Have you been told that you need to get independent professional advice before you can sell your structured settlement payments?
Do you know if you need independent professional advice? Are you wondering what your structured settlement payments are worth today?
Are you considering selling your structured settlement payments?
What is Independent Professional Advice for a structured settlement transaction?
The rules in many states require that annuitants get one or all of the following types of advice, before the hearing, in their structured settlement transactions:
Do I need to get Independent Professional Advice before I sell my structured settlement payments?
The rules for selling structured settlement payments vary from state to state. For instance, if you live in the state of Georgia, you are not required to get independent professional advice before you sell your structured settlement payments, however Mainstreet Funding recommends that you do so. On the other hand, the rules in the state of Maryland require annuitants to get independent professional advice in all structured settlement transactions.
When you call Mainstreet Funding at 1-404-939-0029, our knowledgeable and friendly pricing specialists will be able to tell you what your state says about independent professional advice for your structured settlement transaction.
Can I waive my right to Independent Professional Advice?
Depending on the state you live in, the answer may be yes. Many states allow you to waive your right to independent professional advice when selling your structured settlement payments . When you sign a contract with Mainstreet Funding to sell your structured settlement payments, we will have you sign a document called the Affidavit of Independent Professional Advice. This document is your written statement saying that you are going to get independent professional advice, or that you understand the legal, tax, and financial effects of the structured settlement transaction. You are typically allowed to waive your right to legal, tax, and financial advice, as long as the rules in your state do not require independent professional advice.
Who can provide Independent Professional Advice on structured settlement transactions?
Below is a list of the advisers that are typically allowed to provide independent professional advice:
- Certified Public Accountants
- Other Licensed Professional Advisers
Some states require that you receive legal, financial and tax advice, which means you would need to seek out someone who could provide all three.
Can my friend or family member give Independent Professional Advice about selling my structured settlement payments?
Typically No, the advice should come from someone independent from you and the transaction. This allows you the opportunity to receive advice that would be unbiased.
Who is responsible for paying for the Independent Professional Advice in a structured settlement transaction?
The rules typically say that the person selling the structured settlement payments has to pay for the independent professional advice which helps make sure that the advice in indeed independent. The independent professional advice you receive for your structured settlement transaction needs to come from one who is only involved in the process to give you advice. Additionally, the rules may say that the person providing the independent professional advice has to be paid even if the judge does not approve the structured settlement transaction.
Call us today at 1-404-939-0029 and talk to one of our knowledgeable pricing specialists who will let you know what your structured settlement payments are worth today.