Structured settlements expert John Darer reviews the latest structured settlements news, information and provides expert opinion and commentary, including settlement planning issues/ ideas for settlement management, incisive Structured Settlement Watchdog® commentary that may be helpful to lawyers, plaintiffs, claims adjusters, judges, the news media, sellers, buyers of structured settlement payment rights and interested others, The style is spicy, informative, irreverent and effective. The most prolific structured settlements blog, Now in 19th Year! Check back daily for something new.
Who Issues Structured Settlement Annuity Policies?
Here's one answer...
"Structured settlement brokers...and are responsible for issuing the annuity policy to the plaintiff"- FAQ answer from the website of a California licensed insurance agent and structured settlement broker , retrieved April 29, 2023
According to the Insurance Information Institute however
"Annuities can be purchased through insurance agents, financial planners, banks and life insurance carriers. However, only life insurance companies issue policies". See How are annuities sold? | III
Is an Annuity Policy "issued to the plaintiff" When a Structured Settlement Is Established?
Structured settlement annuities can be purchased by Defendants, Insurance Companies for Defendants, or Qualfied Assignment Companies.
April is Financial Literacy Month – a month intended to raise awareness on planning for a secure financial future. It’s also a time to reflect on the state of your personal finances and explore opportunities to improve them one step at a time.
Publishing what should be basic information directed to consumers, that is bereft of the accurate truth, would not be acceptable standard for someone who just passed a state insurance licensing exam, let only someone with decades of experience in structured settlements.
The New York Court of Appeals has ruled against lead paint victim Lujerio Cordero in his battle against Transamerica to break new legal ground in the interpretation of structured settlement agreements, having attempted to do so withouta focus on the "locus", the unlicensed and unregulated structured settlement factoring companies that actually completed 6 structured settlement factoring transactions, a point raised by the judicial panel in New York's highest court during oral arguments on March 16, 2023.
In writing for the majority decision, Judge TROUTMAN opined:
"The United States Court of Appeals for the Eleventh Circuit certified to this Court a question requiring us to consider whether a plaintiff sufficiently pleads a cause of action for breach of the implied covenant of good faith and fair dealing under New York law by alleging that, during a Structured Settlement Protection Act proceeding, defendants (i.e., the structured settlement obligor and the issuer of an annuity funding the settlement) failed to enforce the anti-assignment provisions contained in structured settlement and qualified assignment agreements. Based on the New York Court of Appeals' reformulation of the question, it concluded that such allegationsdo not state a cognizable cause of action for breach of the implied covenant".
The case now goes back to the 11th Circuit Court of Appeals.
Lujerio Cordero, Appellant, v. Transamerica Annuity Service Corporation, &c., Respondent, Transamerica Life Insurance Company, Respondent, et al., Third-Party Defendants- Cross Defendants.
Transamerica Annuity, the qualified assigmment company used in the placement of Transamerica Life Insurance Company until Transamerica Life stopped writing strucured settlement annuities in 2003, is now known as Wilton Re Annuity Service Corporation.
Pacific Life and Prudential, leading life insurance companies that issue structured settlement annuities, have been named among the World's Most Ethical Companies for 2023. For Pacific Life the Ethisphere recognition is for the 6th time, while for Prudential it is for the 9th time. Both Pacific and Prudential have been in business since the 19th Century.
How Does the Ethisphere Determine the World's Most Ethical Companies?
In 2006, Ethisphere launched the World’s Most Ethical Companies® recognition program to measure and showcase the superior achievements of organizations that are committed to doing business with ethics and integrity. The process is rigorous and objective. It includes a 200-point assessment, documentation review, and research into an organization’s reputation and ethical practices. The process itself provides a way for organizations to assess their own programs against leading practices. World’s Most Ethical Companies honorees also enjoy recognition of their exceptional ethics and compliance programs. Ethisphere also broadly shares the World’s Most Ethical Companies data to help all organizations understand and improve programs
The legitimacy of using the term annuity to describe factored structured settlement payments has been questioned for more than a decade. It may surprise some, but one company made a good faith effort to tell it like it is.
Here is an excerpt from an ad from a tertiary marketer in 2009. The 2008-2009 financial crisis stifled institutional financing to the structured settlement secondary market and this "liquidity crisis", led to some transferees in the secondary market seeking funding from individuals, such as Mom & Pops retirees or near retirees.
"For a limited time, there is a finite supply available to the retail marketplace.
Compared with other products these In-Force Annuities are created as a result of specific court orders.
Ownership of the annuity payment(s) provides a superior income stream that is extremely secure.
Since this is not an insurance transaction it does notrequire an insurance license or any other license.
The reason for this because it is factoring which is a sale of receivables.
If you go to Google and type in factor transactions you will get more pages than you care to read" they said.
Contrast that with the semantics of comparing a sap sucker with its Latin name. In defense of their usage of annuity, others attempt to justify it by citing Aunt Merriam Webster to describe and market the receivables.
Are Structured Settlements tax free? That is the question.
One answer appearing on the Internet from a settlement planning firm states:
1. Income tax exemption: Structured settlement payments—including growth—are 100% income tax-free.
Comment: TRUE, if the payments represent damages that qualify for an exclusion from gross income set forth in IRC 104(a)(1), IRC 104(a)(2) or IRC 139F. Generally, worker's compensation, personal physical injury or physical sickness, wrongful death and wrongful incarceration. It is not the structured settlement payments themselves that drives the tax treatment, it is what the parties agree the damages the structured settlement payments represent compensation for and how that is applied in the tax code.
2. While lump sum cash settlements are income tax-free for physical injury cases, if the money is placed in a traditional investment, then any growth is subject to income taxes.
Comment: Not exactly. The answer fails to recognize capital investments that produce capital gains.
The term capital gain refers to the increase in the value of a capital asset when it is sold from what you paid for it. A short term gain or loss is when the asset is disposed of in one year or less. A long term capital gain or loss occurs if an asset is sold after holding for more than one year. The asset must be disposed of (sold) in order to realize a capital gain or loss. In other words, unrealized gains and losses that reflect an increase or decrease in the value of an investment are not considered a taxable capital gain.
So it would be inaccurate to say that "if the money is placed in a traditional investment, then any growth is subject to income taxes".
Now is the time to make good use of stuctured settlements and build enduring guaranteeed income streams
Compelling yields in Excess of 5% are possible on intermediate and long term cash flows. On November 1, 2022 for example, I locked-in a 10 year certain plan with a 5.7% Internal Rate of Return with a daily rate from United States Life Insurance Company in the City of New York.
So what does 5.7% tax-free mean?
Taxable Equivalent Yields at Different Hypothetical Tax Rates
Well you're not going to put all your eggs in one basket are you? But let's say you did and if you had the fortitude to stay in the S&P 500 from January 3, 2000 to December 31, 2021 you would have averaged 9.52%.
However, if you missed just the 20 biggest trading days in the S&P 500 from January 3, 2002 to December 31, 2021 you would have averaged only 2.6%. If you missed the 30 biggest trading days the averag would onl have been 0.43% (and it goes downhill from there), according to the J.P. Morgan Asset Mnaagement 2022 Retirement Guide published March 3, 2022 p 44. Read Structured Settlement Rate of Return Compared to Alternative Investments(4structures.com) for more details.
Note: Structured settlement rates vary by insurance company and other factors such as duration. Read more about structured settlement quotes
Look over yonder What do you see? Interest Rates rising Most definitely
"Crystal Ball Persuasion" (a parody of Crystal Blue Persuasion by Tommy James & The Shondells)
At the tail end of the 2008-2009 financial crisis, the smoke signals wafted over from Vancouver, citing the media, predicting that interest rates were expected to rise and that you should sell your structured settlement THEN "because rising interest rates will make you poorer". Then I proceeded to "take the mickey" when the rising interest rates did not materialize. They actually got worse.
Anyone who would have sold structured settlement payments for pennies on the dollar, just for the sake of bowing to the crystal ball of persuasion to avoid loss of money, would have actually done worse by selling.
But interest rates have been recently been creeping up and I thought it would be worth having another "look see", so that readers can see the history and learn something from this.
June 28, 2009 1O Year United States Treasury 3.487% Close
"You may have heard in the media in recent weeks that interest rates have bottomed and are slowly creeping back up. I (Proctor)believe that this is the beginning of a new cycle of incremental increases in interest rates over the next few years. When interest rates go up, the present value of a person’s structured settlement goes down. This is a simple truth. As such, if you are considering selling your structured settlement, now is the time to get the best rate".
March 26, 2010 10 Year United States Treasury 3.705% Close
The first foghorn wasn't convincing enough, so another toot was made less than a year later to attempt to COMMAND the annuitants to sell, to unsettle annuitants
"WARNING AGAIN: If you are thinking of selling your structured settlement payments, do it NOW (the command!), before interest rate increases eat into the value of your future payments and make you poorer". Genex Capital CEO Roger Proctor
What Actually Happened With Interest Rates?
A 13 year retrospective on the 10 Year United States Treasury (June 28, 2009 to September 9, 2022)
Highest 4.01%
Lowest 0.32% April 2020 during the beginning of the Covid-19 pandemic
Delta 3.69% Difference between the highest and lowest
Average 2.237%
If confronted with a similar solicitation from a structured settlement factoring company, an important thing to consider is the Internal Rate of Return on what was paid to fund your structured settlement. How do you do that, you say?
The chart below goes back 20 years.
A 20 year retrospective on the 10 Year United States Treasury (June 28, 2009 to September 9, 2022) Source: Macrotrends
How Bad Did Annuitants who Sold Their Structured Settlement Payments Due to a Fear of Rising Interest Rates Get Screwed?
Above is the 54 year chart, alossourced from Macrotrends.com. So if we go back to 2009 or 2010 when Genex was encouraging the sale of structured settlements for what amounted to pennies on the dollar for fear of rising interest rates, we can see that anyone being approached to sell existing structured settlement payment rights in 2009 or 2010 was likely benefiting from a higher income tax-free rate (IRR) guarantee on their existing structure. If you sold your structured settlement payments that you were established in the 1980s or 1990s and it wasn't ELNY, you would have been screwing yourself.
When you already have a structured settlement and are receiving (or scheduled to receive) steady future future periodic payments, you are locked into the rate of return. It's a strength and a weakness. The strengths outweigh the weaknesses.
Insurance groups that include current and former structured settlement annuity issuers represent more than 43% of the largest life insurance groups in the United States.
Prudential (1)
MetLife (2)
New York Life(3)
Massachusetts Mutual Life (4, former structured settlement annuity issuer)
AIG Life & Retirement (6, soon to be Corebridge Financial)
Lincoln Financial (8, acquired Liberty Life of Boston structured settlement block, reinsured by Protective Life, #26)
John Hancock (10)
Brighthouse Financial (15, includes legacy Travelers Insurance Company/ legacy MetLife Insurance Company of CT structures)
Pacific Life (16)
Athene (19, includes former Aviva, CGNU and CGU Life structured settlement business)
Talcott Resolution (21, formerly known as Hartford Life)
Protective Life (26, reinsurer of Lincoln Life of Boston structured settlement business-formerly Liberty LIfe of Boston)
Genworth (30, roll up and spin off of First Colony, American Mayflower, GE Capital Assurance Company, GE Capital Life Assurance company of NY)
A Qualified Assignment and Release which includes the following, raises more questions than answers. If you see one it probably deserves a second opinion.
QUALIFIED ASSIGNMENT AND RELEASE
Defined Terms
Assignor:___________________ Qualified Settlement Fund, ( QSF may be adminstered by company related to settlement planner)
Assignee: Qualified Assignment Company related to the settlement planner.
Qualified Funding Asset:Annuity
Issuer of Qualified Funding Asset : Metropolitan Life Insurance Company
12. In exchange for "legal payment rights" pursuant to 5891 of the IRC, to the Periodic Payments specified in Paragraph 15. Claimant hereby releases and discharges the defendants and/or respondents with regard to the Periodic Payments, and agrees to only look to (name of Assignment Company owned by settlement planner firm holding company)
SIDE BAR (sponsored by "What's Your Vector Victor?")
Why is the Clamaint releasing and discharging "Defendants and/or Respondents" in the settlement planner's Qualified Assignment and Release document from a QSF? Wouldn't the "Defendants and/or Respondents" have been released and discharged when the money was deposited in the QSF under the "resolve or satisfy" clause in § 1.461-2(c)(2)?
13. In the event of notice of an application to any court for the transfer of the payment rights under this agreement, (name of Assignment Companyowned by settlement planner firm holding company) reserves the right to effectuate an immediate transfer of ownership of the "Qualified Funding Asset"
Metropoltan Life Will Not Issue a Structured Settlement Annuity to a Settlement Planning Firm's Assignment Company
This author has confirmed with Metropolitan Life Insurance Company, that Metropolitan Life Insurance Company WILL NOT issue a structured settlement annuity to a qualified assignment company other than its own. Furthermore, since MetLife spun off its retail division to form Brighthouse, a transition which was finalized August 7, 2017, MetLife does not issue retail annuities.
Factored Structured Settlement Payments Bought as an Investment Are Not An Annuity
The acquistion of someone elses' structured settlement payment rights is not the purchase of a structured settlement annuity, in accordance with National Association of Insurance commissioner (NAIC) Statutory Issue Paper No. 160, or an annuity under the laws of most states. In 37 states, investors in other people's structured settlement payment rights do not have the same statutory protections.
What is a Qualified Funding Asset?
According to IRC 130(d)
"For purposes of this section, the term "qualified funding asset" means any annuity contract issued by a company licensed to do business as an insurance company under the laws of any State, or any obligation of the United States, if—
(1) such annuity contract or obligation is used by the assignee to fund periodic payments under any qualified assignment,
(2)the periods of the payments under the annuity contract or obligation are reasonably related to the periodic payments under the qualified assignment , and the amount of any such payment under the contract or obligation does not exceed the periodic payment to which it relates,
(3)such annuity contract or obligation is designated by the taxpayer (in such manner as the Secretary shall by regulations prescribe) as being taken into account under this section with respect to such qualified assignment, and
(4)such annuity contract or obligation is purchased by the taxpayer not more than 60 days before the date of the qualified assignment and not later than 60 days after the date of such assignment".
It is clear from the plain reading of IRC 130(d) that obligation refers to any obligation of the United States. So the puzzle is what is the settlement planner getting the payee into here?
If you would like more information on the essentials of structured settlement documentation, this video may be helpful.
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.
Rated Ages and Structured Settlement Cost Rated Ages for Structured Settlement Annuities present advantages to all parties. Shift the mortality risk to a life insurance company whose business it it is to assess mortality risk to price its life insurance and annuities. Rated ages boost your structured settlement annuity benefit per premium dollar, or your yield on lifetime payments. Rated ages help to reduce the cost of funding a Medicare Set Aside arrangement where a Structured MSA, is being used { WCMSA LMSA or NFMSA].
Structured Settlement Annuity Companies 2023 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.
Compare Structured Settlement IRR to Other Settlement Alternatives 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.
Structured Settlement Annuity Company Customer Service Phone Numbers 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) or changed its name and you're trying to track them down, here you go! The list is regularly updated. Last updated September 14, 2023
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.
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 SETTLEMENTS 4REAL® Blog Is a Popular Source of Structured Settlement News and Information, John Darer Reviews, Settlement Planning News and Financial Solutions for over 18 years,
with a stable readership that seeks credible structured settlement information, John Darer Reviews, commentary and/or opinion about topical issues related to settlement planning, targeted to lawyers, injured persons and their family members, guardians, survivors, judges, magistrates, special masters, mediators, administrators, trust companies, insurance company executives and adjusters, financial advisers, settlement professionals, financial professionals, insurance regulators, government leaders, federal and state law enforcement, buyers and sellers of structured settlement payment rights, the news media and other interested parties.
4structures.com LLC established this structured settlement blog in 2005. John Darer ®, CLU ChFC MSSC CeFT® RSP CLTC, President of 4structures.com, located in Stamford, CT 06902. John Darer is an experienced New York City area structured settlement expert, structured settlement broker, Certified Financial Transitionist, and Registered Settlement Planner. He holds insurance licenses in 45 states, has 40 years financial services experience and more than 29 years in the structured settlements and settlement planning space.
In his capacity as a investigative journalist and commentator, and professionally, John Darer passionately believes that shining the light on a business practice is both healthy and newsworthy. It is in the best interest of injury victims, their families and their legal advisers, that the settlement planning discussion involve those that are properly trained in the topic, properly informed on the topic and, with respect to structured settlements, properly licensed and/or appointed. It has significant instructional and deterrent value to other practitioners and firms as well as those who may be caught in the cross hairs.
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Last updated December 4, 2023
New York City Structured Settlement Experts Bridge building settlement consultants who collaborate with clients using a humanistic process, providing creative and reliable advice and support for litigating parties and their lawyers with matters in Courts throughout the New York City metropolitan area
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New York Settlement Planning Expert for NY Attorneys and Residents - YouTube New York settlement expert John Darer's comprehensive approach to Settlement Planning helps New York personal injury lawyers and their clients move through the financial transition resulting from a major life event. CPLR Articles 50A and 50B expertise for New York lawyers
New York Structured Settlement Expert Useful information and ideas about structured settlements, settlement planning and litigation recovery managements for New York residents, New York Lawyers and New York judges
New York General Obligations Law §5-1702 The New York Structured Settlement Protection Act imposes mandatory requirements on the defendant or the defendant's legal representative when a structured settlement is created (as part of the resolution of a case)
Structured Settlements v Structured Judgments Often confused by writers on the Internet, but there IS a difference between structured settlements and structured judgments under CPLR Articles 50A or 50B. Find out more...
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John—this (video published 11/2010) is a well done piece. I like the way you always stick to the facts-AM
What a wonderful blog you have! I have completely enjoyed reading some of your posts (4/16/2010)
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Thank you so much again (3/25/10)
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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.
Number of States That Prohibit Payment of QSF expenses by licensed agents and brokers
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The John Darer® authored Structured Settlements 4Real® blog is the most prolific structured settlement blogger with over 5,330 blog posts, and counting!
Why Take a Structured Settlement?
A structured settlement offers guaranteed financial security to personal injury victims, wrongful death survivors and their families. A structured settlement involves a customized stream of payments, provides long-term stable tax-free income, for a period of years or a lifetime. Unlike other income annuities. a structured settlement annuity can have multiple payment streams to address multiple needs in a single contract.
London Market Structured Settlements Experts Bridge building settlement consulting using a humanistic process, providing creative and reliable support for London Market Insurers, Lloyds Syndicates, Claims Professionals and Lawyers
New York Structured Settlement Experts Bridge building settlement consultants who collaborate with clients using a humanistic process, providing creative and reliable advice and support for litigating parties and their lawyers.
FactCheck.org nonprofit "consumer advocate" for voters that Aims to reduce the level of deception and confusion in U.S. politics. They monitor the factual accuracy of what is said by major U.S. political players in the form of TV ads, debates, speeches, interviews and news releases.
NYC 9-11 Health The World Trade Center Health Registry is now the largest registry in U.S. history to track the health effects of a disaster. The federally funded program is information central for first responders and others with health issues from 9-11
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