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January 16, 2013

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John Darer

Great point. Thank you for sharing that your attorney set it up and you and he/she relied on the S&P ratings which, as anyone who reads the news today knows, is under attack by the United States Department of Justice for an alleged role in the 2008-9 financial crisis.

As I have extensively written, even big companies, like RJR Nabisco (with its pension buyout) were seduced by the ratings. and perhaps became over reliant on them in the Executive Life buying decision. Read my blog post ": Who Shot RJR?"

But it still does not explain why anyone, who was not a minor, would agree to put all their eggs in one basket when so much was riding on it, or why an attorney or financial adviser would do so with their clients with all the red flags out there at the time, that were published and they should have known about, in my opinion. Fortunately for them and unfortunately for you the claims are time barred.

"The idea of not carrying all your eggs in one basket relates to someone who went out to gather eggs from the hen house. You can carry a lot of eggs in a basket, but if you put them all in one basket, then drop that basket, you’ve lost them all. However, if you had two or more baskets, you reduced the chances dramatically of losing all your eggs". from Wizbitsfromdad.com speaking of growing up in Northern Alabama in the 1960s.

I hope that the word you spread is one that is accurate.

I would like to say that I am sorry for what you are going through. I was not in the structured settlement industry when the decision was made to place your son's entire future with such an insurer.

I have tried to present an accurate rendition of history as possible in my blog posts. I realize some of it is painful, but in order to learn from history one has to revisit it.

If more ELNY victims would come forward and share how they came to have all their eggs in the ELNY basket we'd have some interesting statistics. I'd especially like to see sales presentations or written communications. One claimant, Mr. G. has already shared how he purportedly was subject to the preposterous statement by a judge that there "was a greater chance of the sun not shining than ELNY not paying"

As I have written, MetLife, New York Life, Allstate, Presidential, Prudential. They're all still paying. Regardless of fault, the harsh reality remains that had your child's structure been diversified, as has been the standard of practice for years, your child would not be in his or her current predicament.

It's important to clarify that the basis of the class action lawsuit filed by attorney Stone and Mr. Christensen is that ELNY was solvent at the time of its takeover and that the root of your financial loss and that of others is the alleged mismanagement of the New York State Liquidation Bureau and other insurance regulators. As you know that matter was voluntarily dismissed on February 6, 2013 without prejudice and can be refiled.

The lawsuit does not attack annuities or structured settlements. In fact one of the attorneys has concurred about the need to diversify in a Twitter forum.

fatfender@comcast.net

I am a parent of one of the 1,500 ELNY victims that are left o carry the shortfall.. ELNY was a AAA rated company at the time the Atty set the annuity up. For 18 years, my son did not touch his money as I felt we could use our hard earned income & private insurance (we paid out of our pocket) to provide for him. ELNY got the use of his & our money "free" for 18 years. Someone did benefit and it was certainly NOT the annuitants. I will never buy another annuity & will let others know about your Insurance industry & the BEST rating system. Obviously, your understanding of the word "fiduciary" is different than mine.

ELNY Victim

Why do you insist on blaming the victims? You appear terribly biased against the interests of the victims of this fraud in an apparent but inexplicable effort to excuse your industry's cozily corrupt relationship with scams like NOLHGA and the NYLB. You should spend more time educating yourself about the outrageous history of the plundering of ELNY while it was supposedly being rehabilitated and less time blaming victimes. And, by the way, even though most victims had no role in picking ELNY, it was, in fact, a AAA rated company when it was writing these annuities. Maybe you should post about that. Why antagonize the victims while you show no outrage about the scam that's being perpetrated by those who should be protecting the victims?

Sandi Rabinowitz

As the parent of one of the ELNY VICTIMS, and I do mean VICTIMS, I take offense at your blaming the wrong side in this fiasco. While you continually distance yourself and claim that you never sold their annuities you consistently forget to mention that ELNY was a AAA rated company at the time.
Also, at the end of a 3 week trial, you aren't consulted as to how to proceed with an annuity settlement, you are TOLD by the judge that this is how it's done, case closed!! I guess that's how you're justifying leaving all these disabled folks to fend for themselves, without their much depended on income. Let them go on welfare, who cares?

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Guide to Structured Settlements

  • Structured Settlement Quote Lock-Ins | What You Need To Know
    What Does a Structured Settlement Lock-In Mean? How do does a plaintiff benefit from a structured settlement quote lock in? How does the defendant/insurer/court benefit from using a structured settlement lock-in? Where to be careful when using structured settlement lock ins.
  • Structured Settlement Annuity Company Customer Service Phone Numbers
    If you already have a structured settlement this is a huge time saver. This is a very useful list compiled by 4structures.com LLC, which includes both current AND former structured settlement annuity issuers and reinsurers. If you have simple bank or beneficiary changes, or the annuity company has merged or changed its name and you're trying to track them down, here you go! The list is regularly updated. Last update March 2013.
  • Structured Attorney Fees for Tax Deferral on Cases That Settle in 2014
    Structuring legal fees is a financial strategy that offers many benefits to lawyers and law firms. In 2014, there are now multiple product solutions, such as the new index linked structured settlement. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure. Plan NOW for year end 2014! Put structured attorney fee expert John Darer on your settlement financial planning team.
  • Structured Settlement Payments | Types of Structured Settlements
    Ways You Can Structure Your Settlement Payments. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. You can also diversify your structured settlement by funding with more than one annuity issuer, with treasury funded structured settlements or with the new index linked structured settlement.
  • Compare Structured Settlement IRR to Other Settlement Alternatives
    Use the Taxable Equivalent Yield chart to help compare the Internal Rate of Return (IRR) of a structured settlement to other alternative or complementary investments. Need help with the chart? Call 4structures.com LLC at 203-325-8640
  • Treasury Funded Structured Settlements
    Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales.
  • Structured Settlement Annuity Companies 2014
    Which life insurance companies issue structured settlement annuities in 2014? A list of current structured annuity issuers, the location of their home offices and their financial ratings from A.M. Best, Moodys, Fitch, Standard & Poors, links to their websites and other useful information.
  • Rated Ages and Structured Settlements
    Rated Ages for Structured Settlement Annuities present advantages to all parties. Shift the mortality risk bearing to a life insurance company whose business it it is to assess mortality risk to price its life insurance and annuities. Boost your structured settlement annuity benefit per premium dollar, or your yield, on lifetime payments. Rated ages help to reduce the cost of funding a Medicare Set Aside arrangement where a Structured MSA is being used.
  • How Do Structured Settlements Work? Structured Settlement Diagram
    Visual help with the technical aspects of a structured settlement transaction explained, accompanied by 4structures.com LLC's helpful structured settlement flow chart/diagram showing how structured settlements fit in with other settlement planning solutions.
  • What is a Structured Settlement? Structured Settlements 101
    General explanation of structured settlements, including the favorable tax bemefits that give structured settlements their "juice" and a helpful introductory video podcast featuring structured settlement expert and Registered Settlement Planner John Darer of 4structures.com LLC

New York City Structured Settlements

Connecticut Structured Settlements

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Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
  • When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly
  • Be aware that financial advisors use of testimonials is prohibited or restricted
  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
  • Number of States That Prohibit Payment of QSF expenses by licensed agents and brokers
    5 Survey not yet complete.

Structured Advertising That Just Ain't Right

  • Structured Settlement Cash Now Scandal
    There is a clear and present danger to both sellers of structured settlements and investors in structured settlement cash flows due to lack of regulations governing sales practices
  • Are Annuitants Getting High on Cash Now "Ecstasy"?
    Is "cash now" the new "esctasy" ? Sure seemed like it for a while with ubiquitous advertising that dangles "financial cat nip". The problem is that aside from a modest advance, unregulated "cash now pushers" simply cannot DELIVER "cash now" for structured settlements arguably making it fraudulent advertising. Click for a discussion.

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  • A structured settlement offers guaranteed financial security to accident victims and their families. A structured settlement involves a customized stream of payments, a structured settlement provides long-term stable tax-free income, for a period of years or a lifetime. Unlike other income annuities. a structured annuity can have multiple payment streams to address multiple needs in a single contract.

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