Selling Your Structured Settlements, A Glance at the Legal Regime Governing the Industry From A Lawyers Perspective

In a vast world, we always seem to forget how our negligent acts or omissions can unleash destructive impacts and irreparably destroy the life of the end victim. One of the areas where negligence has taken a heavy toll is the workplace. Depending on the degree of injuries sustained, severity aggravates the extent of damages a court can award, but yet it can never reverse the dreadful occurrences. Some workers have been exposed to highly destructive chemical substances in the workplace contracting malignant cancers, genetic disorders and even losing their lives. Employers must adopt all measures meant to curb workplace injuries or illness caused within their workplaces where it is foreseeable. Unfortunately, most claimants can only receive compensation via a structured settlement arrangement, intermittently rather than a one-time lump sum.

One day, I met a widow with a heart-wrenching and moving matter; her husband was stricken and killed by a skidder machine operated by a co-worker in a timber factory. He died on the spot and later I was involved in a successful civil claim against the construction company. By then, they had only one daughter and lived in a mortgaged condo in South Eastern Minnesota. After a lengthy personal injury lawsuit, I nailed USD six-figure workers compensation, but the client felt disheartened after receiving a structured settlement  She needed to pay off the mortgage, take her daughter to a good school and knock her life back into shape. I suggested she could transfer the structured settlement to a specializing company in exchange for a significant amount of money.

Selling a Structured Settlement-How, I Fast-Tracked Her Sale

After she had given me her instructions to act as her representative in the buyout, I exercised due diligence by zeroing in a company with a money-spinning discount rate. I choose JG Wentworth, but I realized my duties only dictated I review the contract, make changes and forward it to my client for execution. Like other matters, a petition was filed and a bundle of documents exchanged with the buyer. I reviewed the copy of the structured settlement, transfer agreement, disclosure and my clients’ notes. My client appeared in court as scheduled and discussed with the judge, like other matters of this nature, we got an order to proceed with the sale.

Selling A Minor’s Structured Settlement-Could We Sell Her Daughter’s Annuity?

The court had also awarded a detached structured settlement for her daughter as a beneficiary. The question was could she sell it too? I found that transferring rights granted to a minor for settlement had more stringent laws, both at state and federal level. As part of my professional duties, I advised her not to proceed with this sale without seeking professional advice. However, the courts require substantial documentation and strong evidence showing it is in the best interest of the child.  The judge also assigns a Guardian Ad Litem the responsibility of valuing such a sale and assesses factors tilting the scales in the favor of selling minor’s structured settlement.

Are There Legal Hurdles in the Process?

To sell her structured settlement, my client had to seek the consent of the various parties, including the annuity issuer.  The annuity issuer raised a few objections, but these were resolved by the parties before the matter came up for hearing. A vast majority of applications seeking approval for the transfer of a structured settlement income stream rights proceed unopposed. Luckily, the purchasing company handles the laborious paperwork, filing in court and helps the seller in the whole process.

Structured Settlement Buying Companies-Don’t Hire A Broker

JG Wentworth

I advised her to go for JG Wentworth due to their favorable minimum and maximum contract price bracket for the annuity. Their little operational fees, processing charges, and expeditious procedures allow a buyer to sign the final agreement for full payment in lightning speed.

Peachtree Financial Solutions

Peachtree is among the handful of unique brands that stand out with a competitive offer to help you attain financial liquidity with direct funding. Incorporated in 1996, they can act as your representative handling all paperwork.

Woodbridge Structured Funding

Woodbridge can buy your lotto winning, annuities or structured settlement for a lump sum. Based in California, the company has 10+ years of expertise in the structured settlement factoring market; they can handle court procedures and liaise with the judge.