Getting Quick Cash for Your Structured Settlement

Just because you received a structured settlement for your lawsuit, it doesn't mean you have to wait for years to get the money. There are many settlement purchasing companies that will give you instant cash for your structured settlement. These companies can pay cash for the entire structured settlement or purchase your remaining periodic settlement payments. You can spend this lump-sum payment on anything-a house, college tuition, business investments or debts.

What Is a Structured Settlement?

A structured settlement, which typically results from a personal injury lawsuit, is an agreement where you consent to accept payments over time in exchange for the release of liability for your claim. A structured settlement can provide payments in almost any manner you choose. For example, the settlement may be paid in annual installments over a number of years or in periodic payouts every few years.

These payments are generally awarded through the purchase of one or more annuities from a life insurance company. Structured settlements can also be used with lottery winnings, contest prize money and other situations with substantial cash awards.

Structured Settlements Not Always the Best Fit

In theory, structured settlements are designed to provide long-term financial security to injury victims through tax-free payments. And for most people, the agreed-upon structured payment plan initially makes sense. However, a financial emergency, a business opportunity, an unforeseen medical expense, or a house purchase can put a strain on the injured party's finances.

And the structured nature of the settlement may become too restrictive to cover major financial purchases. Also, a structured settlement may not be the best option for investing. There are many other investment vehicles that can generate greater long-term return than the annuities used in structured settlements. Therefore, some people may be better off getting cash for their structured settlement and then building their own investment portfolio.

How Getting Cash for a Structured Settlement Works

If you receive an award from your injury case, an attorney or financial advisor will likely recommend setting up periodic installment payments instead of giving you a lump sum of cash up front for your structured settlement. Then, an independent third party will purchase an annuity that will provide you with tax-free periodic payments.

Companies that offer cash for structured settlements have a variety of programs that can allow you to access any portion of your annuity. For example, you may want to sell as little as four year's worth of payments or receive a lump-sum payment while still enjoying some portion of your monthly payment. Or you can sell your settlement for a large payment that is five or six years in the future. You can also customize an arrangement to get cash for a structured settlement based on your unique needs.

Here's an example of how obtaining cash for a structured settlement works: Let's say you were in an accident five years ago. The accident caused you to be hospitalized for several months and undergo nearly a year's worth of physical therapy. So you hired an attorney and sued the responsible individual-or, rather, the person's insurance company. Ultimately, your attorney advises you that you'll be awarded a substantial sum of money.

After several months or years of negotiation, you receive a sizable settlement. However, the cash you get upfront is only enough to cover the medical expenses. The rest of your compensation is scheduled to be paid out in regular installments through an annuity over the next 15 to 30 years. Rather than being restricted to monthly or annual payments, you contact a settlement purchaser to secure immediate cash for your structured settlement. You're then able to use the cash to enhance your current cash flow-rather than waiting on periodic future payments.

Legal Issues of Receiving Cash for a Structured Settlement

If you're contemplating getting cash for your structured settlement, it's important to contact a financial advisor. Most states have regulations that limit the sale of structured settlements, so you'll need court approval to receive cash for your structured settlement. Federal restrictions also may affect the sale of structured settlements to a third-party individual. And some insurance companies won't transfer annuities to third parties.

Also, before you attempt to obtain cash for a structured settlement, be sure to do your homework. Check out multiple companies to see which one can offer you the most cash for your structured settlement. You also want to examine their integrity, reputation and track record. This will help ensure you have the most positive experience obtaining cash for your structured settlement.

Receiving cash for a structured settlement is an ideal option if you need a lump sum of money to meet your immediate needs.

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How Much Money Do You Need to Retire?

It's amazing to me how many of us go through our working years without too much thought of how we'll live when we retire. Thing is- we want to be able to stop working at some point and enjoy our retirement years, but the only way to do that is to be financially prepared.

How do you know how much money you will need to retire? Try the following steps:

1. Calculate the cost of your current living expenses. Statistics say that when we retire, we will need around 70% of the income we live on while working. This is probably not an accurate figure for most of us anymore, since we tend to live longer than we used to, retire earlier than we used to which means we tend to travel and have more entertainment expenses when retired, and then don't forget that as people age more medication and visits to the doctor are typically required.

It's not wise to depend on Social Security for those of us in are 20's now, since there is no real guarantee the money will be there when we're ready to retire, but right now people retiring can expect Social Security to replace 45% of income for middle-income American's.

If your home will be paid off before you retire, you will not have to worry about paying a mortgage, but older homes tend to need more money for maintenance costs.

If you are able to pay off your debt before you retire, you will not have to make monthly payments for credit cards or loans, which can reduce your living expenses considerably from what they may be now.

2. Determine your desired retirement income. Some people are able to cut costs dramatically when they retire (as discussed above, paid off mortgages and becoming debt free can make a huge difference to the amount of income you need), while others plan additional expenses for their retired years that actually requires having more money during retirement than when working.

If you plan to travel to visit family or for vacations, your income will need to be able to support the traveling lifestyle. Many retired people look forward to traveling, and if this is your intention you'll want to be sure your income is enough to make it happen.

Are you going to relocate? Some retired individuals or family move to another state or location with a lower cost of living and this can help you reduce your necessary living expenses. Plus, if you sell a house you might have a profit to add to your retirement fund, or to use towards the purchase or rental of a less expensive home.

When you are retired- will you have any sources of income? Some people work part time because they want to do something, others have passive sources of income through businesses they own or investments made. This will reduce the amount of money you need to save for retirement.

3. Remember to account for inflation. Life is more expensive with every passing year, so you have to consider that when figuring the amount needed for your retirement years. For example, the amount you can live on comfortably in your first year of retirement may be tight during the fifth year and not enough during your tenth year! Experts say to assume an inflation rate of 3%.

4. Try to predict the number of years you will be retired. How old do you want to be when you retire? Ok, now how old will you realistically be when you retire? (These two numbers are usually very different!) Then think about how many years you will live beyond your retirement day. You can use life expectancy calculators or you could just guess, but you need to have an estimate of years in order to estimate the amount of money you need for retirement.

5. Plan, budget, figure it out. What you can do is add up the money you'll need each year of retirement, accounting for inflation and your lifestyle, and then add up the money for each of the years you'll be retired. Then, save. Most people find their retirement number to be out of reach for regular savings, so you'll probably want to use investment strategies to help you reach your number. A financial advisor can be extremely helpful with this. It's recommended that you set aside 15% of your gross annual income for retirement.

CNN Money offers an interactive retirement calculator you can use to help figure out costs.

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What's the Difference Between: A Lawyer, Solicitor, Advocate, Barrister, Counselor, and an Attorney?

Have you ever wondered where all these somewhat confusing terms came from? Well the answer is they are all types of Lawyers originated from various legal systems. Some of the terms are from the English legal system, some are from Scotland and some from the American legal system.

An Attorney is somebody legally empowered to represent another person, or act on their behalf.

A Lawyer is somebody who can give legal advice and has been trained in the law.

Are Attorney and Lawyer are synonyms? Basically yes, but they are not necessarily Interchangeable terms, you cannot for instance say I give you the Power of a Lawyer, but you definitely might say I give you the power of Attorney...

Look again at the above definitions, does it now make any sense? Off course it does.

An attorney in fact is an agent who conducts business under authority that is controlled and limited by a written document called a letter, or power, of attorney granted by the principal. An attorney at law is an officer of a court of law authorized to represent the person employing him (the client) in legal proceedings.

A Solicitor- One that solicits, especially one that seeks trade or contributions. The chief law officer of a city, town, or government department but does not act as an advocate in court, as opposed to the Attorney who pleads in court. (English Law).

A Barrister(Called Advocate in Scotland) presents the case in court. Most senior and distinguished barristers are designated King's (Queen's) counsel.

A Counselor at law- In the past at least in some U.S states there was a distinction between the term A Counselor at Law who argued the case in court and an attorney who prepared the case but didn’t argue it.

Nowadays an attorney at law is authorized to exercise all the functions of a practicing lawyer. All of them must, however, like the ordinary attorney, be admitted to the bar. The term attorney is also used for county, state, and federal prosecuting officers, as county attorney, district attorney, and attorney general.

Lawyers, also called attorneys, act as both advocates and advisors in our society. As advocates, they represent one of the parties in criminal and civil trials by presenting evidence and arguing in court to support their client. As advisors, lawyers counsel their clients concerning their legal rights and obligations and suggest particular courses of action in business and personal matters. Although all lawyers are licensed to represent parties in court, some appear in court more frequently than others. Trial lawyers, who specialize in trial work, must be able to think quickly and speak with ease and authority. In addition, familiarity with courtroom rules and strategy is particularly important in trial work. Still, trial lawyers spend the majority of their time outside the courtroom, conducting research, interviewing clients and witnesses, and handling other details in preparation for trial.

Lawyers types:

The legal system affects nearly every aspect of our society, from buying a home to crossing the street. Lawyers hold positions of great responsibility and are obligated to adhere to a strict code of ethics.

The more detailed aspects of a lawyer’s job depend upon his or her field of specialization and position. Although all lawyers are licensed to represent parties in court, some appear in court more frequently than others.

Lawyers may specialize in a number of different areas, such as bankruptcy, probate, international, or elder law. Those specializing in environmental law, for example, may represent public-interest groups, waste disposal companies, or construction firms in their dealings with the U.S. Environmental Protection Agency (EPA) and other Federal and State agencies. These lawyers help clients prepare and file for licenses and applications for approval before certain activities may occur. In addition, they represent clients’ interests in administrative adjudications.

Some lawyers concentrate in the growing field of intellectual property, helping to protect clients’ claims to copyrights, artwork under contract, product designs, and computer programs. Still other lawyers advise insurance companies about the legality of insurance transactions, writing insurance policies to conform with the law and to protect companies from unwarranted claims.

Most lawyers are found in private practice, where they concentrate on criminal or civil law. In criminal law, lawyers represent individuals who have been charged with crimes and argue their cases in courts of law. Attorneys dealing with civil law assist clients with litigation, wills, trusts, contracts, mortgages, titles, and leases. Other lawyers handle only public-interest cases—civil or criminal—which may have an impact extending well beyond the individual client.

These issues might involve patents, government regulations, and contracts with other companies, property interests, or collective-bargaining agreements with unions.

Other lawyers work for legal-aid societies—private, nonprofit organizations established to serve disadvantaged people. These lawyers generally handle civil, rather than criminal, cases. A relatively small number of trained attorneys work in law schools.

The real life situations have created “specialties” according to business profitability. This is how terms like Vioxx Lawyer, DUI Lawyer, Lemon Law Lawyer , Structured Settlements Lawyer and others came about.

Additional Information:

www.Lawyers-Best-Infoweb.com

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Structured Settlement - Benefits and Disadvantages

A structured settlement is a kind of settlement entered into by two parties. One party is in agreement to pay a certain sum which is owed to the other. The sum owed was incurred from the out of court arrangement or lawsuit. The disbursement of the total sum agreed is not given in full but in the form of installments. For that reason, this agreement is called structured settlements. Typically, the payments are made though the procurement of one or more annuities. The payout can be received according to what the two parties agreed on, it can be monthly, quarterly or yearly.

There are so many advantages for choosing structured settlement instead of getting the money owed in full or in just one single payment. First of all, its major advantage is savings on tax. Certainly, you can save so much money because the amount receivable or the payment is tax deductible, you can even get the full amount absolutely tax free. One more benefit of structured settlement is that, since the money is paid at regular intervals rather than in one go, you will avoid the chances of spending your money in unimportant things that you will only regret later. Likewise, if the payments will come in small amounts but regularly, you will have lots of time to think about where to wisely spend your money.

However, like with anything else, the structured settlement also has its disadvantages. Firstly, the closing of the settlement case is a very lengthy process. It may take up to 6 months and then you still have to wait for another 2 months before getting the first payout. Secondly, the amount of payout, whether monthly, quarterly, or annually, may not be enough to cover some major purchases like a car or house or even for a business venture. Lastly, the settlement agreement is not flexible. After the terms and conditions had been laid down, they can't be changed. Thus, there's no way to get the full amount if ever the need arise, no one can adjust the arrangement. In this case, the person can just sell his or her structured payment plan to somebody else for a lump sum.

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Purchase Structured Settlements

Companies that purchase structured settlements will buy out your future payments in exchange for advancing you money now, minus their fee. These companies can provide needed cash in a lump sum, far more than your monthly allotment, if that is what you choose to do, instead of staying on the monthly or yearly plan that your structured settlement sets forth.

If you have been involved in a lawsuit for personal injury, product defects, medical malpractice, or wrongful death of a family member, you may have mediated a settlement offer. Many times, since settlements in personal injury cases can be so large, the payouts are structured, or set up to be paid out in increments over time. This can be over several months, or years, and in some cases for a lifetime of payments. This amounts to a guaranteed income for the person who has settled their lawsuit for monetary compensation.

When a large sum is spread out over many months, or years, there can be some tax advantages, and it does assure the recipient of future income. By taking a large lump sum all at once, the person who receives it gets a large amount of money all at one time, with nothing set aside for future expenses. People who are hurt and have ongoing medical expenses will need a lot of money for their future care, and a structured settlement is good for that purpose.

Sometimes, however, the recipient has a good reason for wanting a large amount of cash immediately, instead of the smaller amounts over time. They might want to go to college, or buy a house, or have another good reason for needing some, or all, of their settlement money up front. This is a good time to consult the companies who purchase structured settlements.

There is a fee charged, from around 10 to 30 percent of the money advanced, and the transaction is similar to getting a payday advance, except for a lot more money, and the repayments go directly to the company that bought out your settlement. It is possible to have them purchase just a part of your settlement, so you get a lump sum now, and whatever remains would continue as before, but in a lesser amount. You would still get some future income, just not as much.

When deciding to sell a settlement, it may be necessary to obtain court approval. That is one way that the legal system acts on your behalf, to be sure you are doing this for a good reason, because the structured payment system was decided upon for a good reason also. Take time to examine several companies who purchase structured settlements before you take action. Oftentimes, smaller competitors offer better rates and terms than the big names like Peachtree and JG Wentworth.

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Cash For Future Payments

Future payments are part payouts that are a result of court proceedings. These payments are mostly received in the form of structured settlements, annuities and annuity settlements. Other types of future payments include, mortgage notes, trust deeds and lottery payments. Future payments are a form of secured long-term income or simply fixed cash income.

However, there are times when people may require large amount of cash at one time. Instead of taking a loan or selling assets, people can easily sell their future payments for cash. Future payments are mostly secured payments. Hence, funding companies provide immediate cash in exchange of these payments. However, it is important to realize that cash for future payments are always available at a discounted rate.

People mostly sell their future payments to increase cash flow at present. Cash could be needed to fund investment opportunities, expensive medical care, vacations and college tuition fees. Other reasons to obtain cash for future payments could be to pay taxes or to meet unexpected financial needs. Some people prefer immediate cash to future payments as it saves them the effort of waiting for cash every month.

While selling future payments for cash, the seller can choose from various options. It is possible to sell partial payments. This means, people can sell a part of their future payments instead of selling all of them. This is done, in order to make available a particular sum of money for a specified need. Full payments can also be sold. The seller receives a lump sum equal to the discounted value of the payments sold.

Cash for future payments is also available by selling shared payments. In such cases cash for a part of the future payments sold is received immediately. The remaining cash for future payments is received on a payable date. Cash for future payments is a matter of personal choice and may even prove to be profitable, if invested well.

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Is a Structured Settlement Equity Annuity In Your Best Interest?

Are you looking for some inside information on structured settlement equity annuity? Here's an article thattakes a closer look at the subject of structured settlement equity annuity.

Among your choices if you're owed a settlement is to invest the money in a structured settlement equity annuity. Before you make this choice, there are some issues about which you should learn.

Structured settlements are long-term payments paid to injured parties by the offending party as a result of settling the case in lieu of (or sometimes as a result of) a trial. Once you've won and are due the settlement payout, you have choices to make about what to do with the money.

One attractive option is a structured settlement equity annuity. This provides the best balance between security of your principal (the settlement payout) and potential for growth. It pays you whichever is higher: a minimum guaranteed interest rate or stock market return. Equity refers to stocks, also called equities.

Another option when you get a structured settlement is to sell it and take a lump sum payment from a third party. While this may be an attractive option, depending on your financial situation, you stand to lose a lot compared to a structured settlement equity annuity.

People in retirement (or very near) are usually better off with the safety and guaranteed minimum returns an equity indexed annuity provides. Still, many people winning structured settlements opt for the lump sum payout, even knowing they are forfeiting a percentage of the settlement to the company that buys the settlement out.

Most of this information comes straight from the structured settlement equity annuity pros. Careful reading to the end virtually guarantees that you'll know what they know.

Selling a structured settlement to get a large cash payout at one time is also fraught with negative tax effects. Not only will you lose a percentage to the buying company, but taxes will eat another percentage. With a structured settlement equity annuity, most or all of the money you get will be tax-free (or taxed very little).

If you decide to pursue a structured settlement equity annuity, take the time to research your choices thoroughly. Look for a long track record of successful returns and competent management. Don't risk what you've won!

If your decision is to sell your structured settlement for one lump sum payment, it's imperative to hire a lawyer to help you deal with companies and to advise you. Some unscrupulous companies are out there that will use slick sales approaches to convince you that taking only half (or even less) is somehow a good deal for you.

They prey on your desire to get a bunch of cash in hand as soon as possible. A skilled attorney can keep you from making poor decisions that are emotionally driven. He or she can also help you pick a structured settlement equity indexed annuity that will give you the best long-term results.

Whichever way you're leaning, the smart play is to research all your options and hire a lawyer you trust to give you his or her wisdom and experience in the structured settlement equity area. It's too important a decision to make on a whim.

Don't limit yourself by refusing to learn the details about structured settlement equity annuity. The more you know, the easier it will be to focus on what's important.

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