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November 29, 2011
Lottery taxes are the downside of winning large sums of money or valuable prizes in state and national games. One thing is certain. If you don't pay the IRS the tax man will be knocking on your door. Just ask Richard Hatch, winner of the reality show Survivor.
If you don't pay lottery taxes when they're due, you'll end up owing the IRS even more. They can assess late fees, penalties, and interest that continuously accrues until it reaches maximum level.
The first thing jackpot lottery winners should do is talk to a financial planner or tax accountant. They could also arrange a meeting with the IRS. The point is to get professional help and eliminate the risk of making costly mistakes.
January 05, 2010
Investing your inheritance can be an intimidating and overwhelming process. However, if you take time to conduct research and learn about various investment opportunities, you can benefit for many years to come.
Inheritance investments can help you reach your financial goals, so take time to develop an investment strategy. Start by composing a list of your wants and needs. Determine how much money you're going to need now and in the future. This information will help you chose investments best suited for your needs.
December 04, 2009
Annuities are financial contracts made with an insurance company. Policy holders agree to contribute either a lump sum payment or series of payments in exchange for periodic payments to be returned immediately or at a later date. In essence, annuities are similar to a savings account. Funds are contributed, interest in accrued and annuity payouts are distributed according to terms outlined when the account is established.
One benefit of establishing annuities is they allow Annuitants to obtain tax-deferred growth of earnings. Most annuity agreements allow Annuitants to establish beneficiaries to receive future payments if the Annuitant dies before the policy expires. Annuities can also be established to pay only the Annuitant or divide funds amongst dependents.
November 27, 2009
In order to purchase structured settlements in the U.S., investors and annuity brokers are required to adhere to state and federal regulations. Structured settlements are established to provide long-term income to individuals who have been injured due to the neglect of another. Injury settlements are often arranged for victims of automobile accidents, medical malpractice or workman's compensation injuries.
Approximately 75-percent of U.S. states prohibit the purchase of structured settlements. States allowing the sale of annuity payments require Annuitants to obtain court authorization. Since annuities are primarily used to provide funds for ongoing healthcare expenses or replace income lost for injuries resulting in disability, courts are reluctant to allow Annuitants to sell forthcoming payments.
September 17, 2009
Cash for annuity payments can be received by selling structured settlements to a cash flow note investor. Private investors and investment groups provide lump sum cash payments in exchange for assignments of annuity payments. However, it is important to understand how this type of transaction works before entering into a contact. It is even more important to scrutinize the company offering to buy structured settlement annuity payments.
Obtaining cash for annuity payments can be a complex process. In some states, the sale of structured settlements requires court approval. Therefore, it is best to consult with a professional note buyer such as Simon Volkov or a structured settlement attorney.
August 10, 2009
Annuity payment refers to monetary compensation which is paid out over a specified period of time. Often referred to as 'structured' payments, annuities generally stem from insurance settlements or jackpot lottery winnings. Individuals entitled to annuity payments are known as the 'Annuitant'.
When an annuity payment is provided through an insurance company, they are referred to as structured settlements. This type of transaction occurs when the Annuitant is compensated for injury or illness which was caused by the negligence of another. Structured settlement annuity payments are tax-free.
September 17, 2008
Ideally, retirement planning would begin at birth. In reality, a large percentage of Americans do not begin planning for retirement until they are in their mid 40s or 50s. Some never prepare for their golden years and are forced to live off a nominal fixed income provided by the government.
Retirement planning can be somewhat confusing, but there are numerous places to obtain solid information. Many employers offer retirement planning benefits to employees. This might include retirement education classes hosted by the company's benefit providers or individual counseling through the human resources department.
July 18, 2008
Lottery winnings can be a blessing or curse. While everyone dreams of winning a lottery jackpot and becoming an instant millionaire there are certain considerations which should be reviewed before cashing in that winning lottery ticket.
Lottery winnings are subject to both state and federal taxation. Combined, these taxes could amount to 50 percent of the winnings. Individuals who elect to receive a lump sum payment for their lottery winnings receive considerably less than individuals who elect to receive payments over a period of time.
March 28, 2008
Structured settlements have been utilized in the United States as an alternative to lump sum cash payments for more than 30 years. Essentially, structured settlements are a financial arrangement used to compensate individuals who have been injured due to the negligence of another person or organization.
Oftentimes, structured settlements are used when an individual is awarded a large sum of money. Instead of paying one large payment, smaller payments are made over a period of time. These payments may be issued monthly, quarterly, semi-annually or annually.
August 28, 2007
Annuity payments are generated from an insurance settlement and provide a consistent cash flow of income upon retirement. These structured settlement payments are typically paid either for a specific period of time such as 10 or 20 years, or for the lifetime of the Annuitant.
Annuity payments are subject to income tax regardless of whether they are received monthly or in one lump sum. Additionally, these disbursements might be subject to fees and expenses including mortality and surrender charges, and management fees.