The offer is an alluring one: sell your moderate monthly payments for a large amount of cash now. This cash could allow someone to purchase the car or home of their dreams. However, it also may spell financial disaster.
A victim's financial needs may change over time. Despite the tremendous flexibility that exists when establishing a structured settlement. it have almost no flexibility once they have been established.
Unexpected medical or other expenses may alter the victim's financial condition such that they need to alter or accelerate their payments.
An entire industry has developed that buys structured settlement payments for a lump sum payment. These transactions give the victim more control over their money as well as significant money now & they also lose any tax benefits on their gains.
Initially unregulated, structured settlement sales were legitimatized by the government in 2015. Now any structured settlement sale requires court approval. This additional step is expected to provide additional financial security to the victim.
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However, selling a structured settlement remains an important and difficult decision. A number of the parties involved have been known to distort or mislead the benefactor and it is important that the victim and their family carefully weigh the benefits and drawbacks of selling their structured settlement.