Doing his job to "help elevate the profession" a New York based settlement planner having been duly sworn and deposed recently said:
" A traditional structured settlement is the only mechanism that prevents a minor from cashing in on the entire settlement upon reaching age of majority" according to the sworn Structured Broker's Affidavit obtained by this author that was submitted to a New York judge for the purpose of obtaining approval of a minor's structured settlement.
Of course as is the fact today (and at the time the affidavit was executed) ANY minor that reaches the age of majority can simply go to a factoring company and sell or transfer the rights to his or her periodic payments for cash, provided a Court approves the transfer as being in their best interest under the New York Structured Settlement Protection Act.
Even if the above statement were true, there are other vehicles that this author believes the settlement planner is or should have been aware of (based on written or posted evidence of the planner's own past promotions) that provide spendthrift protection.
In the opinion of this author this prominent settlement planner has knowingly made a false statement under oath. Later in the affidavit the settlement planner attests to not do certain factoring business practices so the planner is "estopped" from pleading ignorance about transfers of periodic payments.
Isn't it standard deposition practice for attorneys to coach their clients to simply answer the question posed during the deposition? This is an example of someone with "diarrhea of the typing finger", who has put themselves in harms way by making a false statement while under oath.
Some in the settlement industry do not appreciate the "Brandeisian" spirit of highlighting bad business practices as "disinfectant", but I am among others who happen to give a damn.
Concluding my disgust with a pitiful side note, in the same sworn affidavit the "plaintiff exclusive" settlement planner in question also attests to plaintiff's rights pursuant to a non existent act of Congress. The Periodic Payment Settlement Tax Act of 1982 (P.L. 97-473 is incorrectly attested to as the 1982 Periodic Payments Act.