Workmens Compensation Buy-out

[francine89]

What is the name of your state?NEW YORK,NY
I HAVE A LIFE TIME ANNUITY FOR WORKMENS COMPENSATION.MY YEARLY INCOME IS $13,500.00 A YEAR. PRESENTLY 55 YEARS OLD, I WOULD LIKE TO OFFER A LUMP SUM PAYMENT IN EXCHANGE FOR MY LONG TERM PAYMENTS GIVING ME THE OPPORTUNITY TO MAKE THE MOST OF MY LIFE TIME SETTLEMENT. PLEASE ADVISE

 

[ALawyer]

I do not know off the top of my head if NY allows workers comp payments to be assigned so that they can be bought by a 3rd party for a lump sum. The best bet is for you to determine your life expenctancy -- based on your health and sex and age. Multiple it by your annual WC annuity payment. That will be the total expected payout over your lifetime. Divide in half. Discount it to present value at today's interest rates for Baa paper equal to the duration of the the half life. Then ask the WC carrier what it would pay you for a buy out.