by John Darer CLU ChFC CSSC
Epitaph for a would-be structured settlement:
Documentation that says in pertinent part " For the consideration of Five Hundred Thousand ($500,000.00) the receipt and sufficiency of which is hereby acknowledged, plaintiff hereby releases, remises...
" Plaintiff has been advised by counsel...
Followed by client's signature
Action Followed by fax to defense counsel.
CONSTRUCTIVE RECEIPT...Two big words. Add one fatal tax principle. Possible E&O Claim.
Practice Tip: If your client is going to structure then the consideration must include the periodic payments as consideration, not the cost of the payments.
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