"If a personal injury victim does not want to be taxed on the anticipated settlement they expect to receive, then it is essential that a release bearing the necessary language be implemented, a consistent and fit transfer must be carried out and the defendant should make sure that company assigned to take over the payments of the structured settlementto the victim is given a proper check. " -Bill Tilley Amicus Settlement Planning
- A personal injury victim who is collecting damages for personal physical injury or physical sickness can receive those damages income tax free pursuant to IRC 104(a)(2), with or without a structured settlement.
- What is a "consistent and fit transfer"?
- When he says proper check does he mean a valid check that won't bounce or does he mean that you should "kick the tires"?
"The allowance agreement is purchased from an issuer with the payment that is given by the defendant to the assignment company. The issuer of the allowances guarantees the payments and the assignment company becomes the obligor or the one that owes the victim the recovery money. It is necessary for the aforementioned release to contain in writing the responsibility of the defendant to pay regular allowances to the personal injury victim, and this responsibility is then assigned to the life insurance company. Called the qualified assignment, which shifts the commitment of the defendant to the assignment company, it is a necessary certificate in the contract". Bill Tilley-Amicus Settlement Planning
This author understands that Tilley is affiliated with Settlement Professionals, Inc. Is anyone at SPI proof reading this drivel?
- What is an "allowance agreement"? This term is unique to "The Tilley Man" A search of the term on Google in relation to structured settlements comes up with Tilley's blog entry "by its lonesome".
- If one takes a stab at translating "Tilley speak" the word "allowances" probably means annuity.
- The reponsibility is assigned to the life insurance company.. WRONG!
- Demonstrating how a misplaced comma changes the meaning of a sentence, Tilley states "Called the qualified assignment, which shifts the commitment of the defendant to the assignment company", Tilley is saying that the qualified assignments hifts the commitment of the defendant to the assignment company, instead of what he should be saying which is "shift the defendant's obligation to pay the plaintiff, to the assignment company"
Bill Tilley may be apt at running a legal funding company and may be an outstanding search engine optimizer, but, in my opinion, the material he spits out on structured settlements is consistently poorly written. What amounts to a "throwing as many bags of S$%t against the wall and seeing what sticks" strategy has been found out. The industry has no room for people who don't care enough to commit themselves to learn and use the proper terminology when educating the public.
The structured settlement watchdog snarls at and will continue to nip at the heels of people like BIll Tilley because he is in favor of increasing the level of financial literacy. It seems that he believes that a higher level of financial literacy within the structured settlement industry elevates the level of the profession. Tilley should either become committed and take the time to learn the business or stick to his "day job". SPI bears some responsibility in all this. Tilley is listed as an affiliate of SPI on its website. I have previously spoken to one of the two principals of SPI about Tilley's blog. Little to nothing appears to have been done. It is a unfortunate for settlement planner Joseph Tombs, a Texas Tech professor and developer of the Registered Settlement Planner, massive valued contributor to the financial literacy effort and another SPI affiliate, to have to share the Amicus name with Tilley, but for a different ending.