Life contingent lottery payments are a type of lottery payout that provides a regular stream of income to winners for as long as they are alive. Unlike traditional lottery winnings, which are paid out all at once or for a fixed, guaranteed period, life contingent lottery payments are paid out for the winner’s entire lifetime.
Want to hear more?
Contact us today to learn about your options and find out what Yes Cash Now can do for you.
We specialize in the purchase of many types of future life contingent assets, including lottery payments that are life contingent. These include providing lump sum payments for individuals that win games like “Win for Life” or other types of lottery payments that include life contingent payouts. If you happen to be entitled to life contingent lottery payments and want a lump sum, call us for a free, no obligation quote.
With our experience and funding sources, we are able to get people much larger lump sum payments than they make otherwise suspect they would receive. We can often pay thousands of dollars more than the next best offer you have received.
Frequently asked questions
Yes, it is possible for a person to sell their life contingent lottery payments. Selling life contingent lottery payments is often referred to as a lottery payment transfer. This process involves selling the rights to future lottery payments in exchange for a lump sum of cash upfront. While this may be a tempting option for some, it’s important to carefully consider the terms of any sale and to work with a reputable company that specializes in lottery payment transfers. Because the nature of the payments, how much you will received for life contingent payments will depend on a host of factors but your overall health is a critical one.
If you are considering selling your lottery payments, it is generally a good idea to shop around and compare offers from multiple buyers. This can help ensure that you receive a fair price for your life contingent lottery payments.
When shopping around consider, among others, the following factors:
- Reputation and track record of the buyer: Look for a reputable buyer who has a track record. Check the buyer’s reviews and ratings.
- Purchase price: Compare the offers from multiple buyers.
- Fees and costs: Be aware of any fees and costs associated with the sale of your lottery payments, including legal fees, transaction fees, and commissions. These costs can eat into your proceeds, so it’s important to factor them into your decision. WE NEVER PASS ALONG ANY LEGAL OR TRANSACTIONAL FEES.
- Tax implications: Be aware of the tax implications of selling your annuity. Depending on the type of annuity and the specifics of your situation, you may owe taxes on the proceeds of the sale. We don not provide any legal, tax or financial advice so we strongly advise you to speak with an independent professional advisor of your choosing.
Many states have specific laws that govern how life contingent lottery payments are sold. These state laws often mandate specific steps that must be taken time periods that must be followed in order to receive a lump sum. Its important to note that the law that governs will be the state you won the lottery from and NOT the state where you currently live. So for example, if you won the lottery in Massachusetts but not now live in Florida, the law of the State of Massachusetts will govern
When you call us we are happy to review the process and timing relative to your specific set of life contingent lottery payments.
No, you do not have to sell all your entire lottery payments to get a lump sum. In fact, nearly all of our customers only sell a portion of their life contingent lottery payments. Depending on your specific situation and the amount of money you are looking to raise, you very likely will only need to sell a portion of your lottery payment and receive a lump sum payment for that portion. We are happy to provide you with a variety of quotes so you can determine which alternative suits you best.
Should I speak to an Independent Professional Advisor regarding the Sale of My Life Contingent Lottery Payments?
It is strongly advised that you retain a professional to discuss the terms of any sale of life contingent lottery payments. We are strictly a buyer of lottery and structured settlement payments and do not provide ANY advice whatsoever.