You can sell casino and lottery payments and live the good life but you must be well informed.
An Easy Guide through All the Steps to Sell Casino and Lottery Payments
You can sell casino and lottery payments for a lump sum of cash. Who knew hitting the jackpot and winning the lottery could also be stressful? After winning you quickly have to make a decision between a lump sum of cash from the casino or lottery winnings or a structured annuity payout. Additionally there are tax and investment options to consider. Luckily you can sell casino and lottery payments to a third party if you feel you’ve made the wrong decision by choosing a structured annuity payout. There are several things to consider when you sell casino and lottery payments, as outlined in our article Four Tips on How to Sell Your Jackpot or Lottery Payments Wisely. Additionally review our page titled Lump Sum Lottery Payout versus a Structured Annuity to make sure selling your future casino or lottery payments is something you really want to do.
1. Find Out if Your State Allows You to Sell Casino and Lottery Payments
You do not need approval from the casino or lottery where you won your money if you want to sell future casino or lottery payments. Casino payments may or may not require that the assignment or sale be filed with the court. The sale or assignment of lottery payments, however, generally requires court approval. Currently 28 states allow you to sell casino and lottery payments. Find out if your state does by going to the website of the casino or lottery you won.
2. Decide How Much Money You Need to When You Sell Casino and Lottery Payments
The first thing you need to do is figure out how much money you want to receive as your lump sum for your future casino or lottery payments. You can choose to either sell all of your casino or lottery payments, or just a portion.
3. Gather Your Documents Showing Your Structured Annuity Casino or Lottery Payout
The factoring company will want to see documentation proving that you indeed won the lottery. You should make copies of these documents and email, fax or mail them to the factoring company you’ve chosen to buy your lottery payments. It is best to do this AFTER you’ve chosen which company you decide to work with. After all, there is no need for several companies to have a copy of your structured annuity payout documents from the casino or lottery.
4. Sell Casino and Lottery Payments to a Factoring Company
Factoring companies like Corona Capital buy casino and lottery payments. When you sell casino and lottery payments you won’t get the total amount of your structured annuity payments due to the Time Value of Moneyand quite simply what the market is willing to pay for them. Different companies charge different interest rates, so get a quote to sell casino and lottery payments and choose your buyer carefully. Corona Capital always tries to give the most money for lottery payments. Fill out our brief form to get a quote to sell casino and lottery payments or better yet pick up the phone and call us today at +1 (888) 852-5658. We’d love to hear from you!
5. Get Court Approval to Sell Casino and Lottery Payments
In order to sell casino and lottery payments you may need the court’s approval. If required, a judge will review the sale of your casino or lottery payments. This is not as big of a deal as it sounds. Generally the factoring company will handle the entire legal process. You simply have to show up at the hearing, which will last no more than a couple minutes. In some cases you may not even need to physically appear at the hearing but may instead appear telephonically.
That’s it! These five easy steps are all it takes to sell casino and lottery payments. The process can take anywhere between 2 to 3 months, depending upon what county and state you live in. If anyone tells you it can be done sooner don’t believe them. Applicable state disclosures need to be sent and disclosure periods need to be adhered to and a hearing date must be set. Keep in mind that if you are selling structured life contingent casino or lottery payments then you’ll need to work with the factoring company on securing a life insurance policy in order to protect the transaction in the event of your demise.