By AFG Newswire b42
August 3, 2014 1:54 p.m.
Pre Issued Annuity Pays Off: Steering Clear of Snags With Proper Legal Mitigation
For a notably small fee ($600-$5,000) for such a large investment, proper legal mitigation for the court filings and inspections of court documents is a worthwhile investment on its own. Hire a professional, you'll be glad you did.
Pre issued annuities can come with snags: anti-assignment clauses, liens, varying types of annuities, just to name a few.
An anti-assignment clause may have been put in the contract between Casualty Insurer A and Life Insurance Company B years ago, when the contract was first being drafted with the third party beneficiary (injured party) in mind, stating that the injured party will having no right to sell any part of the payment stream at all in the future. Period.
Sometimes paperwork and little "clauses" get overlooked...
...until the eleventh hour. With legal mitigation snags like this are less likely to happen.
Liens can also be overlooked...
...bankruptcy, property liens, child support, all of these can snarl the purchase of what you thought was a valuable "pre issued annuity", and still can be, once everything gets cleared up.
It might be that the pre issued annuity is not right for you. It could be an "immediate annuity, or deferred","fixed or variable", or maybe the pre issued annuity is a perfect fit and you need to jump on this.
Do some mitigation with a professional after you've done your preliminary research.