I hit the lottery and I want to know can I sell my Lottery Winnings? These monthly payments are only going to last a certain amount of time and I feel that I should be able to enjoy my lottery winnings now.
Many times this is exactly the thought sentiment that most large lottery winners think. They do wonder if they can sell their lottery winnings and reap the benefits now. They want to make their life a little more stable at the time and could definitely use that lump sum instead of having their winnings stretched out.
You can sell your lottery winnings for one lump sum or you can take and sell part of those winnings and keep the rest for the periodic payment plan. You should be aware though that some states do not allow for the selling of lottery winnings. However, this mandate can be overruled with specific circumstances. They can be over ruled in such instances of bankruptcy, a divorce that requires split assets and in the need to fund a major medical issue.
If you choose to sell your lottery winnings you should know that the process will take two to three months. This process takes so long because you have to go to court to obtain a court order addressing your state’s lottery commission on how the original payment should be restructured.
Since there are so many ins and outs concerning the sale of lottery winnings, it is in your best interest to consult a tax adviser and an attorney. Each state has its own set of rules regarding taxation of lottery winnings. The tax advisor could help you make sure that you stay within those guidelines so that you do not get into trouble. And of course because the release of the lottery winnings requires a court order it is really in your best interest to have an attorney represent you to make sure that all I’s and all the t’s are in place legally.
You want to make sure that you do your research on any company that you are considering selling your lottery winnings to. There are a lot of them out there that are willing lottery winning purchasers. You want to check out each and every one that you are considering with the Better Business Bureau, also known as the BBB. They will have reports on there about the lottery winnings purchaser as to how many years he has been in the business and whether or not that company has complaints and how they have been settled.
If you do decide to sell your lottery winnings, then it is important that you have some information available when you are seeking out that quote for your winnings. The purchaser or buyer will want to know what state the lottery was won in. They will want to know the exact amount that was won and what the gross payment per year is. The will want to know the exact amount of the check you receive each year before taxes and the exact date of the check. They also will want to know the exact amount of payments that are to be made to you throughout the time that you are to receive your lottery winnings pay out.
It is always a good idea to get several quotes from several creditable companies. Healthy competition can only benefit you. It will also allow you to compare what it out there to compare to. Of course, you getting the top dollar for your winnings is important to you. So again do your research on the companies as well as on the quotes.
If you are considering selling your lottery winnings make sure that you are covered legally, tax wise and with research. You can locate a lottery winning buyer who will help you make the most of your winnings in the present. We hope we have answered your question about “Can I sell my lottery winnings?”
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