Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews

Selling Your Structured Settlement "Don't Mean You Don't Got To" Read Bro!

by Structured Settlement Watchdog

In an extreme case of seller's remorse, a Florida woman contacted me to see if we could sue J.G.Wentworth.   After making clear to the caller that I am not a lawyer but was interested in her story she proceeded to tell me how several years ago she sold an income stream to them, but purportedly told then not to touch the lump sums. Now when the lump sum is due she "found out" that the lump sums were part of the deal and she has nothing left.

Her reasons for exploring the secondary market were typical, she had a legitimate financial need that could not be satisfied from any other source.  She alleged that Court approval was not necessary because a notary came to her house. Upon informing her of the Florida Structured Settlement Protection Act and the need for Court approval, upon further questions it was obvious that she merely did not attend the Court hearing.  You would attend a real estate closing wouldn't you?

I also learned that she did not read what she was signing. She has no documentation of what she alleges, no emails back and forth, no letters. Basically "jack squat".

She indicated that she had spoken to a few lawyers when she learned (a few years later that she didn't have the lump sums)  who did not want to take her case and as unfortunate as it is, and i truly feel bad for this woman,  it is not hard to see why. 

There is a major lesson to be learned here folks. No matter how down and out you are, a structured settlement factoring transaction (selling your structured settlement) is a complex transaction. You need a lawyer to review the contract and explain it to you so YOU can understand it. Don't sign it unless you do  You should attend your hearing.

Pay attention to the details.

Selling A Structured Settlement in 2023? Get The 411 on Cash Now. Don't Be a Victim (4structures.com)

 

 

 

 

Structured Settlement Annuity Guarantees Help Financial Piece of Mind

by John Darer CLU ChFC CSSC RSP CLTC

Annuities are boring financial creatures that are unapologetic for simply providing a sustainable "river" of income.  A Harris interactive survey conducted in conjunction with Age Wave found that 61% of Americans over age 55 view having enough savings to have  "financial piece of mind" to be a top priority.

Structured settlements make sense for those older than age 55, including plaintiff attorneys who wish to structure attorney fees.

The difficulty in living off a "mountain of cash" is to gauge life expectancy,  investment risk and extraordinary and unpredictable expenses like the need for custodial care, particularly if long term care insurance has not been purchased and the  individual is uninsurable.

Structured settlements, structured attorney fees, structured sales are financial tools that can give payees, stable , secure, guaranteed cash flow.  Structured settlements and structured attorney fees can be funded via structured annuities or  United States Treasury obligations. Structured sales,  or structured installment  sales, which help convert real property of businesses into an income stream are presently funded with United States Treasury obligations.

Structured Settlements For Seniors and Settlement Planning for Older Age Plaintiffs

 

Ol' man river,
Dat ol' man river
He mus'know sumpin'
But don't say nuthin',
He jes'keeps rollin'
He keeps on rollin' along.

(Paul Robeson 1898-1976)

 

Images: Dreamstime.com

Miami Herald | Latest Reckless Reporting on Scott Rothstein Ponzi

by Structured Settlement Watchdog®

In Florida : A Ponzi Schemer's Paradise Adam Beasley's otherwise interesting article is marred by reckless and misleading reporting of the Scott Rothstein Ponzi scheme. Here's how "Mr. Beasley" lists the "skinny" Scott Rothstein as:

"SCOTT ROTHSTEIN, 50

Scheme size: $1.2 billion

Charges: Racketeering conspiracy, money laundering, mail and wire fraud

Disposition: Pleaded guilty, sentenced to 50 years in federal prison

The skinny: Heavy-hitting Fort Lauderdale attorney dealt in bogus structured settlements, bought a golden toilet then ratted out the mob when it all went south".

 

Comments

Let's get this detail out of the way. Only the lids of the toilets were gold(Image Sources: Bob Norman blog Broward Palm Beach News 11/19/2009 and Mark Freeks via South Florida Business Journal 12/24/2009 ). 

Structured Settlements Were Not in the Criminal Complaint Filed Against Scott Rothstein!

The simplistic explanation by Mr. Beasley and the Miami Herald is reckless and misleading because the term "structured settlements"  was not even in the criminal complaint filed in December 2009 against Scott Rothstein. Furthermore, Scott Rothstein has already testified that what he was peddling were not structured settlements.

The Miami Herald's irresponsible reporting is dead wrong and its reckless reporting libels a respected industry and a product that helps injury victims, including many in Miami, Dade County, Broward County,South Florida and across the USA.

Scott Rothstein's deposition transcript was published on Scribd.com which we reviewed here.  http://structuredsettlements.typepad.com/structured_settlements_4r/scott-rothstein-ponzi/.

How hard is it for reporters to Google the subject before publishing something that possesses characteristics of fleeting "inhabitants" of the aforesaid commodes from time to time? There's plenty of material there as well. How about Beasley's editor? I have written to the Miami Herald and suggested it correct the article.

The most notable quote in the article is from Kobre & Kim lawyer Matthew Mencschel to attempt to explain why Ponzi schemes seem to more common in South Florida. Menschel is quoted as saying that Miami is a financially “immature” city. He said that swindles that would never fly in savvier places like New York are able to flourish here  (in Miami) because investors concerned solely with making a quick buck don’t do the proper due diligence.

Even though Rothstein's Ponzi was not really about structured settlements, the Menschel quote is poignant in this regard, because with absolutely no licensing requirement on merchants of structured settlement payment rights (who solicit investors and many merchants of structured settlement payment rights, including some in South Florida), call such instruments "annuities". They call them annuities even though investors do not appear to be protected in the same way as annuitants  (see ELNY Liquidation). 

 

 

 

 

Read more here: http://www.miamiherald.com/2012/07/07/2886750_p2/florida-a-ponzi-schemers-paradise.html#storylink=cpy