Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary

Structured settlement expert John Darer reviews the latest structured settlement news, information and provides expert opinion and commentary, including settlement planning issues/ ideas for settlement management, incisive Structured Settlement Watchdog® reports that may be helpful to lawyers, plaintiffs, claims adjusters, judges, the news media, sellers, buyers of structured settlement payment rights and interested others, The style is spicy, informative, irreverent and effective. The most prolific structured settlement blog, Now in 18th Year! Check back daily for something new.

Home
  • Archives
  • Profile
  • Subscribe

June 02, 2023

The Cordero v Transamerica Case | A Hot Dog With Cold Flaw Please?

by John Darer CLU ChFC MSSC CeFT RSP CLTC
 
"O'er the Ramparts We Watched..."
 
Gobs of money have been spent on childhood lead paint victim Lujerio Cordero's legal case trying to pin the tail of responsibility for Cordero's serial structured settlement factoring (approved in Florida Courts), on a life insurance company that stopped writing structured settlement annuities in 2003, instead of the unlicensed, unregulated/under regulated structured settlement factoring companies. 
 
The 1996 settlement agreement, signed by Lujerio Cordero's mother (who some years later, purportedly helped him with the first factoring deal) appears to make no mention of Cordero's lead poisoning. Instead of even suing the factoring companies, Cordero's legal strategy has attacked the perceived deep pocket in an effort to overcome the two decade long strategic failure of state legislatures to enact and implement regulations concerning the sales practices of structured settlement factoring companies, their personnel, along with a friendly Sumter County Florida judge, who  approved deals which might arch the eyebrows to cartoon level proportions. So far, Cordero's efforts have failed.
 
Pass the Cold Flaw. Please!
 
"The Cordero Settlement Agreement provided that the landlord and his insurer 'agree to pay and to make periodic payments' to Lujerio Cordero, beginning at Period certain structured settlement annuityage 18, in the monthly amount of $3,183.94 for a period of 30 years." 
 
Source: New York Court of Appeals April 25, 2023 Cordero v. Transamerica Annuity Serv. Corp., 2023 N.Y. Slip Op. 2091 | Casetext Search + Citator
 
Three Questions 
  1. If Cordero's structured settlement was a Period Certain, why would the Insurer Obtain medical information?
  2. If Cordero's structured settlement was a Period Certain, why would the Insurer Use medical Information?
  3. If Cordero's Structured Settlement was a Period Certain why would the Insurer Keep medical Info for decades  (which, by the way, is well in excess of the time that hopsital and doctors are required to keep medocal records)? For what business purpose?
 What is a Period Certain Structured Settlement Annuity?
  • A period certain structured settlement annuity is a one of the types of structured settlement payments.
  • A period certain structured settlement annuity provides for payments for a fixed period, known as a "period certain". Payments  for that type of payment stream stop once the defined period certain is completed.
  • A monthly period certain of 30 years is 360 monthly payments, full stop.
  • A period certain structured settlement annuity requires no medical underwriting. Pricing of a  period certain annuity is unaffected by medical information, gender or gender identity.
  • There are no medical questions on a structured settlement annuity application.

When Would Medical Information Be Obtained by a Structured Settlement Annuity Issuer?

  • One of the unique features of structured settlement annuities is the ability to have more than one type of payment stream in a single contract.
  • Among the options are types of payments where all or part is life contingent, such as certain and life, temporary life, life only and life contingent lump sum payments
  • When payments are in life contingent mode, structured settlement payments are only made if the Measuring Life is still living. 
  • Where payments are for certain and life, paments will be made whether or not the Measuring Life is still living until the end of the certain period, following which payments will only be made if the Measuring Life is alive.
  • This is where so-called Rated Ages come into play.

What Are Rated Ages? | What do Rated Ages Have To Do with Structured Settlements?

A rated age is an underwriting age determined by the medical underwriting department of a life insurance company, that is used in the pricing of annuity to fund payments that are life contingent. Read more about Rated Ages and Structured Settlement Cost | How It Works (4structures.com)

  • None of the Cordero structured settlement payments appeared to be life contingent  (i.e they are " for a Period of 30 years". 
  • Why did Cordero's mother elect to have payments go for only 30 years instead of lifetime? 
  • If Cordero was severely cognitively impaired in 1996 at age 5, and possibly unemployable, why have payments just end?

The possibilities:

  1. No rated ages were obtained
  2. Rated ages were obtained but they were unremarkable, so unremarkable that a decision was made to forego certain and life payments and proceed with a finite period certain which would pay more per month than a longer payment stream that included a wild card life contingent component.

Another Cordero v Transamerica Case Flaw | Code Name "Rappers Delight"

To the parodied words of Old School rappers, The Sugarhill Gang, "I said-a hip, hop, the 'HIPAA', the 'HIPAA; to the Hip 'HIPAA' hop hop-a you don't stop the rock It to the bang-bang boogie, say up jump the boogie To the rhythm of the boogie, 'they' beat" .
 
Keeping in mind the stream of thought outlined in the section above, I reached out to a few insurers CURRENTLY underwriting structured settlement annuities, to get an idea how long medical records used to obtain rated ages are kept. Not long it so happens. 
  1. In this context, a life insurer receives protected medical information for a limited purpose, to price out structured settlement annuities it issues with lifetime payments.
  2. Requests for medical authorizations from plaintiffs in a legal case are typically limited in scope.
  3. Medical providers typically keep records for 6 or 7 years.
  4. Cordero's structured settlement was established in 1996, when he was 5 years old

His mother helped him with the first structured settlement factoring deal.

Prior to HIPAA, no generally accepted set of security standards or general requirements for protecting health information existed in the health care industry. At the same time, new technologies were evolving, and the health care industry began to move away from paper processes and rely more heavily on the use of electronic information systems to pay claims, answer eligibility questions, provide health information and conduct a host of other administrative and clinically based functions.
 
With regard to life and casualty insurers, some may may use and disclose individually identifiable health information. However, Congress did not include life insurers and casualty insurance carriers as “health plans” for the purposes of this rule and therefore they are not covered entities, while others may maintain some information to justify reserving to state insurance regulators where there is a rated age leading to placed business.
 
Sumter County Was an Easy Yay
 
For many years Sumter County had the reputation of a structured settlement forum shopping venue

Seneca One Hosed Met Life Annuitant in Sumter County with Wilder 18.94% Discount Rate - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)

The Sumter County Florida Structured Settlements Three Ring Circus - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)

Sumter County Forum Shop | Judge Morley Does The "Tighten Up" - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)

 
 
 
 

Posted at 06:58 PM in Boca Raton Florida Structured Settlements, Broward County Structured Settlements, Buffalo Structured Settlement Cash Now, Cordero Case Flaws, Cordero v Transamerica, Secondary Market For Structured Settlement Payment Rights, Serial Structured Settelment Factoring, Structured Settlement Factoring, Structured Settlement Factoring "Cereal", Structured Settlement Factoring Litigation, Structured Settlement Factoring News, Structured Settlement Factoring Overdose, Structured Settlement Industry News, Structured Settlement Protection Acts, Structured Settlements in Florida, Structured Settlements in Fort Lauderdale FL, Structured Settlements in Massachusetts, Structured Settlements in Miami Florida area, Sumter County Structured Settlement Factoring, Sumter County Structured Settlements | Permalink

Twitter | Pinterest | Facebook

May 31, 2023

Structured Settlements | Let's Get This Periodic Payment Party Started

by John Darer CLU ChFC MSSC CeFT RSP CLTC

A structured settlement is a financial solution that addresses what most people in America worry about the most. 
Structured settlements should always be considered in the settlement planning mix. Why Structured Settlements? Because Certain Sells®. Certainty Sells.

Structured settlements in the mix 888-325-8640
Let's Get This Periodic Payment Party Started!

"You can do it in the mix, in the mix, in the mix...." -parody of old school hip hop classic Last Night a DJ Saved My Life, by Indeep (1982)

What is a structured settlement?

What is settlement planning?

Because Certain Sells® is a trademark of 4structures.com LLC  (USPTO Reg 6237309)

Posted at 07:30 PM in Albany New York Structured Settlements, Bridgeport Structured Settlements, Bronx New York Structured Settlements, Brooklyn New York Structured Settlements, Connecticut Settlement Planning, Conshohocken Structured Settlements, Detroit Michigan Structured Settlements, Lexington KY Structured Settlements, Long Island NY Structured Settlements, Missouri Structured Settlements, NC Structured Settlements, New Jersey Structured Settlements, New Orleans Louisiana Structured Settlements, New York Personal Injury, New York Settlement Planning, New York Structured Settlements, Newburgh Structured Settlements, NJ Structured Settlements, North Carolina Structured Settlements, Oakland Structured Settlements, Oklahoma Structured Settlements, Palm Beach Structured Settlements, Philadelphia PA Structured Settlements, Rhode Island Structured Settlements, Rochester Structured Settlements, Sacramento Structured Settlements, San Francisco Structured Settlements, Santa Monica Structured Settlements, Settlement Planning, South Carolina Structured Settlements, St. Louis Structured Settlements, Structured Settlement Benefits, Structured Settlement Humor, Structured Settlement Information, Structured Settlement Watchdog®, Structured Settlements Florida, Structured Settlements in Fresno County, Structured Settlements in Georgia, Structured Settlements in Illinois, Structured Settlements in Ithaca New York area, Structured Settlements in Kentucky, Structured Settlements in Maryland, Structured Settlements in Michigan, Syracuse Structured Settlements, Tulsa Structured Settlements, TX structured settlements, US Department of Justice, Washington Structured Settlements, White Plains Structured Settlements, WV Structured Settlements | Permalink

Twitter | Pinterest | Facebook

May 30, 2023

"Structured Settlements Not Used in Wrongful Death Claims" Dallas Law Firm Claims

by John Darer CLU ChFC MSSC CeFT RSP CLTC'

The Rasanzky Law Firm in Dallas Texas claims that structured settlements are not used in wrongful death Wrongfuld_death_of_father[1] claims and implies that structured settlements are only used in catastrophic injury cases. 

'Here is what Rasanzky Law Firm states on its website:

"What is the role of structured settlements in wrongful death claims?  

Structured settlements are not used in wrongful death claims. Structured settlements are used in catastrophic injury cases such as brain-damaged baby, paraplegia, and traumatic brain injury cases. In these types of cases, personal injury victims will require a stream of income to cover ongoing expenses, medical costs, education, and other financial needs. These are usually settlement instruments, as courts cannot award the purchase of structured settlements".   Source: Rasanzky Law Firm " Annuities, Structured Settlements and When to Sell Them" retrieved May 30, 2023.

To be clear, apparently The Rasanzky Law Firm does use structured settlements, but makes a categorical assertion that structured settlements are not used in the settlement of wrongful death claims. That's what we're dealing with in this blog.

Rasanzky Law Firm's Statement about Structured Settlements in Wrongful Death Claims is Inaccurate

The statement on The Rasanzky Law Firm website concerning structured settlements in wrongful death cases is simply inaccurate. The results of a simple Google search would reveal that other law firms in Texas, let alone the USA, consider structured settlements an option in wrongful death cases. The Rasanzky Law Firm is entitled to an opinion. Because its statement about the role of structured settlements in wrongful death is stated as fact, it deserves a response raising a big question for survivors who may have Dallas Wrongful Death Claims or Lawsuits in Dallas County or Tarrant County, or elsewhere in Texas alleging wrongful death damages from a defendant arising out of an alleged defective product, medical malpractice, an auto accident, a trucking accident, food poisoning, plant explosion, or anything else actionable that causes someone's untimely demise.

Wouldn't a personal injury law firm want to make sure that their clients have ALL options available?

Most do. As an initial matter, if a wrongful death claim or suit is commenced it is because someone that meant something to a survivor died and therefore the money is related to the loss. The money has more meaning than its intrinsic value. Someone's father, mother, husband, wife or child died. 

Consider these reports:

  • According to PsychologicalHealthcare.com one of the top things most people most worry about is Money and the future. Whether it's debt; worrying you won't be able to cover all your bills next month; or fear about your financial security in the future – when you have kids or when you retire – financial insecurity is a major cause of stress. ...
  • Americans are so worried about money, it's hurting mental health (nbcnews.com)

  • "Money is one of the things Americans worry about most in the world. Even in 2018, when the economy was expanding, a survey by the life-insurance company Northwestern Mutual found that more than half of Americans felt anxious or insecure about money sometimes, often, or all the time. And during the pandemic, another survey found that workers were almost five times more likely to worry about money than their health".  -The Atlantic
  • While most workers are worried about making ends meet, they are less worried about job availability. Just 33% of those polled are concerned about their employment status and most feel they have job security and/or would be able to find work. This increases to 42% among those who are currently employed part time and to 45% among those who are not currently working. 

  • 98% of 12,000+ respondents (Students and Parents) said that Financial Aid Will be Needed  Princeton Review 2023

A structured settlement is one of the solutions to "one of the things that Americans worry about most in the world" and can help manage the life transition from what was, to what will be.

  • Provide a stable source of income replacement
  • Address concerns of parents or guardians of the consequences of giving an 18 year old a large lump sum when they may not be mature enough to handle it.
  • An ongoing source to pay for Long Term Care Insurance
  • An ongoing source to pay for Life Insurance
  • Stable Income to provide a foundation when starting and building a business instead of going "all-in" with no safety net.
  • Foundational income post college so can (1) decide whether or not to share a place with 4 friends by choice, than necessity; (2) decide whether or not to work 2 or 3 jobs by choice, rather than necessity.

4structures.com LLC  has some helpful information that can be found at these links

Structured Settlements for Minors | Here's What You Need to Know (4structures.com)

Structured Settlements for Seniors | Settlement Planning for 60+ (4structures.com)

Structured Settlement Rate of Return Compared to Alternative Investments (4structures.com)

Tax Advantages of Structured Settlements | Taxable Equivalent Yield Chart (4structures.com)

 

 

Posted at 11:12 AM in Dallas Wrongful Death Claims, Fort Worth Wrongful Death Claims, Houston Wrongful Death Claims, Structured Settlement Brokers, Structured Settlement Information, Structured Settlement Watchdog®, Structured Settlements, Texas Structured Settlements, Texas Wrongful Death Claims, Wrongful Death Structured Settlements | Permalink

Twitter | Pinterest | Facebook

May 23, 2023

John Darer Reviews Cordero Expert Testimony | A Case of "Cordially Yours"

Cordero Expert Witness Shakin not Stirred
 

Said Karen Sima Czapanskiy Professor Emeritus of Law at University of Maryland at Baltimore,  Seller Lujerio Cordero's Expert and author of the 2018 paper Structured Settlement Sales and Lead-Poisoned Sellers: Just Say No.

"Since few judges are knowledgeable about the cognitive harms inflicted by lead exposure, courts should be permitted or, perhaps, required to consult with an expert who has examined the potential seller. The cost of this examination, however, is not insubstantial. Requiring the judicial system to bear the cost seems unfair, because there is no public good served by allowing the sale. Requiring the potential buyer to bear the cost seems fairer, but buyers claim that their profit margin is slim. It is unlikely, at best, that potential buyers will agree to paying the cost of an expert examination and report to the transaction".

Comments:

  1. State laws generally require a judge to make a finding that the structured settlement transfer is in the best interest of the Payee and applicable dependents. Such laws exist in all 50 states and the District of Columbia. 
  2. While Czapanskiy conceded "that is unlikely, at best, that potential buyers will agree to paying the cost of an expert examination and report to the transaction", she avoids the absurdity that unlike other financial services, there is currently no license required to be in the structured settlement factoring business and no licensing required of anyone providing financial advice about actions that could lead to these devastating financial outcomes. "Why, Why, Why Karen Sima..."(cue for background, the soundtrack to a certain Tom Jones hit) has there been so little attention paid to lack of regulation of standards of practice?  When Czapanskiy's State of Maryland was the epicenter of abuse of lead paint victims, it was well publicized in the mainstream press. State lawmakers moved swiftly to make new law. The CFPB got involved, the Maryland Attorney General got involved. There was a class action lawsuit. Some of the perpetrators were exposed, prosecuted and convicted, albeit over 8 years later, but still pending at the time of Czapanskiy's quote.
  3. It is this author's position that this is on state legislatures. Why do many states require a license for factoring life insurance policies but not factoring structured settlements? If there were licensing and rules of the road, perhaps there would be a know your customer rule and consequences for violating it.
  4. State legislatures and their Departments of Financial Services have had two decades to get this right.  Florida has been the scene of some really disastrous outcomes. Companies from Florida, the state where ALL of the Cordero factoring deals took place, have been involved with some of those disastrous outcomes in Florida and elsewhere.
  5. I was not able to find any other publication about structured settlements authored by Czapanskiy, to support bona fides on the subject matter. Apparently I'm not alone.

Structured settlement factoring companies (a/k/a "potential buyers")

Citing from the transcript of Karen Czapanskiy's 2019 deposition in the underlying Cordero case, Defense counsel shredded her testimony. To wit...

1. Plaintiff Expert Cited Article That Doesn't Even Mention Settlement Obligors

"As Ms. Czapanskiy admits, that article does not even mention settlement obligors or annuity issuers like Transamerica Annuity and Transamerica Life, much less argue that they should do anything different than what they did here". Tr. at p. 101, lines 5-10, p. 109, lines 20-22.

2. Cocktail Party Hearsay "Cordially" Draws Assumptions

"Instead, the opinions she now offers regarding purported industry customs and practices with respect to annuity issuers’ responses to structured settlement transfer petitions under state structured settlement protection acts (“SSPAs”) are derived from conversations with a few people from Berkshire Hathaway (an insurance company) at a cocktail party, which is inadmissible hearsay; an unspecified blog reference to Berkshire Hathaway’s alleged practices; and the fact that she has come across a handful of unspecified Texas appellate court cases that arose out of objections to transfers filed by Metropolitan Life Insurance Company (“MetLife”). Tr. at p. 28, lines 5-25, p. 29, lines 1-25, p. 30, lines 1-25, p. 31, lines 1-25, p. 32, lines 1-25, p. 33, lines 1-25, p. 34, lines 1- 25, p. 35, lines 1-25, p. 36, lines 1-25, p. 82, lines 13-25, p. 83, lines 1-9, p. 110, 13-24.

3. Czapanskiy admitted She Had No Knowledge of Any Specific Berkshire Hathaway Cases

"Ms. Czapanskiy admits that she has no knowledge of any specific cases involving petitions under a SSPA involving Berkshire Hathaway". Tr. at p. 35, lines 15-18, p. 36, lines 7-20.

4. Czapanskiy Conceded that She had No Understanding of what MetLife's ordinary practices are

"She also concedes that she “has no understanding of what MetLife’s ordinary practices [when it receives a transfer petition under any state SSPA] are.” Tr. at p. 83, lines 5-9. Nor does she have any idea how many transfer petitions MetLife receives, how many MetLife objects to, and/or the reasons for the objections they do file, including in the appellate court cases upon which she relies". Tr. at 32, lines 16-25, p. 33, lines 1-25, p. 34, lines 1-25, p. 35, lines 1-5.  

While Czapanskiy notes that lead poisoning impairs a person's executive functioning, which leaves that person particularly ill-equipped to understand the ramifications of selling their structured settlement rights to a factoring company (see Czapanskiy, supra at 6-7), she cited a winner of the Alexander Hamilton Award by the National Association of Settlement Purchasers to prove her point. Here is the cite:

"Congress has adopted special tax rules to encourage and govern the use of structured settlements in physical injury cases [and] shield victims and their families from pressures to prematurely dissipate their recoveries"]). In furtherance of these aims, the PPSA provides that periodic payments "cannot be accelerated, deferred, increased, or decreased by the recipient of such payments" (26 USC § 130 [c] [2] [B]; see e.g. Daniel W. Hindert, Joseph J. Dehner & Patrick J. Hindert, Structured Settlement and Periodic Payment Judgments § 16.02 [1] [c] [2022]).

Consider the following...

NASP has bestowed its Alexander Hamilton Award eight times "to distinguished individuals who have supported and defended the right to free alienability of property rights." NASP considers this right to be its own cornerstone and the foundation of the structured settlement factoring business".  Patrick Hindert,  S2KM Ltd  November 22, 2015  Source: S2KMblog.typepad.com, retrieved May 4, 2023. 630pm EDT.

My distinguished industry colleague, cited by Czapanskiy, was one of those eight recipients who in the eyes of NASP "supported and defended the right to free alienability of property rights"...." the cornerstone and foundation of the structured settlement factoring business". I pointed out in my May 8, 2023 post that Patrick Hindert was bestowed the Alexander Hamilton Award by the National Association of Settlement Purchasers in 2012, not long after one of Cordero's six structured settlement factoring deals. 

To read more on this topic, follow this link to my May 8, 2023 post Cutting the Cordero Between Night and Day | Cordero v Transamerica Chatter - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)

 

 

Posted at 11:27 PM in Boca Raton Florida Structured Settlements, Buffalo Structured Settlement Cash Now, Cleaning Up "The Structured Settlement Neighborhood", Cordero v Transamerica, John Darer Reviews, Judges Responsibility and Structured Settlements, Secondary Market For Structured Settlement Payment Rights, Serial Structured Setlement Factoring, Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Watchdog®, Why Aren't Factoring Cos Licensed?, Why Aren't Factoring Cos Regulated? | Permalink

Twitter | Pinterest | Facebook

May 22, 2023

Stone Street Capital | Where Pennies on The Dollar Is Seen as a "Reward"

by John Darer Reviews

In a world where "words matter", in my opinion Stone Street Capital is pushing an inconsiderate narrative on structured settlement annuitants.

"Off The Deservation"

Stone Street Capital advertising attempts to hook structured settlement annuitant fish with the worm that Stone street capital what have you done to deserve this implies that Pennies on the Dollar is "What You Deserve"

What Does "Deserve" Mean?

"do something or have or show qualities worthy of (reward or punishment)" -Oxford Languages

You Might "Deserve" a Bubble Bath as a "Reward", But You Don't Need to Get Soaked Financially

When you feel exhausted after a long day at work, or on a homework asssignment in college, you feel tired and you deserve a nice trip to the spa. But when it comes to the steady income stream you're receiving from your structured settlement, you surely don't need to get soaked. A person receiving tax free or tax deferred structured settlement payments suffered a physical or emotional loss and had to survive the trials and tribulations and the emotional roller coaster of claims and litigation. If you are such a person, is a crappy insensitive sales pitch what you deserve?

You deserve a break today (2)
That's more like it, eh? I made my own "Stone Street" 

 

 

 

Posted at 10:01 AM in Boca Raton Florida Structured Settlements, Bridgeport Structured Settlements, Buffalo Structured Settlement Cash Now, False Advertising Re Creating, Buying or Selling Structured Settlements, John Darer Reviews, Judges Responsibility and Structured Settlements, Los Angeles CA Structured Settlements, Maryland Structured Settlements, Rockville Structured Settlements, St. Louis Structured Settlements, Stone Street Capital Commentary, Structured Settlement Watchdog®, The Pennies on the Dollar Reward Ruse | Permalink

Twitter | Pinterest | Facebook

May 17, 2023

SC Governor Signs Structured Settlement Protection Law Knee Caps "Flim Flammers"

by John Darer CLU ChFC MSSC CeFT RSP CLTC

South Carolina Gov. Henry McMaster signed a more robust comprehensive structured Sc structured settlement protection law  NEWsettlement protection reform bill May 16, 2023, that protects severely injured accident victims and their families who receive long-term structured settlement payments arising from settlements of lawsuits for traumatic brain injuries, and other injuries. The bill S259, passed the South Carolina General Assembly on May 5, 2023. Download SC Bill 259 Structured Settlement Payments

“This is a much needed step to ensure that our most vulnerable South Carolinians are no longer preyed upon by unscrupulous flim-flam artists,” McMaster said in a statement referring to structured settlement factoring companies that buy structured settlement payment rights for pennies on the dollar.  Source: The State SC changes law to protect accident victims’ money from abuse | The State May 17, 2023

_______________________________________________________________________

What Does Flim-Flam Artist Mean?

The Urban Dictionary defines "flim flam" as scam or swindle.

Merriam Webster defines flim flam artist as "a criminal who steals money from people by tricking them"  Flimflam artist Definition & Meaning - Merriam-Webster   

__________________________________________________________________

Latest news from McClatchy's award winning commentary by David Weissman and McClatchy Team

SC bill to protect accident victims’ money close to passing | Myrtle Beach Sun News (myrtlebeachonline.com)

John Darer Reviews of the McClatchy South Carolina Structured Settlement Protection Commentary

Structured Settlement Factoring Companies' Victim Impact Statements Featured in New McClatchy
- Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)
March 19, 2023

SC Structured Settlement Protection Amendment Introduced After Negative Media Exposure - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)  January 18, 2023

SC Legislators Pressured to Up South Carolina Structured Settlement Protections After Troubling Findings - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com) October 2, 2022

Murdaugh and Mayhem | Client of Color Ripped Off Then Factoring Cos. Churned His 6 Children's Structures - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com) September 12, 2022

Posted at 09:52 PM in Charleston Structured Settlements, Columbia SC Structured Settlements, Hilton Head Structured Settlements, Myrtle Beach Structured Settlements, SC Structured Settlement Cash Now, SC Structured Settlement Protection Act, Spartanburg Structured Settlements, Structured Settlement Factoring News, Structured Settlement Industry News, Structured Settlement Protection Acts, Structured Settlement Transfers, Structured Settlement Watchdog® | Permalink

Twitter | Pinterest | Facebook

May 16, 2023

Vermont LHGA to Exclude Structured Settlement Investors from Insolvency Safety Net?

by John Darer CLU ChFC MSSC CeFT RSP CLTC

Ongoing efforts to expressly exclude investors in acquired structured settlement Vermont investing in structured settlement payments payment rights from insurance insolvency protections continue unabated, as Senate Bill 95 officially passed the Vermont Senate on May 10, 2023. 

The version of the bill that passed the Vermont Senate adopted the 2017 revisions to the Life & Health Guaranty Associations Model Act (#520)  under which there is an express exclusion for "a person who acquires rights to receive payments through a structured settlement factoring transaction as defined in 26 U.S.C. § 5891(c)(3)(A), regardless of whether the transaction occurred before or after such section became effective".  BILL AS INTRODUCED AND PASSED SENATE S.95 see page 9 of 75. The Vermont House amendment leaves what the Vermont Senate proposed pertaining to acquired structured settlement payment rights intact

Acquired Structured Settlement Payment Rights Are Not Annuities or Insurance Products

Despite what might be (or have been) advertised by salespeople, acquired structured settlement payment rights are not annuities or insurance products. Ginned up by a misleading sales pitch, acquired structured settlement payment rights may have been sold to Mom and Pop investors, personal injury attorneys and their clients, as annuities when other interest rates were declining in the decade plus following the Great Recession of 2007-2009. But the fact that there is evidence of the marketing of such investments as 'a structured structured annuity solution' to injury victims and their lawyers beginning in at least September 2011 by a settlement planner, despite subsequently admitting in writing that such investments are "not a regulated insurance product", should be troubling. 

Insurance Liquidations are Rare, But It Has Happened

While insurance insolvencies are rare, they do happen. While acquired structured settlement payment rights are not annuities or insurance, investors are left exposed when they invest in such receivables in the event of insurer liquidations. I doubt that many of them are aware of this exposure. To the extent fiduciary advisors, including settlement planners, have sold, have recommened and/or are still recommending acquired structured settlement payments rights to residents of states that have adopted, surely there is a duty to inform. 

What is NOLHGA?

Frequently Asked Questions (nolhga.com)

According to NOLHGA's FAQ, when an insurance company or HMO that is a member of the guaranty association is being liquidated, its policy owners are generally covered by the guaranty associations in the states where the policy owners reside. Depending on the type of contract and other factors, guaranty associations typically continue coverage to the owner of a policy, contract, or group certificate, and to the extent applicable, to the beneficiaries, assignees, and payees of those owners. There are some exceptions to this general rule. For example, most state guaranty association laws provide coverage to resident payees rather than owners of structured settlement annuity contracts.

Structured settlement annuitants do not own the annuity contract funding their structured settlement payments

Neither Structured settlement factoring companies nor tertiary market companies are assessed, nor do they contribute to state guaranty associations in the event of an insurance carrier insolvency and liquidation, unlike admitted insurers doing business in the state.

 

Posted at 12:41 PM in Attorney Financial Planning, Bennington Structured Settlements, Brattleboro Structured Settlements, Burlington Structured Settlements, In Force Structured Settlement Market Commentary and Discussion, Killington Structured Settlements, Montpelier Structured Settlements, Rutland Structured Settlements, Secondary Market For Structured Settlement Payment Rights, Stowe Structured Settlements, Structured Settlement Derivatives, Structured Settlement Factoring News, Structured Settlement Investments, Structured Settlement Protection Acts, Structured Settlement Watchdog®, Vermont Structured Settlements, VT Life Health Guaranty Association, VT Structured Settlement Investments, VT Structured Settlements | Permalink

Twitter | Pinterest | Facebook

May 14, 2023

Structured Settlement Production Surpasses $2B For Second Quarter in a Row

by John Darer CLU ChFC MSSC CeFT RSP CLTC

The Structured Settlement Industry got off to a great start in Q1 2023, with substantial increases over Q1 Structured settlements taking off 2023 2022. The structured settlement industry saw its second straight quarter with in excess of $2B in production.

Summary

  1. The structured settlement industry placed $2,069,165,084 of premium in Q1 2023.
    • This represents an increase of $904,770,552 or +77.7% Q1 YOY and the second straight quarter with industry production in excess of $2B.
  2. Structured settlement industry case count totaled 7,180 in Q1 2023.
    • This represents an increase of 2,572 cases or +55.8% Q1 YOY
  3. Average structured settlement premium per case was $288,185 in Q1 2023.
    • This represents an increase of $35,495 per case or +14% Q1 YOY   Source: Matthew Ross

MetLife was the leading company in terms of Q1 2023 production with $584,900,000. MetLife structured settlement underwriting companies are Mettropolitan Tower Life Insurance Company and Metropolitan Life Insurance Company. The former is the primary underwriting company and the latter is the MetLife underwriting company that has been in business since the 19th Century, having been founded in 1868.

Pacific Life was the second leading structured settlement annuity issuing life insurance company, not far behind behind MetLife, with $513,699,241  Together MetLife and Pacific Life made up more than 50% of the undustry's Q1 2023 production, combining for more than $1B in production between them in Q1. Pacific Life writing companies include Pacific Life Insurance Company in all states except New York and Pacific Life and Annuity Company for all structured settlement cases with a nexus to New York (e.g. venue, parties).

In third place in terms of production was USAA LIfe, which exploded in growth, leaning into its sweet spot on long term structured settlement payouts with $357,000,000

In fourth was New York Life Insurance Company, with $222,229,672, founded in 1845.

IStructure, the first and only uncapped index linked structured settlement annuity issued by Independent Life Insurance Company (the only structured settlement annuity issuer that issues structured settlement annuities  as its sole product line), is running at about 60% of Independent Life Insurance company sales according to company sources this author spoke with. Independent did $130,313,000 in Q1

Why Structured Settlements? Because Certain Sells®.  We have solutions to deal with the thing that most people worry about the most.

Because Certain Sells® is  a Registered Trademark of 4structures.com LLC

 

 

Posted at 11:03 PM in Albany New York Structured Settlements, Annuity News, Bridgeport Structured Settlements, Bronx New York Structured Settlements, Brooklyn New York Structured Settlements, Connecticut Settlement Planning, Conshohocken Structured Settlements, Detroit Michigan Structured Settlements, Lexington KY Structured Settlements, Long Island NY Structured Settlements, Maine Structured Settlements, Missouri Structured Settlements, NC Structured Settlements, New Jersey Structured Settlements, New Orleans Louisiana Structured Settlements, New York Personal Injury, New York Settlement Planning, New York Structured Settlements, Newburgh Structured Settlements, News About Structured Settlements, NJ Structured Settlements, North Carolina Structured Settlements, Oklahoma Structured Settlements, Palm Beach Structured Settlements, Philadelphia PA Structured Settlements, Rhode Island Structured Settlements, Rochester Structured Settlements, Sacramento Structured Settlements, San Francisco Structured Settlements, Santa Monica Structured Settlements, South Carolina Structured Settlements, St. Louis Structured Settlements, Structured Annuity Company, Structured Annuity Issuer, Structured Settlement Industry News, Structured Settlement Markets, Structured Settlements Florida, Structured Settlements in Fresno County, Structured Settlements in Georgia, Structured Settlements in Illinois, Structured Settlements in Ithaca New York area, Structured Settlements in Kentucky, Structured Settlements in Maryland, Structured Settlements in Michigan, Syracuse Structured Settlements, Tulsa Structured Settlements, TX structured settlements, Washington Structured Settlements, White Plains Structured Settlements, WV Structured Settlements | Permalink

Twitter | Pinterest | Facebook

Annuity Expert Advice | "Plummer's Crack" Wins Canard of The Week

Annuity Expert Advice by Shawn Plummer is all "Fupped Duck" about structured settlements again, earning the honor of Canard of the Week. One of my goals as Structured Settlement Watchdog is to facilitate a clear path to accurate structured settlement information for consumers.  Canard of the week 2023 fupped duck
 
In this post John Darer Reviews the latest "Plummer's Crack"
 
1. A structured settlement is a financial arrangement in which payments are made to the recipient over time rather than the full amount in a lump sum"  says Shawn Plummer Annuity Expert Advice website, retrieved May 14, 2023 for purpose of commentary.
 
Structured Settlement: The Court Ordered Annuity (2023)
 
What is "the full amount"?
 
Let's apply "Plummer's Crack" to a lump sum settlement of $1,000,000 after attorney fees.  Plummer's crack is misleading in that it suggests that a cash or structure choice would involve $1,000,000 paid in cash or a series of periodic payments, the sum total of which would be $1,000,000. This completely ignores the amount of tax-free interest that a structured settlement would generate over the time frame that the periodic payments are to be paid.
 
So, if the "full amount" is defined as the net amount after attorney fees, Plummer is wrong and if the full amount is the cost of future periodic payments, Plummer is also wrong, because the lump sum to needed to pay $1,000,000 in future payments would be less than full amount.
 
Lack of Understanding of How Structured Settlements Are Established
 
2.   "After the settlement money is negotiated and comes to final terms, the court order will request the funds to be placed into a type of income annuity contract called structured annuities. The annuity is an irrevocable stream of regular payments from an insurance company, which is dictated by the court system".
 
Plummer's got the sequencing all "Fupped Duck"
 
  • Court Orders are not required in all cases.
  • Court Orders are not required in all cases where a structured settlement is being established.
  • Court Orders, if applicable, are not "requests".  A Court Order does not say, "Hey, I'd really like you to do this or that". The Court Order is, like it says, an "order". Court orders are the means in which decisions or judgments of judicial officers are issued from a court. They can include: an order made after a hearing by a judicial officer, or an order made after parties who have reached their own agreement have applied to a court for  Source: Legal Information Institute  Cornell Law School.
  • An annuity is an insurance product
  • An income annuity "contract" {singular) is not called structured annuities (plural)
  • The "court system" does not dictate anything. The court system in the United States, at the Federal and State level, is called the judicial branch of Government. "The judicial branches at both levels are responsible for applying and subsequently interpreting the rule of law for underlying cases. The basic principle of the court system in the United States is that there are two sides present in a trial or legal battle. The plaintiff and defendant or parties that represent the opposing sides in the United States Court System will present their arguments before an impartial judge, and in criminal trials, a jury"  Source: Understanding the U.S. Court System In A Glance | Court (laws.com)
     
     
     
Lack of Understanding of Structured Settlement History

3. "The structured annuity came about in 1983 after the Periodic Payment Settlement Act of 1982 was established".

First the Foundational Issue

How a Bill Becomes Law

Then Plummer has structured settlement history all "Fupped Duck"...

Periodic Payment Settlement Act of 1982  (Also known as P.L. 97-473). Codified various tax rulings into law and created IRS Section 130 which allowed for the qualified assignment of obligations to a third party  (substitution of obligors)

While the PPSA 1982 was landmark legislation for structured settlements, the structured settlement annuity was born in the years prior. The annuities funding periodic payment obigations were utilized on a " buy and hold" and remained on the balance sheet.. The substitution of obligors encouraged defendants who wanted to settle cases, to not settle a case and gain a 40 year contingent liability.

Structured Settlements History | Structured Settlement History (4structures.com)

On the otherhand, if you reached this post because you need a Plumber, here are some links...

Plumbing, Drains & Water Cleanup | Roto-Rooter® (rotorooter.com)

Drain Cleaner | Liquid-Plumr® (liquidplumr.com)

HomeAdvisor - Plumbers

 

 

 

Posted at 05:28 PM in Annuity Expert Advice Commentary, Atlanta Structured Settlements, Canard of The Week, Misinformation about Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Songs and Poetry, Structured Settlement Watchdog®, Structured Settlements in Florida | Permalink

Twitter | Pinterest | Facebook

May 13, 2023

Most Structured Settlement Investors Run Naked on Insolvency | Do They Even Know?

by John Darer CLU ChFC MSSC CeFT RSP CLTC

The majority of US states have no insolvency protection for investors in other people's structured settlements, leaving some investors perhaps blissfully unaware that they are running naked.  This means almost 80% of US States!

The Life & Health Guaranty Associations Model Act (#520) makes it crystal clear that investors who have Structured settlement investments no safety net acquired structured settlement payment rights in a structured settlement factoring transaction are expressly excluded as a protected class. Under the 2017 revisions, the exclusion applies regardless of whether the investor acquired structured settlement payment rights before or after the effective date that their state adopts the 2017 revision.

Some of these investors may have been misled into believing the investments were annuities,when sold the investments by trusted advisors, including some settlement planners. They weren't.

To be clear, this is not referring to injured parties who are receiving structured settlement payments that were established as consideration for settlement or their personal injury, wrongful death or workers compensation cases (or their beneficiaries) . This applies to investors, regardless of when they bought the structured settlement payment rights.

Hopefully there is no insurer insolvency.

Posted at 09:34 PM in Acquired Structured Settlement Payments, Bethesda Structured Settlements, Boca Raton Florida Structured Settlements, Conshohocken Structured Settlements, Corpus Cristi Structured Settlements, CT Structured Settlements, Danbury Structured Settlements, Greenwich Structured Settlements, Hartford CT Structured Settlements, Life & Health Guaranty Assn Model Act (#520), Structured Settlement Investments, Structured Settlement Watchdog®, Structured Settlements in Florida, Structured Settlements in Fort Lauderdale FL, Structured Settlements in Georgia, Structured Settlements in Maryland, Sumter County Structured Settlements, Texas Structured Settlements, TX structured settlements, VA Structured Settlements, Virginia Structured Settlements, Washington Structured Settlements, WV Structured Settlements, Yonkers Structured Settlements | Permalink

Twitter | Pinterest | Facebook

May 12, 2023

"From Pillar to Post".. and Courier | John Darer Reviews SC Structured Settlement Press Misstep

by Structured Settlement Watchdog

With all the good work that the South Carolina legislature is now doing and working on to create the state of the art Structured Settlement Protection law, an April 16, 2023 opinion piece by the Editorial Staff of The Post and Courier was reckless.

The Post and Courier editorial staff wrote:

"Alex Murdaugh’s double-murder trial was peppered with references to structured settlements and how the shady lawyer had used these complicated financial vehicles as another way to exploit his clients.

Particularly close observers might have noted that at least one of his clients — Allendale County resident Arthur Badger — got doubly exploited when he ran out of money from a lawsuit settlement and sold the rights to future payments for his children for pennies on the dollar"

Here is my commentary of the McClatchy story

Murdaugh and Mayhem | Client of Color Ripped Off. Then Factoring Cos. Churned His 6 Children's Structures - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)

Why did Badger run out of money?  It wasn't so much about "Murdaugh using structured settlements as a way to exploit his clients". That's the kind of inattention to detail emulating the South Florida press coverage of the Scott Rothstein Ponzi scheme (where certain members of the press and a former US attorney recklessly mislabeled certain fraudulent investments structured settlements). Using a highly non-credible slight of hand, Murdaugh used part of the name of a legitimate settlement planning firm to cover (from his firm) the destination of the check that was deposited in a bank account that was not the law firm trust account.

Forge Consulting Partner Michael Gunn, whose firm was a victim of Murdaugh, testified in the Murdaugh murder trial, with the following a relevant excerpt to this discussion:

"But I do know that Alex Murdaugh used our good name to defraud his clients, his law firm and countless others. I know that Bank of America could have stopped it all there with a single phone call to verify the truth. Unfortunately, that call was never made. I wonder how much tragedy could have been avoided if it was.”

One of the dots that the South Carolina press did connect was that concurrent with the announcement of the Maryland Attorney General of a number of Ryan Blank's associated companies being banned in Maryland for 7 years for fraud in January 2018, the Owings Mills Maryland native was the registrant of another entity, Pitchberg Funding, which had a hand in dismantling of the Badger children's structured settlements. 

McClatchy reporters, who broke the original Badger story, was able to link Pitchberg Funding to Owings MIlls Maryland bred Ryan Blank.  As we've previously reported and McClatchy reports as background to the Badger case, "the Maryland Attorney General’s Office banned Blank and several of his business associates in 2018 from doing business in the state after an investigation found they were acting deceptively in pushing structured settlement transfer deals through the courts. Blank and his partners sent thousands of mailers to structured settlement recipients that made false claims and used fake names, including a non-existent Judge Larry C. David, purportedly a reference to the famous comedian and creator of the TV show, “Seinfeld,” according to the settlement agreement outlining the investigation’s findings".    See my January 9, 2018 post Annuity Sold Fraudsters Nailed by Maryland AG In Structured Settlement Buyer Crackdown - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)

Blank was also co-principal, with Richart Ruddie in another company that

Annuity Sold's Ryan Blank is Co-Principal Of Co. Dissolved Days After WaPo Article Was Published - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)

The SC Senate bill’s main sponsor, Senate Judiciary Chairman Luke Rankin, R-Myrtle Beach was quoted as saying   

“South Carolina has effectively become the playground of … the moneychangers of structured settlements,” he said. “We’ve been seized upon … by folks who are preying on the uninformed, the folks who have suffered a dramatic loss, oftentimes including mental health and brain functioning.

______________________________________________________________________

SIDE BAR

What is a Money Changer?

" A money changer is a person or organization whose business is the exchange of coins or currency of one country for that of another. This trade was a predecessor of modern banking". Source: Wikipedia

In the plot line of Arthur Hailey's 1975 novel " The Money Changers", "Ben Roselli, president of First Mercantile American Bank and grandson of the founder, makes the shocking announcement that he's dying. With no offspring to inherit the company, Roselli knows that executive VPs Roscoe Heyward and Alex Vandervoort are the obvious candidates to succeed him. Heyward, who has been with First Mercantile for two decades, will do whatever it takes to bring in new clients and win the coveted presidency. Vandervoort, a newcomer from the Federal Reserve with a left-wing girlfriend, advocates for a socially responsible plan of growth. And now the discovery of counterfeit cash and credit card fraud threatens the future of the bank itself.

From the day-to-day business dealings to the inner sanctums of the money trading center and the boardroom, Hailey s novel is a riveting tale of ambition, greed, and the US banking system".  Source: Goodreads.com

______________________________________________________________________

While South Carolina's efforts to reform its Stuctured Settlement Protection laws are to be commended, it's a strong reaction to an award winning news story by David Weissman and others. Unfortunately as we've seen in Maryland, Minnesota and elsewhere , the strategic failure of state legislatures across the nation to take the initiative to deal with an ongoing known threat and "patch the holes",  for two decades IS the root of the problem. By regulating the structured settlement factoring companies, requiring licensing/registration  (knowing very clearly and easily, in a publicly accessible data base, who is doing business in your state with your citizens and who controls these entities), setting and enforcing standards of conduct consistent with other financial services industries. Without consequences the ne'er do wells will exploit weaknesses. It's a shame that legislators have been blind to the obvious until a major embarassing news story hits the headlines.

Posted at 04:50 PM in Allendale County Structured Settlements, John Darer Reviews, Murdaugh Structured Settlements, Pitchberg Funding, Scott Rothstein Ponzi | Nothing to do with Structured Settlements, South Carolina Structured Settlements, Structured Settlement Watchdog® | Permalink

Twitter | Pinterest | Facebook

Structured Settlement I Have "Cash Now to Make Good Things Happen For You"?

by Structured Settlement Watchdog

Stone Street Capital's latest dubious sales pitch infers that pawning your structured settlement for pennies on the dollar "will make good things happen to you". Don't believe the hype from the Rockville Maryland subsidiary of JG Wentworth. It summons up your inner Bob Dylan

"They'll stone ya when you're at the breakfast table
They'll stone ya when you are young and able
They'll stone ya when you're tryin' to make a buck
They'll stone ya and then they'll say, "Good luck"

Whenever you sell structured settlement payments to a structured settlement factoring company you will be receiving pennies on the dollar. 

Pennies on the dollar (4)

 

Posted at 02:27 AM in Buffalo Structured Settlement Cash Now, Rockville Structured Settlement Cash Now, Stone Street Capital Commentary, Structured Settlement Factoring News, Structured Settlement Watchdog®, VA Structured Settlements | Permalink

Twitter | Pinterest | Facebook

May 08, 2023

Cutting the Cordero Between Night and Day | Cordero v Transamerica Chatter

by John Darer CLU ChFC MSSC CeFT RSP CLTC

While acknowledging that people can change their opinion over time, with all due respect, I've got to call B.S. on Patrick Hindert's most recent lament of an unfavorable opinion for Lujerio Cordero by the New York Court of Appeals to the 11th Circuit's certified question in a serial structured settlement factoring case. Cordero's lawyers opted not to sue the structured settlement factoring companies and instead sought to hold the annuity issuer and qualified assignment company accountable.

Strategic Failure of State Legislatures

The strategic failure by state legislatures, throughout the land, to require and implement the licensing and regulation of structured settlement factoring companies and brokers, including rules of conduct and enforcement of the rules and consequences of non compliance (as many of them have done for life settlements) is a fulminating 22 year disgrace. The lack of regulation of structured settlement factoring companies and brokers, renders the structured settlement factoring industry sub par to other financial services segments. Nothing new here.  See my commentary in  Darer Structured Settlement White Paper on Secondary Market Constructive Solutions 2015 p 8-14, published September 14, 2015.

Why should a life insurance company, or the life insurance industry, pay for states' legislative failure to mitigate a risk known to the legislature? 

Florida, for example, amended its structured settlement protection act in 2016. Florida is the epicenter of structured settlement factoring headquarters. Florida courts were favored destination forum shopping venues for structured settlement factoring companies where Sumter County Judge Michelle Morley was a factoring industry favorite. Morley approved a number of Cordero's transactions. Florida should be leading regulation of sales practices instead of lagging behind West Virginia,Maryland, Maine, Georgia, Louisiana and soon South Carolina in terms of at least requiring registering structured settlement transferees and giving a regulator the ability to fine, suspend or revoke authority.

What if the Cordero Opinion Had Gone The Other Way?

Had the Cordero opinion by the New York Court of Appeals gone the other way, it might have opened the floodgates to legal recoveries against structured settlement annuity issuers and qualified assignment companies, possibly leading to the reduction of opportunities for other tort victims, increased costs, while leaving some structured settlement factoring companies, whose nefarious activities have been publicized, free to continue their pillaging without consequences.

Anyone watching oral arguments would have noticed the eyebrow raising citation of Independent Life's Payee Protection policy in front of two other companies, almost as if it were a product placement in a movie called "Night and Day" (it wasn't).

From a 2021 Independendent Life blog post "Independent Life, with our Payee Protection Policy, is among the examples of “major players in the market” that Mr. Gordon (Columbia Law School '21) mentions having “already established transfer petition objection policies that both illustrate how these duties could manifest and demonstrate that insurance companies are fully capable of investigating whether a tort victim is being abused.” Independent was not in business when Cordero's structured settlement was written, or when Transamerica stopped writing business.

But "Night and Day" Night and Daywould be a felicitous observation framed by a quote Hindert cited from Winston Churchill less than 5 years ago upon assuming his current role at Independent Life paired with another Churchill quote that I have cited later in this post.

NIGHT

“The farther backward you look, the farther forward you are likely to see.” said late British Prime Minister Winston Churchill. It's a quote from Churchill, chosen by Hindert, who is the co-author of the seminal structured settlement industry text that he used in his final and still published Beyond Structured Settlements blog post on August 13, 2018. That's less than 5 years ago at the time of this posting. 

The National Association of Settlement Purchasers (NASP) promotes itself as a leader in "setting standards" and implementing best practices in the Secondary Market for structured settlements. NASP strives to improve awareness and understanding of how this vital market works, as well as to ensure the market remains fair, competitive, and transparent  Source: NASP website, retrieved May 5, 2023.

7 Years Back

NASP has bestowed its Alexander Hamilton Award eight times "to distinguished individuals who have supported and defended the right to free alienability of property rights." NASP considers this right to be its own cornerstone and the foundation of the structured settlement factoring business".  Patrick Hindert,  S2KM Ltd  November 22, 2015  Source: S2KMblog.typepad.com, retrieved May 4, 2023. 630pm EDT.

11 Years Back

At the time Hindert published the August 13 2018 Beyond Structured Settlements post from which the above Churchill cite has been excerpted, Hindert was one of those eight recipients who in the eyes of NASP "supported and defended the right to free alienability of property rights"...." the cornerstone and foundation of trhe structured settlement factoring business". Patrick Hindert was bestowed the Alexander Hamilton Award by the National Association of Settlement Purchasers in 2012.  In Latin that's known as Res Ipsa Loquitur.

Cordero Transfer Petition Submitted Just Months Before Hindert Honored by Factoring Trade Association

Ironically a Lujerio Cordero transfer petiton with a signed Settlement Agreement incorporated in an Exhibit was submitted in July 2012, just a few months earlier. One of those petitions was submitted by Singer Asset, then a member of NASP. 

Reprising Hindert's cited Winston Churchill quote “The farther backward you look, the farther forward you are likely to see.”

12 Years Back

"Many primary market participants will disagree with portions of the above paragraph. They do not view structured settlements transfers either as a product improvement or as a recipient's "right" however that right may be qualified by statute".  S2KM Beyond Structured Settlements NASP Annual Meeting commentary  November 18, 2011

14 Years Back

Patrick Hindert 2009  Beyond Structured Settlements

"Adam Scales - When Professor Adam Scales first questioned the myth of squandering injury victims in his remarkable 2002 University of Wisconsin Law Review article titled: "Against Settlement Factoring? The Market in Tort Claims has Arrived", he was reviled by leaders of the primary structured settlement market. Seven years following the publication of Professor Scales' article, structured settlement and settlement planning leaders continue to quote false dissipation statistics and mis-characterize existing dissipation studies to promote a negative and false psychological and financial profile of injury victims".

Hindert referred to structured settlement industry myths and considers them "especially pernicious", related and long-standing:

In 2002 Associate Law Professor Adam Scales'  is quoted in the Wisconsin Law Journal:

"What is objectionable in the rhetoric of structured settlement enthusiasts is the unsubtle attribution to tort claimants of characteristics, values and habits that are generally held in contempt in American political discourse: a lack of self-control, and the concomitent propensity to wind up on welfare." 

Patrick Hindert devoted 5 blog posts to the " J.G.Wentworth Thought Leadership Conference"

Two years before the first of its two bankruptcy filings JG Wentworth said this:

"J.G.Wentworth was founded on a single, yet powerful idea: deferred payment streams can be purchased at a discount to produce superior returns".  J.G. Wentworth corporate brochure 2007  .pdf  page 3". 

Superior returns for who and at what expense to consumers solicited by companies in an industry whose participants were not licensed, or their sales practices regulated? This was a reasonably forseeable problem that was ignored. If you were to examine HIndert's body of work you with fiund little to nothing addressing this issue over more than two decades spanning the enactment of VTTRA 2001 and the present day.

DAY

Hindert May 4, 2023, in the Independent Life Blog

"The justices of the New York State Court of Appeals have rendered a decision which gives Transamerica and NSSTA the results they wanted and what they argued existing legislation, case law and structured settlement documentation requires concerning specific rights and duties of annuity providers and structured settlement obligors. The same decision, however, undoubtedly will have an opposite impact and interpretation for Lujerio Cordero and thousands of similar factoring victims".

At Independent Life, Patrick is responsible for New Business Development, including new products, new clients and new markets. Patrick also represents Independent Life within multiple national professional associations, including the National Structured Trade Association (NSSTA) where he currently is a member of the Legal and Certified Structured Settlement Consultant (CSSC) committees as well as NSSTA’s ABLE and MSA Task Forces.

Independent LIfe has a Payee Protection Policy.

Every year, thousands of structured settlement payees participate in (Internal Revenue Code) 5891 transactions, transferring payment rights to factoring companies. These companies use highly persuasive marketing tactics to lead payees, who are often no longer represented by professional advisors, to transfer payments to themselves, often offering inadequate compensation.

Generally, the structured settlement professionals, settlement planners and attorneys, who participated in the settlement, are not even aware of the impending 5891 transfers. So, this team of professionals, who collectively advised the payee on the original payout plan, is unable to assist the payee in finding a reasonable alternative or at least in making an educated decision. The life insurance companies continue making payments (to a different payee assuming a transfer occurs), but the original payee’s payment plan is never really secure when structured settlement payment rights can so easily be transferred to a third-party.

As part of Independent Life’s Payee Protection Policy, Independent Life has committed to publishing an annual report to outline the number of petitions, orders approving, orders denying, and appeals related to §5891 transfer requests. The purpose of this report is to provide full disclosure to the structured settlement market on these transactions as it relates to Independent Life.  Independent Life states that " we hope this effort will ultimately encourage the other structured settlement providers to adopt a similar policy for the benefit of structured settlement payees and for the overall security of structured settlements.

Instead its Director of Business Development has essentially used this Payee Protection Policy as a cudgel to support thus far unsuccessful efforts to support extracting money from life insurers to deflect from the proverbial steaming pile of elephant poo in the middle of the room...the unregulated structured settlement factoring companies and their public facing employees, brokers and agents who solicit structured settlement annuitants, fomented by the strategic failure of state legislatures and in certain states, and in some states, grossly inneffectual state court judges entrusted with being the Yea or Nay arbiter. 

Why No Updates Since 2021?

Despite the covenant in its Payee Protection Policy brochure, to publish an annual report concerning the Payee Protection Policy, Independent Life has only published one such report, for the time frame February 25, 2020 through February 24, 2021. That contained just two interactions. In both instances the structured settlement transfers were approved. At the time of this posting why has there been no report for the 2021-2022 time frame or 2022-2023 time frame?  That would be useful and might be worth celebrating, let alone keep the covenant made to the target audience.

While I'm confident that Independent Life keeps such statistics, it is evident that the Payee Protection Act brochure on its site at time of posting has apparently not been updated since early 2021. Consider that it states therein that "the sale of structured settlement payment rights is governed by Section 5891 of the U.S. Internal Revenue Code and Structured Settlement Protection Acts in 49 states. However on August 11, 2021, New Hampshire SB 134 was signed into law as the 50th US state to adopt a structured settlement protection act. Of note the New Hampshire Act "specifically states that the structured settlement obligor and the annuity issuer bear no liability from failing to comply with the requirements of the statute. Statutory protection of this level is important, as structured settlement obligors and annuity issuers are often faced with needing to address third-party factoring petitions on a rapid-fire basis as they deal with competing transactions and fast-approaching court dates". For more details about the NH SSPA see . The Granite State Solidifies Structured Settlement Protection Act | Publications | Insights | Faegre Drinker Biddle & Reath LLP  August 12, 2021.

Instead of using it as a cudgel, perhaps its utility could be improved by Independent Life updating same and disclosing the results during each of the years in the missing two year time frame.

While I am encouraged by Patrick Hinderts interest in promoting structured settlements instead of lauding an award that he received that was given to " distinguished individuals who have supported and defended the right to free alienability of property rights"  and, if we go farther back  (in a nod to Sir Winston), promoting "factoring is settlement planning",

On January 22, 2022, on the Independent Life blog

"Unless and until the blight of factoring company abuse is brought under control, the full potential of structured settlement products and the structured settlement market as originally envisioned by Congress will never be realized".

Churchill also said "It is always wise to look ahead but difficult to look further than you can see”

Action Plan

  • Licensing and enforcement.  Require background checks. History has shown little consequences to bad actors. This must change. There must be consequences. Require each entity to be licensed. If you want to have 100 pop-up LLCs in Wisconsin, how about needing to have 100 licenses? Require that entities have a minimum amount of insurance. Having licensing and standards of practice and accountability might make it more attractive for insurers.
  • Seller's Guide produced Independent of the factoring company that should be delivered to the seller at the beginning of the sales process, separate and apart from the mandatory disclosures. Seller should understand how the first petition and sale may impact their and thair family's privacy.
  • Lobby remaining states to adopt the 2017 Revisions to the Life & Health Guaranty Funds Model Act (#520). Close to 40 states have already adopted.

Posted at 04:29 AM in Broward County Structured Settlements, Buffalo Structured Settlement Cash Now, Cordero v Transamerica, Excessive Structured Settlement Factoring, Judges on Structured Settlement Factoring, National Association of Settlement Purchasers (NASP), Structured Settlement Factoring, Structured Settlement Factoring Litigation, Structured Settlement Factoring News, Structured Settlement Transfers, Structured Settlement Watchdog® | Permalink

Twitter | Pinterest | Facebook

May 04, 2023

Met Life Q1 2023 Results "Strong Structured Settlement Sales"

by John Darer CLU ChFC MSSC CeFT RSP CLTC

Structured settlements sales and UK longevity reinsurance were a bright spot in MetLife's Q1 2003 Metlife building New York NY 10165 results  MetLife Announces First Quarter 2023 Results | Business Wire

MetLife's Retirement and Income Segment

Premiums, excluding pension risk transfers, adjusted premiums, fees and other revenues were $669 million, up 43 percent, primarily driven by strong structured settlement sales and growth in UK longevity reinsurance.

MetLIfe issues structured settlements through Metropolitan Tower LIfe Insurance Company and Metropolitan Life Insurance Company and structured judgment annuities thorugh Metropolitan Life insurance Company. MetLife Structured Settlements has had a very strong social media presence in the last 12 month. MetLife has  clearly ramped up efforts to create more awareness for its non qualified structured settlement products

  • Structured Installment Sales
  • Employment Settlements
  • Wrongful Incarceration. Wrongful Conviction Settlements
  • Construction Defects and Property Damage Settlements
  • Intellectual Property Settlements
  • Civil Rights cases

Posted at 10:51 AM in Albany New York Structured Settlements, Baltimore Structured Settlements, Bethesda Structured Settlements, Boca Raton Florida Structured Settlements, Boston Structured Settlements, Bowling Green Kentucky Structured Settlements, Bridgeport Structured Settlements, Bronx New York Structured Settlements, Brooklyn New York Structured Settlements, MetLife Structured Settlements, Metropolitan Life Insurance Company, Metropolitan Life Structured Settlements, New Haven CT Structured Settlements, New Jersey Structured Settlements, New London Structured Settlements, New Orleans Louisiana Structured Settlements, New Rochelle Structured Settlements, San Francisco Structured Settlements, Santa Monica Structured Settlements, Sarasota Structured Settlements, Structured Settlement Industry News, Structured Settlements in Fort Lauderdale FL, Structured Settlements in Fresno County, Structured Settlements in Ithaca New York area, Structured Settlements in Maine, Structured Settlements in Miami Florida area, Structured Settlements in Nassau County, NY, Structured Settlements New York, Suffolk County Structured Settlements, Sumter County Structured Settlements, Syracuse Structured Settlements, Tampa Structured Settlements, Texas Structured Settlements, Tulsa Structured Settlements, TX structured settlements, Washington Structured Settlements, White Plains Structured Settlements, Wisconsin Structured Settlements, WV Structured Settlements, Yonkers Structured Settlements | Permalink

Twitter | Pinterest | Facebook

May 03, 2023

John Darer Reviews Latest in 8 year old Annuitant v Factoring Company Case

by Structured Settlement Watchdog

A pre-trial hearing was held on May 1, 2023 in the Terrence Taylor case. 

Status of Interpleader

In August 2022, I reported that Judge Charles J. Maxfield granted the New York Life interpleader motion that had been pending for many years.  What this meant is that instead of New York Life Insurance Company making structured settlement payments to the structured settlement factoring companies;  their investors and/or assignees, the payments in dispute were to be paid into the Court until the lawsuit is adjudicated.  At that point the payments could go to the current payees, to Taylor, or some combination. In the May 1, 2023 hearing, Judge Maxfield ruled on the interpleader, the result of which is that the payments related to structured settlement transfer petitions of Jay Gee LLC and iSettlements LLC were removed from the interpleader and those parties and claims were non-suited.   § 8.01-380. Dismissal of action by nonsuit; fees and costs (virginia.gov)

The payments however, are not due to start for a number of years into the future. I understand that these parties have reached a confidential settlement. 

Interpleader Motion is GRANTED in Terrence Taylor Case in Portsmouth, Trial Set for June 2023 - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)  August 25, 2022

______________________________________________________________

SIDE BAR

The above settlement is not the first associated with the series of structured settlement factoring transactions between factoring companies and Taylor in an ungodly short period of time. The original action captioned in the April 20, 2015 amended Federal Complaint STRUCTURED ASSET FUNDING, LLC d/b/a 123 LUMP SUM a/k/a 123 LUMP SUM, LLC; BLAZINGSTAR FUNDING, LLC; JAY GEE, LLC; BEXHILL, LLC; iSETTLEMENTS LLC d/b/a 123 LUMPSUM; HPF CAPITAL d/b/a HIGHPOINT FUNDING and RHETT WADSWORTH. Bexhill, LLC, which was associated with now defunct Boca Raton structured settlement factoring company Client First Funding, settled early on in litigation filed in Federal Court in Alexandria Virginia, which was voluntarily withdrawn in 2015 before the state filing in Portsmouth

___________________________________________________________

Judge Maxfield Rules in Favor of Motion to Bifurcate Trial on Issue of Jurisdiction

With respect to the remaining parties, Taylor's attorneys sought to have the upcoming trial bifurcated to address the issue of jurisdiction.  In all of the Taylor structured settlement transfer petitions by Structured Asset Funidng and related companies were submitted in Virginia, specifically the Portsmouth Circuit. But as Terrence Taylor's camp has already pleaded and contended, Terrence Taylor was a resident of West Virginia.

1.Systematic raiding of structured settlement funds through acts of fraud, misrepresentation and negligence that has left a seriously injured amputee burn victim without any means of supporting himself or his dependent child.

2. Statutory violations of the Virginia Structured Settlement Protection Act, Title 59.1,
Chapter 41 (“Virginia Structured Settlement Protection Act”),

3. Statutory violations of Transfers of the Right to Receive
Future Payments, West Virginia Code Statute R. Section 46A-6H (“West Virginia Structured
Settlement Protection Act”),

4. Violations of the West Virginia Consumer Credit and Protection Act, W. Va. Code §§ 46A-6-104 and 102(7)(E) (the “West Virginia Consumer Protection Act”);

An “applicable State statute” is defined as a statute that provides for entry of an order, judgment or decree described in clause (A) above and has been enacted by (I) the state in which the payee of the structured settlement is domiciled, or (II) if there is no such statute in the state in which the payee is domiciled, then the State in which a party to the structured settlement (including an assignee under a qualified assignment under section 130) or the person issuing the funding asset for the structured settlement is domiciled or has its principal place of business. IRC section 5891(b)(3) Excise Tax on Structured Settlement Factoring Audit Technique Guide  (March 2019 revision)

Was Structured Asset Funding or any its affilates involved in Terrence Taylor Transfer Petitions Registered in West Virginia when Terrence Taylor was Solicited in West Virginia?

§46A-6H-8. Registration with the secretary of state  (West Virginia Law)
(a) A transferee or other person in the business of soliciting or purchasing future payments shall file a registration statement with the secretary of state before advertising or arranging transfers of consumer’s future payment rights in this state.

The above linked August 25, 2022 post provides more detail.

The Terrence Taylor Case

Systematic raiding of structured settlement funds through acts of fraud, misrepresentation and negligence that has left a seriously injured amputee burn victim without any means of supporting himself or his dependent child. The shockingly short time frame that it took for judges in Portsmouth to approve 10 transactions in 2 years, multiple millions of dollars of structured settlement factoring transactions for pennies on the dollar as being in Terrence Taylor's best interest,brought national attention to the inadequacies of the first generation of structured settlement protection laws in Virginia and elsewhere. The Virginia structured settlment protection act wasamended shortly after national attention was brought to the case. Retired Portsmouth Judge Dean Sword approved 8 of the transactions. The system relies on judges as the last line of defense in what has been described as flawed system. 

The flawed system that allows companies to make millions off the injured - The Washington Post  December 28, 2015  

Opinion | Virginia’s weak laws allow structured settlements for pennies on the dollar - The Washington Post

Terrence Taylor Structured Settlement | Lawsuit v 123 Lump Sum | The Back Story - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)

 

Posted at 02:02 PM in Annuity Sues Factoring Company, Buffalo Structured Settlement Cash Now, Factoring Company Sues Annuitant, Portsmouth Structured Settlement Cash Now, Structured Settlement Factoring News, Structured Settlement Transfers, Structured Settlement Watchdog®, Virginia Structured Settlement Cash Now, West Virginia Structured Settlements, What is a Nonsuit in Virginia?, WV Structured Settlements | Permalink

Twitter | Pinterest | Facebook

April 29, 2023

John Darer Reviews Broker's Claim that Structured Settlement Brokers Issue Annuity Policies

by Structured Settlement Watchdog

Who Issues Structured Settlement Annuity Policies?

Here's one answer...

"Structured settlement brokers...and are responsible for issuing the annuity policy to the plaintiff"- FAQ answer from the website of a California licensed insurance agent and structured settlement broker , retrieved April 29, 2023
 
According to the Insurance Information Institute however Structured settlement tree of knowledge
 
"Annuities can be purchased through insurance agents, financial planners, banks and life insurance carriers. However, only life insurance companies issue policies".  See How are annuities sold? | III
 
Is an Annuity Policy "issued to the plaintiff" When a Structured Settlement Is Established?
 
No, an annuity policy is never issued to the plaintiff when a structured settlement is established. See How Structured Settlements Work | Structured Settlements Explained (4structures.com)
 
Structured settlement annuities can be purchased by Defendants, Insurance Companies for Defendants, or Qualfied Assignment Companies.
 
April is Financial Literacy Month – a month intended to raise awareness on planning for a secure financial future. It’s also a time to reflect on the state of your personal finances and explore opportunities to improve them one step at a time. 
 
Publishing what should be basic information directed to consumers, that is bereft of the accurate truth, would not be acceptable standard for someone who just passed a state insurance licensing exam, let only someone with decades of experience in structured settlements.
 
Let's try to do better, eh?
 
 
 
 
 

Posted at 08:57 AM in Albany New York Structured Settlements, Bowling Green Kentucky Structured Settlements, Bridgeport Structured Settlements, Bronx New York Structured Settlements, Brooklyn New York Structured Settlements, Buffalo New York Structured Settlements, Connecticut Settlement Planning, Conshohocken Structured Settlements, Detroit Michigan Structured Settlements, Greenwich Structured Settlements, Hartford CT Structured Settlements, Long Island NY Structured Settlements, Los Angeles CA Structured Settlements, Misinformation About Structured Settlements, Missouri Structured Settlements, NC Structured Settlements, New Jersey Structured Settlements, New Orleans Louisiana Structured Settlements, New York Personal Injury, New York Structured Settlements, Newburgh Structured Settlements, NH structured settlements, NJ Structured Settlements, North Carolina Structured Settlements, Rhode Island Structured Settlements, Rochester Structured Settlements, San Francisco Structured Settlements, Santa Monica Structured Settlements, Sarasota Structured Settlements, South Carolina Structured Settlements, St. Louis Structured Settlements, Structured Settlement Watchdog®, Structured Settlements Florida, Structured Settlements in Florida, Structured Settlements in Fresno County, Structured Settlements in Georgia, Structured Settlements in Illinois, Structured Settlements in Ithaca New York area, Structured Settlements in Kentucky, Structured Settlements in Louisiana, Structured Settlements in Maryland, Structured Settlements in Michigan, Structured Settlements in Nassau County, NY, Syracuse Structured Settlements, Tulsa Structured Settlements, TX structured settlements, VA Structured Settlements, Washington Structured Settlements, White Plains Structured Settlements, WV Structured Settlements | Permalink

Twitter | Pinterest | Facebook

April 25, 2023

Cordero v Transamerica | NY Court of Appeals Rules AGAINST Cordero in Favor of Transamerica

by John Darer CLU ChFC MSSC CEFT RSP CLTC

The Focus Should Have Been on The Locus

The New York Court of Appeals has ruled against lead paint victim Lujerio Cordero in his battle against Anti assignment provisions in structured settlement agreements Transamerica to break new legal ground in the interpretation of structured settlement agreements, having attempted to do so without a focus on the "locus", the unlicensed and unregulated structured settlement factoring companies that actually completed 6 structured settlement factoring transactions, a point raised by the judicial panel in New York's highest court during oral arguments on March 16, 2023.

In writing for the majority decision, Judge TROUTMAN opined:

"The United States Court of Appeals for the Eleventh Circuit certified to this Court a question requiring us to consider whether a plaintiff sufficiently pleads a cause of action for breach of the implied covenant of good faith and fair dealing under New York law by alleging that, during a Structured Settlement Protection Act proceeding, defendants (i.e., the structured settlement obligor and the issuer of an annuity funding the settlement) failed to enforce the anti-assignment provisions contained in structured settlement and qualified assignment agreements. Based on the New York Court of Appeals' reformulation of the question, it concluded that such allegations do not state a cognizable cause of action for breach of the implied covenant".

Download Corderov Transamerica NY Court of Appeals 21opn23-Decision 4-24-2023

The case now goes back to the 11th Circuit Court of Appeals. 

Lujerio Cordero,
Appellant,
v.
Transamerica Annuity Service
Corporation, &c.,
Respondent,
Transamerica Life Insurance
Company,
Respondent,
et al.,
Third-Party Defendants-
Cross Defendants.

Transamerica Annuity, the qualified assigmment company used in the placement of Transamerica Life Insurance Company until Transamerica Life stopped writing strucured settlement annuities in 2003, is now known as Wilton Re Annuity Service Corporation.

Prior Blogs and Background

New York Court of Appeals Oral Arguments in Cordero v Transamerica - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)  March 23, 2023

Anti-Assignment Provisions in Qualified Assignments Focal Point of Structured Settlement Litigation - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)  March 6, 2023

Cordero v Transamerica | A Crowbar at "Pandora's Box" Due to Mostly Toothless State Regs and Judicial Immunity - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)  February 14, 2023

New York Law Journal Headline April 25, 2023

NY Court of Appeals Dislodges Insurance Companies From Guardian Role in Sale of Structured Settlements | Law.com Radar

 

 

 

 

Posted at 10:42 AM in Bowling Green Kentucky Structured Settlements, Bridgeport Structured Settlements, Bronx New York Structured Settlements, Brooklyn New York Structured Settlements, Buffalo New York Structured Settlements, Chicago Illinois Structured Settlements, Detroit Michigan Structured Settlements, Long Island NY Structured Settlements, Los Angeles CA Structured Settlements, Missouri Structured Settlements, NC Structured Settlements, New Jersey Structured Settlements, New Orleans Louisiana Structured Settlements, New York Personal Injury, New York Settlement Planning, New York Structured Settlements, Newburgh Structured Settlements, News About Structured Settlements, NH structured settlements, NJ Structured Settlements, North Carolina Structured Settlements, Oklahoma Structured Settlements, Palm Beach Structured Settlements, Philadelphia PA Structured Settlements, Rhode Island Structured Settlements, Rochester Structured Settlements, Sacramento Structured Settlements, San Francisco Structured Settlements, Santa Monica Structured Settlements, Sarasota Structured Settlements, Settlements in Queens County New York, South Carolina Structured Settlements, St. Louis Structured Settlements, Structured Settlement History, Structured Settlement Industry News, Structured Settlement Watchdog®, Structured Settlements in Georgia, Structured Settlements in Illinois, Structured Settlements in Louisiana, Structured Settlements in Maryland, Structured Settlements in Michigan, Structured Settlements in Nassau County, NY, Syracuse Structured Settlements, Tulsa Structured Settlements, TX structured settlements, VA Structured Settlements, Washington Structured Settlements, White Plains Structured Settlements, WV Structured Settlements, Yonkers Structured Settlements | Permalink

Twitter | Pinterest | Facebook

Colorado Structured Settlement Investors | No Payment Rights Insolvency Protection (PASSED)

by John Darer CLU ChFC MSSC CeFT RSP CLTC

John Darer reviews Colorado House Bill 23-1303, an Act Concerning Protections in the Event of Insurance Company Failure that was passed and signed into law by Colorado Governor Jared Schutz Polis on May 15, 2023. 

While such occurrences are rare, investors in other people's structured settlement payments should know, before they invest, about the potentially devastating consequences to their investment in the event such an insolvency occurs. Colorado residents who have acquired structured settlement payment rights as an investment will now feel less confident about the prospects for their investment in the event of insolvency of the underlying annuity issuer. 

Secondary market annuity colorado
Colorado prairie dogs express surprise

 "Rocky Mountain N-aye"

Specifies that the act does not provide coverage to a person that acquires rights to receive, or to a payee or beneficiary that transfers its rights in, a structured settlement factoring transaction, as defined in federal law, regardless of when the transaction occurred

"(XX) STRUCTURED SETTLEMENT ANNUITY BENEFITS TO WHICH A
10 PAYEE OR BENEFICIARY HAS TRANSFERRED THE PAYEE'S OR BENEFICIARY'S
11 RIGHTS IN A STRUCTURED SETTLEMENT FACTORING TRANSACTION, AS
12 DEFINED IN 26U.S.C. SEC. 5891 (c)(3)(A), REGARDLESS OF WHETHER THE
13 TRANSACTION OCCURRED BEFORE, ON, OR AFTER THE EFFECTIVE DATE OF
14 26 U.S.C. SEC. 5891 (c)(3)(A)"

Yield Seeking Investors May Have Been Drawn in by a Dishonest Sales Pitch By Those They Trusted

To be crystal clear, I'm not speaking about legitimate structured settlements that were established for a plaintiff at the conclusion of their lawsuit. I am speaking of investments in other people's structured settlement payments rights.

Although somewhat less prevalent today, acquired structured settlement payment rights were heavily and marketed to investors as annuities, secondary market annuities, SMAS, SMIAS and so on, even though acquired structured settlement payment rights were not annuities as defined under the laws of many states.   But it wasn't just nameless, faceless "guys on TV" or aliens from outer space, it may have been settlement planners, financial advisors, CPAs or peddlers of "alternative investments".

Some settlement planners were involved in such activity, for which there likely would be no errors & omissions coverage in the event of insolvency. The scary thing for some of them is that not only will the settlement planners' clients not have a remedy in Colorado if/when the bill is signed into law, and the majority of states which have already adopted the 2017 Revisions to the Life & Health Guaranty Associations Model Acti (#520), but the subject settlement planners may not have coverage under their errors & omissions insurance. Hopefully, Time for investors to start asking questions of those settlement planners and advisors and revise expectations. 

What is an annuity under Colorado Insurance law?

An annuity is a contract in which an insurance company makes a series of income payments at regular intervals in return for a premium or premiums you have paid to the insurance company. Annuities are often purchased for future retirement income.  Life Insurance & Annuities | DORA Division of Insurance (colorado.gov)

The majority of US states have adopted the 2017 Revisions to the Life & Health Guaranty Associations Model Act (#520), incuding the killer retro provisions. Notable hold outs surprisingly include the states of California and New York

John Darer Reviews

Why States Now Exclude SMA Investors From Annuity and Insurance Insolvency Schemes? - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)

Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary: Risks of Investing in Payment Rights (typepad.com)

Bad News for Structured Settlement Investors as NAIC Encourages Adoption of Model Act #520 - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary typepad.com) March 15, 2022

Are Structured Settlement Investments Covered by State Guaranty Funds? (4structures.com) August 1, 2020

Last updated May 20, 2023

 

 

Posted at 12:15 AM in Acquired Structured Settlement Payment Rights, Aspen Structured Settlements, Boulder Structured Settlements, Colorado Insurer Insolvency Scheme, Colorado L&H GA, Colorado Springs Structured Settlements, Colorado Structured Settlement Investments, Colorado Structured Settlements, Denver Structured Settlement Investments, Denver Structured Settlements, Fort Collins Structured Settlement Investments, Greenwood Village Structured Settlements, In Force Structured Settlement Market Commentary and Discussion, John Darer Reviews, Secondary Market For Structured Settlement Payment Rights, Secondary Market Structured Settlements, Structured Settlement Factoring News, Structured Settlement Payment Rights, Vail Structured Settlement Investments | Permalink

Twitter | Pinterest | Facebook

April 24, 2023

Stone Street Deceptful Use of "Settlement Withdrawal" to Describe Structured Settlement Factoring

by Structured Settlement Watchdog

When legislators finally get around to a licensing standard for structured settlement factoring companies, Stone street capital settlement withrawal perhaps Stone Street Capital will become less brazen than using the term " Settlement Withdraw" to describe a pennies on the dollar structured settlement transfer.

"Structured Settlement - Settlement Withdraw" is how the Google paid ad looked at time of publication

  1. When you have a bank balance of $20,000 and want to withdaw $3,000 to pay your dentist for that root canal, post and crown, that is not covered by your dental insurance, you get dollar for dollar. You need $3,000 and you withdraw $3,000
  2. But when you go to Stone Street Capital you get nothing more than pennies on the dollar, so it's really not a withrawal is it? For the same $3,000 you would have to sell more than $3,000 to net $3,000.
  3. You cannot withdraw from your settlement.
  4. In fact there is a Structured Settlement Protection Act (SSPA) in each and every one of the 50 United States and the District of Columbia. A structured settlement factoring transaction is not a withdrawal. The immutable fact that court approval is required and that the structured settlement transfer acts refer to a transfer of structured settlement payment rights (NOT a withdrawal) flushes the slurry of Elsie's cow poo from Stone Street Capital, a JG Wentworth company, down the trough.

I will continue to document these sales practices of companies in the structured settlement secondary market so that state and federal legislators can continue to see examples of how structured settlement factoring companies disrespect consumers.  How hard is it to simply use the right terminology and make it a habit to do so?

The collective strategic failure of the majority of state legislatures to regulate the sales practices of structured settlement factoring companies has in some cases led to disastrous outcomes. 

Posted at 11:11 AM in Chesterbrook Structured Settlements, False Advertising Re Creating, Buying or Selling Structured Settlements, Misinformation about Structured Settlement Factoring, Misinformation About Structured Settlements, Settlement Withdraw, Settlement Withdrawal, Structured Settlement Factoring News, Structured Settlement Payment Rights, Structured Settlement Taxonomy, Structured Settlement Transfers, Structured Settlement Watchdog® | Permalink

Twitter | Pinterest | Facebook

Stone Street Capital Canard "You Deserve Cash Sooner"

by Structured Settlement Watchdog
 
A recent Stone Street Capital Stone street capital retort to you deservead's premise is quite simple, if you don't read it literally.  They give you pennies on your structured settlement dollar and you "get the cash you deserve sooner".  That's supposed to be a fair deal? 
 
No "Stone Soul Picnic"
 
If you have a structured settlement don't fall for the grammatically challenged, capital letter missing on a personal pronoun Stone Street Capital sucker's play "Structured settlement i have - You Deserve Your Cash Sooner".  Think about what Stone Street Capital's marketing pitch literally says...
 
1. I (i.e. you) have a structured settlement
2. Someone other than you (the way it is written) deserves your cash sooner.  You see what they did? That's stone cold busted right there.
 
Most people who are receiving stable income tax free payments don't need to sell them for pennies on the dollar.  You can buy a lot of lollipops with what you save, Sweet!
 
 
 
 

Posted at 07:52 AM in Beware Cash Now Suckers Play, Chesterbrook Structured Settlements, Stone Street Capital Commentary, Structured Settlement Factoring News, Structured Settlement Transfers, Structured Settlement Watchdog®, The Cash That You Deserve Canard | Permalink

Twitter | Pinterest | Facebook

Older »
My Photo
View John Darer's profile on LinkedIn
See how we're connected

Google Search

  • Google

    WWW
    structuredsettlements.typepad.com

Guide to Structured Settlements 2023

  • What is a Structured Settlement? What You Need to Know
    Structured settlements and what you need to know about them including a helpful introductory video featuring 2023 A.M. Best Client Recommended Structured Settlement Expert and Registered Settlement Planner John Darer® of 4structures.com® LLC
  • How Do Structured Settlements Work? How Structured Settlements Work
    How structured settlements work, including 4structures.com LLC's super helpful structured settlement flow chart/diagram showing how structured settlements fit in on the spectrum of settlement planning solutions.
  • Rated Ages and Structured Settlement Cost
    Rated Ages for Structured Settlement Annuities present advantages to all parties. Shift the mortality risk to a life insurance company whose business it it is to assess mortality risk to price its life insurance and annuities. Rated ages 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 { WCMSA LMSA or NFMSA].
  • Structured Settlement Annuity Companies 2023
    Which life insurance companies issue structured settlement annuities going into 2023? 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 and/or other Tier1 NAIC ratings, with links to their websites and other useful information.
  • 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 and other non qualified structured settlements.
  • 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 888-325-8640
  • 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. Diversify your structured settlement, if you wish, by funding with more than one annuity issuer, with treasury funded structured settlements, index linked structured settlement payments and market based structured .
  • Structured Attorney Fees for Tax Deferral for Contingency Fees
    Structured attorney fees is a financial strategy that offers a unique way to defer taxes for lawyers and law firms. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure their settlement. There are multiple ways to structure your attorney fees, such as the an index linked structured settlement where payments are adjusted based on upside changes in the S&P 500 with no downside and a cap of 5%. Trial Lawyers may also use a special deferred pay/deferred compensation arrangement, if market based returns returns are desired with no cap. Plan NOW for year end! Put structured attorney fee expert John Darer® on your settlement planning team.
  • Structured Settlement Annuity Company Customer Service Phone Numbers
    Receiving structured settlement payments from your own structured settlement or inherited structured settlement? You'll like this huge time saver. Click for a comprehensive list of customer service telephone numbers that includes both current AND former structured settlement annuity issuers and reinsurers. If you have simple bank or beneficiary changes, or if the insurance company that issued the structured annuity has merged, sold or spun off its block of structured annuity business (e.g. Aviva, Allstate, Transamerica, AEGON, GE Capital, Liberty, CNA, Confederation Life) or changed its name and you're trying to track them down, here you go! The list is regularly updated. Last updated January 23, 2023.
  • Structured Settlement Quote Lock-Ins | What You Need To Know
    What does a Structured Settlement Lock-In Mean? How do plaintiffs, defendants and insurers benefit from a structured settlement quote lock in when finalizing a settlement? How does the defendant/insurer/court benefit from using a structured settlement lock-in? Where to be careful when using structured settlement lock ins.
  • What Are Structured Settlement Annuities?
    Structured settlement annuities are annuities that can provide one or more customized annuity payment streams in a single contract. Read about structured settlement annuities here.
  • History of Structured Settlements
    Tracing the roots of structured settlements history from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as a core personal injury settlement planning tool to the present day.
  • What Are Market Based Structured Settlements?
    Market based structured settlements are an alternative or supplementary structured settlement solution for the plaintiff, attorney or law firm that: 1. Can afford to take some market risk 2. Have discretionary settlement dollars. Claimants and attorneys alike may find that market-based structured settlements provide the opportunity to receive tax-free income, or tax-deferred income, while enjoying growth potential.
  • iStructure |Uncapped Fixed Index Structured Settlement Annuity
    iStructure is an innovative game changing fixed index structured settlement annuity for plaintiffs or attorneys. with an intermediate to long term horizon

Qualified Settlement Funds

  • What is a Qualified Settlement Fund?
    Qualified Settlement Funds | What You Need to Know
  • Firmwide Qualified Settlement Funds Debunked
    Firmwide qualified settlement funds have been heavily promoted to trial lawyers, but have been debunked in a detailed analysis in a July 2022 legal opinion a tax partner at the law firm of Faegre Drinker Biddle & Reath, LLP. Trial lawyers and firms who have established Firmwide QSFs or coinsidering establishing a Firmwide QSF should read the analysis as part of their evaluation.

Contact Structured Settlement Expert John Darer®

  • More about John Darer® Structured Settlement Expert and Certified Financial Transitionist
  • How To Make Comments...I Really Enjoy Hearing From Readers
  • CALL 888-325-8640 (Toll Free USA) if you need a structured settlement expert, have questions about Structured Settlements, Financial Settlement Planning , Structured Attorney Fees, Structured MSAs, or just to have a good chat about what to do!

About The Structured Settlement Blog

  • Subscribe to John Darer's Blog | Here's How!
    Simply Click the Subscribe Button at the top left of the page above the blog title which will take you to the blog subscribe page or follow this link https://feeds.feedblitz.com/structuredsettlements
  • STRUCTURED SETTLEMENTS 4REAL® Blog Is a Popular Source of Structured Settlement News, John Darer Reviews and Information, Settlement Planning News, Tax Deferral and Deferred Income Planning Solutions,
    with a stable readership that seeks credible structured settlement information, John Darer Reviews, commentary and/or opinion about topical issues related to settlement planning, targeted to lawyers, injured persons and their family members, guardians, survivors, judges, magistrates, special masters, mediators, administrators, trust companies, insurance company executives and adjusters, financial advisers settlement professionals, financial professionals, insurance regulators, government leaders, federal and state law enforcement, buyers and sellers of structured settlement payment rights, the news media and other interested parties. 4structures.com LLC established this structured settlement blog in 2005. For over 17 years it has been a leading source for critical commentary. The John Darer authored blog has been among the most prolific, regularly providing reviews, fresh structured settlement, settlement planning, litigation recovery management content and commentary. John Darer®, CLU ChFC MSSC CeFT® RSP CLTC, President of Stamford, CT based 4structures.com, LLC, is an experienced New York City area structured settlement expert, structured settlement broker, Certified Financial Transitionist, and Registered Settlement Planner. In his capacity as a investigative journalist and commentator, and professionally, John Darer passionately believes that shining the light on a business practice is both healthy and newsworthy. It is in the best interest of injury victims, their families and their legal advisers, that the settlement planning discussion involve those that are properly trained in the topic, properly informed on the topic and, with respect to structured settlements, properly licensed and/or appointed). It has significant instructional and deterrent value to other practitioners and firms as well as those who may be caught in the cross hairs. WHAT YOU GET here is the straight stuff with a touch of irreverence and humor. We hope you enjoy and find the content to be helpful. Subscribe to the structured settlement blog feed, or a specific category feed through your blog reader, or through the Feedburner icon on this page. Followers of JDDarer™ on Twitter may also receive select content. If you would like to speak with John he can be reached at (888)325-8640 Thank you for reading! Last updated April 20, 2023

Useful Financial Calculators, Charts & Glossary

  • Economic Report of the President
  • Living To 100: Life Expectancy Calculator
  • Structured Settlement Factoring Discount Rate Calculator
  • Glossary of Structured Settlement, Settlement Planning Lingo and Legal Terms
  • U.S. National Debt Clock : Real Time
  • FDIC: Electronic Deposit Insurance Estimator (EDIE)

New York City Structured Settlements

  • New York City Structured Settlement Experts
    Bridge building settlement consultants who collaborate with clients using a humanistic process, providing creative and reliable advice and support for litigating parties and their lawyers with matters in Courts throughout the New York City metropolitan area
  • New York Structured Settlement Expert
    Whether you're at the crossroads of the world or the crossroads of your life, structured settlements provide stability for when life is at a crossroad. Call 888-325-8640
  • New York Settlement Planning Expert for NY Attorneys and Residents - YouTube
    New York settlement expert John Darer's comprehensive approach to Settlement Planning helps New York personal injury lawyers and their clients move through the financial transition resulting from a major life event. CPLR Articles 50A and 50B expertise for New York lawyers
  • New York CPLR 50A /50B Structured Judgments | Interest Rate Bonanza - YouTube
  • Should You Take a Structured Judgment or Settle Case in NY? - YouTube
    Should you take a CPLR 50 A or CPLR 50B structured judgment or should you try and settle? A discussion of some of the considerations.
  • New York Structured Settlements | 4structures.com LLC
    New York Structured Settlements and Structured Judgments website.
  • New York Structured Settlement Expert
    Useful information and ideas about structured settlements, settlement planning and litigation recovery managements for New York residents, New York Lawyers and New York judges
  • New York General Obligations Law §5-1702
    The New York Structured Settlement Protection Act imposes mandatory requirements on the defendant or the defendant's legal representative when a structured settlement is created (as part of the resolution of a case)
  • Structured Settlements v Structured Judgments
    Often confused by writers on the Internet, but there IS a difference between structured settlements and structured judgments under CPLR Articles 50A or 50B. Find out more...
  • New York Structured Settlements Best Practices Corner
    A omnibus selection of best practices learned "on the road" and through research that settlement consultants and their clients should be aware of.

Connecticut Structured Settlements

  • Connecticut Structured Settlement Experts
    4structures.com LLC is based in Stamford CT and Connectict works with clients all over CT, Greenwich, Stamford, Darien, New Canaan, New Haven, Hartford, West Hartford, West Haven, Torrington, Danbury, Wilton, Ridgefield, Norwalk, Midletown, New London, Westport, Oxford, Stratford, Old Greenwich, Stafford, Storrs, Groton
  • Help With Structured Settlements
    Help with all aspects of structured settlements
  • Rep. Joe Courtney D-CT - "Structured Settlements & Holly's Story-Video
    Connecticut Rep. and former Plaintiff lawyer Joe Courtney discusses structured settlements and favorable experiences using them with his former clients in this May 2009 video.

Structured Settlements 4Real Reader Comments

  • "You have a wonderful blog"
    Partner in Philadelphia law firm August 30, 2020
  • "Impressive Blog" -Counsel to Am Law 200 ranked International Law Firm July 22, 2020
  • "Thank you so much for giving us your time and leading us in the right path , Thank you, you are a God send , God bless you in all your works" -K April 11, 2017
  • "Once again, I can't tell you how appreciative I am for your help. In today's day and age, it is rare that you actually find people who are willing to go the extra mile..." -TC May 5, 2015
  • "I wanted to send you this email to say Happy New Year to you and your family. May God continue to bless you. I am grateful that I had the opportunity to meet you on the phone. I truly thank you for introducing me and my son, (redacted) to (lawyer). It is people like you that God put in the path of my son situation. Thanks a million times! {original on file] 1-2-2015
  • "John Darer has been nothing but honest,helpful,informative with options, & his "time" was NEVER an issue!"-Andrew S 8/18/2012
  • " I wish there were more like you" JG 9-15-2014
  • In my opinion, John Darer is an excellent consumer advocate in the insurance industry. When I had no one else to turn to after running up against the stone walls of these giant insurance company, John Darer used hours of his own time to investigate my situation. Not only is this an invaluable service to me the consumer but it is also of great value to the insurance industry by providing them consumer feed-back. This allows the insurance companies to correct their faults and move toward greater transparency which improves the overall public image of the insurance industry as a whole" JW 9/4/2014
  • John, Keep fighting the fight. -NASP member 12-4-2013
  • John...Thank you for your professional advice-Brandon 11-13-2013
  • "...Thanks to Mr. Darer's blog and personal pointers I was able to obtain a fair price for the sale of client structured settlement. Therefore, if one has no choice, but to sell their settlement educate yourself first before selling start by reading John's blog" Mr P. 11/17/2012
  • "I always appreciate when he (John Darer) keeps us informed on regs and rules. No one does it better"- structured settlement industry colleague and reader RY 7/26/2012
  • "Amen - and continued thanks for your vigilance, John"- RL 8/18/2011
  • "Thanks for writing these great blogs on your site John! As an individual investor I have learned so much about the secondary market (for annuities, structured settlements, lottery payments, etc.) from your blogs and video series!!!" (6/5/2011)
  • I have found the intelligent and forthright information on your site a godsend. So much so I have tried in a small way to pass on my findings to others. Please keep up the good work and enhance your well deserved reputation as the authority on this subject- Mike 4/29/2011
  • John - I can't thank you enough for bringing this to my attention. In my wildest dreams... PJ-May 12, 2011
  • John, I love reading your blog! Not only have I found very useful information there, but the comedy is much appreciated! Thanks for talking about "the big pink elephant in the living room" that everyone else ignores! Thank you again for your help via phone and blog! I really needed to hear what you had to say today! BM 11/23/2010
  • John—this (video published 11/2010) is a well done piece. I like the way you always stick to the facts-AM
  • What a wonderful blog you have! I have completely enjoyed reading some of your posts (4/16/2010)
  • Thank you so very much for discussing my concerns about Symetra, my annuity company. I am amazed that PI attorneys as well as a settlement broker in San Diego, could not answer the simplest questions I had regarding the Safeco/Symetra issue. Your blog/web site is most interesting and informative, and I am grateful you have take on the "watchdog" role! Thank you so much again (3/25/10)
  • "Keep up the good work exposing abuses in our industry - our future depends on clients being properly advised."-CD
  • Just checked out your blog and loved it. Keep up the good and balanced work-DL
  • "...we have never met but I thoroughly enjoy your web site and blog - excellent material…-PB
  • "I enjoy your website and its content. Informative and well written"-JC
  • I heard a radio ad for the Peachtree Settlement Fund as I was driving into work this morning. (San Francisco Bay area.) I decided to check it out on the Internet and came upon your blog. Thank you very much. I do not have a “structured” settlement,
  • "All the others that I had emailed & have seen on the net were "cash now types" & have no concern of me & just are looking for my $$$. When I came across your site & blog I realized that u are an upstanding guy & are not like others. That's why I emailed"
  • This was Great. Right On Point-TS
  • "Other Than John Darer No One Seems To Be Doing Anything"-J
  • Thanks for your help and also for the good work you do on behalf of our industry-L
  • "Thank you for being the inspiration that you are and for being a strong advocate for integrity in our business"-KL
  • "I Commend You On Your Effort To Make a Difference!" -R
  • "He is a fabulous writer who has a great passion for the structured settlement industry. I commend him on the passion he invokes when he writes on his blog listed above. That type of commitment and passion is hard to find and is rare in this world" -AC

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.

Legal Search Engines

  • Law Guru

Retirement Resources

  • Boston College Center for Retirement Research

Independent Professional Advice

  • Independent Professional Advice for Sellers of Structured Settlements

Copyright and Trademark Notice


  • All posts, including memes created by John Darer, Copyright 4structures.com, LLC 2023. All rights reserved. Ongoing filings have been made with the United States Copyright Office. Except for those videos in which John Darer appears, or any video advertisements or public service videos appearing on, this blog, no claim is made to videos, music or images in any mashup which are the property of their respective owners. Disclaimer: The use of any marks herein does not suggest any sponsorship, affiliation or relationship with owners of such marks. Any marks used in commentary herein are in the context of fair use to discuss the newsworthy topics presented herein.
  • Structured Settlement Watchdog® is a registered trademark of 4structures.com LLC.Reg. 4711312 All rights reserved.
  • John Darer® is a Registered Trademark of John Darer, Stamford CT. Reg. 4674907 All rights reserved
  • 4structures® Reg. 4640532 and 4structures.com® Reg. 4640531 are Registered Trademarks of 4structures.com LLC. All rights reserved
  • Structured Settlements 4Real® is a Registered trademark of 4structures.com LLC Reg.4345946 All rights reserved.

Comments and Trackback Policy

  • Comments and Trackback Policy
    Comments to this blog are encouraged, welcome and add spice to the interactive nature of blogs. However, the unscrupulous practice by some to deliver comment spam, to connect all manner of unrelated products to structured settlements, detracts from user experience, is NOT tolerated by this author and thus necessitates the practice of comment screening.

Secondary Market Blawgs or Websites

  • Edward Stone Law
  • Secondary Market Annuities Are Not Annuities
    The term secondary market annuity is a scam label that uses the cachet of legitimate annuities to capture investors

Special Needs Blawgs and Resources

  • Jay J. Sangerman, PLLC
    A New York and Florida based AV rated estate planning law practice with an emphasis in Supplemental Needs Trusts, which assists attorneys in efficient case settlement though the use of Supplemental Needs Trusts and Special Needs Trusts; and Elder Law
  • Day Pitney LLP - People - Keith Bradoc Gallant
    Brad's practice includes traditional trust and estate planning and administration, special needs and disabilities planning, planning for same-sex couples and their families, planning for incapacity, and all types of probate litigation.
  • Lisa Nachmias Davis - New Haven, CT
  • Richard L. Shea, Esq. Newington, CT
  • The Connecticut Elder Law Blog: Special Needs Trusts
    Michael J. Keenan, Esq. of Keenan Law, LLC in Glastonbury, CT
  • Florida Special Needs Lawyer David J. Lillesand
    Lillesand and Wolasky, P.L. Miami and Gainesville, FL

Executive LIfe of New York (ELNY)

  • John Darer® Appears on NBC News 4-New York report on Executive Life of NY - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary
  • Structured Settlement Diversification | ELNY Recap with John Darer® - YouTube
  • Lessons from Executive Life of New York- ELNY Why Were All Their Eggs in One Basket? - YouTube
  • Executive Life of New York Liquidation-2 (ELNY) John Darer®/Wahlstrom - YouTube
  • Executive Life of New York - YouTube
  • Executive Life of New York: What's Going On? - Structured Settlements 4Real®: What's Real News in the Structured Settlements, Settlement Planning, Consulting and Lawsuit Recovery Space?
    A collection of articles and news reports about Executive Life of New York ("ELNY")
Subscribe to this blog's feed

Pages

  • CrowFly LLC Misleading "Purchase Structured Settlement Annuity" Paid Ads Exhibit
  • Einstein Structured Settlements Social Media Road Kill Exhibit
  • Executive Life of New York | How Much Dirt Was Publicized in 1980s?
  • Executive Life of New York: What's Going On?
  • Is there a Conflict of Interest for Plaintiff Settlement Consultants?
  • Lawsuits Against Pension Advance Companies
  • Lawyers Commentary on Structured Settlement Factoring
  • New York Structured Settlement Best Practices Corner
  • Structured Settlement Factoring Discount Rate Calculator 2023
  • Structured Settlement Reporting Wall of Shame | South Florida Edition
  • The Deceptful Use of Disposable DBAs by Structured Settlement Factoring Companies

Law Firm Blawgs

  • Aviation Law Monitor: Michael Danko Law Firm
  • Belluck & Fox, LLP
    Help with Information about litigation concerning Mesothelioma and Asbestos from New York Law firm
  • Edward Stone Law Blog
  • Forrest McPadden News
  • Massachusetts Personal Injury Blog | Christopher Earley
    Boston Personal Injury Lawyer
  • New Jersey Injury Lawyer & Attorney : Law Offices of Scott D. Grossman : Serving Monmouth County, Bergen County
  • New York Appellate Law Blog
  • New York Injury Law Blog | Ziff Law
    Ziff Law Firm, LLP Elmira, New York
  • NY Employment Atty Law Blog
  • Personal Injury Law in Wisconsin
    Jon Groth of Groth Law Firm, S.C. MIlwaukee, Wisconsin
  • The Volokh Conspiracy – Reason.com
    Mostly law professors

Blog Search Engines and Directories

  • Justia Blawg Search
    Search engine, articles, and directory of legal blogs.

Social Media Road Kill Museum

  • Einstein Structured Settlements Social Media Road Kill - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary

Helpful Structured Settlement Information is Here!

  • Learn more about structured settlements by reading structured settlement expert John Darer's blog
    Researching Structured Settlements? It may be helpful to check (1) in Archived Blog Posts (above left); (2) use the Google search box (below); (1) visit the 4structures® website at https://www.4structures.com, (4) vist 4structures® Structured Settemlent Experts YouTube Channel by clicking https://www.youtube.com/user/4structures1, or (5) call settlement expert John Darer® at 888-325-8640, toll-free in the USA, 646-849-1588 in New York City, or 203-325-8640 in CT.
  • Subscribe to this Blog
    Simply click on the " Subscribe" link at the top left of this blog page and follow the simple instructions.
  • The John Darer® authored Structured Settlements 4Real® blog is the most prolific structured settlement blogger with over 5,330 blog posts, and counting!

Why Take a Structured Settlement?

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

Recent Posts

  • The Cordero v Transamerica Case | A Hot Dog With Cold Flaw Please?
  • Structured Settlements | Let's Get This Periodic Payment Party Started
  • "Structured Settlements Not Used in Wrongful Death Claims" Dallas Law Firm Claims
  • John Darer Reviews Cordero Expert Testimony | A Case of "Cordially Yours"
  • Stone Street Capital | Where Pennies on The Dollar Is Seen as a "Reward"
  • SC Governor Signs Structured Settlement Protection Law Knee Caps "Flim Flammers"
  • Vermont LHGA to Exclude Structured Settlement Investors from Insolvency Safety Net?
  • Structured Settlement Production Surpasses $2B For Second Quarter in a Row
  • Annuity Expert Advice | "Plummer's Crack" Wins Canard of The Week
  • Most Structured Settlement Investors Run Naked on Insolvency | Do They Even Know?

Tax Deferral Resources | Defer Taxable Settlement

  • IP Structured Settlements
    Your Source for Intellectual Property Structured Settlements From Silicon Alley to Silicon Valley
  • Defer The Taxes Settlement Consulting | 4structures.com LLC
    Keep More of Your Taxable Settlement

  • Boston College Center for Retirement Research
    Helpful research on topics related to retirement issues including income and healthcare
  • Deferred Income Annuity Blog

Other relevant websites and blogs of interest

  • London Market Structured Settlements Experts
    Bridge building settlement consulting using a humanistic process, providing creative and reliable support for London Market Insurers, Lloyds Syndicates, Claims Professionals and Lawyers
  • New York Structured Settlement Experts
    Bridge building settlement consultants who collaborate with clients using a humanistic process, providing creative and reliable advice and support for litigating parties and their lawyers.
  • Structured Settlement Broker | NY/CT/NJ 888-325-8640
    John Darer is a structured settlement broker
  • The Structured Settlement Watchdog® John Darer®
    What is the mission of the Structured Settlement Watchdog? The Who, The What and The Why.
  • Structured Settlements Expert | John Darer
    John Darer is Structured Settlement Expert
  • Connecticut Structured Settlements in Stamford, CT
    Do you need advice on structured settlements and settlement planning
  • New York Structured Settlements - Settlement Planning, Structured Settlements, Structured Settlement Companies
  • FactCheck.org
    nonprofit "consumer advocate" for voters that Aims to reduce the level of deception and confusion in U.S. politics. They monitor the factual accuracy of what is said by major U.S. political players in the form of TV ads, debates, speeches, interviews and news releases.
  • NYC 9-11 Health
    The World Trade Center Health Registry is now the largest registry in U.S. history to track the health effects of a disaster. The federally funded program is information central for first responders and others with health issues from 9-11
  • NY Personal Injury Law Blog Eric Turkewitz
  • Structured Sales Authority
    One of the authors other blogs with posts concerning structured installment sales of real estate and businesses
  • Financial Aid Resource fo College
  • Individual Finance & Insurance Decisions Centre
    Moshe A. MIlevsky
  • WSJ Law Blog
  • Wood LLP
    Robert Wood, Esq. Settlement Tax Expert
  • New York Civil Law Blog Matthew Lerner
Structured settlement experts
  • Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary
  • Powered by Typepad