Selling of Settlement Example

Terri is a 28 year old working mother in El Paso. A few years ago she was involved in an automobile accident. Her car was hit by a delivery truck and she was badly injured. After spending six months in the hospital and in rehabilitation, Terri was able to slowly recover from her injuries. Now she is pregnant with her third child. She and her husband have decided this child will complete their family, and they are very excited about their future with a new little one. Terri received a settlement from the auto accident for $125, 000. She receives a payment each month, and the settlement requires payments to continue for another twenty years. She needs money now, before the new baby arrives.
There are many things that should be considered before making the decision to sell your structured settlement. First, check to see if there are any legal restrictions that will disqualify you from selling the structured settlement.
Another consideration is tax liability. Many legal settlements do not require tax payments. But if a lump sum is taken by selling the structured settlement, it is possible taxes will be due. Also make sure that the offer is not too low.
If I were to decide to sell my structured settlement payments for cash, I would have many options. For instance, You can find many online companies offering cash for structured settlement. You might also consider contacting your local bank or credit union to review your options. They may offer you a better lump sum payment then a larger firm that isn't tied to your specific hometown.