is due in a short time. A shared payment enables one to pay off expenses that are going to be incurred in the near future; these may include education fees or the cost of a new vehicle.

Individuals who intend to obtain cash for their structured settlements should obtain the necessary court approvals for the purpose. One should ensure that the transaction complies with state and federal restrictions. Before deciding upon a buyer, one should research a few companies and look out for the best deal possible. It is also important to check the credentials of a prospective purchaser.

How a structured settlement annuity works

How a structured settlement annuity works

A Structured Settlement is essentially an agreement under which an insurance company agrees to pay an individual a predetermined amount of cash for a fixed length of time if the individual meets an accident. The documents generated in a structured settlement include an agreement, a qualified assignment, an annuity application, a court order if a claim is made by a minor, and an annuity policy.

Payments for a structured settlement annuity can be made for the duration of the life of the claimant. The amount paid can comprise of equal installments, installments of varying amounts, and lump sums. The payments from a Structured Settlement Annuity are free from income-tax and are guaranteed by contract. Since a structured settlement annuity is meant for long-term financial security, it is important to get an assurance of the credentials of the annuity provider.

The periodicity of payment is entered into the settlement agreement. Factors that individuals can consider in deciding upon the date of commencement of payment, duration, and periodicity include monthly expenses, present age, extent of hazard in occupation, and retirement plans. In order to ensure that the payments remain tax-free, the structure of payments should not be altered once it has been agreed upon by both parties. In the case of a qualified assignment, the insurance company making the payment can transfer its obligation for payments to a third party.

There are issues that one should understand before opting for a structured settlement agreement. If payments are made to an estate, they are free from income tax but subject to estate tax. Purchasing a structured annuity can affect the availability of ready money with an individual.

State and federal laws govern the closing of a structured settlement. The closing process usually gets completed in 3-6 months. Federal laws stipulate that a court order be obtained by either the customer or the funding company that is purchasing the payment stream so that there are no tax liabilities. The manner in which the court order is obtained is regulated by various “Structured Settlement Protection Acts”, which are in force in 36 states in the United States.

A disclosure statement is made available to a customer 3 to 14 days before he receives the transfer agreement. The disclosure statement mentions the amounts to be paid to the customer and their due dates; the IRS Discounted Present Value of the amount at that given point in time; the Gross Advance Amount and the Annual Discount Rate; disclosures desired by the state; and a list of the fees and commissions incurred.

It is advisable to avail attorney advice before going in for a. In fact, in some states, it is a precondition to acquiring a structured settlement annuity. However, depending upon the laws being used for the transaction, customers do have the option of waiving legal representation in the Transfer Agreement or obtain an Estoppel letter from their attorney.

The funding company commences payment to an individual after acknowledging the assignment and receiving a court order. The payments start 30-45 days after the receipt of the court order.

Who are the potential sellers?

There are several reasons for a person to sell their annuity payments. Medical emergencies, loss of jobs, accumulated debt, starting a business, or any financial emergency that can plague a family can cause the need to sell. Selling their annuity payment offers a source of funds that is not available from traditional sources if their credit is bad.

What are structured settlements?

Many times when individuals are in involved in accidents or wrongful death settlements with insurance companies they elect to receive a series of payments over a longer period of time instead of an immediate lump sum. These payments normally total more than the amount one would have received at settlement. In order to make this election, the Plaintiff must sign a Settlement and Release Agreement that allows the Defendant to purchase an annuity policy to provide for the payments to the Annuitant. The Annuitant does not own the annuity and does not have the right to sell the annuity. He does have the right to receive and sell the payments to a third party.