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Archive for the ‘lump sum payments’ Category

How To Sell Lottery Payments

HOW TO SELL LOTTERY PAYMENTS

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.

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 Process When you Sell Lottery Winnings

When you sell lottery payments it 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 payments varies from case to case, it is best to consult with a tax adviser.

Furthermore, since you need court approval for the transaction, also seek the assistance of an attorney.

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.

Information You Should Have Handy When You Want To Sell Your Lottery Winning

Lottery payment buyers normally require the following information to provide you a quote:

•    The state in which the lottery winning 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 lottery payment date (month, day, and year)
•    The total number of payments for the lottery winning.

Sometimes, buyers can purchase from winners who want to sell future payments. 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 lottery payments can be sold.

Categories: Blog, Lottery Payments, Woodbridge Investments LLC, lump sum payments.

Lottery Winners Who Went Bankrupt

Bad Habits and Poor Financial Decisions
Turn Instant Millionaire Lottery Winnings Poor

It is said that money cannot buy happiness and that if a miserable man were to suddenly gain a vast amount of wealth, he would still remain miserable.

The initial thrill of spending money on his whims may afford him the illusion of happiness, but is an illusion that is short lived – especially if he/she squanders everything from their lottery winnings and ends up poorer than he initially was.

Experts have studied the histories of past lottery winners and have discovered that an alarming number of them went bankrupt. These studies revealed that many lottery winners lacked the experience and knowledge to handle a sudden increase in wealth.Unable to cope, they mismanaged their resources till they ran dry:

Some Lottery Winners Who Splurged Their Lottery Payments

•    Evelyn Adams won the NJ lottery twice (1985, 1986) but was unable to save and now lives in a trailer.

•    William Post won $16.2M in the PA lottery in 1988 but now lives on his Social Security
•    Suzanne Mullins won $4.2M in the VA lottery in 1993 but is now deeply in debt
•    Ken Proxmire won $1M in the MI lottery and within five years, filed for bankruptcy
•    Willie Hurt of Lansing, MI won $3.1M in 1989 and ended up broke and charged with murder two years latter
•    Charles Riddle of Belleville, MI won $1M in 1975 and had a life troubled by divorce, lawsuits and drug dealing
•    Janite Lee of Missouri won $18M in 1993 and, according to published reports, only has $700 left in two bank accounts and no cash on hand.
•    A Southeastern family won $4.2M in the early 90s, bought a huge house and unthinkingly kept helping family members pay off debts till nothing was left of their winnings.

Categories: Blog, Lottery Payments, lump sum payments.

Tips for Annuity Buyers

Annuity Information and Tips For Prospective Buyers.

If you are planning to purchase an annuity, take the time to understand the details, restrictions and add-ons involved. If you decide wisely, annuities can make a positive contribution to your portfolio of investments.

Critical annuity factors include:

•    Fees. Evaluate if the yearly fees imposed on annuity plan are worth the benefits you’ll get and determine if the plan imposes “surrender fees” if you decide to make an early withdrawal.

•    Return rates. Make certain that the return rate promised by the insurance company selling the annuity is actually the rate you will receive. Confirm the timeframe during which the rate will apply.

•    Tax advantages

•    Inflation. The value of an annuity may decrease as a result of inflation. You may be given the option to purchase inflation protection for your plan, which could be worth the added fee.

•    Contract terms. Meet with an independent financial adviser before you buy an annuity contract. These contracts can be very complicated.

Categories: Annuity Payments, Blog, Woodbridge Investments LLC, lump sum payments.

Structured Settlements in Cases of Serious Injury Victims

Structured Settlements Help Serious Injury Victims

For nearly 25 years, the federal government has encouraged the general public to use structured settlements in serious injury cases. Structured settlements have also gained the favor of plaintiff attorneys, state attorneys general, legislators, judges, and disability advocates.Before 1982, serious injury victims were awarded damages in the form of a single lump sum. This form of payment, especially in catastrophic injury cases, often put the injury victim and his family in a financial bind. With the victim unaccustomed to managing such large sums of money, there was the ever present danger of unwise financial decisions.

The Periodic Payment Settlement Act; Helping Protect Injury Victims with Mismanaging Lump Sum Payments

Such decisions can spell disasters like the premature loss of funds before the victim’s medical treatment completed. These bad judgment calls also risk putting lump sum recipients on public assistance. To address these concerns, a bipartisan coalition of legislators in Congress took action to amend the federal tax code. Thus, the Periodic Payment Settlement Act of 1982 (Public Law 97-473) came to be. The Act formally recognized and encouraged the use of structured settlements in serious injury cases so that injury victims could be protected from maladjustment to sudden wealth.

Categories: Blog, Sell Personal Injury Settlements, Sell Structured Settlement Payments, Structured Settlements, Woodbridge Investments LLC, lump sum payments.

How to Improve Your Chances of Winning the Lottery

Increase Your Chances of Lottery Winnings!

While there is still no way to accurately predict winning numbers, there are ways to improve your chances of winning the lottery by analyzing mathematical probabilities and trends.

 Here Are Some very Helpful Lottery Winning Tips

•    Try to choose numbers that are unlikely to be picked by other people. That way, if you win the lottery, odds are you won’t have to share the prize.

•    Avoid the numbers 7 and 11. Most people believe them to be lucky numbers and are almost always picked.

•    Avoid numbers 1 through 31. These numbers represent the days in a month and are also popular picks.

•    One way of improving your chances of winning the lottery is by using the potential of probability. Combining a balanced mix of odd and even numbers can bring you closer to winning the next lottery game. Winning combinations made up of purely odd or even numbers are extremely rare.

•    Calculate your chances of winning. For example, if the odds of winning are one to six million and the jackpot is $30M, buying a lottery ticket is a reasonable enough gamble even though you might not win.

Categories: Blog, Lottery Payments, Woodbridge Investments LLC, lump sum payments.

How Selling Annuities Work

 Before You Sell That Annuity, Here is How it Works..

The annuity seller usually gives an application and offer letter to a broker or buyer, and in exchange receives the broker or buyer’s best offer. At this point, a practical seller should compare the offers of various brokers.

 Brokers and Selling Your Annuity

Some brokers pursue competitive offers from many funding sources that result in fair and desirable prices to their sellers. Other brokers on the other hand have exclusive relationships with a single funding source, reducing competition and lowering the price the brokerage can offer the seller. If you are thinking of selling your annuity payments, you should make sure that the broker you choose is certified.

Many brokers offer a rapid turn-around time. Much of the process depends on local laws, as well as the willingness of the seller’s insurance company to participate in the sale. Legal hassles on the part of the insurance company may delay the sale, but usually the seller can overcome these obstacles with little difficulty.

“How Long Does It Take To Sell My Annuity?”

Sales are normally concluded within 4 to 16 weeks. Most people getting lump sum cash for future annuity payments receive their funds within eight weeks.

The processes involved in the sale of annuity payments vary in accordance to individual circumstances as well as state laws. However, regardless of these differences in individual cases, the seller is always protected from risks, costs, and taxes.

Categories: Annuity Payments, Blog, Woodbridge Investments LLC, lump sum payments.

Using a Pre-Structured Settlement Loan As an Investment Tool

How You Can Use a Pre-Structured Settlement Loan As an Investment Tool

injury lawsuit may take such a long time to settle, plaintiffs with plans to invest might want to apply for a pre-structured settlement loan before investment opportunities pass them by

A Pre-Structured Settlement is Not Only For Hardships

Plaintiffs often think that a pre-structured settlement loan is only for those who are facing financial hardships; they are mistaken. It is possible for any plaintiff to use a lawsuit loan during his pending lawsuit as an investment tool. The plaintiff can use the money in various ways; however, like all other types of investment, there are risks involved. The plaintiff has the benefit of not being required to pay back the settlement loan in the even that he loses his lawsuit. So, even if he loses both his case and his investment, he would still break even in the end. However, if the plaintiff wins his case but loses his investment, he is out the original investment amount. With so much at stake, plaintiffs must understand all the risks before applying for a lawsuit settlement loan, as an investment.

Cash from The Settlement Can Be Invested in Whatever You Desire

The cash from a lawsuit settlement loan can be invested in any endeavor the plaintiff can think of. During the 2008-2009 housing market collapse, houses cost 30-40% less than they used to in 2006. Some plaintiffs took advantage of this and purchased homes, putting a large down payment or even pay in full. Since a lawsuit could take years to settle, by the time the plaintiff actually receives the money from his settlement, housing prices might have started to rise again making the plaintiff wish had applied for the loan when the opportunity presented itself. While housing prices are still low, plaintiffs planning to buy a house might want to take the calculated risk of getting a pre-structured settlement loan.Plaintiffs have also begun using settlement loans to get into the stock market. Of course, there is always the risk of losing money, however if they turn a profit, not only do plaintiffs recover their original investment, they can even cover the interest and fees attached to their settlement loan and have some money left over. This maneuver though may be best left to those who have a firm grasp on the stock market.

Start a Business with Your Cash

Plaintiffs can also use a lawsuit settlement loan to start a new business, it’s an excellent way to get the start-up cash they would need and prevent them from having to find investors or take out a traditional loan; remember, the money from a settlement loan is yours and you’re not actually borrowing money, you’re just getting your money advanced to you via a settlement loan in return for interest on the advanced amount.

Categories: Articles, Cash Structured Settlements, Sell Structured Settlement Payments, Woodbridge Investments LLC, lump sum payments.

Finding the Right Structured Settlement Buyer

How You Can Find The Right Structured Settlement Buyer

The most difficult phase of selling a structured settlement has to be choosing the best offer. The advertisements many buying companies use to entice clients tout fast cash for little hassle. Contrary to their claims, years of misuse of funds compelled the government to impose protective restrictions when selling structured settlements. This does not mean that selling has become impossible, only that it now requires more coordination on the part of the buyer and seller.

Because of some dire financial need, you may be convinced that your reasons for selling your structured settlement are justifiable. However, the court system may question the necessity of such an extreme action. Therefore, it is in your best interest to hire a lawyer to assist with the sale. A highly skilled lawyer can help by suggesting a fair market value for selling the settlement; reading over the buyer’s quote and the subsequent sale contract; and of course, representing the seller in court.

How To Avoid Untrustworthy Buyers

There are countless buyers who want a piece of the structured settlement market. Whether their offers are legitimate or not, their crafty salesmanship paints such a dazzling image that makes choosing quite a challenge. But by keeping an eye on telltale signs, sellers like you can avoid the untrustworthy buyers.

1.    Structured settlement buyers will profit from buying the structured settlement. Shifty buyers can be avoided by carefully listening to their sales pitch. If they try to convince you to cash your entire structured settlement or attempt to offer a considerably lower quote than expected, beware.

2.    Check with the Better Business Bureau (BBB) if the buyers you are considering have any negative records with them.

3.    There are costs involved in cashing in a structured settlement, including the court costs to meet with the judge. Some settlement buyers will pay those court costs and any fees involved, and some won’t. Check around.

By doing some simple research…

you can ensure that the structured settlement buyer you have chosen has both the knowledge to work through the selling process, and the integrity to consider what would be in your best interest.

Categories: Blog, Buyer of Structured Settlement Payment, Sell Structured Settlement Payments, Woodbridge Investments LLC, lump sum payments.

What To Do If/When You’ve Won The Lottery

So, You’ve Just Won the Lottery: What Now?

Lottery winners usually have a difficult time adjusting to the lifestyle that comes with sudden wealth. Here are some tips that aim to help them cope with the unwanted attention and dilemmas that result from winning the lottery.

Tips For Lottery Winners

1. Protect your winning ticket. Until it is time to bring it to the lottery commission, keep your ticket in a place where it’s out of reach from other people and safe from spills and other damaging accidents.

2. Tell no one outside your closest friends and family. Confide in people whom you know can keep a secret and who are not greedy or manipulative.
 3. Meet with a lawyer. A lawyer can guide you through the legal issues winning the lottery can raise.

4. Rent a hotel room with cash and under an assumed name. This will spare you from the incessant pestering of the press and all your new “friends”.

5. Confirm the ticket with the lottery commission.
 6. Meet with an accountant.
 7. Go on a one-month vacation. Not only will this protect you from excessive press and public attention, the time off will give you the opportunity to carefully plan your purchases.
 8. Calculate your interest. Ask a financial advisor about the interest that can be generated from various investment options and then budget your “disposable income” according to how much you earn in interest each year.

9. If you feel the need to give, find people and organizations you truly want to help and focus your generosity on only them.

10. Pamper yourself. Set limits though. You do not want to keep spending on your whims till you suddenly realize there’s no money left.

Categories: Blog, Lottery Payments, Woodbridge Investments LLC, lump sum payments.

The Good and Bad Of Selling a Structured Settlement For a Lump Sum

 Structured Settlements for a Lump Sum; The Pro’s and Con’s

The option to sell structured settlements for cash must not be taken lightly. These periodic payments could be funds you have become dependent on to some extent, and selling will stop those payments. But if you need a large amount of cash to fund an investment that will change your life for the better, selling all or part of your structured settlement may be more useful to you than hanging on to the periodic payments.

So before selling a structured settlement, weigh the transaction’s pros against its cons first to make sure that what you’re losing is expendable when compared to what you’re gaining.

Pros:

•    Liquidity. A structured settlement limits the liquidity of the settlement money that you are entitled to, whereas cashing in a portion or all of a structured settlement frees that money for immediate use.

•    Value. You can capture the current value of the money that you’re owed. Because structured settlement payments are equal each month, the effects of inflation decrease the real value of your money over time.

•    You don’t have to wait for credit approval. Although you may need to validate your reasoning for cashing a structured settlement, you can’t be denied your settlement because of a bad reference or credit history.

•    Relatively quick payment. Compared to applying for a loan, structured settlement factoring is a faster way to get cash, taking as little as three weeks.

Cons:

•    Structured settlements and annuities are sold at a discount, which means that the lump sum you get through the sale is less than what you would have received had you continued to accept periodic payments.

•    Low regulatory involvement. Structured settlement buyers belong to an industry that is currently unregulated. Unscrupulous companies and individuals exploit this fact by engaging in unethical business practices.

•    Taxes. You’ll be charged an excise tax that can be as high as 40% if you choose to cash a settlement for an invalid reason. You will also incur liability for state and federal taxes on your lump sum.

•    Legal aspects. Structured settlement factoring is a long process that has exhausted many people who have tried it. There is a lot of red tape to pass through before the money will be seen, and some settlements legally cannot be sold.

Categories: Articles, Buyer of Structured Settlement Payment, Cash Structured Settlements, Sell Structured Settlement Payments, Woodbridge Investments LLC, lump sum payments.

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