Structured settlements are permitted in Minnesota just like in every other state. The more difficult issues involving structured settlements arise when someone in Minnesota wants to sell structured settlement or buy a structured settlement in Minnesota. For this, you should definitely get the assistance of an attorney in Minnesota.
Buying or Selling a Structured Settlement in Minnesota
If you want to sell or buy a structured settlement in Minnesota, there are a number of factors you should consider and things you should know. Minnesota has a number of laws affecting the transfer of a structured settlement, assignment of a structured settlement, sale of a structured settlement, or purchase of a structured settlement.
These laws may apply to people in Minnesota, parties to litigation in Minnesota, or cases otherwise involving Minnesota. Whether these laws apply to you requires a legal analysis by a licensed Minnesota attorney who understands structured settlement.
Structured Settlement Attorneys in Minnesota
Keep in mind, not all Minnesota lawyers understand structured settlements. In fact, this area of the law is so unique that some Minnesota attorneys may not even know what structured settlements are.
Minnesota attorneys probably learned that structured settlements existed when they attended law school, but most Minnesota attorneys do not practice in an area of law that involves structured settlements.
Sale of Structured Settlements
Most states permit the sale or assignment of structured settlements or structured settlement annuities. Often the transfer of structured settlements or structured settlement annuities are subject to a court's approval.
To gain the court's approval, the parties involved in the sale or purchase of a structured settlement or structured settlement annuity must show that the proposed transfer of structured settlement payments is in the consumer's "best interests."
This "best interests" standard includes a consideration of the welfare of the structured settlement recipient’s dependents, if there are any.
Structured Settlement Attorneys and Brokers
If you want to buy or sell a structured settlement, I recommend you hire an attorney in Minnesota who has experience with the sale or purchase of structured settlements in Minnesota.
You also have the option to hire a structured settlement broker.
While there are a number of competent structured settlement brokers, be sure the broker you represent only represents you. That is, your structured settlement broker should not represent the other party in the transaction.
Whether you hire a broker or attorney in Minnesota, either way, it's a good idea to ask them on the phone, before meeting with them, whether they have experience with structured settlements in Minnesota.
Next, ask them to tell you about the types of structured settlements they have worked on. If you are satisfied that the person is knowledgeable about the sale or purchase of structured settlements in Minnesota, schedule a meeting to discuss your options.
Best wishes in your efforts to buy or sell a structured settlement. I hope the process goes smoothly for you, and you obtain the full value of your bargain.
