Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews

Why Does NJ Insurance Agency Claim Secondary Market Annuities Involve POLICY transfers?

by John Darer CLU ChFC MSSC CeFT RSP CLTC

Licensed Life Insurance Agent Hersch Stern is a very bright guy, long time licensed insurance agent and a general agent for many life insurance companies in Englishtown New Jersey. 

Stern's company website at ImmediateAnnuities(dot)com makes an inaccurate claim about structured settlement transfers

"Secondary Market Annuities (SMAs) are policies being transferred by an annuitant pursuant to state transfer laws. Annuities listed are subject to prior purchase, prior sale, or withdrawal by seller. Interest, payments, and prices are calculated using industry standards".  ImmediateAnnuities(dot)com

Where Immediate Annuities.com is not accurate about Structured Settlement Receivables

• Referring to assigned structured settlement payment rights as an annuity or annuities is inaccurate.
• A structured settlement factoring transaction does not involve any transfer of annuity policies.
• A structured settlement transfer does not involve the transfer of annuity policies
• The "annuities listed" as secondary market annuities are not annuities. They are receivables.
• NJ is one of the 40 states that have adopted the 2017 Revisions to the Life & Health Guaranty Associations Model Act (#520). There is an express exclusion for anyone "who acquires rights to receive payments through a structured settlement factoring transaction as defined in section 5891 of the federal Internal Revenue Code, 26 U.S.C.s.5891(c)(3)(A), regardless of whether the transaction occurred before or after that section became effective". 

Why?

Investors are buying receivables not annuity policies!   In a structured settlement transfer the policy doesn't transfer

New Jersey "Structured Settlement Protection Act." N.J.S. § 2A:16-63

N.J.S. § 2A:16-64 Definitions

"Transfer" means any sale, assignment, pledge, hypothecation or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration; except that the term "transfer" does not include the creation or perfection of a security interest in structured settlement payment rights under a blanket security agreement entered into with an insured depository institution, in the absence of any action to redirect the structured settlement payments to the insured depository institution, or an agent or successor in interest thereof, or otherwise to enforce the blanket security interest against the structured settlement payment rights.

"Transfer agreement" means the agreement providing for a transfer of structured settlement payment rights.

"Transferee" means a party acquiring or proposing to acquire structured settlement payment rights through a transfer.

Res Ipsa Loquitur.

 

 

NC District Court Dismisses Structured Settlement Felon's Bivens Claim

Gargan Civil Rights Case Dismissed

Joey Gargan, the former CEO of The Pension Company, Inc., convicted felon and former federal inmate has lost his complaint asserting claims for violations of his civil rights pursuant to Bivens v. Six Unknown Named Agents of Federal Bureau of Narcotics, 403 U.S. 388 (1971). Gargan's claims were DISMISSED pursuant to 28 U.S.C.§ 1915(e)(2)(B)(ii)-(iii). The clerk wass DIRECTED to close the case, SO ORDERED, on September 25, 2023.

IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF NORTH CAROLINA WESTERN DIVISION
NO. 5:22-CT-3354-FL JOSEPH E. GARGAN,Plaintiff, v. VICKY MOSER, KIM SWINDELL, DONALD EPPLEY, THOMAS
SCARANTINO, MARTIN TINDEL, and RON ALLISON, Defendants  Lois V. Flanagan  was the District Judge.

Download Gargan v. Moser 5-22CT03354_DocketEntry_09-25-2023_8

Who is Joey Gargan?

Gargan was a former CEO of The Pension Company, Inc. who had the temerity to pilfer settlement money from taxpayer dollars to cover his own shortfalls. He even embezzled settlement money from a New York City area hospital intended for a stuctured settlement for a severely injured minor. He also shortchange structured settlement brokers who were associated with his firm. Despite his crimes, Gargan was vouched for by Kenneth Feinberg and is the son of the late Joseph E. Gargan, "best known being a lawyer and cousin of Senator Ted Kennedy, prominently involved in the infamous Chappaquiddick incident of 1969" Source: Biography.com 

• Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews: Gargan Embezzlement (typepad.com)
• Loudoun man sentenced to nearly six years for embezzling $8 million in malpractice settlements - The Washington Post
• Joe Gargan Defending Lawsuit Alleging That He Screwed Broker Out of $200,000 Commissions - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews (typepad.com)
• Gargan Pays Off Stolen $1M+ from NY Minor's Settlement | Seeks Compassionate Release from Prison - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews (typepad.com)

Bivens claim was filed after Gargan was granted Compassionate Release from FMC Buttner

Convicted Structured Settlement Felon Joe Gargan Released From Prison - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews (typepad.com)

 

John Darer Reviews How AI Demonstrates How Bad Information from Annuity.Org Gets Spread

by John Darer CLU ChFC MSSC CeFT RSP CLTC

I asked Microsoft's AI what was the difference between a structured settlement and an annuity and this was the result

Aligned

"A structured settlement is a form of negotiated settlement of claims and lawsuits in which some portion of damages is paid in the form of periodic payments. It is not a financial product, but rather a method of payment¹. On the other hand, an annuity is a financial product that provides a guaranteed stream of income over a specified period or for life^{1 2}.

Trails Diverge

"While structured settlements are often funded by annuities, they are not the same thing. Annuities can be purchased by individuals, while structured settlements are awarded by courts to plaintiffs². Additionally, annuity sales do not require court approval if you purchased or inherited the annuity, whereas structured settlement payments require court approval to sell²."

I hope this helps clarify the difference between the two", said Microsoft AI Bing.

Bing cited sources as follows :   1.  4structures.com, and 2. Annuity.org

Bing AI is unable to discern fact from fiction when it comes to the tractor beam of the " awarded a structured settlement" vortex.

Structured settlements are negotiated and are the result of a compromise.

Awards are not settlements

• A Grammy Award is not a settlement 
• An Academy Award (Oscar) is not a settlement
• If the President pins the Medal of Honor on you it is not a settlement
• If you make Dean's list it's not a settlement

 

Lists of civil awards and decorations of the United States - Wikipedia

Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews: Annuity.org | Sweeping Up Poor Annuity.org Research (typepad.com)

Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews: Awarded a Structured Settlement Vortex (typepad.com)

You Negotiate. If a Compromise is reached, it may include a structured settlement

CA Structured Settlement Broker Ad Leads to Millions of Creators of Intricate Structures

by Structured Settlement Watchdog

California structured settlement broker has done a brilliant job of microsegmentation and expansion of the structured settlement market in what is already a record year for the structured settlement industry. Under the cover of a company marketing video, the subject structured settlement broker targets "surviving spouses and 'dependants' ". At first blush it appears to be just a funny typo, but no... apparently...

"Ants are among the most diverse and successful insects on Earth. Ants live in colonies that can number in the millions and cooperate to create intricate structures".  -Wikipedia

Holy Temecula! I think we're gonna need a bigger boat for the flood of business, mate. 

What the heck is an "ent" anyway?

 

 

 

 

Henry County Georgia's "Plantiff Docket" Record 10 pages of Plantiff Cases September 19th!

by John Darer CLU ChFC MSSC CeFT RSP CLTC

If you are an advocate for the rights of flora and fauna, the odd hedgerow, topiary, or weeping willow, a hosta defrocked by a deer, perhaps the old oak tree shorn of its yellow ribbon and tired of assaults on its trunk by a cavalcade of back scatching bears, woody woodpeckers and leg lifting poodles, here is something that may interest you.

Henry County Georgia's Inclusive "Plaintiff Docket" Dates Back to 2019

"Ate some seeds and then this happened"

Henry County GA appears to have a record that perhaps no other court can touch, as a specialist in hearing Plantiff cases, with its "Plantiff docket" dating back to 2019, according to our assidous research.

As I reported  last month in Plantiff Tracker | Following Warriors of the Wayward Vowel For Over 17 Years - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews (typepad.com), Judge Amanda R. Flora  has 10 pages brought by Plantiffs against Defendants on her calendar for this Tuesday, September 19, 2023

Sampling of Plantiff Docket in Henry County Dating Back to 2019

Download 10_18_2023_Amanda R. Flora_Civil Plantiff Docket Henry County GA

Download 5_3_2023_Amanda R. Flora_Civil Plantiff Docket Henry County GA

Download 9_30_2022_Amanda R. Flora_Civil Plantiff docket Henry County GA

Download 9_23_2022_Amanda R. Flora_Civil Henry County Georgia

Download 12_10_2021_Amanda R. Flora_Civil Plantiff Docket Henry County GA

Download 6_16_2020_Amanda R. Flora_Civil Plantiff Docket Henry County GA

Download 11_19_2019_Amanda R. Flora_Civil Plantiff Docket Henry County GA

So if you are an advocate for the rights of flora and fauna, the odd hedgerow, topiary, or weeping willow

 

 

 

 

 

 

 

Coral Springs Co. Wholly Misleading Statement Re "Purchase of Structured Settlement Annuities"

by Structured Settlement Watchdog

Coral Springs Company Makes False Wholly Misleading Statement Re "Purchase of Structured Settlement Annuities"

According to MJ Structured Settlement Annuities' (MJSSA) definition, "a Structured Settlement Annuity (SSA) is an annuity from an insurance company paid over a period of years as a result of a legal settlement for financial restitution". For example, MJSSA says, "the victim of a motor vehicle accident may be awarded an SSA where the guilty party will fund an annuity to pay out to the victim over time"

Setting aside MJ Structured Settlements showing a lack of understanding of the difference between a civil suit (where at the conclusion of trial a civil Defendant may be found liable (as opposed to a criminal trial where a Deendant could be found  guilty)**, MJSSA makes a false and wholly misleading marketing claim by holding out  the purchase of factored structured settlement receivables as a purchase of a structured settlement annuity (or structured settlement annuities).  

"MJSSA offers investors the opportunity to purchase Structured Settlement Annuities that deliver a guaranteed, fixed income stream over a defined period of time. These are individual, one-time-only secondary market annuities available for a limited time". See the screenshot immediately below.

Screenshot for critical commentary, retrieved from MJSSA website 9-14-2023

It is well settled that factored structured settlement payment rights are not annuities 

1. Factoring is a sale of receivables. For example, see  A. DRB Capital -- Structured Settlement Receivables Successfully Acquired | News & Insights | Arnall Golden Gregory LLP (agg.com) "DRB Capital, LLC, is a Florida-based specialty finance company that buys and sells structured settlement receivables, such as annuity payments and court-ordered payments"  and "As a result of the deal, DRB, which has over $1 billion in committed capital and employs more than 150 people, was able to add a substantial inventory of structured settlement receivables to its balance sheet". B. Genex Capital Corporation Issues "Recall Notices" on Certain Pre-2015 Genex Capital Receivables - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews (typepad.com);

2. The National Association of Insurance Commissioners (NAIC), in its Statutory Issue Paper No. 160, which was finalized April 6, 2019,  made it clear that acquired structured settlement payment rights are not annuities or insurance products. See NAIC Statutory Issue Paper No. 160 p6 Section 6, footnote which states clearly  " This guidance is specific to acquired structured settlement income streams (legal right to receive future payments from a structured settlement) and does not capture accounting and reporting guidance for the acquisition of any insurance product (e.g., life settlement, annuities, etc." ]

3. In the event of insolvency of the underlying annuity issuer, investors in acquired structured settlement payment rights are screwed in 80% of the US states, have adopted the 2017 Revisions to the Life & Health Guaranty Associations Model Act (#520), which expressly excludes acquired structured settlement payment rights from insolvency schemes. The application of the exclusion expressly applies to acquired structured settlement payment rights that were acquired prior to the effective date that the investor's state adopts the 2017 Revisions to the Model Act. 

4. Section 5891 of the United States Internal Revenue Code of 1986, as amended states that "The term “structured settlement factoring transaction” means a transfer of structured settlement payment rights (including portions of structured settlement payments) made for consideration by means of sale, assignment, pledge, or other form of encumbrance or alienation for consideration".

5. Structured Settlement factored receivables do not meet the definition of annuity under the laws of the State of New York. For example: "An annuity is a contract between a purchaser and an insurance company in which the purchaser agrees to make a lump sum payment or series of payments in return for regular disbursements, beginning either immediately (within 12 months) or at some future date"  Source: New York Department of Financial Services. 
6. Structured Settlement factored receivables do not meet the definition of annuity under the laws of the State of Georgia.  For example "An annuity is a contract you enter into with an insurance company to provide a guaranteed income in exchange for a payment or series of payments"  Source: Annuity | Georgia Office of Insurance and Safety Fire Commissioner
7. Ask MJSSA if any of their current structured settlement receivables offerings (falsely held out as annuities) are covered by your state's life & health guaranty association?  Here is where the MJ Structured Settlement Annuities has been a bit naughty and says that they are (not even a "maybe"). See number 3 from the screenshot of September 14, 2023 10:11 below.
8. 

   Wow, no no, just WOW!  Check out #3 | This is an excerpt retrieved 9-14-2023

Factored Structured Settlement Receivables Are An Unregulated Non-Insurance Product Sold, and Continuing to be Sold by Certain Salespeople and Companies under the Wholly Misleading "Secondary Market Annuities"

Factored structured settlement receivables have been marketed to investors, including seniors in Florida, injury victims, trial lawyers and fiduciaries as "structured settlement annuities",  "secondary market annuities", even by people they trust that hold insurance licenses. There is little regulation of the the sales practices of structured settlement factoring companies and the product being marketed as "secondary market annuities" or regulation of the sales practices by the secondary or tertiary markets. With what is known, it's just reckless at this point and has been for more than a decade.

Here MJ Structured Settlement Annuities is holding out a list of stuctured settlement factoring receivables for sale as if they are annuities and advertising them as offerings to investors. See  Available Offerings - MJ Structured Settlement Annuities (mjsettlements.com)

And the operative question is why? Where are Regulators Protecting Consumers and Investors?

Helpful References for Consumers

1. Under Florida law  Chapter 626 Section 99296 - 2023 Florida Statutes - The Florida Senate (flsenate.gov)  titled  Transfers of structured settlement payment rights. As opposed to sale or transfer of a structured settlement annuity contract.
2. annuities-guide.pdf (myfloridacfo.com)
3. Structured Settlements | What Is a Structured Settlement? (4structures.com)
4. What Are Structured Settlement Annuities? Structured Settlements FAQ (4structures.com)

____________________________________________________________________________

**SIDE BAR 

Broward County Confusion? Who led which horse to water?

"Let’s start with the basics. A structured settlement is an agreement reached during a lawsuit, where the guilty party agrees to pay the victim a specified amount of money in periodic payments".   -123Lump Sum website 123 Lump Sum in Quandry Over Whether Civil Defendants Are Guilty (or Liable)? - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews (typepad.com) August 24, 2022

_______________________________________________________________________________ 

MJ Structured Settlement Annuities appears to also use the name EZStructuredsettlementannuties, based on what was found on its website at time of posting.

Last updated September 17, 2023

Warburg Pincus and Prudential form Prismic Life Re Bermuda based Life & Annuity Reinsurer

by John Darer CLU ChFC MSSC CeFT RSP CLTC

Prudential "to Reinsure Block of Structured Settlement Annuity Contracts", if Regulators Approve

Prudential Financial, Inc. and Warburg Pincus announced September 7, 2023, the launch of Prismic Life Reinsurance, Ltd. (Prismic Life Re), a licensed Class E Bermuda-based life and annuity reinsurance company.  Prismic Life Re will assume a $10 billion block of Prudential's structured settlements if approved by regulators.

Note: The Prudential press release abbreviates to the shorter "Prismic". However an internet search brings up results for a San Francisco company, named Prismic, that builds websites.  Given Prudential's structured settlement footprint in all 50 states, I've opted to abbreviate to Prismic Life Re.

Who is Warburg Pincus?

At Warburg Pincus, is a private equity firm based in New York City. Established in 1966, Warburg Pincus has invested more than $112 billion in more than 1,000 companies in more than 40 countries around the world.

Source: Warburg Pincus website

What is a Bermuda Class E Long Term Insurer?

According to the Bermuda Monetary Authority,

LONG-TERM - CLASS E: Long-term insurers and reinsurers with total assets of more than $500 million; and not registrable as a Class A or Class B insurer.

Prudential and Warburg Pincus, together with a group of investors, have agreed to make equity investments in Prismic Life Re and will oversee its long-term strategy through participation on its board of directors.

On September 11, 2023 Reinsurance News reported that Nomura has announced it has made  an equity investment into Prismic Life Reinsurance, a licensed Class E Bermuda-based life and annuity reinsurance platform, alongside Prudential Financial, Warburg Pincus and other investors.  Combined, Prismic Life Re will have an initial equity investment of approximately $1 billion. 65% of the equity is owned by a group of investors that Nomura is a founding investor of, while Prudential Financial owns 20% and Warburg Pincus owns 15%.

How Will The Reinsurance of $10B of Structured Settlement Annuity Contracts Affect Annuitants?

According to the September 7, 2023 announcement, Prudential expects to reinsure to Prismic Life Re a block of structured settlement annuity contracts with reserves of approximately $10 billion, subject to the receipt of required regulatory approvals.

Prudential’s obligations to the holders of the rights to receive structured settlement payments will remain unchanged following the reinsurance arrangement and Prudential will continue to administer the contracts.

Why is Prudential's Motivation?

From there, the release states that Prudential aims for Prismic Life Re to be a strategic reinsurance partner with the ambition to grow their reinsurance relationship materially in years to come. PGIM and Warburg Pincus will provide asset management services to Prismic.  PGIM is the investment management business of Prudential Financial, Inc.

Through expanded reinsurance capacity, Prudential expects Prismic Life will allow the company to provide more people with access to its industry-leading life and annuity products.

Charles Lowrey, chairman and CEO of Prudential Financial, Inc., said in the press release: “This unique reinsurance platform will play an important role in our vision to be a global leader in expanding access to investing, insurance, and retirement security for people around the world. Prismic Life Re will enhance our ability to address the evolving needs of our insurance customers and clients while continuing to meet our obligations to policyholders. It represents a formidable combination of industry-leading expertise, global capabilities, and the backing of two of the world’s leading insurance and asset management firms.”

Prismic Life Re will leverage PGIM’s and Warburg Pincus’ global investment management capabilities across public and private markets, including public fixed income, private credit, private real estate, and private equity. Prismic will become a client of PGIM Portfolio Advisory, a newly established affiliate within PGIM that combines asset-liability management expertise with portfolio strategy and asset allocation to deliver

Prismic Life Reinsurance, Ltd. announced that it expects to receive $1 billion in funding from Nomura Holdings, Inc., Prudential Financial, Inc., Warburg Pincus LLC and other investors -September 10, 2023 | MarketScreener

Prudential Financial, Inc. and Warburg Pincus announce launch of Prismic Life Re (pgim.com)

Prudential Financial, Inc. and Warburg Pincus announce launch of Prismic Life Re - Warburg Pincus

Structured Settlement Annuity Issuer Contact Numbers | Old Structured Settlement Need Info?

by John Darer CLU ChFC MSSC CeFT RSP CLTC

4structures.com LLC maintains a list of Customer Service Telephone Numbers for Current and Former Structured Settlement Annuity Issuers. Structured Settlement Annuity Company Customer Service Phone Numbers (4structures.com)

In addition 4structures.com LLC continues to build links to access helpful administration forms for payees of qualified structured settlement annuities, non qualified structured settlements, structured attorney fees and more.

Common Change Requests for Structured Settlements

• Change of address
• Set up EFT
• Change of bank for EF
  
• Check beneficiary
• Name or change beneficiary
• Add a contingent beneficiary 
• Change of Payee
• Payment split due to divorce

4structures' John Darer maintains this as a service not only for his own clients, but as a courtesy for all consumers of structured settlements  

When I first entered the structured settlement industry there were more than 20 life insurance companies offering structured settlement annuities.  Some of those companies who have ceased writing structured settlement annuities, maintain service departments for the run- off business, while other companies have sold those blocks. In some cases the structured settlemnet annuity block has been sold more than once. In one case, Allstate, its New York company and its non-New York company were sold to different purchasers.

Sometimes the servicing has been outsourced offshore, with well intentioned service subcontractors in place. But the representatives in some cases are sorely lacking in the historical context, giving you the feeling that they are merely schooled in or reading from a list of talking points. This has in some cases led to consumer confusion. 

If you're one of those consumers click on the above link.

The structured settlement business is seeing the best year in its history, despite fewer markets. 5 of the biggest months for structured settlement annuity production in the history of structured settlements have occurred in the last 9 months! 2023 is set for an all time record year for production.

 

 

Student Loan Interest Resumes

Student Loan Debt | Pandemic Pause Ends | What's Next? (4structures.com)

Build Enduring Guaranteed Income Streams with Great Structured Settlement Rates 2023

by John Darer CLU ChFC MSSC CeFT RSP CLTC

Make good use of stuctured settlements and build enduring
guaranteed income streams

Structured settlements are on track for a record year in 2023

Labor Day 2023 is here and you, but lawyers and their clients don't need to labor too hard to find great structured settlement rates. Compelling yields in Excess of 5% are possible on intermediate and long term cash flows.  

So what does 5% tax-free mean?

Taxable Equivalent Yields at Different  Hypothetical Tax Rates

15%       5.88%

18%       6.09%

28%       6.94%

31%       7.25%

33%        7.46%

40%        8.33%

50%      10%

See expanded taxable equivalent yield chart

What about investing in the Stock Market?

Well you're not going to put all your eggs in one basket are you?  But let's say you did and if you had the fortitude to ride the ups and downs and stay in the S&P 500 from January 3, 2003 to December 31, 2022 you would have averaged 9.80%.

However, if you missed just the 20 biggest trading days in the S&P 500 from January 3, 2003 to December 31, 2022, you would have averaged only 2.9%. If you missed the 30 biggest trading days the averag would onl have been 0.8% (and it goes downhill from there), according to the J.P. Morgan Asset Management 2023 Retirement Guide published March 2, 2023 p46.

Read Structured Settlement Rate of Return Compared to Alternative Investments (4structures.com) for more details.

Note: Structured settlement rates vary by insurance company and other factors such as duration. Read more about structured settlement quotes

Structured Settlement Brokers Attempt to Drive Sales with Sole 30 Year Old Legal Malpractice Case

by John Darer CLU ChFC MSSC CeFT RSP CLTC

For three decades certain structured settlement brokers and settlement planners have raised the 30 year old Grillo legal malpractice case to drive structured settlement annuity sales, by trying to scare the crap out of plaintiff lawyers.

But why has there been such a dearth of notable, relevant legal malpractice cases related to structured settlements in 30 years?

If there have been no other notable legal malpractice cases in 30 years, then maybe this is not such a big deal, even if the premise of offering a structured settlement is sensible.

Perhaps it's because this case has been so well publicized.

A Death That Nobody in the Structured Settlement Industry Noticed, until 12 Months Later

When celebrities and famous people die, we notice. Christina Marie Grillo Sullivan was certainly someone of note to structured settlement brokers and settlement planners. She left this realm on September 17, 2014. Nobody in the structured settlement and settlement industry noticed. No announcement, bulletin or anyone posting on Facebook or Twitter or memorial video on YouTube.

Then, September 14, 2015, I happened to look up Christina Grillo on the Internet and discovered that she had died a year earlier. I immediately wrote and published this tribute Christina Marie Grillo Sullivan (1982-2014) | An Extraordinary Woman - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews (typepad.com)

But not a peep from NSSTA, SSP or any structured settlement broker or settlement planners who had been using her name to drive structured settlement annuity sales. Nobody noticed. 

The Court transcript from the more than three decade old late minor's prove up hearing does not appear to jive with the marketing by generations of structured settlement brokers and settlement planners

All is not what it seems folks. Giddy settlement advisers taking creative liberties concerning the case of Grillo v Pettiete, or Grillo v Henry (the guardian ad litem) is not a good look.  Sometimes a story gets told incorrectly and the "urban legend" gets passed from generation to generation. 

I have read a copy of the transcripts and it did not appear to go down the way a generation of settlement planners has spinned it, and continues to spin it to sell more structured settlement annuities or even special needs legal related services. Settlement advisers and anyone else interested can and should read them for themselves by clicking on the links below.

Download TRANSCRIPT1_001 Mr Juniker 1-3-1991

Download TRANSCRIPT2_001 Josephine 1-10-1991

Download TRANSCRIPT3_001 Texas Court of Appeals decision reinstating cause of action against Guardian Ad Litem 1-14-1999 likely led to the settlement.

The "Grillo case"  has been promoted as the poster child for potential attorney fee liability for failing to consider (or offer) a structured settlement to their client.  [see Grillo v Pettiete Cause No. 96-145090-92 and Grillo v Henry Cause 96-167943-96, 96th District Court Tarrant County, Texas.

In that now "dog-eared" legal malpractice case there arose legal questions over whether there is ever a duty to offer a structured settlement. Plaintiff's legal malpractice attorney was quoted as saying "the defendant insurance company offered a structured settlement to the child and plaintiff alleged that the offer was never relayed to the parents and, in fact, never relayed to the court.”. Read the transcripts.

In New York, the 22 year old 2001 Appelate Division 2nd Dept. ruling in Lyons v Medical Malpractice Insurance Association is cited from time to time. The focal point of the Lyons case was on plaintiffs' counsel understanding of Present Value and the duty of privity. In the case there were "questions of fact as to whether the represented present value of the settlement package was a fraudulent, intentional, or negligent misrepresentation, and whether the plaintiffs' alleged reliance thereon was reasonable".  Further, the Appelate  Division ruled that "there was sufficient privity between the parties to support a claim for negligent misrepresentation and that MMIA was aware that the alleged misrepresentation was going to be used for a particular purpose, the plaintiffs were a known party who allegedly relied on the alleged misrepresentation in furtherance of that purpose,and there was conduct by MMIA linking it to the plaintiffs and evincing its understanding of such reliance".

Cite: Alexander Lyons, an Infant, by His Father and Natural Guardian, David Lyons, et al., Appellants, v. Medical Malpractice Insurance Association, Respondent, et al., Defendants.2000-09060
SUPREME COURT OF NEW YORK, APPELLATE DIVISION, SECOND DEPARTMENT 286 A.D.2d 711, 730 N.Y.S.2d 345
June 26, 2001, Argued September 17, 2001, Decided.

Introductution of Structured Settlement Affidavits

Prior to Lyons, the 1990s saw voluntary structured settlement affidavits by a number of New York structured settlement brokers and settlement planners, which were also called a Certificate of Reliability and Assurances (CORA).

Structured Settlement Ethics | Why Structured Settlement Affidavit Matters (4structures.com)

In 2006, as part of sweeping legislation addressing business practices concerning the creation of structured settlements, as well as the possible factoring of structured settlement payment rights, passage of the New York Structured Settlement Protection Act in 2006 New York Code - Laws: General Obligations : (5-1701 - 5-1709) Structured Settlement Protection Act introduced a standard requirement under New York General Obligatons Law for certain mandatory disclosures.

Subsequently, a number of county Supreme Courts in the New York City Metropolitan area made structured settlement affidavits standard operating procedure wherea structured settlement was part of a settlement requiring court approval.

To put things into perspective on the "passage of time"

What Happened in 1991 - On This Day

Historical Events in 1999 - On This Day

 

 

 

Plantiff Tracker | Following Warriors of the Wayward Vowel For Over 17 Years

by John Darer CLU ChFC MSSC CeFT RSP CLTC

Plantiffs | A Legal Market Segmentation Celebrating the Wayward "Vowl"

What appeared to have started in 2006 as a pasquinade of industry colleagues who printed a very expensive brochure with a wayward vowel that they distributed to members of the American Assocation for Justice at two consecutive meetings, is still "a thing" and has been for some time.

In a stunning update that sets what has to be a historical precedent, the calendar for Hon. Amanda R. Flora of Henry County Georgia on all  TEN PAGES, representing ALL of Judge Flora's upcoming cases scheduled to be heard on September 19, 2023, feature Plantiffs  against Defendants. Download 9_19_2023_Amanda R. Flora_Civil

A smidgen further down the Eastern seaboard to Jacksonville Florida there is Foreclosure Defense And Plantiff Representation | The Law Offices of Justin McMurray, P.A. (yourjacksonvilleattorney.com)

‘Game-changer’: Youth Climate Plantiffs Win Constitutional Protection In Montana — A First In US. - Random Lengths News  August 2023

Joe Mixon one of two plantiffs named in civil lawsuit (fox19.com)  August 2023  Fox Cincinnati

Yazzie/Martinez plantiffs heading back to court soon (kunm.org) May 2023  New Mexico

Amazon.com: Customer reviews: Oakley Men's OO4057 Plantiff Sunglasses, Matte Black Frame/Warm Grey Lens, 60 mm

"Plantiffs" make their voices heard

Of Historical Significance

Deference To The Plantiff In Forum Non Conveniens (Offprint From Southern Illinois University Law Journal, Vol 13, Winter 1989) by Mcallen, Peter G.: Fine Soft cover (1989) 1st Edition, Inscribed by Author(s) | Arroyo Seco Books, Pasadena, Member IOBA (abebooks.com)

PLANTIFF'S MOTION FOR PARTIAL SUMMARY JUDGMENT - THE ATLANTIC RICHFIELD COMPANY'S SUCCESSORSHIP LIABILITY DATED, APR 30, 2007 CN. 99-CV-6411 (epa.gov)

https://books.google.com › books

"David S. Patterson · 2012 · ‎History

Impressing the pliable Plantiff with his ideas and abilities, ... Plantiff at least understood that he was Ford's agent and most of all wanted to please him ..."

 

Today's Plantiff's Attorneys | AJR (ajronline.org)

 

"Carry On My Wayward Vowl, Carry on 'til you lose Your jowl, Lay your weary head to rest..Don't you cry no more"

 

Prior Commentary

Insidious "Plantiff" Virus Endures | "Roots" Go Back to 19th Century - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews (typepad.com)

Annuity.Org Strike Two on Another Failed Attempt to Define Structured Settlement

Annuity.org Strike Two

"A structured settlement is a financial agreement that provides individuals who have received a settlement or a large sum of money with a series of periodic payments over time, rather than as a lump sum. Structured settlements, which often result from legal cases, offer financial security and stability and allow for tax-free customized payments".

How Annuity.Org "Fupped Duck"

1. If you have "received a settlement", whether constructive receipt or actual receipt of a settlement, you "fupped duck" and may not structure. See my blog Constructive Receipt is Game Over for Structured Settlements (4structures.com)

 

2. A "financial agreement that provides individuals who have received a large sum of money with a series of payments over time, rather than a lump sum, is not determinative of eligibility for a structured settlement. Unfortunately typical of Annuity.org's lazy research that has been well documented in prior posts.

3. Structured settlements arise out of the settlement of legal claims.

Let's have a look at how structured settlement is defined in the Internal Reveue Code of 1986, as amended

 

(1) Structured settlement The term “structured settlement” means an arrangement— (A) which is established by— (i) suit or agreement for the periodic payment of damages excludable from the gross income of the recipient under section 104(a)(2), or (ii) agreement for the periodic payment of compensation under any workers’ compensation law excludable from the gross income of the recipient under section 104(a)(1), and (B) under which the periodic payments are— (i) of the character described in subparagraphs (A) and (B) of section 130(c)(2), and (ii) payable by a person who is a party to the suit or agreement or to the workers’ compensation claim or by a person who has assumed the liability for such periodic payments under a qualified assignment in accordance with section 130.

Why a Sustained Interest in this?

My interest is seeing that consumers have the clearest path to accurate information about structured settlements. Consumers deserve this.

 

Orlando based Annuity.org is a longtime shill for CBC Settlement Funding, a structured settlement factoring company in Conshocken Pennsylvania. On every page of information Annuity.org provides to you about structured settlements contained one or more calls to action to sell your structured settlement payments.

 

Annuity.org has shown itself to be a poor and unreliable choice time and time agains because Annuity.org consistently publishes misstatements of fact about structured settlements that are not supported. The reality does not jive with the quality controls that Annuity.org holds out to the public in writing, as I have documented time and time again.

 

Annuity.org does not show a desire to improve the quality of the technical details of their writing about structured settlements by learning from their mistakes. I have even offered to proofread in the past.

 

Bing AI and Annuity(dot)Org Share the Structured Settlement Canard of the Week

by Structured Settlement Watchdog

“AI is kind of a fancy thing — first of all, it's two letters — it means artificial intelligence,” said Vice President Kamala Harris recently during the A.I. Roundtable. “It's about machine learning. And so the machine is taught.” she continued.

A.I. and the GIGO Effect

It was only decades ago, during the "Paleolithic Computer Era",  there was a simple but blunt concept called  "Garbage In  Garbage Out", or in a playfully respectful acronym, a nod to a proclivity of Madame Vice-President Harris (and Muttley from The Wacky Races), "GIGO".  

When asked "What is the difference between structured settlements and annuities?"  the answer from Bing A.I. featured a a bullet point from Annuity.org at the top that proves my point.

Here is what appeared:

"Structured settlements are awarded to plaintiffs in court cases, while annuities can be purchased by individuals" -Annuity.org

"And so...", as Vice-President Kamala Harris teaches newbies, "the machine is taught" in a classic example of GIGO!

Reasons why Annuity.org is the "Garbage In" on the result to the question to Bing A.I. "What is the

Muttley "GIGO"s

difference between structured settlements and annuities?" 

1. Structured settlements are not awarded to plaintiffs
2. A settlement is not an award, it's a compromise
3. A Structured settlement is not an award
4. A structured settlement is not an annuity
5. A structured settlement is most often funded with an annuity.
6. An annuity is a form of qualified funding asset [ see IRC 130(d]
7. Structured settlement annuities are typically purchased by a qualified assignment company with funds received from Defendant or Insurer of Defendant
8. Structured settlement annuities cannot be purchased by individual plaintiffs
9. In rare cases, structured settlement annuities may be purchased by individual defendants (or respondents if claim is not suit) where (1) the individual was/is an uninsured defendant (or a respondent) to a claim; (2) the individual had sufficient financial resources to fund 100% of the premium and the qualified assignment fee. It would be highly doubtful that any properly advised plaintiff lawyer or plaintiff would agree to a structured settlement without a qualified assignment and be exposed as a general creditor of a single individual and what ever may befall them, many years into the future.

Annuity.org is an unreliable source of structured settlement information. It is a needless but constant problem, that a modicum of extra effort on their part would solve, as I have proven time and time again. It's unfortunate that the owners of Annuity.org choose to publish inaccurate information despite it being readily available.  

Annuity.org / Structuredsettlements.com Structured Settlement Social Media Road Kill of the Month - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews (typepad.com) 2020

The "We Know Annuities" Scam | Annuity.Org - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews (typepad.com) 2018

Awarded a Structured Settlement Rubbish | Leading Peddlers of Structured Settlement Misinformation | - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews (typepad.com) 2017

The Awarded a Settlement Vortex Sucks in News Organizations, Law Firms, Finance Textbooks, Settlement Planners - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews (typepad.com)

 

 

 

 

 

 

Gobler's "Should You Cash Out a Structured Settlement" is a Turkey

by Structured Settlement Watchdog

Gobler's "Gobledegook"

The New York Post published a Personal Finance piece July 19, 2023, authored by freelance writer Erin Gobler, that it disclaims to a source ironically named "Credible", for which The New York Post earns a fee if you click a link and close a loan through Credible.

"Gobbler" to "Gobler"

In a case of you lost it at hello, Gobler writes

"If you’re the plaintiff in a personal injury or similar claim and win your case, you could find yourself awarded a large amount of cash. But you may not necessarily get that money in one lump sum. Instead, monetary awards may be disbursed over a longer period in what’s known as a structured settlement" says Gobler.

Let's Talk Turkey

1. An Award is not a Settlement
2. A Settlement is not an award. That's why it's called a settlement. Pretty basic stuff.
3. A monetary award, would not be disbursed as a structured settlement.
4. A settlement is a negotiated compromise. This is key. You don't need to "win your case" to enter into a structured settlement with your adversary or their insurance company.
5. In New York, there are a pair of periodic payment of judgments statutes that provide for portions of a judgment in excess of certain thresholds to be paid by what is known as a structured judgment. The statutes are described at New York CPLR 5031-5039 for recovery of damages due to Medical, Dental and Podiatric malpractice (known as Article "50-A") and CPLR 5041-5049 to recover damages for personal injury, injury to property or wrongful death, not subject to Article 50-A  (known as Article "50-B")
6. As long as there are good faith appealable issues and the parties have a meeting of the minds, they can enter into a settlement in lieu of judgment. 

The Value of a Settlement Planner

Gobler  "A structured settlement can provide a source of tax-free income over a long period. But for someone who needs the money right away — perhaps due to the injury that landed them in court in the first place — cashing out the structured settlement could be an option. However, it’s important to consider the benefits and downsides beforehand".

All the Trimmings

1. Work with a credentialed and experienced settlement planner to explore your options before signing any release. What is Settlement Planning? Settlement Advisors and Transitional Financial Planning NY|NYC|CT|NJ (4structures.com)
2. A structured settlement can provide tax free income over short term, intermediate term and long term time frames. 
3. Periodic payment settlements can be used in the comprise of claims for damages that are taxable. What are Non Qualified Structured Settlements and Non Qualified Assignments for Tax Deferral (4structures.com)
4. Muliple income streams can be customized in the same annuity contract, or in multiple contracts, diversified by company if desired or prudent. What Are Structured Settlement Annuities? Structured Settlements FAQ (4structures.com)
5. Don't enter into a structured settlement if your mind is on "cashing out" in the near term.

One of the clearest elements of my 18 year mission as the Structured Settlement Watchdog is to help provide consumers the clearest path to accurate information about structured settlements. 

Silver Dollar Financial's Vacuous Explanation of Structured Settlements After Death

by Structured Settlement Watchdog

According to the vacuous explanation of Atlanta Georgia's Silver Dollar Financial, "If you were listed to receive the structured settlement, you can inherit it after the death of the original owner. Structured settlements are inheritable so long as there is a will or other legal provision that allows you to take ownership of it".

Silver Dollar Financial's explanation is just "fupped duck".  Silver Dollar Financial has no demonstrable understanding of the fundamentals based on their poor articulation as John Darer Reviews below.

Six Ways That Silver Dollar Financial is " Fupped Duck" on Structured Settlement Inheritance

1. What is "listed to receive the structured settlement"?  Does Silver Dollar Financial expect you to believe that if Mama left a list on a crinkled foodstained corner of a notepad sheet thumbtacked to a corkboard in the kitchen, it's going to hold any weight with an insurance company?  For example a list lisomething like " "1. Eggs, 2. a loaf of bread, 3. Crisco and 4. in case I meet my fate because that banana peel ain't just gonna pick it's freckled self up off the floor, the structured settlement payments go to my 3 sons Barney, Beavis and Tetris" isn't going to work.
2. In order to inherit structured settlement payments you must be named as a beneficiary (or contingent beneficiary)  by the Payee of the structured settlement and the beneficiary recorded with the insurance company, before the decedent passed.
3. These requirements are set at the time of settlement and are agreed to by and between the parties to the negotiated  settlement agreement. Generally that means the designation of beneficiaries must be in writing and in proper form
4. The "original owner of a structured settlement" annuity is a qualified assignment company. See  How Structured Settlements Work | Structured Settlements Explained (4structures.com).
5. The death of a structured settlement payee does not change the ownership of the structured settlement annuity from the qualified assignment company
6. Naming a beneficiary or beneficiaries is better than doing nothing because payments continue after filing a death claim, without having to pass through the Estate of the deceased. If they pass through the Estate account, the Executor or Administrator can charge a fee on that money. In addition fees may be due to state government based on the value of all of the assets in the Estate.

Advocating The Clearest Path to Accurate Structured Settlement Information is Part of My Mission

Part of my stated mission as Structured Settlement Watchdog is to help give consumers the clearest path to accurate information about structured settlements.

Hopefully Silver Dollar Financial founder Wil Foy can up his company's game.  No excuses after 4 years in business. Foy's structured settlement factoring company has been in business since 2019 according to the Better Business Bureau records. It serves nobody to have inaccurate information about structured settlements facing consumers.

Accurate information About Structured Settlement Beneficiaries and Inheriting Structured Settlements for Consumers and Attorneys

How to Name a Beneficiary on a Structured Settlement Annuity (4structures.com)

Structured Settlement Death Claim | What You Need to Know 2023 (4structures.com)

Inherited a Structured Settlement? (4structures.com)

Structured Settlement Beneficiary Designations (4structures.com)

John Darer Reviews Divorce and Structured Settlement Annuity Issuer Service Standards

by John Darer CLU ChFC MSSC CeFT RSP CLTC

Divorce is a Reasonable Forseeable Possibilty

The divorce rate in the United States around 44.6% of marriages.  Source: The Hive Law

As the Structured Settlement Watchdog I typically do 100 hours of pro bono work each year. Not only is it well received and needed by consumers, it also informs on service gaps (known, unknown or should have known gaps) and on how companies in the industry can improve.  

Known Structured Settlement Servicing Issues That Have Been Uncovered

1.  Carefully Document the File When Split Funding Structured Settlements

When using split funded structured settlements in any combination, whether a mixed duration split, annuity company split, or a product split, it's a good idea to have a simple summary of the documentation delivered to the client.

In 2015, I received a call from a concerned Allstate annuitant whose benefits had been abruptly "cut off". The structured settlement payment stream from the annuity, was the annuitant's share from a divorce settlement, Naturally they were concerned. I did not write the policy.  

Unfortunately, just two years following its life insurnace companies ceasing underwriting this line of business, Allstate had outsourced customer service to a Phillipine call center with inadequate training. The rep ecnountrered by the annuitant was neither knowledgeable enough, nor helpful. The ill-prepared Allstate Phillipine call center rep needlessly sent the annuitant into a state of panic by incorrectly stating (because they likely did not know how Allstate issued annuity policies) that her benefits were over.

Fortunately, the annuitant contacted me, someone with enough experience to know the history and nuance and peculiarity of how Allstate issued policies. Instead of issuing a single policy, as is the customary practice with every single life insurance company I've dealt with in 40 years in the insurance industry, Allstate split the certain and life contingent portions into two separate annuity policies. 

_________________________________________________________________

SIDE BAR

Structured settlement annuities are a unique policy form that enables different types of structured settlement payments to be combined in a single annuity contract.

__________________________________________________________________

 

What happened was that the periodic certain policy stopped and the "switch" to the life contingent policy did not happen as it was supposed to. It took some calling to find someone at the home office of Allstate who was from the old structured settlement department  (Allstate stopped writing new structures in 2013), who could take remedial action but eventually the situation was rectified. It would have been helpful however and have saved the annuitant a quite a bit of agita, if the original broker had placed a summary in with the delivery of the policy. 

Split Funded Structured Settlements Require Careful Documentation - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews (typepad.com)

2.  When a Policy payment is split between two former spouses then each spouse should receive notices concerning the policy

Eight years from the above Allstate issue there is a new issue.  The payments are life contingent and require an annual attestation of Proof of Living [see Proof of Living and Structured Settlements (4structures.com)]. It was relatively smooth sailing from 2016-2022.  Something has changed. The divorce split annuitant had been contacting E.M. at Allstate and she would send the Proof of Living form which the annuitant would complete and send in. However apparently things changed in 2023 when E.M. was no longer there and Allstate having been reconstituted as Everlake Allstate Life Structured Settlements | What You Need To Know (4structures.com).

The split annuitant speaks of intolerable on hold times on the Everlake service line and being told  that Everlake (or its servicing company) would only send notice to her ex-husband, who she has been divorced from for 15+ years! She is listed as an annuitant in the company records as a result of the long in place divorce decree.

3. When one divorced spouse payee initiates a Structured Settlement Transfer and the Annuity Issuer will not split, or further split payments?

This exposes the non-selling split annuitant spouse and dependents to a servicing agreement and possible invasion of privacy from secondary market actors that are mostly non regulated. At what point should this issue be disclosed and who is responsible for disclosing it? 

4. Companies who are divesting their life insurance or annuity divisions or product lines that include structured settlements should include this consideration on their punch list

It seems to me that dealing with this forseeable issue earlier rather than later, by establishing updated policies and procedures to address these issues, will be less of a burden for the annuity issuer and qualified assignment company than having to dig out after a divestiture. There is the reputational risk exposure as well.

Divorce Statistics that Validate Why Annuity Issuers, Attorneys and Settlement Planners Must Initiate Discussions to Address Reasonably Forseeable Issues in updated Company Procedures and Workflow

• The average length of a marriage that ends in divorce is 8 years.
• Women file for 66% of divorces.
• The most common age for divorce is between 25-39 years old.
• The median age for divorce is 39.
• The divorce rate among those over 50 (gray divorce) has doubled since the 1990s.
• 60% of second marriages end in divorce.
• The rate of divorce decreases with higher levels of education and income.
• States that have no-fault divorce laws have higher divorce rates than states that require proof of fault.
• Children of divorce are more likely to experience emotional and behavioral problems.
• Children of divorce have a higher risk of divorce themselves when they grow up.
• The average age for couples to divorce for the first time is 30 years old for men and 29 years old for women.
• The divorce rate for first marriages within the first five years is around 20%.
• The divorce rate for military couples is higher than the general population, with a rate of 3.7% compared to 3.2%.
• The percentage of divorced adults in the US has more than doubled since 1960, from 9% to 22%.
• The percentage of divorced adults who remarry is around 75%.
• The divorce rate for couples who marry before age 25 is around twice as high as for those who marry after age 25.
• The divorce rate for same-sex couples is around 39%

Source: 113 Divorce Statistics On The Divorce Rate In America (For 2023) - The Hive Law

What About Non Binary Couples and Divorce?

How Many Gay Marriages End In Divorce? - Pride Legal

 

 

 

 

John Darer Reviews the NAIC Warning About Unlicensed Companies Selling Non-Insurance Products

by John Darer CLU ChFC MSSC CEFT RSP CLTC

The National Association of Insurance Commissioners provides expertise, data, and analysis for insurance commissioners to effectively regulate the insurance industry and protect consumers.

NAIC Warns of Unlicensed Legitimate Companies Selling Unregulated Non-Insurance Products

In a June 13, 2023 update, the NAIC warns that

"Legitimate companies that are not licensed by the state to sell insurance might lead consumers to think they are selling “insurance” while evading state insurance regulations"

The NAIC uses as an example "a company selling a health sharing plan might call the plan insurance when it is actually an unregulated, non-insurance product".

Factored Structured Settlement Receivables Are An Unregulated Non-Insurance Product Sold by Legitimate Companies as "Secondary Market Annuities"

Factored structured settlement receivables have been marketed to investors, including seniors, injury victims, trial lawyers and fiduciaries as "secondary market annuities", even by people they trust.

The NAIC, in its Statutory Issue Paper No. 160, which was finalized April 6, 2019 made it clear that acquired structured settlement payment rights are not annuities or insurance products.

80% of the US states have adopted the 2017 Revisions to the Life & Health Guaranty Associations Model Act (#520), which expressly excludes acquired structured settlement payment rights from insolvency schemes. The application of the exclusion expressly includes acquired structured settlement payment rights that were acquried prior to the effetcive date that the investor's state adopts the 2017 Revisions to the Model Act.

The NAIC cautionary statement shows an increasing awareness of what is going on in the structured settlement secondary and tertiary markets. The introduction of HB845 in North Carolina, if enacted, puts the regulation of structured settlement factoring under the auspices of the North Carolina Insurance Department effective 2024.

 

Can a Structured Settlement Annuity Be Sold?

by John Darer CLU ChFC MSSC CeFT RSP CLTC

A structured settlement annuity cannot be sold.  Individuals with structured settlements do not own the annuities that fund their structured settlements. They cannot sell what they do not own. Structured settlement annuities are generally owned by qualified assignment companies or non qualified assignment companies. In the less common so-called buy and hold cases, the buying and the holding is by the Defendant or insurance company.

But Annuty Expert Advice Said I Could Sell My Structured Settlement Annuity? 

Shawn Plummer, the proprietor of Annuity Expert Advice, has won the Canard of the Week multiple times for just this sort of "fupped duck" answer. 

 

"Can I sell my structured settlement annuity to a third party without the court being involved? No, in most cases, the court must be involved when selling a structured settlement annuity. This is because you must first obtain court approval to sell your settlement payments legally".

 

Plummer's answer is wrong on the fundamentals.

• As previously stated if you are receiving structured settlement payments you don't own the structured settlement annuity. 
• A Court cannot order or approve you selling something you don't own
• A Court must be involved only when you are attempting to sell structured settlement payment rights

If that's what Plummer meant why all the muddled words?

We can all have a little laugh at a meme of a blow up duck to drive home a point, because when it comes to structured settlement annuity ownership, Plummer is simply providing misinformation on the subject. I don't think it is intentional. Plummer is simply not a structured settlement annuity expert, he's an annuity content creator. Plummer appears to have no professional credentials for structured settlements at the time of publishing.

 

Nevada's Regulatory Dichotomy | Structured Settlement Factoring vs Prostitution Licensing

by Structured Settlement Watchdog

What parallels, if any, can be drawn between the licensing of prostitution in more than half of Nevada's counties while there is no licensing, or regulation of structured settlement factoring company sales practices.

On the one hand....

REGULATIONS - PROSTITUTION (nv.gov)

Nevada remains the sole state in the United States that allows prostitution, but only in licensed brothels. Ten of Nevada’s 17 counties permit brothel prostitution, and six of them allow the practice county-wide.

Currently, there are active brothels in seven Nevada counties, and they are usually in rural, unpopulated areas. The ten counties that permit licensed brothel prostitution include:

1. Churchill County
2. Elko County (only in the incorporated communities of Elko, Carlin, Wendover and Wells)
3. Esmeralda County
4. Humboldt County (only in the incorporated community of Winnemucca)
5. Lander County
6. Lyon County (only in Mound House – home of Dennis Hof’s BunnyRanch)
7. Mineral County
8. Nye County
9. Storey County (home of the Mustang Ranch)
10. White Pine County (only in the incorporated city of Ely)

Source:  In what counties is prostitution legal in Nevada? Laws and penalties (shouselaw.com)

On the other hand...

Where are the Regulations about Licensing and Standards of Business Conduct for Structured Settlement Factoring Companies and their representatives who provide pennies on the dollar to individuals receiving structured settlement payments?  And later offload to investors?

In both cases someone is getting....well, use your imagination. It's just the matter of how much.

But as an after thought

Nevada is one of only two states that doesn’t have any specific laws or regulations on body art. This means that there are no age limits, no statewide regulations on sanitation or aftercare, and no certification required for tattoo artists. Kind of like structured settlement factoring.

www.tattoorules.com/us/nevada-tattoo-laws/

Some of the Weirdest, Strangest Laws in Nevada

• 1. The month of May is dedicated to the prehistoric camel ...
• 2. Moustache smooches are illegal ...
• 4. No chairs on the sidewalks ...
• 5. You can’t pawn off your dentures ( also illegal in New Mexico)...

Source: LinerLaw.com