September 2015 6
If you have just won the lottery, the feeling of exhilaration can pass very quickly once you get to know the finer points about your awarded settlement. Lottery payments come in the form of structured settlements, where you get your awarded money in small parts over a long duration of time. You might have to wait months, ever years to see the full amount of cash you are entitled to get. On top of that, the lottery can also withhold up to 25% on account of federal taxes, and a further six to nine percent for state taxes. This can really put a dent in your day and ruin your mood, but there is a solution.
When you’re receiving structured settlements, there are some things you’ll hear that are true, and things that are just myths. Here are just a few of the different popular myths that you may hear about your lump sum or annuity settlements, and the real truth behind each one. Even if you aren’t trying to sell your structured settlements, you’ll be happy you knew the truth about what to expect.
Myth #1: Insurance companies will keep your money when you die – On the contrary, you’ll be paid your income annuity for as l (more…)
Billy Aliff is an auto mechanic from New Castle Virginia. Well he was anyway. He plans to quit his day job, but continue to work on cars from his home after lucking his way to $2 million in lottery payments, according to Yahoo Parenting. He plans to take the lottery lump sum payout over the lottery annuity option. His plans for the money are the most inspiring part of the story though.
Aliff’s father is part of the 35% of the American population (64 million people total) that reported having trouble paying bills or were stuck with medical debt in 2014. He’s been undergoing chemotherapy and other treatments for cancer that have piled up a mountain of debt well over the $3,761 the average American adult owes to creditors and lenders.
“I hope it makes it easier, but I know with money comes a (more…)
You can get cash for your structured settlement or annuity right away by selling lottery payments to a financial services company. With an annuity or a life insurance payout there are a variety of options that include receiving payments over a specified amount of time or ensuring your spouse receives payments for the rest of their life. In the last 20 years, employee lawsuits have risen by 400%. Typically, the average employee lawsuit pays the claimant $150,000, and the average structured settlement pays out $324,000. There was $3.6 billion worth of medical malpractice lawsuits alone paid out in 2013. Receiving a settlement is common, as an estimated 80 to 92% of cases settle. Usually claimants begi (more…)
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