If you are due a large sum of money for any reason, chances are that you received a lump sum of cash or are getting settlement payments over time. But even if you are receiving steady payments, you may also have the option of converting them to cash if your financial needs change unexpectedly.
What is a Structured Settlement?
The question of “what is a structured settlement?” is a common one among people who are due to receive compensation from a lawsuit.
This arrangement provides a plaintiff with payments over a certain amount of time or even over a lifetime. Most of the time a defendant’s insurer funds a policy for the plaintiff to establish a structured settlement. There can be certain tax advantages that come along with structured settlements that make it an attractive option for some people.
Deciding to Sell Structured Settlement Payments
There are many things to consider before you sell any portion of your structured settlement payments. Emergencies often call for immediate cash, and this is one way to quickly obtain cash that you are owed. However, you will need to make sure that you fully understand what the surrender charges are, if there will be any penalties, and what the tax implications are before making a final decision.
Deciding to Sell Your Structured Settlement Payments
For many people who are receiving settlement payments, getting cash for a structured settlement to get cash right away might be the best option. With immediate cash, you can buy a new house or car, invest in a business you’re passionate about, send a child to college, or pay unexpected medical bills. When you work with a highly respected structured settlement purchaser, you can establish personalized settlement solutions to suit your current needs and address emergencies, such as property damage, medical costs, and unemployment.
More Information on Structured Settlement Options
The professionals at Novation are experts in settlements and can help you get cash in your for your structured settlements right away. Contact us today for a free quote and learn whether selling your structured settlement payments might be the right move for you and your family.
*Novation is not a financial advisor or consultant and strongly recommends that you speak to a lawyer or accountant before making any significant financial decisions.