If This Describes You, Dont Cash out Your Annuity

There are companies that purchase future payments. Personal injury settlements are often structured to pay out over time. As are a portion of lottery wins, paid via an annuity over a period of 20 or more years. There are companies, under the authority of state and federal regulations, that will accelerate future payments and pay out a lump sum of cash now.

But, it is not the best choice for everyone. If any of the below are true about you, avoid selling.

· No pressing financial need or opportunity

· Under the age of 18

· Annuity is sole source of income

· Live in North Carolina

· Monthly payments less than $100

· Lump sum payment more than 7 years away

· Significant amounts owed in child support or back taxes

While this list isn't comprehensive, it does cover many of the usual reasons cases are not accepted or approved. This court ordered process has strict state and federal guidelines. Numerous attorneys, yours, the insurance company's, and the cash out company are involved and the entire transaction must be approved by a judge.

And as always, seek legal and financial counsel before making any significant decisions. There are several established companies with reputable service history and there are many more companies with less than clear intentions. Rule of thumb, avoid any company that tells you what you want to hear. This transaction will be expensive and closing times vary wildly by state and transaction.

Jason Rigler
"Settlement Advocate" and consultant for Prosperity Partners Customer Service Department.

In The News:

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PR.com (press release)

Geoffrey P. Kissel Installed as the New President at NSSTA
PR.com (press release)
Washington, DC, April 25, 2018 --(PR.com)-- The National Structured Settlements Trade Association (NSSTA) is pleased to announce Geoffrey P. Kissel, Assistant Vice President at Pacific Life Insurance Company is installed as the new NSSTA President ...
Geoffrey P. Kissel Installed as the New President at NSSTA ~ Live ...Live Insurance News (press release)

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Integrated Financial Settlements, Inc. (IFS) Announces Robert Lee as new Chief Executive Officer at IFS
PR Newswire (press release)
ATLANTA and DENVER, April 2, 2018 /PRNewswire/ -- Since the creation of Integrated Financial Settlements over a decade ago, the shareholders of IFS have worked hard to build an organization of great people and companies who together have helped lead ...

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KGO-TV

Albany parents furious over racist Instagram settlements for students ...
KGO-TV
The Albany School District is awarding students, who posted racist photos on social media, hundreds of thousands of dollars.

and more »

Farmers sue their own lawyers at Watts Guerra, claiming fraud in ...
Reuters
Three North Dakota farmers filed a class action Tuesday against the Texas plaintiffs' firm Watts Guerra, alleging that Watts and a dozen co-counsel duped nearly 60000 farmers into signing 40 percent contingency fee agreements in nationwide litigation ...

and more »

“I will have my vengeance, in this life or the next” - does Russell Crowe's recent 'divorce auction' signal the ...
Lexology
Not necessarily. Whilst the terms of the financial settlement would be confidential, a divorce in England can deal with assets held worldwide. But it's interesting that under English law, for any items that were acquired during their marriage, the ...


Legal Examiner

What You Need to Know About Structured Fees
Legal Examiner
Most attorneys who have gotten to the point of considering a qualified settlement fund and periodic payments to defer income have spent a significant amount of time talking to their peers, doing their own research, and finding industry experts who ...


Weekly Register

People News: IFS, AIG, CNA
Claims Journal
Robert Lee has been selected as the new chief executive officer at Denver-based IFS, a holding company with several industry subsidiaries in the structured settlements and MSP compliance marketplaces. For the past two years he has served as CFO ...
American International Group, Inc. - AIG - Stock Price Today - ZacksZacks
Macia Seraina - SEC.govSEC.gov

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Worldwide Facilities to Acquire Sullivan Group
Insurance Journal
He worked with and expanded a family reinsurance business and a property/casualty business known for its medical professional liability program before establishing The Sullivan Group in 1981. Along with various partners, over the years he launched a ...


Business Wire (press release)

per Diluted Share of $2.42 and $2.46, Respectively, Up 12% and 14%, Which Includes Catastrophe Losses of $1.01 ...
Business Wire (press release)
... we are exposed to credit risk related to our structured settlements;; the Company is also exposed to credit risk in certain of its insurance operations and with respect to certain guarantee or indemnification arrangements that we have with third ...
Travelers Reports First Quarter Net Income and Core Income per Diluted Share of $2.42 and $2.46, Respectively, Up ...Digital Journal

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WorkersCompensation.com (press release)

Ametros CEO Marques Torbert Discussed Settlement Strategies at the American Bar Association's Workers ...
WorkersCompensation.com (press release)
Professional administration firms provide reporting services or tools to help patients comply with Medicare rules regarding their medical expenses, and some offer savings in the form of provider networks and pharmacy discounts to help prevent the ...

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