Sell My Annuity

I Want to Sell my Annuity

Okay, you say "sell my annuity" today, but you should be aware that the process takes approximately 90 days before you will actually receive any cash. On January 22, 2002, President, George W. Bush signed into law a bill that protects people when selling their structured annuity payments in order to meet unplanned future needs. This new law makes all structured settlement payment sales subject to a court order. If a court order is not obtained prior to the sale, a tax that is equal to 40% will be imposed on the total amount of payments sold. This new law helps you when you ask a broker to: "sell my annuity."

Basically, this bill works in conjunction with state laws that direct how these types of transactions are to be completed. The bill benefits and protects you and makes it clear that annuity providers will suffer no tax consequences as a result of these transactions. The bill does tend to be a bit unambiguous as it states that annuity owners and providers do not now, nor have they ever owed taxes as a result of such transactions. Thankfully, you now have the protection of the law when stating: "I want to sell my annuity" to just anyone. It assures that you get a fair amount and that your rights are protected.

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To find out more about Selling Structured Settlement