Structured Settlements 4Real: What's Real News in the Structured Settlements, Settlement Planning, Consulting and Lawsuit Recovery Space?

Structured Settlements Can Make a "Win-Win For Both Sides" New York Plaintiff Lawyer

Despite the over the top scaremongering used by certain settlement planners to get business , a leading New York plaintiff lawyer suggests that structured settlements may be a "win win" that enables an otherwise impossible settlement"

In Protecting the Catastrophically injured Plaintiff's Recovery, Michael W. Kessler, Esq. states:

"Although a structure cannot "turn water into wine", shifting certain risks to annuity issuers can sometimes create an opportunity in which the plaintiff gets more than he or she would get under a 50-A or 50-B judgment AND still enable the Defendant to pay less than it would otherwise be obligated to pay. This can make it a win win for both sides".

Article 50A of the New York Civil Practice Law and Rules (CPLR) is New York's periodic payment of judgments statute dealing with periodic payment of damages on medical, dental or pediatric malpractice cases.

Article 50B of the New York Civil Practice Law and Rules (CPLR) is New York's periodic payment of judgments statute dealing with payment of damages on personal injury, injury to property and wrongful death actions.

Slow As Structured Mol-Asset Funding, LLC

"Oh Wherefore art thou?" sayeth Romeo.

Act 2 Scene 2 from Shakespeare's Romeo and Juliet you say?

Hardly! Dripping in irony, instead of star crossed lovers we have a star crossed "blubber" The opening scene sees the plaintiff bleating in despair for the lump sum she expected, from the same balcony from whence a year earlier, she was shouting "it's my money and I want it now". She'd then bought the "cash now" seduction from Structured Asset Funding, LLC. to ultimately realize she'd been dealt the unrequited love card in the form of a "cash cow" patty.

Gaby Romeo is quoted on the Settlement Quotes, LLC blog November 30, 2009:

"I am so disappointed with the way Structured Asset Funding, LLC does business. They are a poor example of a good business. Not only do they have very poor customer service, but they lie to their clients. They should be able to provide truth and facts to their clients… not make (sic) giving  false sense of hope. I have been waiting for my lump sum for way over a year now! They do not even attempt to call me as a courtesy. I have requested to “rescind” the contract… but they are not doing that either!!!! SOME OF US CANNOT AFFORD A LAYWER (sic).. it is not fair! This company does not deserve to be in business".

Kudos to my "pet" *,  Andrew Cravenho of Settlement Quotes. LLC for "fetching" this meaty "scoop bone" for the structured settlement watchdog. Good boy!

Ms. Romeo should know that we too are disappointed with the way Structured Asset Funding does business and we would feel hard pressed to recommend that anyone do business with them. We add her complaint to the 2 complaints (registered with the Better Business Bureau and found on TrustLink.org) where transactions that have since been funded, took over 9 months to complete. The tenor of the above complaint is similar to the others we have published including the infamous CT Woman story.

*  a jealous competitor of Cravenho's refers to him as "my pet".

Structured Settlement Website Rankings (By Traffic) June 2010 Survey

Which legitimate structured settlement industry websites are getting the most Internet traffic?

Three Month Trailing Top 10 Global Traffic Rank (Alexa Rank as of 05/31/2010) of Structured Settlement and Settlement Planning Industry websites* (+ or- traffic from 05/03/2010 report). Lower number is better (e.g. Google.com is ranked 1 in the overall scheme)

1. Structured Settlements 4Real Blog (John Darer) 477,913+
2. Speaking of Settlements (LBN Social Network) 539,377+
3. 4structures.com, LLC 582,287+
4. Beyond Structured Settlements Blog (Pat Hindert) 985,897+
5. National Structured Settlements Trade Association (NSSTA) 1,199,039+
6. Structured Settlement Services, LLC  1,998,185+
7. Settlement Professionals 2,209,999+ 
8. Ringler Associates, Inc. 2,249,615-
9. Delta Settlements 2,978,717+
10. Forge Consulting, LLC 3,706,771+

Three Month Trailing Top 9 USA Traffic Rank (Alexa Rank as of 05/31/2010) of Structured Settlement and Settlement Planning Industry websites*.

1. Speaking of Settlements (LBN Social Network) 109,954+
2. Structured Settlements 4Real Blog (John Darer blog) 113,521-
3. Beyond Structured Settlements Blog (Pat Hindert blog) 175,115+
4. 4structures.com, LLC 178,624-
5. National Structured Settlements Trade Association 240,497+
6. Society of Settlement Planners 539,704+
7. Ringler Associates 737,215+
8. Structured Settlement Services, LLC 791,577-
9. Settlement Professionals 867,246+

The USA data is meaningful because it is the country in which the predominant number of structured settlements are written. Who is reaching those prospects and clients on the Internet?

This survey omitted from the search results any websites with ISPs that do not differentiate between them and the ISP itself.  It is worth noting that the leading web sites are dominated by those whose creators, individually or as entities, employ a settlement planning approach to their business.

FAST FACT: A survey published in June 2009 found that 38% of those asked consider the Internet the most reliable source of news. The survey results further state that 56% of adults nationwide would pick the Internet if they were allowed just one source for their news. Source: Zogby, World Net Daily 6/17/2009

Structured settlement website traffic survey covers only USA websites on the creation side of structured settlements. Eligibles including professional or associate members of the National Structured Settlement Trade Association (NSSTA) or Society of Settlement Planners, Inc. (whether individuals or firms), the association websites and alternative structured settlement periodic payment providers. 

ONGOING SURVEY OF STRUCTURED SETTLEMENT WEBSITE TRAFFIC STANDINGS

( out of a possible 37 months-this structured settlement survey began in April 2007)

GLOBAL RANKING

Times Ranked #1 in 3 month global structured settlement website traffic, as measured by Alexa: 

• Structured Settlements 4Real blog (John Darer) 21
• Beyond Structured Settlements blog (Pat Hindert) 12
• Speaking of Settlements (LBN's industry social network) 3
• Ringler Associates 1

Times Ranked #2 in 3 month global structured settlement website traffic, as measured by Alexa:

• Structured Settlements 4Real blog 16
• 4structures.com, LLC 7
• Beyond Structured Settlements 5
• Speaking of Settlements (LBN's industry social network) 5
• Structured Settlement Services 3
• Ringler Associates 1

USA only RANKING

(out of a possible 9 months; survey began September 2009)

Times Ranked #1 in 3 month USA only structured settlement website traffic, as measured by Alexa.

• Structured Settlements 4Real blog (John Darer) 7
• Speaking of Settlements (LBN Social Network) 2

Times Ranked #2 in 3 month USA only structured settlement website traffic, as measured by Alexa.

• 4structures.com, LLC 5
• Speaking of Settlements (LBN Social Network) 3
• Structured Settlements 4Real blog (John Darer) 1

Further survey criteria: Companies whose primary business is structured settlement factoring transactions are not counted in this survey because: (i) despite the propaganda and efforts of some to "frame" them otherwise, (i) they are part of the cash flow, factoring or settlement purchasing industry. sometimes referred to as "the secondary market"; and (ii) the additional purpose of this survey is to identify legitimate sources of information for tort victims, their families, consumers, attorneys, judges or companies seeking structured settlements and the structured settlement brokers, registered settlement planners, certified structured settlement consultants, settlement planners, appointed structured settlement companies and agencies, United States Treasury structured settlement providers, or other financial professionals, who have the ability to deliver this information

Which legitimate structured settlement industry websites are getting the most Internet traffic?

Three Month Trailing Top 10 Global Traffic Rank (Alexa Rank as of 05/31/2010) of Structured Settlement and Settlement Planning Industry websites* (+ or- traffic from 05/03/2010 report). Lower number is better (e.g. Google.com is ranked 1 in the overall scheme)

1. Structured Settlements 4Real Blog (John Darer) 477,913+
2. Speaking of Settlements (LBN Social Network) 539,377+
3. 4structures.com, LLC 582,287+
4. Beyond Structured Settlements Blog (Pat Hindert) 985,897+
5. National Structured Settlements Trade Association (NSSTA) 1,199,039+
6. Structured Settlement Services, LLC  1,998,185+
7. Settlement Professionals 2,209,999+ 
8. Ringler Associates, Inc. 2,249,615-
9. Delta Settlements 2,978,717+
10. Forge Consulting, LLC 3,706,771+

Three Month Trailing Top 9 USA Traffic Rank (Alexa Rank as of 05/31/2010) of Structured Settlement and Settlement Planning Industry websites*.

1. Speaking of Settlements (LBN Social Network) 109,954+
2. Structured Settlements 4Real Blog (John Darer blog) 113,521-
3. Beyond Structured Settlements Blog (Pat Hindert blog) 175,115+
4. 4structures.com, LLC 178,624-
5. National Structured Settlements Trade Association 240,497+
6. Society of Settlement Planners 539,704+
7. Ringler Associates 737,215+
8. Structured Settlement Services, LLC 791,577-
9. Settlement Professionals 867,246+

The USA data is meaningful because it is the country in which the predominant number of structured settlements are written. Who is reaching those prospects and clients on the Internet?

This survey omitted from the search results any websites with ISPs that do not differentiate between them and the ISP itself.  It is worth noting that the leading web sites are dominated by those whose creators, individually or as entities, employ a settlement planning approach to their business.

FAST FACT: A survey published in June 2009 found that 38% of those asked consider the Internet the most reliable source of news. The survey results further state that 56% of adults nationwide would pick the Internet if they were allowed just one source for their news. Source: Zogby, World Net Daily 6/17/2009

Structured settlement website traffic survey covers only USA websites on the creation side of structured settlements. Eligibles including professional or associate members of the National Structured Settlement Trade Association (NSSTA) or Society of Settlement Planners, Inc. (whether individuals or firms), the association websites and alternative structured settlement periodic payment providers. 

ONGOING SURVEY OF STRUCTURED SETTLEMENT WEBSITE TRAFFIC STANDINGS

( out of a possible 37 months-this structured settlement survey began in April 2007)

GLOBAL RANKING

Times Ranked #1 in 3 month global structured settlement website traffic, as measured by Alexa: 

• Structured Settlements 4Real blog (John Darer) 21
• Beyond Structured Settlements blog (Pat Hindert) 12
• Speaking of Settlements (LBN's industry social network) 3
• Ringler Associates 1

Times Ranked #2 in 3 month global structured settlement website traffic, as measured by Alexa:

• Structured Settlements 4Real blog 16
• 4structures.com, LLC 7
• Beyond Structured Settlements 5
• Speaking of Settlements (LBN's industry social network) 5
• Structured Settlement Services 3
• Ringler Associates 1

USA only RANKING

(out of a possible 9 months; survey began September 2009)

Times Ranked #1 in 3 month USA only structured settlement website traffic, as measured by Alexa.

• Structured Settlements 4Real blog (John Darer) 7
• Speaking of Settlements (LBN Social Network) 2

Times Ranked #2 in 3 month USA only structured settlement website traffic, as measured by Alexa.

• 4structures.com, LLC 5
• Speaking of Settlements (LBN Social Network) 3
• Structured Settlements 4Real blog (John Darer) 1

Further survey criteria: Companies whose primary business is structured settlement factoring transactions are not counted in this survey because: (i) despite the propaganda and efforts of some to "frame" them otherwise, (i) they are part of the cash flow, factoring or settlement purchasing industry. sometimes referred to as "the secondary market"; and (ii) the additional purpose of this survey is to identify legitimate sources of information for tort victims, their families, consumers, attorneys, judges or companies seeking structured settlements and the structured settlement brokers, registered settlement planners, certified structured settlement consultants, settlement planners, appointed structured settlement companies and agencies, United States Treasury structured settlement providers, or other financial professionals, who have the ability to deliver this information

Which legitimate structured settlement industry websites are getting the most Internet traffic?

Three Month Trailing Top 10 Global Traffic Rank (Alexa Rank as of 05/31/2010) of Structured Settlement and Settlement Planning Industry websites* (+ or- traffic from 05/03/2010 report). Lower number is better (e.g. Google.com is ranked 1 in the overall scheme)

1. Structured Settlements 4Real Blog (John Darer) 477,913+
2. Speaking of Settlements (LBN Social Network) 539,377+
3. 4structures.com, LLC 582,287+
4. Beyond Structured Settlements Blog (Pat Hindert) 985,897+
5. National Structured Settlements Trade Association (NSSTA) 1,199,039+
6. Structured Settlement Services, LLC  1,998,185+
7. Settlement Professionals 2,209,999+ 
8. Ringler Associates, Inc. 2,249,615-
9. Delta Settlements 2,978,717+
10. Forge Consulting, LLC 3,706,771+

This survey omitted from the search results any websites with ISPs that do not differentiate between them and the ISP itself.  It is worth noting that the leading web sites are dominated by those whose creators, individually or as entities, employ a settlement planning approach to their business.

FAST FACT: A survey published in June 2009 found that 38% of those asked consider the Internet the most reliable source of news. The survey results further state that 56% of adults nationwide would pick the Internet if they were allowed just one source for their news. Source: Zogby, World Net Daily 6/17/2009

Florida Supplier of Inforce Structured Annuities Says Demand is 5 Times Supply!

In a financial radio show broadcast in late 2009 a Florida financial adviser, who claims to be the largest supplier of purchased structured annuities, said that demand for structured settlement payment rights by yield hungry individual investors is such that it is 5 times the supply.

While on the one hand the in force structured annuity market apparently affords investors (including tort victims) valid strategic opportunities, there must be vigilance to identify and block fraudulent and misleading advertising that may be used to help fill the gap between supply and demand.

Woodbridge Investments Structured Funding: The Predatory Factoring Company?

On September 18, 2008 Woodbridge Investments opportunistically and prematurely danced on the graves of "major insurance giants like AIG" in a Press Release which stated:

"Recent financial troubles and bankruptcy scare for insurance giant AIG has created opportunity for structured settlement factoring company Woodbridge Investments. Woodbridge Investments LLC is a leading structured settlement factoring company who has seen explosive growth in the purchasing of settlements backed by major insurance giants like AIG...

"...Our customers are dealing with an inherent fear, and anxiety that naturally comes when you are expecting to receive payments for the next twenty or thirty years from companies like AIG that are linked with unprecedented real and rumored cases of bankruptcy.

Fact: . Not a single "major insurance company , like AIG"  that is writing structured settlements "went bankrupt" or was taken over by a state insurance department during the 2008-2009 financial crisis.

Fact: Insurance companies are exempt from bankruptcy laws and cannot go bankrupt. See 11 U.S.C. §109(b)(2),(3)  which states, in pertainant part, "a person may be a debtor under Chapter 7 of this title only if such person is not (2) a domestic insurance company (3) a foreign insurance company engaged in such business in the United States". Note also discussion in Protecting the Catastrophically injured Plaintiff's Recovery by Michael W. Kessler, Esq.§1.45 p 36 and footnote 71.

Beware certain "hyenas" within the factoring industry , predators who use their powerful jaws to rip hunks out of your financial security.

ON THE OTHER HAND... 9 MONTHS LATER...ALL writing structured settlement companies are still around and...

Woodbridge Investor Package soliciting 7-9% returns includes Articles on the Safety of Investing in Structured Settlements includes the following

"Even in a worsening economic climate, life insurance companies are likely to retain investment grade ratings according to a new report from Moody’s, as reported in The Wall Street Journal. This is important news for anyone settling a physical injury or wrongful death claim because many of these companies issue structured settlement annuities.

According to Dow Jones, the Moody’s report concludes that life insurance carriers it has surveyed “are considered to be fit enough to weather the financial and economic crisis because of their solid balance sheets.” Moody’s reports that its reviews of these companies suggest that insurers are most likely to retain investment grade ratings.”

from June 4, 2009 Moodys report that Life Insurers  Are Likely to Maintain "Solid Balance Sheets" cited as from NSSTA.com and even quotes former NSSTA President Dan Durbin of Allstate Life insurance Company.

What sort of ethics does a company like Woodbridge have when on the one hand it scares the crap out of annuitants about the safety of insurance companies and on the other hand brags about the financial security of the same companies to get investors to buy the deals.

Perhaps we could learn something from the Romans...

Factoring: Settlement Planners Code of Conduct Needs Review in Light Of SSP Board Member

To its credit, The Society of Settlement Planners created a Standards of Conduct for Settlement Planners in 2008.  The society took a bold step in including a standard for factoring of structured settlemens. The rule deserves a re examination given that the SSP has recently named a factoring company representative to its Board of Directors and the revelation that said board member was out bid by 50% a particular case.

Excerpt from the SSP  Standards of Conduct for Settlement Planners:

Rule 9: Factoring Structured Settlements

(a) A settlement planner shall not participate in a structured settlement that restricts the right of a

claimant to factor rights to future payments in conformity with the provisions and requirements of the Internal

Revenue Code and applicable state law unless the claimant or the claimant’s lawyer gives informed consent

confirmed in a writing separate from the settlement agreement.

(b) A settlement planner shall not solicit by in-person, live telephone or real-time electronic contact

employment by a person known to be entitled to future payments as the result of the settlement of a claim in

connection with the factoring of the person’s rights to such future payments.

(c) A settlement planner who is requested by a person entitled to receive future periodic payments to

provide advice and assistance in connection with the factoring of those payments may do so if:

(1) the settlement planner reasonably believes that the factoring transaction will be in the

best interest of the payee, taking into account the welfare and support of the payee’s dependents and any

standards or requirements under federal or applicable state law state, including any financial hardship

exceptions; and

(2) confirms in writing the existence of and the basis or rate for determining any

compensation to be paid to the settlement planner for providing such services.

Comments

• Rhonda Bentzen is a member of the Society of Settlement Planners and recently named to its Board. Doesn't Rhonda Bentzen "solicit by in-person, live telephone or real-time electronic contact employment by a person known to be entitled to future payments as the result of a settlement of a claim in connection with the factoring of a person's rights to such future payments"?  Apparently SSP's "standards" permit a Board member to evade the requirement.
• It is known that the source of the lead in the " 50% choke case" was a structured settlement broker or settlement planner. Is the standard set in Rule 9 adequate?
• How is the SSP going to address the massive conflict of interest of barring all factoring companies except for one in light of the "50% choke case" and seating the one on its Board of Directors?  The SSP still has not updated its website to reflect the new leadership.

Exploring The 'In Force" Structured Settlement Market -4 (VIDEO)

In this video structured settlement expert and Registered Settlement Planner John Darer continues to explore the market for "in force" structured settlement payments rights and other cash flows that has recently become available and grabbing the attention of individual investors, with Matt Bracy, General Counsel of Settlement Capital Corporation. John and Matt discuss whether there are any caveats or potential risks in buying in force structured settlement payment rights, the need for market place standards and the opportunities for communication between the primary and secondary market that may be the result of this market. Video was shot April 30, 2010

In case you missed the first part of this video series please click Exploring the In Force Structured Settlement Annuity Market-1

Read Structured Settlements 4Real coverage of the "In Force Structured Settlement Annuity Market"

Structured Settlement Factoring Referrals: The Risks of No Competitve Bidding and Single Source Referrals

This author has now learned that there WAS a structured settlement broker who referred the structured settlement factoring deal to Bentzen Funding Solutions whose offer to a New York annuitant was bettered by 50% by another factoring company. We're not talking chump change here folks, the difference was in excess of $40,000!

Purportedly the broker WAS NOT going take any commission. Even if this is in fact true, it bodes a very serious warning to any settlement planners or structured settlement brokers. The structured settlement broker in question purportedly did little more than ask around and one of the people he asked said to call Rhonda Bentzen. Rhonda Bentzen may be a former structured settlement broker and may be the only factoring company member of the Society of Settlement Planners AND the only factoring representative on the Board of the Society of Settlement Planners. But Rhonda Bentzen is not the only game in town. Despite her previous remonstrations she will have to concede she choked on this one and cannot get the best deal every time.

There is no secret that there are structured settlement brokers and settlement planners offering to help callers and clients with structured settlement factoring tranactions. The degree of help varies and the number of people taking kick backs and referral fees varies. But thinking you are helping your client or prospect out by referring business to a single funding source, without competitive bidding, has the potential to back fire. In this case it did in spectacular fashion.

Read yesterday's coverage of this story for background by clicking here

 

Structured Attorney Fees Could Help New York Attorneys Mitigate Effect of "Millionaire Tax"

Fox news reports that a new proposed "millionaire tax under consideration in New York "would jack up a current millionaires tax another 11-percent" as a means to close the 9.2 billion dollar New York state deficit  This is on top of the 11% raise from last year.  The current "millionaire's tax" actually starts affecting people who have incomes over $200,000. High income tax earners would pay more than 13-percent of their salary in local taxes.

Many personal injury lawyers fall into the income category exceeding $200,000. They can mitigate the tax bite through the use of structured attorney fees.  Structuring attorney fees, if done properly, affords an excellent tax deferral opportunity for personal injury lawyer and other high earners in the legal profession who earn contingency fees. The value of the tax deferral opportunity increases with a higher tax rate.

Lawyers who have not previously structured their fees, should start considering their plans now rather than waiting until the end of the year panic. Being "done properly" means some advance preparation.

More on structured attorney fees, including a helpful video.

For additional details please contact John Darer at 888-325-8640

Bentzen Funding Beaten in Structured Settlement Factoring Bid BY 50%!!!!

One of our sources tells us that it has recently offered a New York structured settlement annuitant 50% more cash than Bentzen Funding Solutions in exchange for the selling structured settlement payment rights. There is reason to be concerned. The face of Bentzen Funding Solutions is Rhonda Bentzen who was recently named to the Board of Directors of the Society of Settlement Planners (a point of interest that has been kept on the QT by the SSP, except for a few leaks). Apparently Bentzen Funding offered about $84,000 and the other company offered $126,000 to the same annuitant-same cash flows.

So why the huge disparity? Is (a) Bentzen Funding just not all that competitive;  or (b) is it possible that the price differential is due to some greedy settlement consultant who thought they would take a huge fee on the deal? In December 2007 Rhonda Bentzen stated that 90% of her clientele, which she said were composed  entirely of settlement consultants, took a fee from her. She has since intimated that the figure is lower but refuses to specify the percentage (or deny that the practice exists), instead getting her knickers in twist in haranguing this author.

If in fact there is a structured settlement broker or settlement planner involved in this case (I hope not, but if so, we will attempt to find out who), whether a member of the SSP or NSSTA, let this case be a learning experience for the rest of the structured settlement industry. Our source may give us access to the annuitant involved. In this author's opinion that broker or planner deserves to be publicly identified and made an example of. 

  Roasting a "greedy" pig

If there is no broker then it's clear that Bentzen ain't the only game in town.