CrowFly is in the business of providing immediate cash to individuals who need it and have existing structured settlement payments.
If you have one of these arrangements, you generally can’t just surrender the payments to the insurance company for a lump sum now, since the policy is held by a third party (an “obligor”). One option is to find someone willing to pay for the rights to those future payments. In doing so, a court located where you live (or where the annuity was established) will approve the transfer – and generally make a finding that it is in your “best interest”. (Find your state Settlement Protection Act for details)
What are some representative examples of individuals who have worked with us to get the liquidity that they needed from their future structure settlement payments?
Single Parent Desiring a Safer Community
Yash was a single parent living in a major metropolitan area with a very young child. With the crime rate high, and opportunities far and few in between, Yash chose to work hard to get out of the situation. He combined income from new employment and his structured settlement payments to move into a home in a much safer suburb. But with recent economic hardships resulting in a loss of job security, there was a risk of defaulting on the mortgage and having to move back to a less safe area for his child. After discussing with a professional, Yash was advised that selling some future settlement payments and using those funds to refinance his mortgage would allow him to reduce the mortgage burden to a point that was manageable. By selling some payments through CrowFly, he was able to confidently keep his new home situation and the safety and future it represents for his child.
Getting a College Education
John is a young individual who came to us with a variety of goals, the most important of which was being able to finally pursue his dream of going to college and starting a higher-paying career in healthcare. John had been planning for years to get to college, but always ended up having to focus on earning what he could with a high school diploma to make ends meet and help pay rent. With poor credit and a difficult background, reasonably priced lending options never materialized. After discussing options with a local advisor, he identified that he had funds from a settlement that would be due in several years. By selling the rights to those future payments at a reasonable rate and putting that money to work now, he was able to move into a living situation that allowed him to start his schooling. John has made a decision to work hard on his education and get on a path to a bright future and a successful career.
Young Adult Seeking Independence
After losing her mother, Rima struggled to find safety, security, and personal growth. Now in her 20s, Rima was living safely with some family but faced challenges to start her own independent life. Without a car, she struggled with employment and school. Without her own space, family relationships were strained. Rima found out that she could pull money from her structured settlement payments to change her life. Using CrowFly’s website and calculator, she determined that she could get money now in the form of almost 85% of the payments due in the next 2 years. With those funds in her hands now, Rima was able to escape her situation. Rather than delaying her life, she was able to get her own space, transportation, and freedom to start living independently now. We are excited for her to finish her courses so the world sees what she accomplishes next.
Grandparents Saving Their Granddaughter from Foster Care
Grandparents sometimes are asked to serve as guardians. In one particular situation, the Traynors came to CrowFly to save their grandchild from the possibility of having to be surrendered to an alternative living situation. They had already sold some of their structured settlement payments previously to provide funds to the grandchild in question. But those funds were soon spent by their grandchild’s mother, and their grandchild once again faced the possibility of foster care long term. To avoid that, the grandparents worked with us to get a lump sum now to allow them to directly provide a safe space for their grandchild. This was a difficult situation and choice for any family to have to make. But working with a local financial professional the Traynors determined that with the strong value available through CrowFly this was feasible for them financially. Although the loss of some future settlement payments would require them to make financial sacrifices and push off retirement longer than they had hoped, they felt it was in their best interest to ensure the physical and emotional stability of their grandchild. We hope no one would have to make these kinds of difficult decisions, but work hard every day to make sure that there are the best options possible when they need them.
Enabling a Daughter’s Wedding and First Step Into Marriage
One relatively unique individual, Jun, worked with us because she wanted to be able to contribute to her only daughter’s wedding and initial launch into a new life. Her daughter and son-in-law had limited funds and considered eloping. Jun was employed and relatively financially secure but didn’t have access to immediate funds sufficient to assist her daughter the way she wanted to. Luckily, she had minimal monthly costs and sufficient means to meet those. After speaking with a local financial adviser, she determined that for her this was a once-in-a-lifetime opportunity that she could finance effectively with a transfer of future structured settlement payments. She considered an appropriate amount and sold payments that allowed her to enable the wedding she and her family had dreamed about much of her life.
Efficient Estate Tax Planning
The Esparza family suddenly faced with the responsibility of organizing a loved one’s estate found themselves in a difficult situation. Like others, the Esparanzas came to us when they realized that a portion of a deceased loved one’s estate was in the form of future structured settlement payments. Structured settlement payments are often set up to easily pass to the individual’s heirs. But if the family has multiple beneficiaries and the entire estate qualifies for an estate tax, things can get complicated. Some beneficiaries might not be able to manage the applicable estate tax if there are not enough liquid assets in the estate. (It’s like winning a car on Oprah and then realizing you can’t afford the taxes.) In this case, these payments became an emotional as well as a financial burden for several members of the Esparanza family. Liquidating the structured settlement payments by finding a buyer of the payment rights offered a solution that eased the estate transition. The lump sum went into the estate directly and covered immediate estate tax burdens of the heirs while avoiding having to regularly manage splitting future settlement payments among members of the Esparanza family. In a difficult time, taking a lump sum in exchange for the rights to future payments made one thing a bit easier for this grieving family.
These are only a few examples of the kinds of cases that individuals have brought to CrowFly. Each is representative of the situation described based on the documentation and verbal communication of specific sellers without exposing their identities. Each name used is false and randomly generated to retain anonymity.
There are many other reasons that courts have found to be appropriate for transferring future payment rights - from purchasing a new vehicle to get to work and covering unexpected medical costs to starting a business dream, enabling a career, or enhancing your living situation. While you may feel that a transaction is in your best interest, a particular judge may not. And the “best interest” measure in many states’ Settlement Protection Acts may be applied differently by different judges.
If you have a structured settlement and are thinking about what you could do with a lump sum of money now instead of some of those payments, we have some suggestions for you. First, talk to a local independent professional to ensure you are getting advice from someone other than those processing a transfer. There may be other ways to get what you want. Second, please call several companies that offer paid now for your payments. Get quotes. Then, check out CrowFly.com and our online quote tool. Most of the time, we can get you more money for selling the rights to your structured settlement payments than the giants. We would happy to tell you how we are different.
There are lots of companies out there promising to beat any offer. Put us to the test and see if we can get you more money to support the change that you are looking for in your life.