Expert Advice When You Need It Most
Posted almost 3 years ago. 2 helpful votes, 0 comments
1
Contact a reputable law firm with experience on the subjectThis step is important since there are many entities out there ready to defraud people out of their money. We have helped many individual get their annuities turned into cash during this recession, but we have also heard of many people getting defrauded and the common denominator is that they did not have legal representation. 2
Understand that you must have a valid reason for changing the annuityCourts are reluctant, even during this times to change structured settlement agreements since it would mean that a reduction of moneys will take place. On the other hand they are very aware that this economy has drastically alter people's life and many need money now rather than later. 3
Understand the tax consequencesFor the most part, if you sell your annuity, which most likely is tax deferred, you would acquire a tax liability with the lump sum of money. Talk to your attorney or CPA. Related Questions3 Attorney answers: 
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