California Structured Settlement and Legal Advice
There may come a time when you, as a resident of California, wish to consider whether or not to sell a structured settlement with the advice of counsel or alternatively after you have signed a contract to sell a structured settlement wish to speak to a lawyer.
The concern you may have is whether it is a good idea to sell structured settlement payments in California, whether it is legal to get cash for a California structured settlement, and whether company has offered you a fair price to cash out your California structured settlement.
The California Structured Settlement may address your concern about retaining a lawyer in connection with how to proceed. You see, the California State Legislature passed the California Structured Settlement Protection Act. This Act, like similar ones throughout the country, provides you with certain protections as the seller of structured settlement payments. Along with time restrictions, notice requirements and other features, including the court order approval process itself, the California Structured Settlement law addresses the issue of costs and opportunity to speak with a professional advisor regarding the sale of structured payments for cash. The provision that relates to the retention of an independent lawyer can be found in the Act itself. While the precise wording may be found in the law as it relates to the sale of structured settlement payments in California, the following is a summary. While we do not provide tax financial or legal advice, this summary may be a useful tool in making a determination how exactly you wish to proceed:
You are advised to seek independent legal or financial advice regarding the transaction and, under the law, the cost of that advice, up to one thousand five hundred dollars ($1,500) will be paid by the transferee, the person or entity to whom you have agreed to transfer and assign the payments in question. The transferee or purchaser’s accountant, counsel, or actuary may not advise you in this transaction.
You can find the details of the additional requirements of selling your structured settlement payment in California within the California Cod as it relates to said assignments.
If you are looking for a quote to discuss with you lawyer or financial adviser, you can speak to us for free and allow us to provide you with a no obligation quote. We are available throughout the day and over the weekend to do so.