Behind the Smiles of Lottery Winners
When someone wins the lottery, you get to watch the smiling faces on television. What you don’t see are all the negotiations going on behind closed doors with attorneys, lottery officials and family concerning whether to take the money as an annuity or a lump sum cash settlement. Either way there are going to be serious financial issues concerning the lottery winnings.
When you take an annuity you have to wait 26 years to get all of your money and are at the mercy of whatever government instrument the money is invested in. No one likes to say it out loud, but you hope you will live long enough to collect what you rightfully won! Of course you don’t get any say at all about how the money is invested even though it’s technically your money.
If you take a lump sum payment you’re going to pay an enormous amount of taxes in a single year which really hurts. That’s why some people decide to sell lottery winnings to a structured settlement factor. The Factoring company will work with you to pay out your winnings in a way that meets your immediate financial needs.
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