Sell Your Structured Settlement Annuity Payments and Get Cash Now...
Sell Your
Structured Settlements
For Cash Now
So you can Pay the Rent
Sell Your Structured Settlement Annuity Payments and Get Cash Now...
Sell Your
Structured Settlements
For Cash Now
So you can buy a House
Sell Your Structured Settlement Annuity Payments and Get Cash Now...
Sell Your
Structured Settlements
For Cash Now
So you can buy a House
Sell Your Structured Settlement Annuity Payments
Sell Your
Structured Settlements
For Cash Now
Looking to sell your Structured Settlement or
other Annuity Payments for immediate Cash Now?
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Sell Your Structured Settlement, Investment Annuity,
Or Lottery Payments and Afford Your Dream Home Today.
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Enter your contact info in the form above.
Step 2
Discuss your financial needs with a Genex Representative.
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What Is A Structured Settlement?
A structured settlement is a legal settlement paid out as an annuity rather than in a lump sum, usually with certain tax advantages for the recipient and a savings for the payer.
More particularly, a personal injury victim (ie someone injured in a car crash, workplace, through medical malpractice, product liability or as a result of the wrongful death of a loved one as well as many other examples) oftentime will commence a court legal action against the alleged wrongdoer or wrongdoers. In the vast majority of cases, the legal proceedings settle prior to trial. There can be many reasons for settlement, expensive legal fees, complex liability issues, time, mental stress to name a few. Settlement can often consist of the defendant or defendant’s insurance company making a one-time lump sum payment to the personal injury victim. In other situations however, for example if the personal injury victim has sustained injuries that will result in damages occurring over many years, or in situations where the victim is a minor and it is unwise to award a large sum at such a young age, parties may decide to enter into a structured settlement.
A structured settlement is set up whereby the defendant or defendant’s insurance company makes a one time lump sum payment to a third party “owner/obligor” who in turn uses the lump sum to buy an annuity paid by a life insurance company to the individual. The lump sum never ends up in the hands of the personal injury victim, but rather is paid to that person over many years into the future. The payment schedule is completely flexible in its creation, but becomes fixed and inflexible once set in place and can be either weekly, monthly, bimonthly, annually, periodic lump sums or a single lump sum way into the future, or a combination thereof. The goal is to create a payment stream that best addresses the future monetary needs of the personal injury victim.
A structured settlement can be either guaranteed (paid in any event of your death and passed onto a beneficiary designated by you) or life contingent (payments cease upon your death) or a combination of both.
Who Pays A Structured Settlement?
Structured settlements are paid by one or more life insurance companies called “annuity issuers”, usually very well rated and highly reputable. These are companies that many would consider household names. Life insurance companies in the US are highly regulated by the States so as to give peace of mind to the policyholders.
How do I know if I am Getting a Structured Settlement?
If you are receiving payments or will be receiving future payments pursuant to a fixed payment schedule, tax free, paid by a life insurance company (either by check or direct deposit) as a result of a personal injury sustained by you or a loved one, chances are have a structured settlement.
Structured Settlement Advantages
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They provide income replacement or compensation for ongoing injuries over a long period of time.
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The life insurance companies are State regulated to protect against default. Should an issuer become insolvent, State Guaranty Associations are obligated to step in and make payments up to a limit.
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All payments are tax free.
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Payments may, in some cases, be protected from bankruptcy and spousal claim upon a divorce.
What are The Disadvantages of a Structured Settlement?
Some disadvantages can include:
- Payments are inflexible & may no longer address the financial needs of the person. Maybe injuries have healed & now you want to buy a house, buy a car, go back to school, pay for an expensive medical procedure, get out of debt, or provide financial assistance to a loved one.
- The annuity may have been inherited & the beneficiary does not need the payment stream but would rather have a present value lump sum cash in hand now.
- Payments may be so far out into the future that you may not be around to receive them.
Can I Sell My Structured Settlement?
Structured settlements are set up with a split ownership and payee (beneficiary) structure. As such, you do not own the structured settlement and therefore you are not free to sell it like you would a house or a car.
However, since about 2002, State and Federal laws do permit you to sell your structured settlement payment rights you are entitled to receive pursuant to the structured settlement to funding companies such as Genex Capital provided a court order is obtained in accordance with Federal and relevant State Laws and a judge determines that such a transaction is in your best interests.
With some limitations, you can generally decide how much or little of the annuity payment rights you want to sell and keep. At Genex Capital we work with you with the goal of finding the best solution that fits your financial needs.
If you do decide to sell all or some of your future structured settlement annuity payment rights then at the completion of the transaction, you will receive a discounted present value lump sum payment that is also tax free. This amount will be negotiated and agreed upon by you prior to completing the court process.
Restrictions On Sale
Please note that some restrictions may limit your to ability sell structured settlement payment rights. These include but are not limited to:
- Your settlement is as a result of a workplace, workers compensation injury. Its is not legal for you to sell a worker’s compensation annuity in any State.
- You must be age of majority; no minors can sell.
- You must be of sound mind
Additional Restrictions
- If you were a minor at the time of the settlement but you are over 18 years old now, you must consult the original settlement agreement and court order to determine if there are assignment restrictions.
- If the settlement is held by a trust for your benefit, there may be restrictions disallowing the trustee to sell on your behalf.
- Some States have highly restrictive discount rate limits (ie North Carolina)
- If a judge hearing your case does not believe the sale is in your best interest, then he or she has complete discretion to deny the case.
What Is The Process To Sell My Structured Settlement Payments?
1. Consult your structured settlement annuity policy to determine what payments remain due and owing to you. If you have sold payments in the past you should also note those payments that are no longer available for sale.
2. Calculate how much cash you need.
3. Contact Genex Capital and, together, determine what is the best solution for your cash needs. You will be provided with a price quote that sets out the payments you will be selling, the purchase price, and the discount rate involved.
4. Accept the offer and you will then be provided with a structured settlement sales package to sign and have notarized. Genex Capital arranges a notary public in your area to meet with you, discuss the document package and arrange for its signing and notarization all at no charge to you. You can do this in the convenience of your own home.
-State Required Disclosure Statement
-Sale and Assignment Agreement
-Questionnaire
-Spousal Consent form
-Independent Professional Advice or waiver form
-Limited Power of Attorney
-Request for Wiring Instructions (for sale proceeds to be wired into your bank account upon transaction closing)
5. Once the document package has been returned and the mandatory cooling off period has expired (as determined by the State you reside, but usually 3 to 10 days) the Genex Capital will file a court petition with the State Court usually in the county in which you reside.
6. You will be notified of the court hearing date, which date shall not be less than 20 days after the petition has been filed.
7. You will need to attend court on the specified date and will be accompanied by the Genex Capital lawyer (and your lawyer should you choose to retain one) so as to speak to the judge hearing you case so as to allow him or her to determine that the transaction is in your best interests. Usually the hearing lasts about 30 minutes or less.
8. In the vast majority of cases, the judge will approve your case during the hearing and grant an order transferring your structured settlement payments to the funding company in return for the agreed upon purchase price. Genex Capital has a 92 percent success rate at these hearings.
9. Following receipt of the court order, Genex Capital will complete the closing measures and fund you the agreed upon amount. Genex Capital commits to funding its clients within 10 business days following receipt of these documents. Genex Capital funds by wire transfer of immediately available funds directly to your bank account. There is no hold period and you can use the funds immediately. The monies you receive are TAX FREE.
Laws & Structured Settlements
Some of the laws that govern the sale of a structured settlement include these:
s. 104 (a) (2) of the Internal Revenue Code states that the amount of any damages received whether by suit or agreement, whether lump sum or periodic payments, on account of personal physical injuries or sickness is not considered taxable.
s. 130 of the Internal Revenue Code provides that any amount received for agreeing to a qualified assignment (structured settlement process) shall not be included in gross income to the extent that such amount does not exceed the aggregate cost of any qualified funding assets.
s. 5891 of the Internal Revenue Code sets out the acceptable court ordered transfer process so as to allow proceeds of the sale to also remain tax exempt.
Additionally, state transfer statutes apply to the transfer process. You should consult the statute of the State in which you reside and/or the State in which you obtained your original settlement.
Your structured settlement payments are a significant asset. You should think carefully about the benefits of keeping these payments verses selling some or all to unlock their present value so as to achieve your goals in life.
Genex Capital is here to help. We have experienced Account Executives standing by to discuss your situation and help you to customize a solution that best suits your needs. Our no-obligation consultation service is free of charge and we are available 7 days a week, 12 hours a day.
Give us a call and see what your payments are worth.
Ask us how you can get a $500 bonus.
Call Now: 1-855-887-7801
What Is An Annuity?
An annuity, in simplest terms, is a fixed amount of money paid to a person each year.
While simple in concept, in reality there are many different types of annuities, each with its own set of attributes.
The following is a non-exclusive list:
- Single premium investment annuity (SPIA)—An upfront premium is paid, usually to an insurance company, in return for future weekly, biweekly, monthly, biannual, annual, or lump sum future payments, sometimes for life, sometimes for a fixed period of time. Payments are received as a blend of interest and principal. Taxes are usually due and owing on the interest portion of the investment.
- Investment Retirement Account (IRA) annuity—This can have similar characteristics to a SPIA but interest income often accumulates tax free during the term of the annuity. Sale and assignments of these types of annuities can be restricted.
- Pension annuity—These annuities can be found in defined benefit government or company pension plans. Sale and assignments of these types of annuities are restricted.
- Variable annuity—These are often tied to stock market indexes or other measurements of growth. Payments are not fixed and ascertained, but rather can change from period to period.
- Genex Capital buys SPIAS and sometimes IRA annuities. We do not buy pension annuities or variable annuities
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How Do I Know If I Am Getting An Annuity?
If you are receiving payments or will be receiving future payments pursuant to a fixed payment schedule on account of an investment account, retirement account, and these payments are taxable either upon receipt or eventually at the end of term, then it is entirely possible that you have an annuity.
Can I Sell My Annuity?
As previously mentioned, if you have a SPIA that does not restrict sale or assignment rights or if you have an IRA annuity that provides for early sale and if these assets are no longer right for you, you may be able to sell some or all of the payments.
Generally speaking, SPIA payment schedules are inflexible. Oftentimes the payor of these payment streams are unwilling or unable to commute or buy back the investment so as to release the funds to you.
The good news is structured settlement funding companies such as Genex Capital make it a business of buying SPIAS and some other annuities. Unlike structured settlements, no court transfer order is required and the transaction can be completed within two to three weeks.
With some limitations, you can generally decide how much or little of the annuity payments you want to sell and keep. At Genex Capital we work with you to find the best solution that fits your financial needs.
If you do decide to sell all or some of your future annuity payments then at the completion of the transaction, you will receive a discounted present value lump sum payment. Remember that in most instances the proceeds of sale are taxable. You should consult a tax advisor for more information in this regard.
What Is The Process To Sell My Annuity Payments?
By deciding that you do indeed intend to sell you investment annuity, you have taken the first and largest step of the process. the rest of the process can look something like this:
1. Consult your annuity policy to determine what payments remain due and owing to you. If you have sold payments in the past you should also note those payments that are no longer available for sale.
2. Calculate how much cash you need.
3. Contact a reputable structured settlement funding company, a company that has been in business for at least 10 years.
4. Working with the funding company, determine what is the best solution for your cash needs. You will be provided with a price quote that sets out the payments you will be selling, the purchase price, and the discount rate involved.
5. Accept the offer and you will then be provided with a structured settlement sales package to sign and have notarized. Genex Capital arranges a notary public in your area to meet with you, discuss the document package and arrange for its signing and notarization all at no charge to you. You can do this in the convenience of your own home.
6. The sale package generally consists of:
– Sale and Assignment Agreement
– Questionaire
– Spousal Consent form
– Limited Power of Attorney
– Request for Wiring Instructions (for sale proceeds to be wired into your bank account upon transaction closing)
7. Once the document package has been returned lien searches will be conducted and you will be notified of a planned funding date.
8. Genex Capital commits to funding its clients within 10 business days following receipt of all necessary documents. Genex Capital funds by wire transfer of immediately available funds directly to your bank account. There is no hold period and you can use the funds immediately. The monies you receive are not tax free and you will need to declare the transaction on your next income tax returns. You should consult your tax advisor.
Your SPIA and other annuities are significant assets. You should think carefully about the benefits of keeping these payments verses selling some or all to unlock their present value so as to achieve your goals in life.
Genex Capital is here to help. We have experienced Account Executives standing by to discuss your situation and help you to customize a solution that best suits your needs. Our no-obligation consultation service is free of charge and we are available 7 days a week.
Give us a call and see what your payments are worth.
Disclaimer
If inaccurate or incomplete information is supplied to us the actual price offered may be different from the price quotes given. We do not guarantee that your transaction will close should you decide to proceed with an offer because, among other things, your transaction is subject to the discretion of the court. While we agree to complete your transaction in the fastest time permitted by law, individual cases may experience time delays if there are unusual or unforeseen factors. In such circumstances you will be kept informed of any delay and the reason for same. If any of the payment rights that you have offered for sale are paid to you by the insurance issuer you will keep those payments and the guaranteed price offered to you will be reduced by that same amount. If you are presently in bankruptcy proceedings and have not been discharged we reserve the right to deduct a fee from the offer in order to cover additional processing expenses. If you are selling life contingent payment rights, we reserve the right to deduct from the offered amount life insurance and other transaction costs unique to such a transaction. If you choose to consult your own attorney or financial advisor for advice you are responsible for these fees, except where prohibited by State law.
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By submitting this form, I am providing Genex Capital with express written consent to contact me regarding product offerings by SMS/text messages or by using an auto dialer (or automated means) at the phone number(s) provided and such consent is not a condition of a purchase. I also consent and agree to Genex Capital’s Privacy Policy and/or Terms of Use.
About Genex Capital Corporation
“We’re Here to help you Put your Money to Work”
Founded in 2003, Genex Capital has been assisting clients over the past two decades free up their money and make it available for them when they need it the most—now.
Our Expertise
Genex Capital’s Team is comprised of lawyers, paralegals, planners and other financial professionals that have decades of experience buying future payments from clients throughout the U.S. and Canada. We are committed to offering our best price upfront and completing the sale process in the shortest time permitted by law – usually within 5 to 7 weeks. We can fund faster because we are a direct funder, not merely an intermediary.
Strength and Experience
Genex Capital has transacted over $600 Million in payments since inception. We are one of the most trusted annuity purchasers and specialty funding companies in the Nation.
We Buy Structured Settlement Payments
Structured Settlements are a great way for you to receive consistent payments on a defined schedule to help you pay your reoccurring bills. However, over time, this fixed payment stream may no longer work for you. Maybe you are looking to purchase a new home or replace your old car. Are you currently facing a major expense that was never contemplated when your annuity was put in place? If so, Genex Capital can help. We’re here for all of life’s moments, big and small. We have the ability to purchase a portion or all of your structured settlement payments. Our specialists are here to help you develop a solution that best works for you.
We Buy Alternative Payment Streams
Not only does Genex Capital purchase Structured Settlement Annuity Payments, but we also have expertise in purchasing other types of future payment streams, which include investment annuities, life contingent structured settlements, lottery payments, and more!
Call or Email us and Tell us about Your Goals.
Call Now: 1-855-887-7801
Email: info@genexcapital.com
We buy structured settlement payments, lottery payments, investment annuities, and other future payment rights from individuals throughout the U.S. and Canada. We are committed to offering a better price as well as our wealth of experience to complete the transfer process in the shortest time permitted by law—usually within 5 to 7 weeks.
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