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Structured Settlements - Don't Be in Such a Hurry to Sell Your Structured Settlement Remember why your structured settlement was set up in the first place. Was it to pay for medical expenses on a ongoing basis or to take care of basic monthly living expenses? If the reasons your structured settlement was set up for don't exist any longer, then you might need to consider selling it. But remember, be careful, look at all yours options first. If you have other dollars sources to explore, I suggest using those options first. Selling your structured settlement should be a last resort. If you still feel you must sell your structured settlement look for someone you might trust who additionally knows what their doing including know that it could take at least a month or more before you might obtain your money. The reason is that you need a court order. The state structured settlement protection statutes including the Victims of Terrorism Relief Act of 2001 which created §5891 pertaining to the Internal Revenue Code was enacted to provide you protection. The sale of structured settlement payment rights today requires a Court in your state, to review and, if appropriate, make a qualified order approving the sale of such payments or a hefty 40% excise tax is applied. The concept of Court approval is intended to protect you from entering into a deal that is not in your best interest. The time to close is dictated by individual state laws, both where the state including the insurance company have their home office including the state where the client resides. In some states, it is possible to close in regarding a month. In other states, it might take as long as 4 months. With the rest, it is somewhere in between. Court orders take time including all transactions need one. Don't believe it if someone says they might close in a week or two. Another thought, don't sell your whole structured settlement, figure out what you need now. You might sell a few payments or lumpsum amounts including if you need additional cash sometime in the future you could be able to sell more payments or lump sums at that time. You could end up with more cash, than if you sell all payments at once; including it additionally allows you future options. Remember to take your time, make good choices including don't anyone rush you into everything you don't understand. Sleep on it including decide the next day. My best wishes go with you.
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