Gby Structured Settlement Watchdog
Naming a beneficiary of an annuity that you purchase for retirement or are receiving from a structured settlement is really easy. In order to name a beneficiary you must do so in writing. Read our handy guide on Naming Beneficiaries on Annuities or Structured Settlements here
Many structured settlement factoring companies are providing unreliable, unqualified and sometime reckless financial advice. One of the biggest providers of structured settlement social media road kill is CBC Settlement Funding. Through various websites such as Sell Any Annuity (dot)com CBC Settlement Funding does a massive disservice to consumers.
One of the most perverse blog posts in the CBC Settlement Funding highway to the trash heap, is its feckless effort to try to explain "How to name a beneficiary on an annuity". It appears in a August 3rd column called " Tips on Selling Your Annuity or Structured Settlment(sic)" as if there's any relevance between the two topics.
Sell Any Annuity: "As the owner of your annuity, you will likely name yourself as the annuitant. In rare cases, you may name someone else if you want to extend the payments and tax savings".
Why CBC/Sell Any Annuity is Wrong:
CBC Settlement Funding, by or through its agents, fails to discern between if you have a retirement annuity, where you will be the owner, versus a structured settlement annuity, of which you will not be the owner. Most structured settlement annuities are owned by a qualified assignment company.
Sell Any Annuity: "After the owner of an annuity dies, beneficiaries will divide the inheritance into shares and distribute it by percentage".
Why CBC/Sell Any Annuity is Wrong:
It is after the Measuring Life Dies. The Measuring Life may be different than the owner or the Payee. The beneficiaries don't do the dividing. The annuity issuer pays in accordance with the beneficiary designation, if one has been made by the decedent prior to their death. If no such beneficiary designation has been made then the proceeds default to the estate of the decedent where it is divided in accordance with the decdent's will if one exists, or in accordance with state intestatcy laws if not..
Sell Any Annuity "If a beneficiary is not named the estate must go through probate..."
Why CBC/Sell Any Annuity is Wrong:
If a beneficiary is not named for remaining certain payments on the annuity or structured settlement, the proceeds go into the Estate. The Estate is subject to probate regardless. Not naming a beneficiary can be costly in that the executor or administrator of the Estate is entitled to a commission.
Sell Any Annuity "If a beneficiary doesn’t want to deal with the tax implications or doesn’t want payments over an extended period of time, beneficiaries can sell an inherited annuity for cash now. Third-market buyers are out there and may pay top dollar on inherited annuity payments. If a beneficiary is not named the estate must go through probate..."
Why CBC/Sell Any Annuity is Wrong:
- First and foremost, selling your annuity or structured settlement to CBC Settlement Funding or anyone else, is ALWAYS nothing but a rootin' tootin' money loser.
- The use of the term top dollar by CBC.Settlement Funding and or its agent Sell Any Annuity, is wholly misleading when you consider that the most CBC will pay is cents on the dollar.
- Selling your structured settlement will not help you avoid tax.
More proof positive that if you want to learn something about structured settlement, seek information from experts with relevant structured settlement credentials, not companies whose profit motive is integrally associated with fleecing you of your payments for pennies on the dollar.
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