Can I sell my structured settlement?
In most cases, the answer is "Yes" but a further question might be: "Do I want to?" With commercials on TV an the internet encouraging people to sell their settlement, it sometimes seems easy to make this decision, and it is not necessarily a bad decision to make, depending on your circumstances. If you are paying interest on a lot of old debts, it may make more sense to eliminate or consolidate these debts with a lump sum payment. Only you and a financial advisor can take the next steps toward finding this out.
Things
to look out for in making this sale include commissions, fees, and any
potential taxes you may encounter in the process. Depending on your state
and nation's laws, you might find yourself owing money for taxation, so
always get detailed information about all fees and taxes up front. If you
can establish exactly how much you are going to get from the buyer, and if
you have made clear decisions about how the money is going to be spent, then
you may want to enter the process of selling your settlement.
Notes and Special Information
Special note: always consult with an attorney or trusted advisor before accepting any cash settlement. Make sure that you will be able to pay for future expenses or the taxes that may result from your transaction. You may decide that keeping your settlement unchanged is the best long-term financial strategy. No part of this site should be considered financial or legal advice, as this website is intended to be for informational purposes only. We do not endorse or recommend any service, person, or attorney mentioned on this site or its advertising..