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July 15, 2008

New York CPLR Article 50B Calculations: It's NOT Just An Annuity Quote

by John Darer CLU ChFC CSSC RSP

One of this morning's Google queries was "using structured settlements to calculate NY 50b cases" so I thought I better "come to the rescue". Here are some salient points:

  • In New York, CPLR 50B*, and its companion CPLR 50A", are statutes that require a structured judgment NOT a structured settlement for certain types of cases.
  • Any practitioner who implies that one can simply use a structured settlement "to calculate NY 50B  cases" demonstrates characteristics of inexperience and is in serious need of help.
  • The post trial calculations required to reduce a verdict to a structured judgment under CPLR 50B are complex and require significantly more knowledge by the settlement professional than running an annuity quote.
  • The numbers within a CPLR 50B calculation are fluid. There is an interplay of multiple factors, a change in one of which has a concomitant effect on others.
  • Generally the annuity rates for structured settlements and structured judgments are the same, BUT it is NOT ALWAYS THE CASE.
  • Knowledge of 50B may be useful prior to trial or at mediation for hypotheticals. But again, the calculations for a structured judgment under CPLR 50B are complex and require significantly more knowledge by the settlement professional than simply running a structured annuity quote.

Don't be embarassed in Court or at the negotiating table. Stick with experience when it comes to CPLR Article 50B.

Footnote

*New York's Periodic Payment of Judgment statutes. Article 50A of the Civil Practice Law Rules (CPLR) deals with periodic payment of damages on medical, dental and podiatric malpractice cases. Article 50B of the CPLR deals with payment of damages on personal injury, injury to property and wrongful death actions.

Posted at 10:59 AM in Albany New York Structured Settlements, Bronx New York Structured Settlements, Brooklyn New York Structured Settlements, Buffalo New York Structured Settlements, Long Island NY Structured Settlements, New York City Structured Settlements, New York CPLR Article 50A or Article 50B Structured Judgment, New York Personal Injury, New York Structured Settlement Practice, New York Structured Settlements, NYC Structured Settlements, Plaintiff Attorney Settlement Issues, Rochester Structured Settlements, Staten Island Structured Settlements, Structured Judgments New York, Structured Settlement Tips For Lawyers, Structured Settlements, Structured Settlements in Ithaca New York area, Structured Settlements in Nassau County, NY, Structured Settlements New York, Suffolk County Structured Settlements, Syracuse Structured Settlements, Westchester Structured Settlements, White Plains Structured Settlements |

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Guide to Structured Settlements 2022

  • What is a Structured Settlement? What You Need to Know
    What you need to know about structured settlements. General explanation of structured settlements, including the stable guaranteed income and favorable tax benefits that give structured settlements their "juice" and a helpful introductory video featuring 2022 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 | Structured Settlement Diagram
    How structured settlements work, including 4structures.com LLC's super helpful structured settlement flow chart/diagram showing how structured settlements fit in with other settlement planning solutions.
  • Rated Ages and Structured Settlement Cost
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  • Structured Settlement Annuity Companies 2022
    Which life insurance companies issue structured settlement annuities going into 2022? 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.
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    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.
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  • 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.
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  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
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