Pitfalls To Avoid When Selling Your Annuity or Structured Settlement by toriola1


									Presented by Daniel Toriola
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Pitfalls To Avoid When Selling Your Annuity or Structured Settlement By Bill Broich

Want to sell your annuity or structured settlement? Here are some common mistakes to avoid. 1) Only talking to one funding company. People considering selling their annuity or structured settlement are usually in a quick need of a cash lump sum. Whether they need the money to cover medical bills, make home mortgage payments, buy a new car, send a kid to college, whatever it may be. You generally need money and you need it fast. In a hurry, a person will usually call a number they find in a TV commercial or internet search and agree to the first annuity or structured settlement buy-out offer they receive. This is often a mistake. Funding companies are vicious competitors and by obtaining multiple bids from multiple companies you will earn a far better rate. The first offer will often not be the best offer. So, practice patience when evaluating offers. Get multiple bids. Shop around. Make them compete to win your business, and do not rush into the first offer you receive. 2) Not keeping the transaction all business One trick any good salesman employs is to build personal rapport with a prospect. This isn't necessarily a bad thing. It's good to be friendly with the people you do business with. However, my advice with these transactions is to keep the dealings all business. Don't let them in to why you need the money, your personal problems, nothing. You don't want them to discover that you're in great need of the money, or worse, desperate for cash. Weakness is often taken advantage of. By keeping a professional attitude and making them realize that you're looking for the best offer and you're in no rush to sell until you obtain an offer you find acceptable you change the sales dynamic to your favor. 3) Selling part of your annuity or structured settlement without regard to future payment stream Believe it or not people forget that when selling only a portion of their annuity or structured settlement they reduce their future payment stream. So when the next payment comes they often realize that they can't live off that monthly or annual amount and are forced into selling more. Do the math before-hand. Make sure the reduced payment stream after selling a portion is enough to sustain your current lifestyle needs.

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Presented by Daniel Toriola
4) Not seeking professional advice Talk to your lawyer and accountant before taking any deal. Find out all tax consequences of transaction. Run all contracts by a good attorney before signing. The little it costs to obtain professional tax and legal advice could save you a lot of money and trouble down the road. To recap: Talk to multiple funding companies, keep it professional, understand reductions of payment streams if you're selling just a portion and talk to both an account and a lawyer to advise you through the transaction.

Bill Broich has discovered a site that makes annuity buyers compete for your business. You sign up with the details of your annuity or settlement and the buyers compete for your business. No phone calls. No hassles. It's all online. Sign up for a no-obligation quote from multiple annuity buyers. http://www.quotemeaprice.com

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The Tax Advantage of a Structured Settlement Payment By Paul Easton

If you are looking for more information on the tax advantages of structured settlement payment, here's an article worth reading. Structured settlement payments are a key part of any settlement between both parties and because it involves financial numbers, it automatically factor in some issues over taxation. Let this tiny bit of information illustrate how a long-term structured settlement payment agreement can give you tax advantages. When a person sues another person due to some sort of injury and wins the case, the claimant will receive monetary compensation for the loss through a settlement payment agreement. Before, settlements come in the form of a lump sum but this proved to be very demanding on the spot for the paying party. The solution in the recent rimes is the structured settlement payments which are gaining popularity because of its practicality and benefits for both parties. As a substitute to a single lump sum payment, the claimant will be compensated a monthly structured settlement payment for an agreed period of time Choosing such structured settlement payment series over the lump sum amount means a guaranteed source of long-term income for even a whole lifetime. One of the highlighted benefits of these regular payments is the excellent tax advantages that come with it. It is basically income exempted from taxes unlike the usual salary or other forms of income like royalty or dividends. For the record, there is no income tax on structured settlement payments since 1982. The tax savings itself makes this option of maintaining the long-term monthly payments very attractive. Over the entire period of the settlement, such savings is a big amount in itself. A decade ago, there are problems with issues on the burden of taxation over transactions of transferring or selling of structured settlements. Insurance companies asserted that their clients or even their companies are at the losing end with the dealings in structured settlement selling. When an individual sells the structured settlement payments, the annuity obligors suffer tax consequences. This became the source of several litigation in the past between insurance companies and settlement purchasers and annuitants. With the enactment of the Structured Settlement Protection Act, it will further benefit these individuals receiving the monthly regular payments. Such regulation also clearly mandated that annuity providers will also not suffer from further tax consequences as a result. The law clearly states that annuity owners and providers do not owe any taxes as a result of these transactions. Selling your structured settlement payments will make you lose many tax benefits in the process. Selling this guaranteed income has only an advantage of large yet single payment. Before deciding, it is best to consult with your financial advisor regarding selling your structured settlement payments. Your advisor will definitely help in defining with what you will lose in the process, especially the tax savings you will forego.

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Presented by Daniel Toriola
http://StructuredInsuranceSettlements.com/ is a site dedicated to learning how to purchase Structured Insurance Settlements safely and get the best offer possible plus make sure you are dealing with financially stable company.

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