Required Reading
- Disadvantages Of Keeping a Structured Settlement
- Get Cash For Structured Settlements
- FAQ's On Structured Settlements
- Structured Settlement Present Value
- Settlement Phrases To Know
Structured News
Structured Settlement Federal Tax Info Links
- IRS Structured Settlement Factoring Article
- IRS Tax Reported on: For transactions that do not meet the conditions for exemption
Did You Know?
Money in the future is worth less than money today.
To think of it in simple terms, if you loaned a person $1000 today and they said they would return the $1000 in 10 years. You lose all the value of today's money and future interest if you invested the $1000 in your savings account over the same 10 years. Also inflation and prices of almost everything increases in 10 years. There is also the risk if the person will pay it back and on time.
So you would not be able to buy as much with that $1000 that would be returned in 10 years. So $25,000 paid in 50 payments of $500 per month for next 4 years, may be worth today $18,506.44 +- or less. There is also the un measurable factor of "Needing a large amount of money now". To get super technical if your up for it you can read an economics presentation outline from the University of Wisconsin with examples of present value and the value of money. Read More >
Do you have a structured settlement? Are you set to receive future payments for a lawsuit settlement? If so, you may be able to sell your future payments and get a large amount of cash for the payments. Get started >
Sell Your Future Settlement Payments For CASH
< Go Back Structured Settlement Guide For MichiganBelow is local Michigan information related to courts, and structured settlement topics. You may have to visit or phone call a local Michigan courthouse when working with your structured settlement.
Michigan Settlement News
Michigan City Court PagesClick to go to Site: Michigan Main Court Pages
Structured Settlement Michigan State Laws691.1304 Transfer of structured settlement payment rights; final court order; approval; basis; findings. Sec. 4. A direct or indirect transfer of structured settlement payment rights is not effective and a structured settlement obligor or annuity issuer is not required to make a payment directly or indirectly to a transferee of structured settlement payment rights unless the transfer has been approved in a final court order and the order is based on express findings of all of the following: (a) The transfer is in the best interest of the payee, taking into account the welfare and support of the payee's dependents. (b) The transferee has advised the payee, in writing, to seek independent professional advice regarding the transfer, and the payee has either received independent professional advice or knowingly waived in writing the opportunity to seek advice. (c) The transfer does not contravene an applicable statute or order of the court or other government authority. (d) The discount rate or rates used in determining the discounted present value of the structured settlement payments to be transferred do not exceed 25% per year. (e) If the transfer is inconsistent with a restriction against assignment in the structured settlement agreement and if the structured settlement obligor objects to the transfer based on the restriction against assignment before the hearing on the application for approval of the transfer, all of the following: (i) The payee will suffer imminent financial hardship if the transfer is not approved. (ii) The transfer will not render the payee unable to pay current or future normal living expenses. (iii) The transfer order will restrict payment of the gross advance amount to direct payment to the provider of the goods or services that are the subject of the imminent financial hardship. If the total cost of the goods or services cannot be readily determined at the time of or within a reasonable time after the transfer, the court may exercise reasonable discretion in ordering such direct payments. * See more and actual structured settlement statutes at Michigan State government law site pages
MI Help Sites Structured Settlement Related Issues
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