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Fun & Free
THE CASH OPTION THE LOTTERY
DID NOT TELL YOU ABOUT
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If you received annual payments rather than a lump sum payment you have additional
cash options. You can sell part of your payments and receive a significant amount
of cash now and still receive payments in the future--have your cake and eat it too.
While the number of lottery winners that receive annual payments rather than a lump sum has decreased over the years there are still a number of recipients that choose an annual payment option but then have changes in their financial situation and would prefer to have some of the cash now. Also there are still some state lottery prizes that are only awarded in periodic payments. Story Financial Group can arrange to provide you cash now for those future lottery or prize payments. If the prize is a large amount, we recommend that you sell only a portion of your future payments (See Frequently Asked Questions for a description of the various partial options) and then still retain the safety of having significant income over the payment period. Whether or not you choose to sell your future payments depends in large part on what you are going to do with the money. For example, given the growth in the real estate market in most areas of the country over the last few decades, it would have been a very wise financial decision to have cashed in some of those payments to buy a house. Your net worth would be much higher today had you done that. Also, if the amount is very large, it can make sense to cash in some and enjoy the benefits of that new house, boat, car, etc. today and still have a significant cash flow in the future. In any event, care should be exercised in your financial decisions to ensure that the large prize provides financial security for the rest of your life. Casino jackpots have grown in recent years and now we see progressive jackpot winners in excess of $2 million and Wheel of Fortune winners in excess of $3 million. The casino normally insists that the award be taken in the form of an annuity contract payable over 20 years. It is much more difficult to find investors for these prizes since the casinos are considered more risky as payors than state agencies. Therefore, the discounts required are larger, but often we can arrange to have those payments turned into cash also. If you are interested in cashing in some or all of your payments please take a minute to review our Frequently Asked Questions to get some idea of what is involved and if you are still interested you can call (800) 480-3928 or submit our Online Submittal Form to receive a free, no obligation appraisal on the value of your payments. |