by Structured Settlement Watchdog®
One of the greatest things about structured settlements is that it simplifies things. A structured settlement can provide contractually guaranteed steady income that is income tax free if the payments represent damages on account of physical injury, physical sickness, wrongful death or worker's compensation. There is nothing to manage or organize, you don't have to obsess over investment decisions or worry about the ups and downs of the stock market like you would investing in a stock.
The few simple things that you need to attend to over the life of your structured settlement are:
- to keep your beneficiary information up to date with changes in your life. If you get married, divorced, have a child, have another child, a beneficiary dies, you should submit a change of beneficiary. That way if you die before all of the certain or guaranteed lump sum payments are made you can dictate who the payments will go to. Naming a beneficiary and keeping it current helps your heirs avoids an arduous probate process if the beneficiary is simply your estate.
- changing your banking information if you receive your structured settlement payments by direct deposit to your bank account.
- submitting a change of mailing address each time you move. Some structured settlement annuity issuers may also have your email address so be sure to keep that up to date too
- Note: If you sell any part of your structured settlement payment rights and a servicing arrangement is in place you may need to provide the above information to the servicing company. If you sell any part of your structured settlement and there is no servicing agreement in place you will need to keep track of the resumption date for the structured settlement payment rights you did not sell.
Beware Cash Now Pushers Claiming to be "Structured Settlement Organizers"
- Novation Settlement Solutions recently laid out "click bait" (see image above right ) by falsely suggesting that you need to organize your structured settlement.
- Novation Settlement Solutions is the DBA used by a West Palm Beach company called Novation Funding LLC. At the end of the day, Novation Funding LLC in what ever doing business as life form it takes, aims to get you, to sell your structured settlement payments so it can make money. Lots of money.
- Novation Settlement Solutions lies that it provides the maximum lump sums., when court records and a market survey show just how badly Novation hosed a young man by paying almost $1.5 million less than another company would.
- Novation Settlement Solutions has advertised people who have no licenses as experts to give people financial advice.
Nothing wrong with being "organized." -"Corgi Santana"