If you have been lucky enough to win the lottery, you know your life is about to change in a big way. There are so many decisions that come with receiving such a lot of money, all of a sudden. Not only will your life change, but the lives of those around you will also. Many choices lay before you, beginning with how exactly you want to receive your payments. A lump sum lottery payout can take months to get to you but you do have another option; something called an annuity settlement.
A structured annuity settlement is, most simply, how you can receive your money faster. You can actually sell your lottery winnings and begin to receive payments annually or however you decide with the company, much sooner then the lottery payout.
You can begin to receive the annuity payments before the get the lump sum lottery payout and you needn’t pay anything until you receive your payout.
Another benefit of receiving annuity payments over a lump sum lottery payout is that they are easier to budget and handle. Many of us wouldn’t know what to do with such a large sum of money at one time so having it come to us in payments would save us from the initial mistakes we might make. Another way to put it is that it can be a temptation to immediately begin large spending when receiving a lot of money and having those payments come to us in pieces limits the amount that we can spend at one time. Any of us would need time to get used to becoming rich overnight.
The choice of what to do can seem daunting but it is recommended to immediately hire a financial adviser upon finding out that you have won the lottery. A financial adviser cannot only help you figure out what to do with your money, they can also help you make decisions such as should you receive your cash immediately or annually, depending on what your goals for the money are.
The lottery is not the only reason that you could sell structured payments. There are many kinds of settlements that could be sold to a pre settlement loan company willing to pay you right now instead of when ever the dispute is resolved. In these cases you don’t even have to pay until you when your settlement, if you when you’re settled. The beauty of this arrangement is if you need to buy a new car, pay for medical expenses, pay for living expenses, etc., it’s doable right away. You don’t have to live in the worry of what you’re going to do until you receive your settlement. Settlements can take months even years to resolve, so waiting for them is not always the best option.
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