I have been thinking about this for a while now, basically there are people out there who have structured settlements and have never sold a portion of them and have no idea that you can, or how to sell a structured settlement. On the opposite side I know that there are people out there who are pros at selling portions of structured settlements, that I’m sure could benefit from a little more information from a structured settlement attorney that provides structured settlement advice as an Independent Professional Advisor.
So we start off and you have a monthly or lump sum payments coming in regularly and you are leaving happily ever after. Then one-day life changes, you get married, you want to buy a house, you need a new car, decide to go back to school, what have you. That regular payment is nice and it is no your only means of supporting yourself and you think if I could use that money now I could change my living situation for the better today. But where do I start? What should I be aware of? How long is it going to take? We’ll get there, I promise. So let’s go through this, step by step.
- Make sure you can still live comfortably if you sell these payments.
- Decide what you really want to do with the money, have a plan.
- Figure out how much do you really need.
Okay so now you know what you want to do with your money, and that you can afford to sell a portion, and you have an idea of how much you need and what you are going to spend it on to make life better for you and your family. Now, what?
- Do some research on companies that buy structured settlements.( don’t just go with the one who has the most ads on TV)
- Contact an Independent Professional Advisor (you can skip step 4 if you want and contact a structured settlement attorney to help guide you.)
- Get (typically 3) competing offers.
- Pick the one with the best rates, sign all documents.
- Wait for court date
- Work with purchaser’s attorney to write declaration stating what you are going to use the money for.
- Go to court, so a judge can verify best interests. ( having a structured settlement attorney as an independent professional advisor would mean they would talk to the judge on your behalf)
- Get a continuance, come back to correct what the judge sees as incorrect.
- Get denied, the judge finds it is not in your best interest.
- Get approved.
Seems fairly straight forward, right? Now this is where you may ask me, what about this independent professional advisor? That is simply having an attorney or professional represent you in this court procedure. The purchaser has an attorney and the judges and the law think you as the seller should have one as well. Different states have different rules on independent professional advisors, but all states provide you with that right to have one.
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