- Who can sell lottery prize
payments?
An individual or entity receiving periodic (usually annual) payments
can
sell one or more of their future lottery prize payments.
- In order to get a lump sum
cash payment, do
I have to sell all my future payments?
No. You should only sell the number of payments necessary to meet
your current financial objective.
- Can lottery payments be
sold in all states?
No. Some states prohibit assignment of future lottery payments.
Please
contact us to check if assignment of lottery winnings is allowed
in your state.
- Are there any conditions
under which I can
sell my future lottery payments in states that prohibit
assignment?
Yes. Some conditions include being in bankruptcy, a splitting of
assets required by a divorce, and a need to fund a major medical
procedure.
- I need to continue
receiving part of my
annual
payments, but I also need a lump sum now. Is there a way to do
this?
Yes! It is called the "split payment option". Under this option you
take your annual payments and literally split
them. Part of the payment goes to provide the lump sum cash
payment you need now, and part is paid to you on the same payment day
as
before. For example, let's assume you need to continue receiving
half of your annual payment to live on. This would leave the
other
half to be applied to creating the lump sum cash payment you need
now. You would get a lump sum cash payment now and still receive
half of your annual payment on the same payment date as before you
split the payments.
- How long will it take to
sell my future lottery prize payments?
It takes about 2 to 3 months to complete the sale process.
- Why does it take so long
to sell my future
lottery payments?
The sale of future lottery prize payments takes about 2 to 3 months to
complete because it is necessary to get a court order instructing your
state lottery commission how the original payment arrangement should be
amended.
- Do I have to pay taxes on
the lump sum cash
payment I receive?
You should consult with your tax advisor to get an answer to this
question.
- Should I have an attorney
to assist me with
the sale of my lottery payments?
Yes. We recommend that you hire your own attorney to answer your
questions
during the sales process. This is to insure that you understand
what is going on, and to make sure your interests are being protected.
- Do I have to pay for
the attorney and court costs to obtain the court order?
No. Our underwriter is responsible for court costs and the
fees for the attorney who makes the request for the court order. You
are only responsible for the
fees of the attorney you hire to consult with during the process of
selling your future lottery payments.
- What information do you
need to provide me
with a
quote?
We need the following information to provide your with a quote.
- the state in which the lottery prize
was won
- the exact amount that was won
- the gross payment per year
- the actual value of the check
you receive each year (after taxes)
- the exact annual payment date (month, day, and year)
- the total number of payments
for the lottery prize
- How much will your quote
cost me?
Our quotes are always free, and there is no obligation on your part to
proceed with the sale process after a quote is presented.
- How long is your quote
good for?
We do not have a
specific time frame, but because our quotes are interest rate
sensitive, they are not valid for an indefinite length of time.
- Do you buy future payments
from contests or prizes that have annual payments other than state
lotteries?
Maybe. Whether you can sell future prize payments being paid
annually, depends on the specific language of the prize
agreement. Some prize agreements explicitly prohibit assignment
to another
party making a sale impossible. We will need to review a copy of
the agreements for your prize to determine if we can purchase future
payments from your prize.
If you have additional questions, or if you would like to start the
process to convert your future lottery prize payments into a lump sum
cash payment now, please
click here
to contact us.
Call us now at 1-800-598-1178
to get started.
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