Illinois Structured Settlement and Annuity Sale Information
Structured settlements and annuities are set up to provide ongoing payments that will help the beneficiaries to handle regular costs and expenses. However, over time, many of those who hold these valuable assets find that they need to sell part or all of a structured settlement or annuity to get a lump sum cash payout, in order to pay down debt, fund big purchases, or do other things that make financial sense for their families.
A structured settlement or annuity can be a great way for a family to free up cash for emergencies, but it’s important for structured settlement or annuity holders to know about the specific rules for selling these types of assets in their state of residence. In Illinois, the Structured Settlement Protection Act, enacted in 2003, is the basis for the state’s regulation of structured settlement or annuity sales. This law helps to protect Illinois consumers from deals that may not provide them with clear information, or those that may not be in the best interests of the seller.
Illinois Law and Providing Structured Settlement and Annuity Sale Calculations
Illinois legislators built rules into the law in order to make sure that a structured settlement or annuity seller gets full disclosure of various calculations for the sale. The firm facilitating the deal is required to show the seller paperwork that calculates the ‘net’ advance amount after expenses, and clearly lays out any applicable expenses for a structured settlement or annuity sale. The disclosure documents must also provide the discounted present value of a structured settlement or annuity, according to supplied IRS resources, to show what future payments are considered to be worth.
Structured Settlement and Annuity Sales in Illinois: Dependents
Illinois law on structured settlement and annuity sales will take into account the interests of the seller and the family as a whole. This includes the welfare of any dependents who rely on the holder of the asset, where courts may assess child support needs or other similar issues that can impact the bottom line of a structured settlement or annuity sale.
A GOOD BUYER
As another consumer protection, Illinois law also requires that a firm working with a structured settlement or annuity holder should also advise that person to seek qualified independent counsel before closing the deal. This goes along with the idea that smart structured settlement and annuity sellers will get multiple quotes from different structured settlement or annuity buyers and make an informed choice. These buyers may provide different competitive bids on a sale offer, and it’s a good idea to shop around when completing one of these transactions.
SELL YOUR STRUCTURED SETTLEMENT OR ANNUITY WITH CBC
CBC is a locally based, professional structured settlement and annuity buyer with a reputation for caring about clients. We have years of experience and a great, highly qualified team to help you with any kind of annuity sale. Ask us about a free no obligation quote to get the kind of deal that you want to help handle financial issues headed your way.
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