Each and every day, J.G. Wentworth’s highly trained team of customer representatives speaks with annuity holders around the country about their specific financial situations. While every annuity recipient’s situation is unique, there are some common problems among annuity holders that we hear about over and over again. In today’s blog, we want to discuss these issues, and explain how our company can help.
Situation 1: The Beneficiary’s Dilemma
If you are currently receiving annuity payments via an inheritance, or know that sometime in the future you may be the beneficiary of someone else’s annuity policy, you may face some financial complications that you did not expect. These could include unexpected tax complications resulting from these payments alone, or additional tax burdens resulting from the fact that so many of us now also find ourselves still working past retirement age. At a simpler level, you may just not be interested in receiving monthly payments, and would like to be rid of the annuity product altogether – a product, after all, that you did not sign up for in the first place.
Fortunately, this dilemma – a common one faced by annuity beneficiaries – may be resolved by calling JG Wentworth. Instead of worrying about receiving annuity payments over time, you can cash them out now instead of later, receiving a lump sum and absolving yourself of just about any responsibility related to the annuity. Even better, selling your annuity for cash now will enable you to use that money sooner, anyway you see fit.
Situation 2: The Senior Care/Medicare-Medicaid Dilemma
A second problem we often hear about is one annuity holders face in their retirement. These annuity holders and their loved ones – much to their surprise and dismay – learn that receiving money from their annuity keeps them from qualifying for such essential government programs as Medicaid and Medicare. In some circumstances, they cannot even get into the nursing-care facility they require!
The good news here is that this dilemma may also be resolved by selling future annuity payments for cash now to J.G. Wentworth. Doing so can enable you to “spend down” your assets to a level the government accepts, which will then allow you to qualify for Medicaid and Medicare support. In other words, you’ll not only get a lump sum of cash in your pocket, you may also qualify for the essential medical care so many of the elderly need.
The bottom line is that in both of these tricky financial situations, annuity holders can benefit from calling JG Wentworth and selling their future annuity payments. And while we cannot give specific financial or tax -related advice, if you or a loved one find yourself in either of these situations, we urge you to call J.G. Wentworth to discuss your options. We can be reached anytime at 877-227-4713.
Nothing above is meant to provide financial, legal, or tax advice. You should meet with the appropriate professionals for any such services.