Statutory Guidelines [Appendix A(7) IRC 5891] regarding rules for structured settlement factoring transactions.
Colorado Structured Settlement Factoring Transactions
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FAQ
A structured settlement is "an arrangement for periodic payment of damages for personal injury established by settlement or judgment in resolution of a tort claim." Md. Code Ann., Cts. & Jud. Proc.
Often, customers receive their funds from their structured settlement payment sale transaction within 60 to 90 days and funds from their annuity payment sale transaction within two to three weeks after their contract is finalized.
The term ?structured settlement factoring transaction? means a transfer of structured settlement payment rights (including portions of structured settlement payments) made for consideration by means of sale, assignment, pledge, or other form of encumbrance or alienation for consideration.
Payments from a structured settlement are guaranteed and earn interest over time.
A lump sum settlement is just what it sounds like: the insurance pays you one big chunk of money all at once and then washes their hands of their financial obligation to you. When you receive workers' compensation benefits, you will usually get a set amount per week until you are medically cleared by your doctor.
The pros of accepting a lump-sum settlement include taking advantage of liquidity and being able to choose how you spend your money all at once. With a lump-sum payout, you get all the money you need up front, so you don't have to wait to start paying down debts or balance your finances.
Structured settlements can provide long-term monthly payments in workers' compensation/medical malpractice cases. With a structured settlement annuity, there's no risk of outliving the money. Future payments can last for the claimant's lifetime.
Cashing in a structured settlement typically requires working with settlement buyers or factoring companies. These companies specialize in buying settlements and providing a lump sum cash payout. When selling, you can liquidate the entire settlement or just a portion of your upcoming payments.