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  Category: Articles » Finance » Personal Finance » Article

Don't be in such a hurry to sell your structured settlement.

By Frank ReCouper

Don't be in such a hurry to sell your structured settlement.
Remember why your structured settlement was set up in the first place. Was it to pay for medical expenses on a ongoing basis or to take care of basic monthly living expenses? If the reasons your structured settlement was set up for don't exist any longer then you might want to consider selling it. But remember be careful look at all yours options first.

If you have other money sources to explore, I suggest using those options first. Selling your structured settlement should be a last resort.

If you still feel you must sell your structured settlement look for someone you can trust who also knows what their doing and know that it will take at least a month or more before you can get your money.

The reason is that you need a court order. Before the state structured settlement protection statutes and the Victims of Terrorism Relief Act of 2001 which created 5891 of the Internal Revenue Code. The sale of structured settlement payment rights today requires a Court in your state to review and, if appropriate, make a "qualified order" approving the sale of such payments or a hefty 40% excise tax is applied. The concept of Court approval is intended to protect you from entering into a deal that is not in your best interest. The time to close is dictated by individual state laws, both where the state and the insurance company have their home office and the state where the client resides. In some states, it is possible to close in about a month. In other states, it can take as long as four months. With the rest, it is somewhere in between. Court orders take time and all transactions need one. Don't believe it if someone says they can close in a week or two.

Another thought, don't sell your whole structured settlement, figure out what you need now. If you need additional cash sometime in the future you will be able to sell more payments or lump sums at that time. You will end up with more cash, than if you sell all payments at once; and it also allows you future options.

Remember to take your time, make good choices and don't anyone rush you into anything you don't understand. Sleep on it and decide the next day. My best wishes go with you.
About the Author
Frank ReCouper has been in the financial services (financial planning) for over 40 years. Buying structured settlement payments for 17 years and can be reached by going to, or

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