Structured settlement expert John Darer® connects the dots for readers with structured settlement news, information and expert opinion, including settlement planning issues/ ideas for settlement management, incisive Structured Settlement Watchdog® reports that may be helpful to attorneys, plaintiffs, claims adjusters, judges, the news media, sellers and buyers of structured settlement payment rights and interested others, The style is spicy, informative, irreverent and effective. The most prolific structured settlement blog, Check back daily for something new.
The next time some scam artist from New York or Florida attempts to induce you to sell your stable tax exempt structured settlement payments for pennies on the dollar and replace it with an investment program that's projecting an 8%, 10% or 11% return, consider this stark illustration about the vicissitudes of the market:
Major averages lose 13% in one week!
5 Year Treasuries Less than 0.968% taxable
10 year Treasury 1.17% Taxable
Dew Jones drops 5,000 points in one week
Major average down 13% for the week!
At low today the Dow nearly wiped out all of 2019 gain, having already wiped out 2020 gain!
John Hancock Life is rolling out a structured settlement exchange program that enables John Hancock annuitants to address their liquidity needs while providing a measure of protection against secondary market predators.
The John Hancock Structured Settlement Exchange program is unique for being established at a time when John Hancock is not writing structured settlement annuities. John Hancock ceased writing structured settlement annuities in 2013.
The John Hancock Structured Settlement Exchange program is similar to the Allstate AFEN program and Berkshire Hathaway's Hardship Exchange Program, at a discount rate that is competitive, but definitely not the lowest possible rate. Always shop around. Selling structured settlement payments usually doesn't make sense for most people, but at least John Hancock Life annuitants who must go down that road, now have a ceiling above which they should not be paying to another structured settlement buyer. No John Hancock Life annuitant should pay more than 8% on any sale of structured settlement payments. 8%
Commutation programs are a source of consternation from structured settlement factoring companies who complain that it gives the annuity issuer an unfair advantage, while factoring companies must incur advertising expense to find prospects.
On the other hand one has to consider that the structured settlement factoring industry has no licensing requirement, unregulated sales practices and has an appalling history that has earned blistering exposes in national news media for member business practices (not to mention all the Structured Settlement Watchdog® has sniffed out). There are currently two ongoing lawsuits against life insurers for not doing enough for their annuitants when noticed of a structured settlement factoring transaction. In my opinion offering a structured settlement exchange or hardship provision is smart business.
Structured settlement industry premium production increased for the second year in a row. 2019 was a record setting year for structured settlements, exceeding $6.4B, a massive statement of relevance for the core personal injury settlement planning tool in an era of low interest rates and record setting stock market performance
Structured settlements remain a relevant core personal injury settlement planning tool that enables parties to address the personal needs of plaintiffs with a level of precision. In addition to traditional uses of structured settlements in personal injury, wrongful death and workers compensation settlements, there are many applications in the non qualified structured settlement area such as employment and commercial settlements, structured installment sales, wrongful imprisonment (the latter has tax exclusion but cannot be assigned under IRC 130).
A round of applause goes to my industry colleagues, their employees and to representatives of American General, Berkshire Hathaway, Independent Life, MetLife, New York Life, Pacific Life, The Prudential Insurance Company of America, United of Omaha and USAA Life insurance companies , and our trade associations, with whom I share this success. A further round goes to legal counsel, insurers and adjusters who support structured settlements and take the time to stay current on the many applications of structured settlements and who choose to retain structured settlement experts.
4structures.com LLC recently introduced new advertising that focuses on one of the strengths of structured settlements, " a custom fit for your life marathon".
There is a false narrative concerning structured settlement annuities that claims that structured settlement annuities are tax exempt. Structured
Structured settlement annuities are not tax exempt. The focus is on the damages
settlement annuities are not tax exempt. Where used as a "qualified funding asset" the structured settlement payments may be tax exempt, but the essential reason for the tax exemption is the damages that the payments from the structured settlement annuities represent.
Payments for damages on account of personal physical injury, physical sickness and wrongful death, see IRC 104(a)(2) [and IRC 104(c) for Alabama wrongful death]
Structured settlement annuities can be used to fund the payment of damages in settlement of lawsuits comprised of many types of taxable damages. Even though they are funded with structured settlement annuities, if established properly each payment in such cases is taxed in the year received.
I'm sure that the false narrative is not intentional, but what is surprising is the false narrative is articulated in public facing communications by certain people and companies with credentials and experience. Those who spread the false narrative, even unintentionally, may be used as sources of "validation" for content barfers in (or serving) the structured settlement secondary market. Clearly this does not serve the greater good for consumers or the industry.
You cannot be awarded a structured settlement. You cannot be awarded a settlement. It's either a settlement or an award. That's why it's called a settlement. It's very basic stuff. Yet a senior NSSTA member has been sucked into the "awarded a structured settlement vortex" and even blogged about it before piling into Thanksgiving turkey with this "stuffing":
"With a structured settlement, customized to match the long “arc” of life—with provisions for medical expenses, college tuitions, home payments, and so
Life is not an Arc- Euclid
much more—precious settlement awards are protected, even enhanced. Unlike a perishable, taxable lump sum, structures are designed to last"
Of course you cannot be awarded a settlement. A structured settlement is not an award. That's why it's called a settlement.
How about the NSSTA member ease up on its attempt wax poetic about Euclidian geometry and stop providing a misplaced source of validation for the same misinformation about structured settlements spilled on consumers by the structured settlement secondary market?
But the even more important lesson is this:
Life is Not an Arc
Transitions are an iterative process not a linear process. While life may throw you a couple of curve balls, life itself is neither linear nor a smooth curve like an arc.
Aly Juma says it simply "Life is not linear. It doesn’t always makes sense and expecting a logical progression is folly, especially in the world we live in today. We don’t have a set of directions or a secret map that tells us what to do or where to go. Our paths are winding and filled with forks". Life Is Not Linear: How To Discover Your Path Aly Juma 2019
Said Susan Bradley, founder of the Financial Transitionist Institute, a division of the Sudden Money Institute in a 2018 interview in London, where she was speaking at the Science of Retirement Conference, "In our culture we like to know what we’re doing. If we have a challenge, we like to meet the challenge, deal with it and move on. But with these major life events there’s a break in normal patterns, and all the newness that comes with it changes relationships, it changes self-perception, and it changes the way we see our future. All of that together influences our money and personal decisions. So something besides the old linear, technical model needed to be created, something that interacted and integrated with the technical. It’s not just money and it’s not just human; it’s the combination, and that’s really the magic of transition planning.
So I say this, as someone who is one of only two Certified Financial Transitionsists (CeFT) in the structured settlement industry, if you are representing insurers today and you're going in with a linear, or an "arc-typical" approach you're missing something significant.
Lastly, reverting to the technical, assuming we use the only definition of structured settkenent in the Internal Revenue Code, at IRC 5891 (c)(1), since when is the categorical assertion "taxable lump sum", "for injured individuals" in a legal settlement where you are making provisions for medical expenses...and so much more true?
Trevor Langkamp appealed the judgment of the United States Court of Federal Claims granting the government’s motion for summary judgment and rejecting his claim seeking damages for breach of a tort settlement agreement. See Langkamp v. United States, 131 Fed. Cl. 85 (2017) (“Court of Federal Claims Decision”). In its November 27, 2019 decision, United States Court of Appeals for the Federal Circuit concluded that the court erred in holding that the United States had no continuing liability for the future monthly and periodic lump-sum payments specified in the (settlement) agreement, and reversed and remanded.
In 1980, Trevor Langkamp, then a toddler, suffered severe burn injuries at a property owned and operated by the United States Army. Langkamp’s parents, Joseph and Christina Langkamp, brought an action against the United States under the Federal Tort Claims Act (“FTCA”), 28 U.S.C. § 2674, in the U.S. District Court for the Western District of Michigan. An annuity was purchased from Executive Life Insurance Company of New York (ELNY) as part of the settlement. ELNY was liquidated in August 2013. Following the ELNY liquidation and the folding of assets in to Guaranty Association Benefits Company. Guaranty Association Benefits Company (GABC), a not-for-profit captive insurance company domiciled in Washington, D.C., was created by the 40 state life and health insurance guaranty associations triggered by the liquidation of Executive Life Insurance Company of New York (ELNY) to pay out benefits to ELNY payees and certificate holders. A number of the payees suffered and continue to suffer from shortfalls.
Several payees have tried to sue the government over ELNY shortfalls and failed. In its March 31, 2017 decision in Karen L. Shaw et al v The United States (no. 14-783C), the Court concluded, that the plain language of the Settlement Agreement demonstrates that the government did not unequivocally guarantee that it would make annuity payments in the event of a default by the annuity company. The decision was affirmed on appeal August 20, 2018.
The United States Court of Appeals for the Federal Circuit in Langkamp case focuses on the settlement agreement. The government’s commitment was inherent in the language of the agreement, the opinion by Judge Haldane Robert Mayer said.
(“[T]he defendants . . . will pay to the plaintiffs . . . the sum of $239,425.45 as an upfront payment . . . and a structured settlement for the benefit of Trevor Langkamp, which sum shall be in full settlement and satisfaction of any and all claims said plaintiffs now have or may hereafter acquire against the defendants . . . on account of the incident or circumstances giving rise to this suit. providing a schedule of future monthly and periodic lump-sum payments and stating that “the plaintiffs hereby agree to accept said sum in full settlement and satisfaction of any and all claims and demands . . . which it or its agents or assigns may have against the defendants The government additionally contends that if the Settlement Agreement is ambiguous it should be interpreted in a manner that preserves its enforceability. In its view, Langkamp’s reading of the agreement—which imposes continuing liability for future payments—would render it unenforceable because the Assistant U.S. Attorney who signed the agreement on the government’s behalf had no authority to settle Langkamp’s claim for more than $400,000, J.A. 136–40, 162. This argument falls flat. As a preliminary matter, we discern no ambiguity regarding the government’s payment obligations under the Settlement Agreement; it means what it says when it requires the United States to “pay . . . a structured settlement” to Langkamp. Even if we were to assume arguendo, moreover, that there is some ambiguity in the contract language, there is no indication that in 1984 the present value of the government’s obligations under the Settlement Agreement—including the initial cash payment and the stream of scheduled future payments—exceeded the settlement authority delegated to the Assistant U.S. Attorney. In this regard, the “‘total present value’ of a payment stream plausibly refers to its cost, not to the amount a beneficiary receives.” Ezell v. Lexington Ins. Co., 926 F.3d 48, 50 (1st Cir. 2019); see also Old Republic Ins. Co. v. Ashley, 722 S.W.2d 55, 57 (Ky. Ct. App. 1986) (explaining that although certain annuities had “an estimated yield of $2,853,000,” they had a “present value of . . . $732,000”). Here, after disbursing the required “upfront payment” of $239,425.45, J.A. 133, the government spent $160,574.55 to purchase two single premium annuity policies from ELNY, policies which promised to make all the monthly and periodic lump-sumpayments"
It has been suggested that using a structured settlement annuity is an alternative to Health Savings Account. While I respect the author of the suggestion, in
Health Savings Account (HSA)
my opinion such assertion cannot be applied categorically and each situation should be looked at indepedently. This blog explores the question below.
What is a Health Saving Account (HSA)?
A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). A high deductible health plan requires a minimum deductible of $1,400 ($2,800 family) and maximum out of pocket limit of $6,900 ($13,800 family).
If you claim a family member on your taxes, you can use your HSA money for their qualified medical expenses – even if you just have single coverage.
Interest grows tax-free
Unused funds roll over annually if not used
Contributions to an HSA reduce your Modified Adjusted Gross Income, which determines eligibility of subsidy under the Affordable Care Act (ACA)
HSA accounts are liquid and portable.
Is a structured settlement a viable alternative to an HSA in 2020?
An allocation of damages from a settlement involving personal physical injury settlement proceeds used to fund a structured settlement annuity also grows income tax-free. In contrast to an HSA, claimants can use structured settlement annuity payments for medical and non-medical costs.
Structured settlement annuities, while fixed, do not have any usage stipulations. The injured claimant can use the payments to cover out-of-pocket medical costs, or any range of other expenses, from daily living expenses to longer-term costs, like college tuition or retirement.
No ongoing fees
Structured settlement annuities have no contribution limits, so injured claimants have complete control over the amount they want to contribute to the annuity.... HOWEVER
Money cannot be withdrawn from a structured settlement annuity like it can with an HSA. If there is a timing mismatch, the only way to get liquidity is a confiscatory sale of structured settlement payment rights via a structured settlement factoring transaction for pennies on the dollar. The liquidity from a structured settlement is such cases may take 90 days and is subject to a judge's approval. Being dinged for a monthly fee from an HSA bank account is far less than the structured settlement factoring "penalty"
That being said, research shows that the best HSA accounts offer low fees, easy access, and excellent investment options. For example
The monthly cost to own a Lively HSA is $0. Account opening fee; $0. Account closing fee; $0. Debit card fee (up to 3 cards per account); $0.
The account is also FDIC insured and it currently yields the following interest rate (varies depending on balance size):
Less than $2,500 0.25% APY $2,500 – $4,999 0.35% APY $5,000 – $14,999 0.45% APY $15,000+ 0.60% APY
And if you’re an investor, all accounts are attached to the TD Ameritrade platform. And as luck would have it, TD Ameritrade recently changed their fee structure, and all stock trades now cost $0.00. Source: DoughRoller.Net
What are the HSA Contribution Limits for 2020?
The HSA contribution limits for 2020 are $3,550 for individuals and $7,100 for families. The catch-up contribution limit for those over age 55 is an additional at $1,000. If both spouses are 55 or older and not enrolled in Medicare, each spouse’s contribution limit is increased by the additional contribution. Each spouse must make the additional contribution to his or her own HSA.
Each situation must be looked at on its own merit. Given a 360 degree look, structured settlements and HSAs are complemenary financial tools that can be used to serve a client's needs.
A settlement planner, who is a member of NSSTA and a member of the Society of Settlement Planners, bought a factored structured settlement payment stream which bore a 10.76% effective discount rate at a time when market discount rates were possible at well below 10%. The seller DID NOT have independent professional advice according to the petition. The settlement planner was assigned the rights through a Florida structured settlement factoring intermediary which originated the deal in Broward County, where the deal and the name of the settlement planner are public record and were sourced online.
While the name of the broker/settlement planner is public record, I am going to proceed to an ethical discussion without it in the hope that a consensus can be developed about the right way and the wrong to buy structured settlement payment rights by settlement planners and structured settlement brokers.
Legal Considerations
Structured settlement factoring is legal
Buying factored structured settlement payment streams is legal
Facts
Certain members of NSSTA and Society of Settlement Planners have and, upon information and belief, still buy structured settlement payment rights as investments for themselves and/or for clients.
Other non members of NSSTA, who are appointed by NSSTA member life insurance companies directly, or though commonly owned or affiliated companies, buy structured settlement payment rights, or originate structured settlement factoring transactions. One has established what purports to be an "exchange"
Many of the settlement planners claim to be tireless advocates for the claimant’s right to income tax free guaranteed periodic payments.
It is commonly known to members of NSSTA and the Society of Settlement Planners, including the life insurers who appoint these individuals, that the structured settlement secondary market transactions are regulated, but, with the exception of a few states such as Maryland and Louisiana, there is no regulation of the participants and their sale practices.
It's also fair to say, that no member of either of those associations for more than 5 years can claim ignorance of the financial atrocities that certain members of the structured settlement secondary market have rained on former plaintiffs and recipients of structured settlement payments.
Shocking statistic
In addition to financial atrocities, certain members of the structured settlement secondary have decided to directly, or indirectly through paid sanctioned lead generation to educate, most often poorly and inaccurately, plaintiffs that are a source of business for members of NSSTA and Society of Settlement Planners. CBC Settlement Funding, and its "lead pimps "Annuity.org, structuredsettlements.com and nlrbfcu.org, generate an estimated 22 times the clicks that NSSTA generates for the key word "structured settlements". That's just one key word.
Ethical Considerations in the Purchase of Structured Settlement Payments from Former Plaintiffs by Structured Settlement Brokers and Settlement
The Ethics of Purchasing Structured Settlement Payments by Settlement Planners and Structured Settlement Brokers
Planners
Is it ethical for a settlement planner or structured settlement broker to buy structured settlement payment rights from a someone who has not received Independent Professional Advice?
Is it ethical for a settlement planner or structured settlement broker, to buy structured settlement payment rights from a client for whom he or she placed the structured settlement annuity?
Does funneling the structured settlement factoring transaction through a factoring company, change the answer?
How does the answer change if the settlement planner is the only buyer?
Is it ethical for a settlement planner or structured settlement broker to buy structured settlement payment rights from someone who has held their structured settlement less than 2 or 3 years?
Is it ethical for a settlement planner or structured settlement broker to buy structured settlement payment rights from someone who has not got at least 3 competing quotes from unrelated entities?
Does it matter, from an ethical standpoint, who originates the structured settlement factoring transaction from which the settlement planner or structured settlement broker is assigned the structured settlement payment rights as an investment? Should the nature of the structured settlement company/originator's business practices be an item for consideration on the proverbial theory that "if you lie down with dogs, you wake up with fleas"?
Does it matter, from an ethical standpoint, who originates the structured settlement factoring transaction from which the settlement planner or structured settlement broker is assigned the structured settlement payment rights as an investment?
If the settlement planner or structured settlement broker is buying structured settlement payment rights as an investment, for themselves or clients arising out of a structured settlement annuity that they placed, what if any disclosure obligations do they have with the annuity issuer with whom they are appointed?
What are annuity issuers who appoint said settlement planners or structured settlement brokers doing to assure the privacy and confidentiality obligations to annuitants are maintained?
This important discussion will continue. My hope is that this blog post stimulates a wider industry discussion and that standards are set for the good of the industry and the people it serves.
USB Doesn't Sell Structured Settlement Annuities. As you can see USB is as surprised as anyone about "AnnuityExpertAdviceflop.com". Aghast is more like it.
Anybody can call themselves an annuity expert, but the ones that do so without the requisite experience and credentials are frauds. AnnuityExpertAdvice.com fails even the basic test of knowledge about structured settlement annuities so it is not an expert as I showed in my prior post and supplement below
1. What insurance companies sell structured settlement annuities?
AEA inaccurately claims that USB Financial is an insurance company that sells structured settlement annuities at the right speaks for itself. UBS Financial is not an insurance company. either.
2. Why Must Structured Settlements be court approved?
Mired in confusion, here's what AEA says "The Federal Periodic Payment Settlement Act of 1982 made it mandatory for court approval on all sales of structured settlements to ensure the consumer’s best interest is put first, and limit any sort of party from taking advantage of the settlement recipient".
Facts
A. Not all settlements must be court approved, therefore it follows that not all structured settlements must be court approved. Settlements involving minors, or adults with brain injuries are examples where court approval of settlement is necessary.
B. The Periodic Payment Settlemenmt Act of 1982 did not mandate court approval of all sales of structured settlements. The first line in the bill is a dead giveaway, "Exclusion for Periodic Payments". Specifically "excludes from gross income damage payments for inju-ries or sickness whether paid as lump sums or as periodic payments. Any amount received for agreeing to assume a liability forperiodic payments of personal injury damages will not be included in gross income to the extent it is used to purchase an insurance annuity or a U.S. obligation to cover the liability. The provision is effective for taxable years ending after 1981".
C. The mandate for court approval of structured settlement factoring transactions (i.e. sale of structured settlement payment rights, did not become effective until 2002, as part of the Victims of Terrorism Tax Relief Act of 2001.
3. How are structured settlements taxed?
AEA claims that "regular" payments from structured settlement annuities are tax-free. Another fail. Regular has nothing to do with it. Read about the taxation of structured settlements
Selling your structured settlement payments is a pennies on the dollar money loser. You will never get all of your money if you enter into a deal with a buyer of structured settlement payments. That has hasn't stopped Eastern Note Capital from Lincolnton, North Carolina, from blowing a little Smoky Mountain up your hind quarters, by asking in a free classified ad posted November 19, 2019, "wouldn't it be nice to get it all at once?" when that's something that they, or any other buyer would never be able to deliver.
Eastern Note Capital Clueless About How Structured Settlements Are Established
A settlement is not court awarded. It is not an award, period. A settlement is the result of a compromise between litigating parties and is part of the consideration paid by the Defendant or its insure for the release of claims against it.
"Court Awarded Structured Settlements and Annuities are income streams paid by a life insurance company to compensate an injured individual as the result of a personal injury lawsuit, medical malpractice suit, wrongful death suit or any other type of liability settlement. As a result of injury or wrongful death, plaintiffs are commonly awarded very large settlements. Rather than receiving the settlement in a lump sum, however, the injured party most commonly receives the money as monthly installments in the form of an annuity".
It's hard to have faith in a structured settlement factoring company that hasn't got the fundamentals down, when you have to take the regrettable step of selling away your future payments at a massive loss.
Selling Your Structured Settlement | The Road to Ruin Starts with that First Drag and Ends with the Butt, a warning from the "Sturgeon General".
What is a Structured Settlement? What You Need to Know What you need to know about structured settlements. General explanation of structured settlements, including the stable guaranteed income and favorable tax benefits that give structured settlements their "juice" and a helpful introductory video featuring 2021 A.M. Best Recommended structured settlement expert and Registered Settlement Planner John Darer® of 4structures.com® LLC
How Do Structured Settlements Work? Structured Settlement Diagram How structured settlements work, accompanied by 4structures.com® LLC's helpful structured settlement flow chart/diagram showing how structured settlements fit in with other 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 2021 Which life insurance companies issue structured settlement annuities going into 2021? 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, 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 or even an index linked structured settlement.
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 for 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, Transamerica, AEGON, GE Capital, Liberty, CNA) or changed its name and you're trying to track them down, here you go! The list is regularly updated. Last update October 2020.
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.
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New York Structured Settlement Expert Whether you're at the crossroads of the world or the crossroads of your life, structured settlements provide stability for when life is at a crossroad. Call 888-325-8640
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...
CT Settlement Planning | 4structures.com LLC Video Registered Settlement Planner John Darer discusses the broad array of settlement planning services offered to Connecticut lawyers and their clients living in Connecticut, or elsewhere.
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In my opinion, John Darer is an excellent consumer advocate in the insurance industry. When I had no one else to turn to after running up against the stone walls of these giant insurance company, John Darer used hours of his own time to investigate my situation. Not only is this an invaluable service to me the consumer but it is also of great value to the insurance industry by providing them consumer feed-back. This allows the insurance companies to correct their faults and move toward greater transparency which improves the overall public image of the insurance industry as a whole" JW 9/4/2014
John, Keep fighting the fight. -NASP member 12-4-2013
John...Thank you for your professional advice-Brandon 11-13-2013
"...Thanks to Mr. Darer's blog and personal pointers I was able to obtain a fair price for the sale of client structured settlement. Therefore, if one has no choice, but to sell their settlement educate yourself first before selling start by reading John's blog" Mr P. 11/17/2012
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"Amen - and continued thanks for your vigilance, John"- RL 8/18/2011
"Thanks for writing these great blogs on your site John! As an individual investor I have learned so much about the secondary market (for annuities, structured settlements, lottery payments, etc.) from your blogs and video series!!!" (6/5/2011)
I have found the intelligent and forthright information on your site a godsend. So much so I have tried in a small way to pass on my findings to others. Please keep up the good work and enhance your well deserved reputation as the authority on this subject- Mike 4/29/2011
John -
I can't thank you enough for bringing this to my attention. In my wildest dreams... PJ-May 12, 2011
John, I love reading your blog! Not only have I found very useful information there, but the comedy is much appreciated! Thanks for talking about "the big pink elephant in the living room" that everyone else ignores!
Thank you again for your help via phone and blog! I really needed to hear what you had to say today! BM 11/23/2010
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)
Thank you so very much for discussing my concerns about Symetra, my annuity company. I am amazed that PI attorneys as well as a settlement broker in San Diego, could not answer the simplest questions I had regarding the Safeco/Symetra issue. Your blog/web site is most interesting and informative, and I am grateful you have take on the "watchdog" role!
Thank you so much again (3/25/10)
"Keep up the good work exposing abuses in our industry - our future depends on clients being properly advised."-CD
Just checked out your blog and loved it. Keep up the good and balanced work-DL
"...we have never met but I thoroughly enjoy your web site and blog - excellent material…-PB
"I enjoy your website and its content. Informative and well written"-JC
I heard a radio ad for the Peachtree Settlement Fund as I was driving into work this morning. (San Francisco Bay area.) I decided to check it out on the Internet and came upon your blog. Thank you very much. I do not have a “structured” settlement,
"All the others that I had emailed & have seen on the net were "cash now types" & have no concern of me & just are looking for my $$$. When I came across your site & blog I realized that u are an upstanding guy & are not like others. That's why I emailed"
This was Great. Right On Point-TS
"Other Than John Darer No One Seems To Be Doing Anything"-J
Thanks for your help and also for the good work you do on behalf of our industry-L
"Thank you for being the inspiration that you are and for being a strong advocate for integrity in our business"-KL
"I Commend You On Your Effort To Make a Difference!" -R
"He is a fabulous writer who has a great passion for the structured settlement industry. I commend him on the passion he invokes when he writes on his blog listed above. That type of commitment and passion is hard to find and is rare in this world" -AC
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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Comments and Trackback Policy
Comments and Trackback Policy
Comments to this blog are encouraged, welcome and add spice to the interactive nature of blogs. However, the unscrupulous practice by some to deliver comment spam, to connect all manner of unrelated products to structured settlements, detracts from user experience, is NOT tolerated by this author and thus necessitates the practice of comment screening.
Jay J. Sangerman, PLLC A New York and Florida based AV rated estate planning law practice with an emphasis in Supplemental Needs Trusts, which assists attorneys in efficient case settlement though the use of Supplemental Needs Trusts and Special Needs Trusts; and Elder Law
Day Pitney LLP - People - Keith Bradoc Gallant Brad's practice includes traditional trust and estate planning and administration, special needs and disabilities planning, planning for same-sex couples and their families, planning for incapacity, and all types of probate litigation.
Halland Sickels Frei Mims Hall and Sickels is a full service personal injury attorneys and largest plaintiff's personal injury firms in Northern Virginia
Belluck & Fox, LLP Help with Information about litigation concerning Mesothelioma and Asbestos from New York Law firm
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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.
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