When you win the lottery, a typical option is to receive it in the form of monthly or yearly annuity payments. An annuity is a series of payments over a period of time that can be for a fixed time or for life. Most state lotteries offer an annuity where the payments are made for a fixed number of years. Choosing the annuity option instead of a lump sum is a choice that a lot of people make (some states will not give a lump sum).
However, sometimes life’s circumstances change and the cash provided by the annuity does not meet your needs. You may be looking to purchase a home, new automobile, make an investment, or need it for medical reasons. Regardless, this article is about what to do when you want to trade your lottery annuity for a one time lump sum cash payment.
The most important rule is finding a reputable and professional company that specializes in purchasing lottery annuity payments or structured settlement annuities. Reputable companies are registered with the Better Business Bureau and have an excellent if not impeccable public record.
A good structured settlement company will be able to provide you with the most money in exchange for your lottery annuity payments and provide you with advice as well. They will see that the lottery lump sum payment you receive meets your current and future needs. A good company will provide you with the flexibility to sell your entire annuity stream or just a portion of it. Finally, it is helpful to work with professional companies that are direct funding sources and not brokers. This cuts out the extra middlemen which results in more money for you.
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