When To Sell Your Structured Settlement
The best time to sell a structured settlement will vary by the individual. There are several circumstances that tend to determine the timing of a structured settlement sale. Among them include:
A common reason to sell a structured settlement is when there is an emergency that requires large amounts of money that the smaller annuity payments can't cover. You can predict when you'll have an emergency need for funds, but when you have limited or no other options, dire straits always present an excellent time to sell your structured settlement.
Looking over your estate planning and your assets may prompt you to sell all or part of your structured settlement. Poor health, advanced age and the terms of your structured settlement all will factor into this decision. Work closely with your financial advisor or legal expert to determine what tax benefits you may have from selling your annuity now versus holding it for a longer period of time.
The best time to sell a structured settlement is when market conditions favor your sale. You don't want to rush into a sale or allow a financial house to take advantage of you. Selling when you are in control of the deal and can walk away and you have the time to shop different companies provides the ideal circumstances for finding the best deal overall.
Some of the more common reasons one would look for a lump sum when seeking a settlement broker can include things like ever increasing debt, medical expenses, and funeral costs. And one of the most common reasons is home repairs.
Others can include a down payment for a new home, starting a business, car repairs, or even buying a new car. There's also tuition for your child. If its considered more of a necessity than a luxury, then you should be approved to sell your settlement as well.
The quote you receive can depend on several factors, and the buyout percentage is only part of the equation. Things like total value, length of term, frequency of payments, amount per payment are part of what is taken into consideration before receiving a buyout quote from a broker.