Lottery Payout Options
Winning the lottery is something most people only dream of, but for you and a small number of very lucky people that dream has become a reality. Some lottery winners have the option to take a lump sum payment up front and they do take the lump sum payment up front, but at a discounted rate. Other winners who have the option sometimes decide that they would rather have their Lottery Prize Award set up in a Lottery Annuity. Lottery Annuities are Lottery Prize Award Payments that are set up to pay the total prize award in increments over a certain period of time such as 20 to 25 years.
Many lottery winners soon discover that winning a million dollars doesn’t necessarily mean you are a millionaire as some state lotteries will automatically set up certain lottery winners in a lottery annuity. For example, if you win a million dollar lottery prize award from a scratcher game, some lottery commissions will automatically set you up in a Lottery Annuity and pay your lottery prize award to you in twenty (20) annual installments of $50,000.00 before taxes.
Suddenly, your million dollar lottery prize award does not seem like a million dollar prize after it has been taxed and broken down into 20 yearly payments. If you think about it, a person who wins one million dollars is only getting a little over $36,000.00 a year over 20 years. 20 years is a very long time to wait for your entire lottery prize award. By the time 20 years has passed, inflation will have set in and you will find that your dollar won’t buy what it did 20 years ago. For example, think back to twenty years ago, how much did a loaf of bread cost? It was about $1.00. Even 15 years ago in 1995 a gallon of gas cost .97 cents.
Don’t be discouraged, let NorthStar Settlement Funding help you achieve your American Dream by providing you with a large lump sum payment for some or all of your lottery prize award payments. If you sell lottery prize award payments with NorthStar Settlement Funding, you would not have to wait 20 years for your money, you could avoid the depreciation of your money from inflation, and you could even invest your money to earn a positive rate of return.
If the lottery commission didn’t provide you with an option to take a lump sum or you decided to take the annual payments, we can still help you achieve your American Dream. NorthStar Settlement Funding will buy your lottery prize award payments for a large up front lump sum payment. We will provide you with the most money for your lottery payments so that you don’t have to wait around for another year.
NorthStar Settlement Funding will pay all the legal costs associated with the transfer of your Lottery Prize Award and we can provide the funds to you as quickly as two to four weeks, depending on your jurisdiction.
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