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October 17, 2009

Patrick HIndert for NSSTA Education Chairman

It is time that Patrick HIndert be bounced from the Legal committee of NSSTA  so that he can devote his time to being the next Education chairman. Hindert has a certain view of the settlement world ( NSSTA "fails to translate current legal developments into broader topical presentations), and you know what? He is right in some aspects. Give the bloke a shot and see if attendance goes up.

Provided pedantry and esoteric BS is not on the menu, some of the topics that Hindert suggests are valid.

  • What NSSTA members should know (and tell their clients) about IRC 5891, state protection statutes and structured settlement factoring transactions.
    • While I may not have agreed with HIndert in the past about this there are some areas where I agree with him now. Although Hindert has been notably silent on the subject, I have particular concern about the servicing of structured settlements by factoring companies.. My 2 part feature on the Legal Broadcast Network features some eye opening stuff. It will be out in a few weeks. This author intends to yank some ostriches' heads out of the ground.
  • What NSSTA members should know (and tell their clients) about IRC 468B qualified settlement funds;
    •  It has been a long time since this subject has been addressed at an industry meeting. A program on the responsible use of this device would be helpful, similar to the presentation that Rob Wood made in Phoenix in February 2009.

  • Comparative business standards and practices for various structured settlement stakeholders and "competitors" - insurance agents; financial securities salespersons; attorneys; trustees.

    •   I don't mean to sound disrespectful but The NSSTA Code of Ethics has been reduced to window dressing. More like salad dressing, it's  apparently optional. The stunning  lack of enforcement, particularly with respect to Article VI, is embarrassing.

    • The codes of ethics of the Registry of Settlement Planners and the Society of Financial Service Professionals, which also affect my practice are more meaningful because of the way they are administered

  • Transactional analysis - what does a structured settlement look like in the context of 468B qualified settlement funds; special needs trusts; Medicare set-aside arrangements; and secondary market transfers?
    •  Provided this is kept simple and  not simply used as a platform for dated concept maps, OK
  • Integrating annuities with settlement trusts - how do integrated products impact traditional structured settlement planning, documentation and education?
    •  I think most settlement consultants get that it's not all about the annuity, but I think this is an important topic.

In addition to what HIndert suggests, I'd also suggest a program covering the finer points of structuring attorney fees

Blogged and submitted aboard AA750 DFW-LGA. Talk about Web 2.0!

Posted at 09:01 PM in NSSTA, Patrick Hindert, Structured Settlement Ethics Questions, Structured Settlement Factoring, Structured Settlement Factoring vs Structured Settlement Commutation |

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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.
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    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.
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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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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.

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Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
  • When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly
  • Be aware that financial advisors use of testimonials is prohibited or restricted
  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
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