It is important to stay up to date with the most current structured settlement consumer info. Because structured settlements are overseen by insurance agents, the rules and regulations surrounding these payments can change. Structured settlements are agreements set up by an insurance company to pay a predetermined amount of money to an individual over a set period of time. These structured settlements are usually due to an accident and they include an agreement, a qualified assignment, an annuity application and an annuity policy if the individual involved is a minor. Knowing all of the structured settlement consumer info you can is in your best interest if you are involved in receiving a structured settlement.
One piece of structured settlement consumer info you need to know is that the payments from a structured settlement annuity are income tax free. This was set up by Congress and is one of the reasons why you should have court involvement when you try to turn your structured settlement into a lump sum. These settlement payments are designed to afford you long term financial security and if you stay up to date on structured settlement consumer info you will understand why it is important to know the credentials of the annuity provider handling the payments.
Another thing that you should be aware of when looking into structured settlement consumer info is how the state and federal government handles the closing of a structured settlement. It can take anywhere between three to six months to close your settlement. Federal laws state that a court order should be obtained by the funding company or the individual in order to assure that there are no tax liabilities left to deal with. You should receive a disclosure statement when the structured settlement is closed so that you have back up information in case you are audited.
You should always seek the advice of a qualified attorney who has dealt with structured settlements before acquiring one. In some states this is required when an insurance case is being handled. This helps you understand everything you need to know about structured settlement consumer info and everything that is involved with this process. Additionally, a lawyer will make sure you receive the money you are entitled to and not get ripped off.
Spending your structured settlement wisely is advisable since these are provided to you to help secure your financial future. Many people are left disabled in accidents and cannot work to support themselves. A structured settlement provides them with a monthly income and helps them deal with their medical bills and other bills you may need to handle. Keeping up with the newest structured settlement consumer info is in your best interest.