by Structured Settlement Watchdog
A "Night Ranger" might say "Sister Christian your time has come, abject nonsense you're not the only one".
Here is what Rachel Christian of Annuity.org says are Key Takeaways about "When You Can Cash Out an Annuity?
1. "There aren't any surrender charges or early withdrawal tax penalties for selling structured settlement payments".
Comment: When you're only getting mere pennies on the dollar from the structured settlement factoring company that Annuity.org's shilling for, who's counting?
2. "Both withdrawing annuity funds and selling structured settlement payments result in paying taxes on the money received".
Comment: Weak effort (a/k/a Bollocks Bolognese) by Rachel Christian and Annuity.org. On June 10, 1999, the IRS issued guidance on the tax treatment to the payee in a structured settlement factoring transacton. In Private Letter Ruling PLR-119273-97 the IRS concluded that the lump sum received from the sale of structured settlement payment rights retained the same tax treatment that it was accorded prior to the structured settlement factoring transaction.Download IRS PLR PLR-119273-97 on Tax Treatment of Structured Settlement Factoring Lump Sum to Payee.
The typical Written, Edited and Financially Reviewed Notation at Annuity.Org is cast into doubt yet again. Here's what Annuity.org claims
- Written By Rachel Christian
- Edited By Kim Borwick
- Financially Reviewed by Rubina K Hossain CFP
- Updated: April 25, 2022
Apparently quality control did not verify the facts! So very sad that three people are unable to screw in the proverbial light bulb of accurate information. Annuity.org shills for Conshohocken PA based CBC Settlement Funding, a leading patron of the content barfing of structured settlement misinformation. See Annuity.org Nonsense.
Annuty.org claimed two Cited Research articles and this is how Annuty.org puffs up their "editorial standards"
"Annuity.org writers adhere to strict sourcing guidelines and use only credible sources of information (Apparently an on-point IRS Private Letter Ruling is not deemed credible), including authoritative financial publications, academic organizations, peer-reviewed journals, highly regarded nonprofit organizations, government reports, court records and interviews with qualified experts"
Why can't you get it right?
Cut out the frickin' blight!
No more blight tonight"
Parody of Sister Christian by Night Ranger (2011)
Part of my ongoing mission as Structured Settlement Watchdog is to see that consumers have the clearest path to accurate information about structured settlements.