Structured Settlements Annuities Market in the US Gets Bigger!
This article is posted under Legal,Structured SettlementsIf you are to receive huge settlement from a party who has done you wrong such as personal injury or malpractice, you are faced with the dilemma on how to accept it. You are presented with numerous options such as accepting it as huge lump sum on a single installment or accepting a significant amount of lump sum on the first payment followed by a series of payments in equal amounts over time until the whole amount of the settlement has been paid. Yet another option you might want to resort to is through the use of structured settlement annuities.
What is a Structured Settlement Annuity
A structured settlement annuity is an insurance policy that guarantees constant distribution of money over time until a specified date. Through it, your structured settlement becomes free of statutory taxes. It could also give you a sense of security as it is protected by a contract. Likewise, since payments come on regular intervals, your money is secured against dissipation.
When to Get Structured Settlement Annuities
If prior to accepting a structured settlement you are in a highly stable financial condition, choosing to accept the payment as a lump sum doesn’t make any sense. What’s best when you are in fiscal stability at the moment you accept a structured settlement would be to get a structured settlement annuity. Also, if you want to secure your future, you might as well get a structured settlement annuity.
How Big Structured Settlement Annuities Market is in the US
Hundreds of thousands of people in the US have structured settlement annuities. Because of this, several annuity granting companies have mushroomed across the different states of America. The number continues to grow. There is no available exact figure as to how many companies granting annuities for structured settlement there are in US as far as the research conducted in writing this article is concerned. However, 4structures.com provides a listing of some of the biggest names operating in this line of business.
Laws on Structured Settlement Annuities
Annuities for structured settlements are regulated by various structured settlement protection acts enforced in almost all American states. In particular, as per existing federal laws, a court order needs be obtained by either you or the company granting you the annuity for a structured settlement so that there are no tax liabilities. In some states, legal representation or a lawyer is necessitated before you can get a structured settlement annuity. Nonetheless, some states may give you an option to waive legal representation when acquiring annuities from a structured settlement company.
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