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March 20, 2014

Structured Settlement Protection Act | How to Cure Forum Shopping in Florida

by Structured Settlement Watchdog

In my opinion the Florida structured settlement transfer laws need to be changed to eliminate forum shopping.  Here are some changes that I believe should be made to the law in Florida.

1. Require that petitions for structured settlement transfers be filed in the jurisdiction in which the annuitant resides as opposed to any court in the State of Florida.  For example, Sumter County can only be a venue for Sumter County residents.  Brings Florida consistent with the structured settlement protection acts of other states.

2. Require proof that the petitioner/seller has resided in that Florida county for a minimum of 12 months

Read The Sumter County Factoring Forum Shop? October 21, 2013. A time limit needs to be set far enough out so that someone can't come down to Florida for a couple of days or weeks and create the illusion of domicile with the assistance of the settlement purchaser.

I also interiewed a young man from North Carolina, which has a discount rate cap and he claims to have been forum shopped into Florida with the transfer petition using as the address of "domicile" the address of his grandmother who he had not visited in over 20 years.  He claims the settlement purchaser also inveigled a "friend relative" to receive payment for his expense money (ostensibly to cover the tracks so there would be no trace of payment to a North Carolina resident).

3. Impose stiff punishment for anyone who is caught violating the law.

4. Require an in-person review by a judge.

and further, to protect Florida citizens

5. Require that any company engaged in structured settlement factoring transactions, with residents of the State of Florida, be registered with the Florida Secretary of State and have all filings current. Said requirement would include a disclosure of all DBAs.

Registrations should require the address where the company conducts its operations as opposed to a UPS store mailbox, P.O. Box or virtual office mail drop.

 

 

 

 

 

Posted at 10:13 PM in Boca Raton Florida Structured Settlements, Broward County Structured Settlements, Cleaning Up "The Structured Settlement Neighborhood", Florida Structured Settlements, Miami Structured Settlements, Orlando Florida Structured Settlements, Palm Beach Structured Settlements, Sarasota Structured Settlements, Structured Settlement Transfers, Structured Settlement Watchdog®, Structured Settlements Florida, Structured Settlements in Miami Florida area, Tallahassee Structured Settlements, Tampa Structured Settlements |

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Guide to Structured Settlements 2024

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  • Treasury Funded Structured Settlements
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    Ways You Can Structure Your Settlement Payments in 2024. 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 Attorney 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 capped or uncapped index linked structured settlement annuities where payments are adjusted based on upside changes in the S&P 500 or another index, 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 in 2024.
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    Receiving structured settlement payments from your own structured settlement or inherited structured settlement? You'll like this huge time saver. Click the title for a link to a comprehensive list of customer service telephone numbers that includes both current AND former structured settlement annuity issuers and reinsurers. If you have simple bank or beneficiary changes, or if the insurance company that issued the structured annuity has merged, sold or spun off its block of structured annuity business (e.g. Aviva, Allstate, Transamerica, AEGON, GE Capital, Liberty, CNA, Confederation Life), oran annuity issuer has changed its name and you're trying to track them down. Here you go! The list is regularly updated. Last updated May 20, 2024.
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  • 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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