Structured settlements expert John Darer reviews the latest structured settlements news and 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 and buyers of structured settlement receivables,and interested others. The style is spicy, informative, irreverent and effective. The most prolific structured settlements blog, Now in 20th Year! Check back daily for something new.
Not only is CBC's action sleazy, but it's not even original sleaze
Representatives of other structured settlement factoring companies have donned golf shirts featuring insurance company logos on Zoom calls to imply that they "work with the insurance company". Another representative of a Florida Factoring company claimed to be " from the courts".
CBC Settlement Funding, based in Conshohocken Pennsylvania is a member of the National Association of Settlement Purchasers. How is using the branded logos of structured settlement annuity issuers to solicit consumers to sell their structured settlement payment rights for pennies on the dollar in line with NASP's standards of business conduct?
The SuttonPark Payment Servicing nightmare is a full blown humanitarian crisis bleeding into the karma of the secondary market, leaving many with unreliable payments that are supposed to be reliable
Over the years the Structured Settlement Watchdog has posted warnings that acquired structured settlement payment rights (structured settlement receivables) are not annuities and do not have the same protections as annuities in the event of insolvency. There is a good chance that your investment is subject to payment servicing and if it that payment servicing is with Boca Raton based SuttonPark, a subsidiary of Miami based 777Partners, you may be experiencing payment delays that I have been posting about on this blog in the last 6-7 months with a dramatic increase since mid-November 2024. The Structured Settlement Watchdog first raised questions about what would happen in the event of bankruptcy of a structured settlement payment servicing company 15 years ago in 2009.
I am now researching the demographics of investors who invested in the structured settlement receivables that were sold to the investors as annuities (e.g. secondary market annuities, inforce annuties) in the approach by financial planners (including settlement planners) that have encountered the SuttonPark Nightmare Payment Servicing Delays. I want to know your stories.
Investors could be retirees, business owners through their pension plans sold by financial advisers, as well as former plaintiffs who were recommended such investments by their settlement advisers and attorneys who may have been recommended the investments on their behalf in support of petitions on behalf of minors to State Court judges.
Urgent Need to Raise Awareness About Payment Servicing of Structured Settlement and to Enhance Disclosures at the time of Sale
This research is crucial to raise awareness of the inherent risks in payment servicing that many SuttonPark victims may not have been fully aware. The research also aims to promote the creation and/or improvement of disclosures to partial sellers of structured settlement payment rights the disclosures made to underserved investors in structured settlement receivables.
Believe it or not I've spoken to investors who bought in 2010-2012 who can't get a return call from the person who got them into this mess and the person who got them into this mess is still alive!
Seneca One, LLC Got the Okaloosa Vamoosa in 2023 Rescission of 2010 Structured Settlement Transfer Orders
Alot of bad structured settlement factoring deals happened in Sumter County Florida in years before the 2016 reforms to Florida's Structured Settlement Protection Act
Granted for Plaintiff in the Circuit Court of the First Judicial District In and For Okaloosa County, Florida
Henry Hatch Harris, III, as guardian of the property of Kristen Chambless, Plaintiff v Seneca One, LLC Case No.: 2014-CA-003562
Count 1Recission of Transfer Agreement
Count 2 Exploitation of a Vulnerable Adult
Count 3 Interception or Use of Wire, Oral, or Electronic Communications by Seneca One-Violation of Florioda Statute §934.03(1); and
Count4 Failure to Stipulate Discount and Finance Charges and Failure to Properly Disclose Required Information in Violation of Florida Statutes §626.99296 [ Florida Structured Settlement Protection Act]
Plaintiff's damages stemming from the foregoing were $1,245,149.84 PLUS costs of $2,966.71 and attorney's fees in the amount of $119,341.50. Judgment was entered in favor of Substitute Party Plaintiff Phyllis Harris, as guardian of the property of Kristen Chambless against Seneca One LLC for damages plus fees and cost in the totala mount of $1,367,457.95 with interest running at 6,58% per annum, adjusting in accirdance with Section 55.03 Florida Statutes
ALL of the Okaloosa Orders for Recission and Vacation "Deep Sixed" Orders Made in Sumter County 13 Years Earlier
2010-A-000828 (Sumter County Official Records ORB 2223 pp 588-702) dated August 20, 2010;
2010-CA-000988 (Sumter County Official Records ORB 2237 pp 585-598) dated October 1, 2010;
2010-CA-001344 (Sumter County Official Records ORB 2259 pp 758-770) dated December 6, 2010.
All the transfer orders involved payment streams from structured settlement annuity 861241TO02Z issued December 4, 1986, by Transamerica Occidental Insurance Company
To the extent there were payments left where there were third party investors, this decision presents a chilling reminder that investments in structured settlement receivables are not annuities and present more risks for a marginal additional return on investment.
Houston TX Structured Settlement Payee Waits and Waits for Payment Split from Structured Settlement Servicer SuttonPark
Mavis Davis (Alias used) is a Houston Texas area structured settlement annuitant whose stuctured settlement was funded with an annuity from The Prudential Insurance Company of America. I spent some time speaking with her this morning. Because Mavis sold part of her structured settlement payments, a payment servicing agreement is necessary. Unfortunately for Mavis, the servicing agreement is with SuttonPark, a Boca Raton company, that has been one of the largest servicers of structured settelment receivables in the USA.
Prudential continues to mail checks to SuttonPark but the portion of the checks due Mavis aren't getting to Mavis (and other payees) under a payment servicing agreement with SuttonPark.
The money is bottlenecked in a lock box. It appears that limited current staffing is at insufficient levels to assure a normal payment schedule. Little information has been available to payees and that is a HUGE problem. A phone message has not presented an accurate date for payment distributions, raising the anxiety level of payees. With the holiday season having arrived, it's certainly a lump of coal.
Mavis has made a few sales of structured settlement payment rights, to JG Wentworth and others. She told me this morning that a JG Wentworth rep told her that they used SuttonPark at one time but yanked the servicing away because they weren't happy. Fortunately Mavis Davis is employed, but it is not going to be easy for her if this situation continues.
One thing that I was able to confirm through sources that as of Tuesday November 26, 2024, the following SuttonPark employees payees might have been dealing with are still there even if calls are not being returned: Anna, Servicing Specialist Wanda Velasquez and Servicing Manager Percy Forde – SuttonPark Capital . I understand that they are working through the backlog trying to do the work of many times more people that are no longer there.
For the Payees, I think it is reasonable that any further communications from SuttonPark need to be accurate and crystal clear. Voicemail greetings should be changed daily.
You have Payees concerned with losing their homes and paying bills.
Structured Settlement Watchdog coverage of the SuttonPark Nightmare is a pro bono public service for structured settlement payees.
A few key facts about structured settlement payment servicing to help provide some clarity about the process
There is no need for payment servicing unless (1) the annuitant decides to sell part of a structured settelment payment stream or deferred lump sum; (2) actually does sell part of a payment steam or deferred lump sum; (3) the annuity issuer does not service its own payments.
Life insurance companies are highly regulated, in each of the states they do business. In the case of Prudential, it has been in business since 1875.
Where SuttonPark is the payment servicer, the life insurerer makes the entire annuity payment to SuttonPark on the payment due dates set forth in the qualified assignment executed at the time of settlement and the annuity contract issued to the qualified assignment company and payable to you, when your lawsuit was settled. For a refresher please follow this link to the 4structures.com LLC website How Do Structured Settlements Work | Structured Settlements Explained
Payment must then be split by SuttonPark, subject to the terms of the applicable servicing agreement, so that (1) structured settlement payees receive their net remaining payment, AFTER (2) paying the investor(s) who bought the payment(s) the structured settlement payee and (3) the payment fee that SuttonPark charges per payment for servicing can be realized by them. This process can become more complicated if there is a tertiary sale of structured settlement payment rights by investors
As a result, payments that are being serviced will not exactly align with the payment dates set forth in the annuity contract and qualified assignment.
Payments must be accurate for obvious reasons
Payment servicing is common where a sale of structured settlement payment rights is a partial sale and the annuity issuer does not have the capacity and/or desire to service payments themselves.
This author does not know what the fee is that is charged by SuttonPark, but per payment fees would be charged by other payment servicers.
Weed Wacking through Misinformation About Structured Settlement Annuities in Conjunction with Sales or Structured Settlement Transfers
A structured settlement annuity is not a bank account.
Payees do not own the structured settlement annuity.
When someone raises cash from their structured settlement, they are not cashing in the annuity. They are selling or transferring some of their structured settlement payment rights
There are websites run by companies that target consumers for the sale of their structured settlement payment rights that confuse consumers with nonsense like "sell your stuctured settlement annuity". Such inaccurate statements by promoters and solicitors for structured settlement factoring companies are inaccurate, ignorant, cruel (on the part of their patrons to allow it to be published) and foster consumer confusion, and irresponsible.
John Darer has over 30 years of experience with structured settlements and over 40 years of experience in financial services.
Ryan Blank Entities Banned for 7 Years and Made to Pay in MD in 2018. Now This in SC in 2024
"Ryan Blank and his (3 Delaware LLC) entities, agreed to pay $700,000 as part of the settlement, while SuttonPark Capital, the Florida firm that was set to receive (the Badger) girls’ future payments, agreed to fully reinstate the structured settlements.
Ryan Blank Source: Wayback Archive
Neither Blank, nor SuttonPark responded to requests for comment", according to McClatchy's David Weissman in an article published September 25, 2024 in the Myrtle Beach Sun News. Weissman was the author of the 4 part "ripped the cover of the ball" syndicated expose for McClatchy published in September 2022, that led to a major overhaul of how structured settlement factoring is regulated in South Carolina. In my opinion, South Carolina now has one of the strongest structured settlement protection acts in the United States.
Read coverage of the Arthur Badger family story below
Ryan Blank is first mentioned in paragraph 13 of the Complaint.
The Complaint cites the following as "Consipirators" entities associated with Ryan Blank
Berkman First Funding, Pitchberg Funding and Sutton Park Structured Settlements and SC lawyer Richard Steadman and his law firm
Ryan Blank paid to Bring Victim Arthur Badger to Washington DC to Induce a Sale of Minors' Structured Settlement Payments for Pennies on the Dollar
According to Weissman's latest report, Ryan Blank paid to bring Arthur Badger Jr. to Washington D.C. and “lavishly entertained” him as part of an effort to convince him to sell him his minor daughters’ structured settlement payments, worth millions, for pennies on the dollar. Weissman's story includes a picture of a smiling Ryan Blank with the Badger entourage at a hookah lounge from the Badger's DC trip. A member of the entourage is pictured holding a hookah caterpillar pipe* before Badger's kids structured settlements went "up in smoke" (at least until the recent settlement).
"Hookah tobacco is the same tobacco found in cigarettes. This means that when you smoke a hookah, you’re breathing in nicotine, tar, and heavy metals, including lead and arsenic".
"... the idea that they are safer than cigarettes, or safe at all, is seriously flawed".
SC Lawyer Richard Steadman's Law Firm Agreed to Pay for Role in The Factoring of Badger MInors' Structures
SC Lawyer Taylor Peace and His Firm Agreed to Pay for the Conflict of Interest Associated With Independent Professional Advice
"Chapin attorney Taylor Peace and his firm agreed to pay $650,000. Peace submitted a letter to the court filed in some of girls’ transactions stating that he gave independent advice to Arthur Badger concerning the deals. Peace, who clerked for Steadman while he was in law school, was paid by Steadman for this work, a conflict of interest since he was supposed to be acting on behalf of the Badgers" the complaint alleged". Taylor Peace, Attorney - Harrell, Martin & Peace, PA (harrellmartinpeace.com)
SC Lawyer Martin Harvey who Served as Guardian Ad Litem for the Last Transactions and His Firm Agreed to Pay $700,000.00
"Harvey reported his opinion to the court that the deals were in the minors’ best interests to help move them into a safer home in a more desirable neighborhood.. But the girls continued to live in the same home, which Harvey admitted he never visited, while the money received in the deals was used to purchase a rental property to supplement the family’s income"
Pitchberg Funding does not appear to have any BBB rating
The Skullduggery of Ryan Blank, his entities and associates has given me an extraordinary amount of material to write about for over a decade, although I simply wish that consumers of structured settlemens were more respected by the likes of Blank.
Structured settlement consumers deserve to be respected.
Will this South Carolina Settlement Outcome Be a Deterrent to Ryan Blank and other Factoring Actors and their Supporting Casts?
Hard to say, but South Carolina is on the right track. South Carolina's Structured Settlement Protection Act is now one of the toothiest in the USA. The Badger settlement not only hits the structured settlement factoring company, it hits the secondary market assignee (and, by entension its investors). bloodies the noses of the lawyers and law firms for the factoring company, guardians ad litem and the lawyer or advisor providing substandard independent professional advice.
It's time for all states to regulate sales practices in the structured settlement secondary and tertiary markets. There must be a clear pathway to go after bad actors when it's warranted.
Investors who buy structured settlement receivables are exposed to potentially devastating financial risk to their investments in the event of insolvency of the life insurance company that issued the annuity, that funded the structured settlement payment rights purchased by the investor.
Investors, financial advisers and insurers of financial advisors should be mindful of a crucial provision of the 2017 Life & Health Guaranty Associations Model Act (#520) which has been adopted by the majority of the United States when evaluating the suitability of structured settlement receivables as investments.
What is a Structured Settlement Receivables Investment?
A structured settlement receivables investment is an opportunity to invest money to acquire an assignment of someone else's structured settlement payment rights (or portions of those structured settlement payment rights) in the structured settlement secondary market or tertiary market.
Are Investors in Structured Settlement Receivables in the Same Position as a Structured Settlement Payee,or Someone Who Buys a Retirement Annuity?
No, an investment in a structured settlement receivable is NOT the same as buying any retirement annuity, or the purchase of a structured settlement annuity by a qualified assignment company. Unlike buying an an annuity, or the purchase of a structured settlement annuity, when a structured settlement receivable is purchased, no premium is paid to an insurance company. No premium is paid at all.
Certain actors, including some settlement planners and financial advisors, have falsely used the term "annuity" in marketing structured settlement receivables to investors, obfuscating the potential risks to investors, and even the judges tasked with approving them as part of a minor's settlement
In 2012, a California settlement planner submitted an under penalty of perjury affidavit supporting a petiton to establish a Qualified Settlement Fund in San Francisco County (ostensibly for the purchase of the receivables) while asserting in the affidavit that there was "no change in funding asset".
An investment in structured settlement receivables is not the equivalent of someone who becomes a structured settlement payee as the result of the settlement of a personal injury, wrongful death or workers compensation settlement.
The latter becomes a structured settlement payee by virtue of the negotiated settlement consideration in their personal injury or wrongful death lawsuit or workers compensation claim, wherein an obligation to make future perioidic payments is part of the consideration.
The obligation of the Defendant/Respondent or its/their insurer to make the periodic payments in the settlement agreement may be assigned [subject to the terms of IRC 130(c)] to a qualified assignment company.
The assignment company then buys an annuity (or annuities) to fund its periodic payment obligation.
Section 3A(5)(c) of the Life & Health Guaranty Associations Model Act (#520)
INVESTORS IN RECEIVABLES FACE SIGNIFICANT RISK OF LOSS OF INVESTMENT IN THE EVENT OF INSOLVENCY
(5) This Act shall not provide coverage to: (a) A person who is a payee (or beneficiary) of a contract owner resident of this State, if the payee (or beneficiary) is afforded any coverage by the association of another State; or (b) A person covered under Paragraph (3) of this subsection, if any coverage is provided by the association of another State to the person; or (c) A person who acquires rights to receive payments through a structured settlement factoring transaction as defined in 26 U.S.C. 5891(c)(3)(A), regardless of whether the transaction occurred before or after such section became effective".
In other words, in such case your investment the receivables will have the value and utility of something that is best suited for a schmear of butter and jam (or a dollop of baked beans (i.e. toast).
Drafting Notes to Section 3A(5)(c) of the Life & Health Guaranty Associations Model Act (#520) Crystal Clear
"Drafting Note: The exclusion from coverage in Section 3A(5)(c) of any person who has purchased from an original structured settlement annuity payee his or her rights to receive structured settlement annuity benefits and the exclusion of such benefits from covered benefits under Section 3B(2)(n) recognize that the protections afforded by guaranty associations are intended for insurance consumers, such as the original payees of structured settlement annuities. Guaranty association protection does not extend to sophisticated investors who acquire rights to receive structured settlement annuity benefits in the secondary market. These exclusions, however, do not apply to structured settlement annuity benefits that are transferred to children, present or former spouses or other dependents as part of domestic relations settlements or orders, or to other transferees (including donees) who acquire rights to receive structured settlement annuity benefits without providing any monetary consideration. Thus, Section 3A(5)(c) and Section 3B(2)(n) clarify that guaranty association coverage protects structured settlement annuity benefits to which the original payee and his or her family members retain the rights"
What if You Invested in Structured Settlement Receivables while Residing in a State That Hasn't Adopted?
Just remember that in Dec 2018, the National Association of Insurance Commissioners (NAIC) published Statutory Issue Paper No. 160 (finalized April 6, 2019) which expressly stated that acquired structured settlement payment rights are not captured as an annuity or insurance product in statutory accounting. Then go back and read the Drafting notes above!
Investment in structured settlement receivables were never an investment in an annuity, regardless of how they were labeled and marketed by secondary market companies, tertiary market companies, financial advisers to seniors, or certain settlement planners to trial lawyers for the trial lawyers or their clients.
There's a certain inevitability to adoption of the 2017 Revisions to the L&HGA in all states, just like the Structured Settlement Protection Acts
What If You Invested in Structured Settlement Receivables While Residing in a State that Hasn't Adopted and Move to a State that Has Adopted the Model Act?
An attorney source opined that the law of the original residence state would apply.
The big ole "but" is that the "before and after the effective date" clause in the Life & Health Guaranty Associations Model Act takes no prisoners in the states where approved.
Figuratively speaking, that's like standing over the gallows for an agonizingly long time for the trap door to open underneath your feet triggering a swift but violent drop to snap your financial neck.
"An annuity is a contract in which an insurance company makes a series of income payments at regular intervals in return for a premium or premiums you have paid. Annuities are most often bought for future retirement income, and can pay an income that can be guaranteed to last as long as you live". Source: Nevada Division of Insurance (nv.gov)
"SMA" is not listed as a type of annuity under Nevada Law
It is noteworthy that the definition of an annuity provided by the Nevada Department of Insurance does not include any reference to "Secondary Market Annuities" among the types of annuities listed.
Las Vegas Wealth Management Expert Flops on "SMAs"
A. Here is what John Stevenson said in an Article published on Annuity.com along with his bio on May 24, 2024 as well as Retirement Village (targeted at Retirement market):
"Investing in SMAs involves purchasing an existing annuity contract from the current owner. This process is often facilitated by intermediaries and may require court approval in some cases"
That was an outrageous misrepresentation by Stevenson.
The term SMA was slapped on to structured settlement receivables by marketers to financial advisors more than a decade ago so it would be an easier sell to retirees. Seniors will likely be more familiar with the term annuities than receivables.
Buying structured settlement receivables are not equivalent to buying annuity contracts. See National Association of Insurance Commissioners Statutory Issue Paper No. 160 (finalized April 6, 2019)
Structured settlement receivables are not insurance products. If you buy structured settlement receivables and the underlying annuity issuer goes insolvent there may be no safety net, reagrdless of when the receivable was purchased by you or who you bought it from. See Life & Health Guaranty Association Model Act (#520).
Some structured settlement receivables are marketed to retirees and other investors as SMAs after they have been to the "chop shop". Think figuratively speaking, a company buys a used automobile that goes to a chop shop and is stripped for its parts which it then sells to investors. If you're buying a chopped Toyota Corolla axle, you're not buying a Toyota Corolla. You're not buying a new or used automobile.
So, first you have a structured settlement factoring transaction in which future periodic payments are assigned to a transferree. Under Nevada law "Transfer" means any sale, assignment, pledge, hypothecation or other alienation or encumbrance by a payee for consideration of the right to receive payments pursuant to a structured settlement; and (j) "Transferee" means a party acquiring or proposing to acquire the right to payments pursuant to a structured settlement through a transfer. See Nevada Revised Statutes Title 3. Remedies; Special Actions and Proceedings - TITLE-3-REMEDIES-SPECIAL-ACTIONS-AND-PROCEEDINGS § 42.030 | FindLaw;and then the Transferee may sell the structured settlement receivable to an investor in whole or in part (chopped up auto analogy)
B. More nonsense from Stevenson
"Secondary annuities offer a unique opportunity for investors to receive a lump sum payment in exchange for future annuity payments". Isn't it the other way around?
"In an SMA transaction, the current owner of an income annuity opts to trade their future income payments for a lump sum" Stevenson is describing a structured settlement factoring transaction, which at IRC 5891 A states "In general, the term “structured settlement factoring transaction” means a transfer of structured settlement payment rights (including portions of structured settlement payments) made for consideration by means of sale, assignment, pledge, or other form of encumbrance or alienation for consideration. Source: Legal Information Institute. Cornell Law School.
Unlocked a Way to Enable Infants to Sell Their Structured Settlement?
From the looks of things Fast Annuity Settlement Transfer has come up with "a real stinker" .
The Expression says "Oops, Gambled and Lost"
Of course "Diaper Jan", an extremely young toddler cannot sell their structured settlement. What judge would approve it being in her best interest so soon after it was established by the approval of another (or possibly the same) judge?
"Gambled and Lost"?
DiaperJan's facial expression suggests that it's more of a case of "oops, gambled and lost".
Perhaps an expression of opinion on the idea from a toddler not yet verbal on the idea that a stuctured settlement set up yesterday for a very young toddler could be sold the next day or before they reach the age of majority.
Unlikely to Happen
It is unlikely that a structured settlement established for a very young toddler one day could be sold the following day with a judge's approval. Structured settlements are designed to provide long-term financial security for minors, and courts typically oversee these arrangements to ensure they serve the child's best interests.
The above advertisement implies that FAST has meticulously navigated the structured settlement protection acts across all 50 states and the District of Columbia, which designate state court judges as the ultimate decision-makers. They have "finally found a way" to expedite the approval process for such transfers, positioning themselves ahead of competitors who traditionally wait until recipients reach the age of 18 before inundating them with solicitations.
This web site is not endorsed by, directly affiliated with, maintained, authorized, or sponsored by FAST. All products, services and company names are the registered trademarks of their original owners. The use of any trade name or trademark is for identification and reference purposes only and does not imply any association, sponsorship or endorsement between the trademark holder and the operators of this web site.
The Factoring Companies Came For Cedric Thomas' Structure When He Became an Adult
In October 2015, I reported how a then 21 year Long Island New York native, a New York resident who had a structured settlement with AIG's (now Corebridge's) subsidiary Variable Annuity Life Insurance Company, that was very well designed, but had the guts ripped out of it, for substantially less than market value by a settlement purchaser, forum shopped to Florida in a stunning case of predatory profiteering by the structured settlement secondary market. The profit spread was almost $1.5M based on estimates I obtained at the time.
Thomas' Structure was Due to Pay Him Lifetime Increasing Ongoing Tax Exempt Income
Not just a little income. A large amount of Income! A "job" Thomas could never be fired from, with guaranteed annual raises, that would have provided him hundreds of thousands in tax free income annually for the rest of his life.
Decision|One of The Worst Ever Under Florida's Structured Settlement Protection Act (Opinion)
Judge Gary Sweet of the 19th Judicial District in Okeechobee County approved the horrible initial deal in October 2015. Sweet, who retired a few years ago, is no doubt drawing a nice pension for all his years of service. Of course he deserves his pension. Unfortunately Cedric Thomas won't because of a judicial decision when he was 21. But a decision like this will long live in structured settlement history as one of the worst ever.
Just a year later, in 2016, Florida's structured settlement protection act was amended. Why am I raising this now? Becasue I believe that state legislatures across the country need to be aware of the horrible outcomes that result from a horrible judicial decision in a stuctured settlement transfer hearing.
The Thomas case is NOT an isolated case.
By raising the consciousness, perhaps some further thought will go into these decisions in the future and state legsilatures will not sit idly by until blistering publicity appears in the mainstream press (e.g.Maryland, Virginia, Minnesota, South Carolina) and spurs them into action. The Cedric Thomas example case is a disaster that should never have gone down the way it did and it all stems from the first deal.
Here's the reality. If at some point in the next 50 years (Thomas is only just entering his 30s now) Thomas needs to draw on tax payer funded public assistance in New York, Florida or anyowhere else, one can look back to the 2015 decision and the absence of (1) independent professional advice and (2) a close enough evaluation of the absurd deal that Sweet approved.
Please read on...
What Happened in 2021?
Fast forward to 2021. JG Wentworth submitted a Petition to Transfer Structured Settlement Payments in Suffolk County New York for what appears to be the last of his structured settlement payments, that have not been sold. Is it really the end of the structure road already?
He is now in his 30s. The latest petition was to sell $55,997.85 per month almost $672,000 annually in life contingent payments increasing at 3% compounded annually beginning in the 2070s.
If he lives that long it would likely put him in among a high tier of retirees. But if he hadn't sold other payments he'd be earning hundreds of thousands a year between now and then.
To put that in context, consider these age 65+ stats sourced from The Motley Fool:
Cedric Thomas would have crushed those stats many times over with his structured settlement. Unlike most retirees, he wouldn't be paying income tax on the income from the structure. Perhaps Sweet took God's (played by Morgan Freeman) position in Bruce Almighty about "not being able to mess with free will".
Petition to Transfer Structured Settlement Payments in Suffolk County New York in 2021
"JG Wentworth Originations, Llc v. CT, American General ..."
Source: Trellis.Law
https://trellis.law › doc › order-proposed
623827/21 ... The transfer of structured settlement proceeds by Cedric Martez Thomas a/k/a Cedric M. Thomas a/k/a C. M. Thomas a/k/a Cedric Thomas a/k/a C.T. (“ .
CBC StructuredSettlements.com shills have stooped to a new low. Structuredsettlements.com, with a self-stated address corresponding to an Altamore Springs Florida UPS store 2156 mailbox*, suggests that you can "Honor a Legacy" by selling your future payments (for pennies on the dollar).
They say "Loss and money on their own evoke strong feelings – and together can be explosive. But it doesn't have to be".
Translation: You too can pay respect to the person you lost by short changing yourself for pennies on the dollar. It's ridiculous!
What is a Legacy?
an amount of money or property left to someone in a will:
"my grandmother died and unexpectedly left me a small legacy" (i.e. all about you)
the long-lasting impact of particular events, actions, etc. that took place in the past, or of a person’s life:
"he left us a rich legacy of buildings that are both innovative architectural creations and genuine works of art" · "her legacy will live on for generations to come" · "the legacy of centuries of neglect" Source: Oxford Languages
Instead of a Legacy, it's the type of stuff that CBC Settlement Funding shills say that might result in "Mama" reaching up out of the grave to whup your ass
"it can be something beautiful to actively pay respects to the person you lost. It could be a way to realize your dream of finishing college. Or it could be that you've always wanted to be your own boss. Or maybe you just want a home to call your own.
According to its "What They Do" pageStructuredsettlements.com "specializes in structured settlements and the laws that regulate them. In contrast to full-service financial providers, we concentrate on this one area so we are better able to serve the unique needs of people with structured settlements. In addition to settlement-specific information, we cover broader financial literacy topics as they relate to the benefits and risks of selling future payments, so you can feel confident in your decision.
When you’re ready, they connect you with a trusted settlement purchaser, CBC Settlement Funding who will walk you through the more personal details of your transaction".
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 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 which specializes in assessing mortality risk to price its life insurance and annuity products. 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].
Top Structured Settlement Annuity Companies 2025 Which life insurance companies issue structured settlement annuities in 2025? 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. Last updated November 3, 2024
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 2025 In 2025, you can structure your settlement payments in various ways. A structured settlement allows for multiple payment types within one agreement. You can tailor and merge different structured settlement payments to suit your individual needs, either alone or alongside other financial instruments. If desired, diversify your structured settlement by utilizing multiple annuity issuers, treasury-funded structured settlements, index-linked structured settlement payments, and market-based structured options.
Structured Attorney Fees for Tax Deferral for Attorney Contingency Fees Structured attorney fees offer a financial strategy that provides a unique method for deferring taxes for attorneys and their firms. Attorneys can structure or defer their legal fees independently of whether the plaintiff structures their settlement. There are various ways to structure attorney fees, including capped or uncapped index-linked structured settlement annuities with payments adjusted according to the S&P 500 or another index's positive changes. Trial lawyers might also opt for a special deferred payment/compensation arrangement if they seek market-based returns without a cap. As the year-end approaches, consider adding structured attorney fee specialist John Darer® to your settlement planning team for 2025.
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), oran annuity issuer has changed its name and you're trying to track them down. Here you go! The list is regularly updated. Last updated December 9, 2024.
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.
Structured Settlements and Longevity Risk| What Are the Odds? Do your financial resources give you enough road, or will the road run out before you do? A structured settlement annuity helps mitigate the risk of outliving your savings, no matter how long you live. A structured settlement can include one or more customized payment streams and types.
Intellectual Property Structured Settlements While intellectual property wasn’t a common focus for structured settlements, the growth of IP litigation led to some firms, including 4structures.com, LLC, adapting structured settlements in this context. The 2017 Tax Cuts and Jobs Act shifted some Intellectual Property assets (e,g, patents) from capital gains treatment to ordinary income treatment, while increasing tax rates on lump-sum sales from 20% to 37%, increasing the appeal of structured settlement options for tax planning. Click through for more details!
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.
Simply Click the Subscribe Button at the top left of the page above the blog title which will take you to the blog subscribe page or follow this link https://feeds.feedblitz.com/structuredsettlements
STRUCTURED SETTLEMENTS 4REAL® Blog Is a Popular Source of Structured Settlement News, Information and Commentary, John Darer Reviews, Settlement Planning News and Financial Solutions for over 19 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 41 years financial services experience and 31 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.
WHAT YOU GET here is the straight stuff with a touch of irreverence and humor. We hope you enjoy and find the content to be helpful.
Subscribe to the structured settlement blog feed, or a specific category feed through your blog reader, or through the Subscribe button at the top left of this page. Followers of JDDarer™ on Twitter may also receive select content.
If you would like to speak with John he can be reached at (888)325-8640
Thank you for reading!
Last updated February 18, 2025
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. New York County, Bronx County, Kings County, Richmond County, Queens County, Westchester County, Orange County, Rockland County
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...
Connecticut Structured Settlement and Settlement Planning Experts 2025 4structures.com LLC is based in Stamford CT and Connectict works with clients all over CT, Greenwich, Stamford, Darien, New Canaan, New Haven, Hartford, West Hartford, West Haven, Torrington, Danbury, Weston, Wilton, Windsor Locks, , Norwalk, Middletown, New London, Ridgefield, Westport, Oxford, Stratford, Old Greenwich, Stafford, Storrs, Groton, Harwinton, Milford, West Haven, Glenville, Long Ridge, Stonington, East Hartford, Guilford, Litchfield County, Fairfield County, New Haven County, Waterbury, Shelton
"I'm with ***** Settlement Funding and appreciate your TRUTHFUL information"
Structured Settlement Factoring Company representative on LinkedIn, January 26, 2024
"You have a wonderful blog"
Partner in Philadelphia law firm August 30, 2020
"Impressive Blog" -Counsel to Am Law 200 ranked International Law Firm July 22, 2020
"Thank you so much for giving us your time and leading us in the right path , Thank you, you are a God send , God bless you in all your works" -K April 11, 2017
"Once again, I can't tell you how appreciative I am for your help. In today's day and age, it is rare that you actually find people who are willing to go the extra mile..." -TC May 5, 2015
"I wanted to send you this email to say Happy New Year to you and your family. May God continue to bless you. I am grateful that I had the opportunity to meet you on the phone. I truly thank you for introducing me and my son, (redacted) to (lawyer). It is people like you that God put in the path of my son situation. Thanks a million times! {original on file] 1-2-2015
"John Darer has been nothing but honest,helpful,informative with options, & his
"time" was NEVER an issue!"-Andrew S 8/18/2012
" I wish there were more like you" JG 9-15-2014
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
"I always appreciate when he (John Darer) keeps us informed on regs and rules. No one does it better"- structured settlement industry colleague and reader RY 7/26/2012
"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
All posts, including memes created by John Darer, Copyright 4structures.com, LLC 2025. All rights reserved. Ongoing filings have been made with the United States Copyright Office. Except for those videos in which John Darer appears, or any video advertisements or public service videos appearing on, this blog, no claim is made to videos, music or images in any mashup which are the property of their respective owners. Disclaimer: The use of any marks herein does not suggest any sponsorship, affiliation or relationship with owners of such marks. Any marks used in commentary herein are in the context of fair use to discuss the newsworthy topics presented herein.This web site is not endorsed by, directly affiliated with, maintained, authorized, or sponsored by any insurance or other company referenced herein. All products, services and company names are the registered trademarks of their original owners. The use of any trade name or trademark is for identification and reference purposes only and does not imply any association, sponsorship or endorsement between the trademark holder and the operators of this web site.
Structured Settlement Watchdog® is a registered trademark of 4structures.com LLC. USPTO Reg. 4711312 All rights reserved.
John Darer® is a Registered Trademark of John Darer, Stamford CT. USPTO Reg. 4674907 All rights reserved
4structures® Reg. 4640532 and 4structures.com® Reg. 4640531 are Registered Trademarks of 4structures.com LLC. All rights reserved
Structured Settlements 4Real® is a Registered trademark of 4structures.com LLC Reg.4345946 All rights reserved.
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.
Helpful Structured Settlement Information is Here!
Learn more about structured settlements by reading structured settlement expert John Darer's blog
Researching Structured Settlements? It may be helpful to check (1) in Archived Blog Posts (above left); (2) use the Google search box (below); (1) visit the 4structures® website at https://www.4structures.com, (4) visit 4structures® Structured Settlement Experts YouTube Channel by clicking https://www.youtube.com/user/4structures1, or (5) call settlement expert John Darer® at 888-325-8640, toll-free in the USA, 646-849-1588 in New York City, or 203-325-8640 in CT, or from outside the USA.
Subscribe to this Blog
Simply click on the " Subscribe" link at the top left of this blog page and follow the simple instructions.
The John Darer® authored Structured Settlements 4Real® blog is the most prolific structured settlement blog, providing information, commentary and opinion since 2005 with over 5,420 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
Comments and Trackback Policy