Selling lottery payments is an option for lottery prize winners who need lump sum cash. If you have intentions of selling lottery payments for cash, first understand the local lottery laws since they differ from state to state.
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"Winning the lottery was a completely amazing experience... Woodbridge Structured Funding, LLC helped make my dream a reality."
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Archive for the ‘Lottery Payments’ Category
Selling Lottery Payments for Cash
Selling Lottery Payments and Structured Settlements
Believe it or not, structured settlements and lottery winnings share many similarities. As we all should know by now, structured settlements refer to monetary compensations through a constant allowance system, in other words payments are received periodically.
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Selling Lottery Payments to Get a Lump Sum
When someone wins the lottery, he or she is given the option to receive the prize in the form of periodic annuity payments. Most winners choose the annuity option over the lump sum and some states do not even offer the lump sum option.
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You Can Sell Annuity Payments for a Cash Lump Sum
An Annuity provides a guaranteed income stream for a specified period of time and is offered to winners of lotteries or large settlements. Annuities can also be bought through insurance companies. Scenarios may arise where an annuity owner has to get a lump sum of cash instead of keeping the income stream; during such times, the owner can sell annuity payments.
Think Carefully Before Selling Lottery Payments
Upon winning the lottery, you may have chosen to receive periodic payments spread over many years until you get the total amount of your prize. If you find yourself faced with an emergency that requires you to spend a huge amount of money, you can exercise the option to sell lottery payments for a lump sum.
Sell Lottery Payments to Feel Like a Winner
It may seem hard to believe, but winning the lottery does not guarantee financial security. Inflexible re-payment schedules mean small trickles of money that seem very far between and are barely helpful when it comes to settling debts, paying off creditors, or simply making life a tad more comfortable.
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Real Winners Sell Lottery Payments for Cash
During these trying times, winning the lottery seems like the answer to all of one’s financial woes. Even the combined value of a meager income and annuity payments can barely pay for the rising cost of living. This is why many winners opt to sell lottery payments to a structured settlement company.
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Take The Lump Sum now Instead of Selling Lottery Payments Later.
Winning the lottery can change your life. After the initial euphoria subsides, you begin to think about the first major decision you have to face, “Do I take the lump sum or annual payments?”
New Hampshire Couple Hits Lottery Prize Twice in Four Years
New Hampshire Couple Hits Lottery Prize Twice in Four Years
Bob Jaracz of Nashua, NH has always believed himself a lucky guy. In light of the fact he has won the lottery twice, who can really dispute that?
Jaracz said he plays the lottery weekly. Like many other players, he picks the numbers quickly and randomly, and buys his tickets at random stores.
But unlike those other players, he’s hit the lottery twice for over a million dollars.
Winning the Lottery in 2005
The first time was on Thanksgiving Day 2005, when he won Tri-State Megabucks for $1.9 million.
Jaracz said that initially, it was hard to believe. Diane, his wife, said that with all the excitement of telling friends and family, they sort of forgot about the turkey in the oven.
“It was only a little dry,” she said.
The couple used the prize money to settle all their debts, repair their home, purchase a new car and go on some trips.
Winning the Lottery Again in 2009
Then, in late September this year, fate would smile on them a second time.
Jaracz won the Weekly Grand Game for a little more than $1 million. He said he always had the feeling like he was going to win again.
This time around though, Jaracz said he will be dedicating his good fortune to help the Humane Society, the Santa Fund, and other local charities.
When asked if he plans to stop playing the lottery, Jaracz replies, “No way. I think I’m going to win again.”
How to Sell Your Lottery Payments
“I Want To Sell My Lottery Payments – But How?”
Lottery prize winners receiving payments over time may be able to convert all or part of their future payments into an immediate lump sum cash payment.
Though some states prohibit assignment of future lottery payments, certain conditions can lift this prohibition. Such conditions include bankruptcy, the splitting of assets required by a divorce, and the need to fund a major medical procedure if you would like to sell lottery payments
Need Lump Sum Cash Now?
If you need a lump sum now but want to keep receiving part of your annual payments, you can choose what is called the “split payment option”. Under this option, you literally split your future lottery payments into two parts. One part is given to you as the lump sum you need now while the other part is given to you on your periodic/annual payment day.
The sale of lottery prize payments takes about 2 to 3 months to complete. The process cannot be any shorter than that because you have to get a court order instructing your state lottery commission how the original payment arrangement should be amended.
Since the tax treatment of a lump sum gained through the sale of lottery prize payments varies from case to case, it is best to consult with a tax adviser.
Furthermore, since you need court approval for the transaction when you sell lottery payments, also seek the assistance of an attorney.
Sell Lottery Payment Companies – What To Look For
There are many companies out there who want your lottery winnings. You don’t want to accept the first offer that comes along when there’s a company out there that’s willing to pay you top dollar. Compare the offers of many different companies. Look them up online and check with the Better Business Bureau (BBB) to see if they have a complaint-free record. Exercise prudence because a bad decision may leave you with a raw deal that you’ll regret for a long time.
Lottery payment buyers normally require the following information to provide you a quote:
• The state in which the lottery prize was won
• The exact amount that was won
• The gross payment per year
• The actual value of the check you receive each year (after taxes)
• The exact annual payment date (month, day, and year)
• The total number of payments for the lottery prize.
Sometimes, buyers can purchase future payments from winners who have won contests or prizes other than state lotteries. It depends on the specific language of the prize agreement. Some prize agreements clearly forbid assignment to another party. Review the agreement with a lawyer to see if future payments can be sold.