Financial Articles

A structured settlement is a monetary grant that is often the result of a successful lawsuit. Often the lawsuit is in reference to an injury case, which results in an insurance agreement. This payment is financially planned to guard the settlement sum and to offer the beneficiary with safe returns. Often the receiver is incapable of work, restricted in work capacity or has endured loss in earnings due to work absence as a result of injury. The structured settlement, also known as an annuity settlement, offers the receiver a long-term, steady and tax-free income.

An annuity settlement or a structured settlement uses annuities as a mode of compensation. However they have a basic difference. A regular annuity is a result of an investment or retirement option, whereas a settlement is a result of an injury or insurance settlement.

To ensure an annuity settlement payment remains tax-free and protected for its tenure, a beneficiary cannot ask for payment augmentation or payment advances. At times this is a predicament incase the receiver needs quick cash or a large sum of money. In such scenarios one may search for an annuity buyer.

Through an annuity buyer, one can sell settlement payments for money. The process allows a person to get the cash that is needed at a time, while the buyer takes over ones annuities and collects the payments as prearranged.

If one has an annuity settlement, it is beneficial as it provides a continuing and steady income in case of accident related disability. Nevertheless, need for money may arise at any time. Hence, in situations like this it is advisable to sell annuity settlement at a bargained price to be able to use the money to its full potential.

 Article By: Elizabeth Morgan

If you work as a contract worker for a U.S. company and you get injured on the job, you may be eligible for workers’ compensation in spite of your official worker status.

Since the mid-nineties, more and more American companies have redefined the status of large segments of their work force, primarily to save money on employee benefits, workers compensation insurance premiums, and the employer’s share of social security and Medicare taxes. Thousands for workers suddenly found themselves without health insurance and under the obligation to pay not only their own payroll taxes but the portion formerly paid by their employers.

In response, the federal government issued stricter guidelines for defining employee status. Essentially, if you are required to show up for work on a specific schedule, if you are required to perform specific tasks in a way defined by your employer, and if you cannot turn down an assignment without risking your job, you probably should be classified as an employee and not a contract worker.

If you are injured on the job and you’re not sure, as a contract worker, that you are eligible for workers’ compensation, contact a law firm specializing in workers’ comp cases. A seasoned attorney with experience in worker’s injury cases should be able to check federal and state laws and not only challenge your official worker status, but get you the compensation you need.

Article By: Adene Fredenburg 

Smooth closings or escrow don’t just happen. Real estate agents, mortgage lenders, attorneys, title companies, surveyors, insurance agents, and the property buyer and seller can contribute or hinder a successful closing or escrow. Often, buyers and sellers reach this concluding occasion and not know what they could have done to prevent delays or no closing at all. Here are some tips to move you along to accomplishing your goal; to buy or sell a home.

-Closing. The terms agreed to in a real estate contract are fulfilled by the buyer and seller. The seller delivers the title to the buyer in exchange for the contract purchase price. The seller also delivers a deed, title evidence and insurance, property survey, leases if applicable, and proof of any required repairs from the result of the buyers inspection(s). It is recommended that you consult with and retain an experienced real estate attorney for all real estate closings or escrow.

-Closing in escrow. A disinterested or neutral party coordinates all the aspects and documents related to the transfer of the property from the seller to the buyer. Escrow agents may be title companies, attorneys, trust or escrow companies. Check with state laws to see if escrow closings are legal and if so what the procedures are for conducting one.

-Survey. A new survey should be issued when your purchase or sell a property. This update will confirm any new easements or encroachments in addition to the documented location and exact size of the property through a diagram and written legal description.

-Title. Is the legal document that gives you ownership or evidence that you own a specific piece of land. Investigate the different ways you and or others can hold title in your state.

-Title insurance. This is delivered to the buyer and the buyer delivers it to their lender. The insurance policy is issued after a search of the public records for a property. The search looks for liens, easements, conditions, encumbrances, and restrictions, that can affect the marketability of the title.

-Deed. Title is the right to hold an ownership interest in a property, the right is transferred through a deed. There are several common forms of deeds, learn about deed options.

-IRS Form 1099. The closing agent must report all real estate transactions to the Internal Revenue Service.

-Real Estate Settlement Act. A form known as the HUD-1 statement or the Uniform Settlement Statement is required in all residential real estate transactions and with full disclosure of all settlement costs. This form applies to those loans financed by all U.S. government related mortgage loans. Most closings or escrow today use this form.

-Closing statements. A separate accounting from the HUD-1 statement, that is an accounting of all the debits and credits to the parties in a transaction.

-Prorations. Some expenses or items related to the property or mortgage loan are prepaid or paid in arrears must be pro-rated between the buyer, seller or mortgage lender at closing or escrow. Proration customs vary by state, inquire how prorations are done in your locale.

-Homeowners insurance. Most mortgage lenders require that you bring proof (known as a binder) that you have homeowners insurance on the property you are purchasing.

-Keys and automatic garage door openers. Don’t forget to bring all the keys if you’re the seller, or have them delivered to you if you receive possession at closing or escrow.

-Certified checks. Most closing agents require all parties who need to bring funds to close a transaction bring the funds in the form of certified checks. These checks verify that the funds are available when the check is presented.

-Bring photo identification. After 9/11 all closing agents require you to bring photo I.D. to any closing or escrow.

Article By: Mark Nash