by Structured Settlement Watchdog
"She's a Jolly Good Farmer, of Untilled Fallow"
Despite spouting purported editorial standards, time has shown that no matter how hard they try, Annuity.org just can't get
structured settlements right. They can't even get out of their own way. Par for the course is Catherine Byerly's latest effort on the structured settlement process,which can best be described as "untilled fallow" in my opinion. The land may not even be arable. The rot contagion spores cross pollinate from Structuredsettlements.com, a publication of the same organization, the latest ineptitude of which I covered here on November 10, 2022 Structuredsettlements.com | Another Episode of What's Wrong Wit Dat? - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com) .
Annuity.org Process Step 2
The defendant and the plaintiff work with a qualified assignee to determine the terms of the structured settlement agreement — that is, how much the regular payments should be, how long they should continue for, whether they should increase or be supplemented by larger payouts at certain times, and so on. The defendant provides money for the qualified assignee to buy an annuity for the plaintiff.
What's Wrong Wit Dat Annuity.org?
- The defendant and/or its insurer, through their lawyers, and the plaintiff(s), through their lawyers negotiate the terms of the settlement agreement.
- Where a structured settlement is to be established, the plaintiff often works with a settlement planner or structured settlement consultant, who assists in the design of the future periodic payments. The qualified assignee is not involved in that process.
- The settlement agreement will include a promise to pay future periodic payments to the plaintiff (or in some cases plaintiff's trust)
Annuity.org Process Step 3
The qualified assignee purchases an annuity from a life insurance company, setting up the annuity contract to match the settlement needs. Once the terms of the annuity are set, they cannot be changed. An immediate lump sum may also be set aside to cover attorney fees or to fund a specified trust.
What's Wrong Wit Dat Annuity.org?
- A qualified assignnee does not set up an annuity contract.
- A qualified assignment takes on a perodic payment obligation from a Defendant or its insurer, subject to IRC 130(c) and then buys an annuity to fund the periodic payment it has assumed, subject to IRC 130(d)
- What is a Specified Trust? According to Law Insider, "Specified Trust Agreements means those trust agreements entered into by USIC for the benefit of the cedents under the Specified Assumed Treaties". Nothing to do with structured settlements.
Annuity.org and Structuredsettlements.com are unreliable sources of information about structured settlements
One should never rely on a source of information which is shilling for a company (or recently companies) that buys people's structured settlement payment rights for pennies on the dollar. I continue to document as I have time, and time again. for more than 5 years, that consumers can do far better. After 5 years it's clear that despite its posted purported standards, the Annuity.org/Structuredsettlments.com ineptitude is rampant, laced through every figurative "corpuscle" of its publications about structured settlements and that its editorial standards concerning structured settlements are a farce. The company excels at SEO and that's about it.