Anyone Sold a Lump Sum Annuity or Similar? Advice Needed

[goldtopper]

I've got an immediate annuity (tax free) due in 2015. I'd like to sell a portion of it and have gotten quotes from the cash now- type places. The quotes vary by as much as 30%. I've done BBB research, heard horror stories too.
If anyone has done this with success and knows what to look for, please help. I'm in a bind with my wife's school cutting her teaching job by 50%.
Thanks to anyone with this experience!

 

[TELE_BLUES]

I would'nt dare go this alone.Find some professinal help.Isee television ad so firms like jg wentworth buying annuities and other payed over time cash settlements.Iwould'nt even consider any offr until a lawyer or someone familiar withthese types of deal looks it over.

 

[Ricky D.]

Talk to a CPA.

 

[sumed]

Go to your local bank where you do business and ask to see their investment adviser, talk with them first, then GET A SECOND opinion from another professional such as the above mentioned CPA or an investment adviser at another bank. Their are tax concerns with dealing with this sort of thing and you don't want to find out that you owe a lot of money to the Government come April 15th.

Stay away from the "ready cash" stuff if you can.

Good luck!

 

[boris bubbanov]

Isee television ad so firms like jg wentworth buying annuities and other payed over time cash settlements.

Outfits like JG Wentworth are the lowest possible slime.

I'd rank them way below BP or Haliburton. For someone from N.O. to say that, you know I'm dead serious about the need to avoid these scum.

 

[jguitarman]

I sent you a pm

 

[flatout9]

goldtopper, I'm an insurance agent in TX so may be able to direct you. Don't waste your time even talking to those folks. Lots of things to consider and depending on how much your needing you may be able to look at other sources without tapping into the annuity.
Seriously consider finding a trusted adviser, I would stay away from banks or any of the heavily advertised types. Find a 'trusted choice' broker in your area and interview a few to get a comfort level. They tend to be less product focused and more solution focused.

 

[Post Toastie]

Call the Annuity company and see if they will give you a loan based on the value of the annuity.You can repay the loan when the annuity matures.