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March 19, 2011

The "Kinchen Stink" on the Structured Settlement Secondary Market

by Structured Settlement Watchdog

Long Island Newsday editorial writer Daniel Akst's book " We Have Met The Enemy Self Control in An Age of Excess" is an interesting read which centers on the conflict between our longer-term aims and our powerful interest in the pleasures of the moment.

This is a conflict that may face someone who has recovered a settlement of a personal injury or wrongful death lawsuit and a good reason that a plaintiff or plaintiff attorney should engage their own settlement consultant or settlement planner to help them with transitional financial planning.

In his March 19, 2011 review for  "We Have Met The Enemy Self Control in An Age of Excess"  the flippant remarks of David M. Kinchen, Editor of the Huntington News Network  (West Virginia) on the structured settlement secondary market simply demonstrates his lack of financial literacy on the subject:

Earwig-closeup"As I write this, the J.G. Wentworth TV commercial is earwigging its way through my head: "I want my my (sic) money and I want it now!" scream the actors portraying recipients of structured settlements. Wentworth buys these settlements from insurance companies and other sources and renders unto the recipients a lump sum of money that they can go out and squander. Wentworth, of course, keeps a hefty percentage of the lump sum for its trouble". 

Comments

  1. When I think of earwigs I'm thinking Star Trek II: Wrath of Khan and poor Mr. Chekov (above)
  2. More importantly, J.G Wentworth buys structured settlement payment rights from the holders/sellers of those rights, not from insurance companies.

 

 

Posted at 11:49 PM in Huntingdon NY Structured Settlements, JG Wentworth Commentary, Long Island NY Structured Settlements, Secondary Market Structured Settlements, Structured Settlement Watchdog®, West Virginia Structured Settlements, WV Structured Settlements |

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Guide to Structured Settlements 2023

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  • 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 .
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    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?
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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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