Factors which should be taken into consideration before selling a structured settlement include:
Legal Restrictions - Due to the nature of some settlements, there may be legal restrictions on their sale.
Contractual Restrictions - Some structured settlements and annuities are set up in a manner which makes it difficult to impossible to sell them.
Tax Considerations - A structured settlement may offer considerable tax savings to an injured plaintiff, whereas a cash payment may subject the plaintiff to a significant, immediate tax liability.
Low Offers - Sometimes a buyer of structured settlements will make an unreasonably low offer for the settlement.
Can a Lawyer or Accountant Help :
While a lawyer may not be able to help you decide if you should sell your settlement, a lawyer or financial professional can help you figure out the short- and long-term financial consequences of selling your settlement. They may also be able to help you determine a reasonable selling price for the settlement. A lawyer can also review a proposed contract for the sale of your structured settlement to make sure that you are adequately protected in the event of future complications.
Depending upon your circumstances, you may require a court to approve the sale of your structured settlement, and a lawyer may be able to assist you with that process.
While a lawyer may not be able to help you decide if you should sell your settlement, a lawyer or financial professional can help you figure out the short- and long-term financial consequences of selling your settlement. They may also be able to help you determine a reasonable selling price for the settlement. A lawyer can also review a proposed contract for the sale of your structured settlement to make sure that you are adequately protected in the event of future complications.
Depending upon your circumstances, you may require a court to approve the sale of your structured settlement, and a lawyer may be able to assist you with that process.
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