Make sure to devise a solid plan before you sell lottery payments.
Things to Consider Before You Sell Lottery Payments
Do you want to sell lottery payments? Are you one of those very few lucky people that hit the jackpot and can call yourself a casino or lottery winner? Are you about to sell lottery payments? In order to make an informed decision it’s important to consider all the factors that come into play. When you sell lottery payments naturally you’ll want to get the most money possible. Here are five tips to sell your lottery payments wisely.
1. Before You Sell Lottery Payments Determine What You Need the Lump Sum For and How Much Money You Need
When you sell lottery payments decide what you need the lump sum of money for and the amount you need. How much do you need right now? How much do you need in the future? If you sell lottery payments to buy a house for example, consider the mortgage, property taxes and utilities. If it’s for college tuition or medical bills, create a budget for those things. It’s important to devise a plan first and then go about searching for the best offer to sell lottery payments.
2. Compare the Discount Rates Being Charged When You Sell Lottery Payments
When you sell lottery payments you don’t get the exact grand total of your structured annuity payments. This is due to the time value of money in addition to what the market is simply willing to pay. The further away a payment is due the less money it’s worth. For example, a $100,000 payment due in 2025 will be worth quite a bit less than that same $100,000 due in 2017. Different companies will offer different discount rates so make sure to do your homework and get the most money you can for your future lottery payments.
3. If You Sell Lottery Payments There Will Be Tax Consequences
When you sell lottery payments in exchange for a lump sum you’ll increase your taxable income of that year. This will affect the amount of taxes you have to pay when you sell lottery payments. The federal tax rate for the highest income bracket in 2013 and 2014 is 39.6%. On top of that there are state taxes that differ per state. There are seven states that have no income tax. Alaska, Florida, Nevada, South Dakota, Texas and Washington have no income tax. Additionally Tennessee and New Hampshire only tax dividend and interest income. If you live in any of the aforementioned states then you’ll only have to pay the federal tax. Take taxes into account when you decide on the size of the lump sum for you receive from when you sell lottery payments.
4. Sell Lottery Payments to a Trustworthy Company
When you plan to sell lottery payments get a trustworthy, knowledgeable company to oversee the process. Don’t be scammed and don’t accept some ridiculous offer should you decide to sell lottery payments. Although not overly complicated, selling your lottery payments is a generally a court procedure. So get a trustworthy, friendly and knowledgeable factoring company on your side.
When you’ve taken these four factors into account, you’ll be well on your way to making a well informed decision to sell lottery payments in exchange for a lump sum of money. Corona Capital has been purchasing annuity and structured settlement payments for several years. The founder has been working in the industry to buy annuity and structured settlement payments including life contingent payments since 2002. Corona Capital takes pride in offering the most money for annuity, casino, lottery and structured settlement payments. Give us a call us today at +1 (888) 852-5658 to speak to one of our friendly and knowledgeable Account Managers or fill out our online form to request a quote for you to sell lottery payments!
Read About the Sale of Annuity, Casino, Lottery, Structured Settlement and Life Contingent Structured Settlement Payments