Wednesday, March 25, 2009
Structured settlement
Internal Revenue Code
Genesis of tax codes in the United States
Prior to 1874, U.S. statutes were not codified. That is, they were not set forth in one comprehensive subject matter title, but were instead contained in the various acts passed by Congress. Codifications of statutes (including tax statutes) undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, effective for the laws in force as of December 1, 1873 (title 35 of which was the internal revenue title). Another codification was undertaken in 1878.
In 1919, a committee of the U.S. House of Representatives began a project to recodify U.S. statutes which eventually resulted in a new code in 1926 (including tax statutes).
Internal Revenue Code of 1939
The tax statutes were re-codified by an Act of Congress on February 10, 1939 as the "Internal Revenue Code" (later known as the "Internal Revenue Code of 1939"). The 1939 Code was published as volume 53, Part I, of the United States Statutes at Large and as title 26 of the United States Code. Subsequent permanent tax laws enacted by the United States Congress updated and amended the 1939 Code.
U.S. Code collection
United States Court for China
The United States Court for China was a United States District Court that had jurisdiction over U.S. citizens in China. It existed from 1906 and 1943 and had jurisdiction in civil and criminal matters, with appeals taken to the U.S. Court of Appeals for the Ninth Circuit in San Francisco.
The District had only one judge, and those on trial sometimes had to wait months for proceedings. The District also grew to incorporate the Philippines and Guam in its jurisdiction.
Because the court was based outside of the United States, the United States Constitution did not apply; there was no right to a jury trial nor to constitutional due process.
Medicaid
HIV
Medicaid is also the program that provides the largest portion of federal money spent on health care for people living with HIV. Typically, poor people who are HIV positive must progress to AIDS (T-cell count of 200 or under) before they can qualify under the "disabled" category. More than half of people living with AIDS are estimated to receive Medicaid payments. Two other programs that provide financial assistance to people living with HIV/AIDS are the Social Security Disability Insurance (SSDI) and the Supplemental Security Income. However, Medicaid eligibility policy contrasts with the Journal of the American Medical Association (JAMA) guidelines which recommend therapy for all patients at 350 or certain patients higher, and according to a new recent large scale study, asymptomatic HIV positive patients who started on medication with T-cell counts 350 to 500 had a 70 percent higher survival rate than those who waited. This study's results show that waiting even until the cell count reaches 350 (current JAMA recommendation) increases the risk of death.[13] As many patients cannot afford expensive medicines without Medicaid help, HIV annual death counts have failed to decline significantly since 2002.
United States National Health Insurance Act
The United States National Health Insurance Act (Expanded and Improved Medicare for All Act) (H.R. 676), is a bill submitted to the United States House of Representatives by Representative John Conyers Jr., D-MI, which as of March 19, 2009 has 69 recorded cosponsors. It was first introduced, with 25 cosponsors, in 2003,[1] and reintroduced each session since then. The act calls for the creation of a universal single-payer health care system in the United States, in which the government would provide every resident health care free of charge. In order to eliminate disparate treatment between richer and poorer Americans, the Act would also prohibit private insurers from covering any treatment or procedure already covered by the Act. The bill is currently in the House Energy and Commerce Committee, as well as the Committees on Ways and Means, and Natural Resources. John Dingell (D-MI), former chair of the Energy and Commerce Committee, has each session introduced a bill with a similar title ("National Health Insurance Act") H.R. 15, which was first introduced in 1933 by his father, John Dingell, but which does not provide for universal health care.
H.R. 676 has drawn significant attention beginning in July 2007 because of the release of the Michael Moore documentary Sicko which focuses on the status of health care in the United States, which is the only developed country which does not have universal health care.[2][3] The DVD edition of the film also included a segment (Sicko Goes To Washington) promoting the billstructured settlement company
Structured settlement companies can help individuals by helping the processing of settlement claims in an efficient manner. Structured settlement companies focus on reducing litigation costs thereby saving the defendant valuable money that can be used to pay the beneficiary. An individual who gets a structured settlement payment also stands to benefit by taking the service of a structured settlement company if he wishes to convert his structured settlement payments into ready cash. Structured settlement companies have contacts with investors who pay a person for his cash flow.
A person who wishes to transfer his payments to another person can do so with the help of a structured settlement company. The terms of a settlement are governed by state and federal laws and need to be understood properly before a settlement can be executed. Creating a Structured Settlement Agreement and obtaining a court approval for a structured settlement transaction are some of the activities that the settlement companies manage. Their good working relationships with insurance companies and their knowledge of laws that govern settlements mean that the beneficiary of a structured settlement gets through the procedures smoothly.
With the presence of a structured settlement company as a third party between a defendant and a beneficiary, the beneficiary can avail the settlement sum in a variety of ways depending upon his present financial conditions and lifestyle. Settlements can also be offered through an equity annuity which enables the beneficiary to invest the money obtained and earn either through a guaranteed minimum or according to the stock market. Thus, settlement companies that offer an equity annuity give people a chance to reap payoffs on the principal and at the same time watch it grow.
An individual involved in litigation needs help in filing a claim, managing documents, and assessing present and future damages. Along with a competent lawyer, he is helped in this by a structured settlement company that can gauge an individual's future requirements and advise upon a settlement amount as well as the periodicity of payment. Their services are all the more useful in cases that involve catastrophic accidents that can lead to a loss of earning capability and in some cases reduced life expectancy. The companies use their expertise to draft a payment proposal that raises the issue of the plaintiff's requirements and the defendant's responsibility to the plaintiff's needs.
Structured Settlements in the United States
The United States has enacted structured settlement laws and regulations at both the federal and state levels. Federal structured settlement laws include sections of the (federal) Internal Revenue Code[1]. State structured settlement laws include structured settlement protection statutes and periodic payment of judgment statutes. Medicaid and Medicare laws and regulations affect structured settlements. To preserve a claimant’s Medicare and Medicaid benefits, structured settlement payments may be incorporated into “Medicare Set Aside Arrangements” “Special Needs Trusts."
Structured settlements have been endorsed by many of the nation's largest disability rights organizations, including the American Association of People with Disabilities [2] and the National Organization on Disability [3].
[edit] Definitions
The United States definition of “structured settlement” for federal income taxation purposes, found in Internal Revenue Code Section 5891(c)(1) (26 U.S.C. § 5891(c)(1)), is an "arrangement" that meets the following requirements:
- A structured settlement must be established by:
- A suit or agreement for periodic payment of damages excludable from gross income under Internal Revenue Code Section 104(a)(2) (26 U.S.C. § 104(a)(2)); or
- An agreement for the periodic payment of compensation under any workers’ compensation law excludable under Internal Revenue Code Section 104(a)(1) (26 U.S.C. § 104(a)(1)); and
- The periodic payments must be of the character described in subparagraphs (A) and (B) of Internal Revenue Code Section 130(c)(2) (26 U.S.C. § 130(c)(2))) and must be payable by a person who:
[edit] Legal Structure
The typical structured settlement arises and is structured as follows: An injured party (the claimant) settles a tort suit with the defendant (or its insurance carrier) pursuant to a settlement agreement that provides that, in exchange for the claimant's securing the dismissal of the lawsuit, the defendant (or, more commonly, its insurer) agrees to make a series of periodic payments over time. The insurer, a property/casualty insurance company, thus finds itself with a long-term payment obligation to the claimant. To fund this obligation, the property/casualty insurer generally takes one of two typical approaches: It either purchases an annuity from a life insurance company (an arrangement called a "buy and hold" case) or it assigns (or, more properly, delegates) its periodic payment obligation to a third party which in turn purchases an annuity (which arrangement is called an "assigned case").
In an unassigned case, the property/casualty insurer retains the periodic payment obligation and funds it by purchasing an annuity from a life insurance company, thereby offsetting its obligation with a matching asset. The payment stream purchased under the annuity matches exactly, in timing and amounts, the periodic payments agreed to in the settlement agreement. The property/casualty company owns the annuity and names the claimant as the payee under the annuity, thereby directing the annuity issuer to send payments directly to the claimant. If any of the periodic payments are life-contingent (i.e., the obligation to make a payment is contingent on someone continuing to be alive), then the claimant (or whoever is determined to be the measuring life) is named as the annuitant or measuring life under the annuity.
In an assigned case, the property/casualty company does not wish to retain the long-term periodic payment obligation on its books. Accordingly, the property/casualty insurer transfers the obligation, through a legal device called a qualified assignment, to a third party. The third party, called an assignment company, will require the property/casualty company to pay it an amount sufficient to enable it to buy an annuity that will fund its newly accepted periodic payment obligation. If the claimant consents to the transfer of the periodic payment obligation (either in the settlement agreement or, failing that, in a special form of qualified assignment known as a qualified assignment and release), the defendant and/or its property/casualty company has no further liability to make the periodic payments. This method of substituting the obligor is desirable for property/casualty companies that do not want to retain the periodic payment obligation on their books. Typically, an assignment company is an affiliate of the life insurance company from which the annuity is purchased.
An assignment is said to be "qualified" if it satisfies the criteria set forth in Internal Revenue Code Section 130 [1]. Qualification of the assignment is important to assignment companies because without it the amount they receive to induce them to accept periodic payment obligations would be considered income for federal income tax purposes. If an assignment qualifies under Section 130, however, the amount received is excluded from the income of the assignment company. This provision of the tax code was enacted to encourage assigned cases; without it, assignment companies would owe federal income taxes but would typically have no source from which to make the paymentsSunday, February 22, 2009
2323.58 Transfer of structural settlement payment rights definitions.
(A) “Annuity issuer” means an insurer that has issued an insurance contract that is used to fund periodic payments under a structured settlement.
(B) “Applicable law” means any of the following, as applicable in interpreting the terms of a structured settlement agreement:
(1) The laws of the United States;
(2) The laws of this state, including principles of equity that are applied in the courts of this state;
(3) The laws of any other jurisdiction if any of the following applies:
(a) The laws of that other jurisdiction govern the structured settlement.
(b) A court or a responsible administrative authority approved the structured settlement agreement under the laws of that other jurisdiction.
(c) The transfer of payments under the structured settlement is subject to the laws of that other jurisdiction.
(C) “Dependent” means a spouse of a payee, a minor child of a payee, or any other member of the family of a payee or other person whom, by law or by court order or decree, the payee is legally obligated to support.
(D) “Discounted present value” means the fair present value of the future payments under a structured settlement that is determined by discounting those payments to the present, using the most recently published applicable federal rate for determining the present value of an annuity as issued by the United States internal revenue service.
(E) “Independent professional advice” means the advice of an attorney, a certified public accountant, an actuary, or any other licensed professional adviser if all of the following apply:
(1) The payee has engaged the services of the licensed professional adviser to render advice concerning the legal and other implications of a transfer of structured settlement payment rights.
(2) The licensed professional adviser has signed a statement to the effect that the licensed professional adviser rendered advice to the payee concerning the legal and other implications of a transfer of structured settlement payment rights.
(3) The licensed professional adviser is not affiliated in any manner with, referred by, or compensated in any manner by the transferee of the structured settlement payment rights.
(4) The compensation of the licensed professional adviser is not affected by whether or not a transfer of structured settlement payment rights occurs.
(F) “Interested party” includes the payee with respect to a structured settlement, the annuity issuer, the structured settlement agreement obligor, and any other party that has continuing rights or obligations under the structured settlement agreement.
(G) “Payee” means an individual who is receiving periodic payments under a structured settlement agreement that are excludable from the individual’s gross income under federal income taxation laws applicable to that individual and who proposes to make a transfer of the rights to receive those periodic payments.
(H) “Periodic payments” includes both continuing monthly or other periodic payments and scheduled future lump-sum payments under a structured settlement.
(I) “Qualified assignment agreement” means an agreement that provides for a qualified assignment, as defined in section 130 of the “Internal Revenue Code of 1986,” 100 Stat. 2085, 26 U.S.C.A. 130(c), as amended, through an assignment of the liability under a structured settlement agreement to make periodic payments as damages, on account of personal injury or sickness.
(J) “Responsible administrative authority” means any government authority of another state vested by the law of that state with the original exclusive jurisdiction over the settled claim resolved by a structured settlement.
(K) “Settled claim” means the original tort claim resolved by a structured settlement.
(L) “Structured settlement” means an arrangement for periodic payments of damages for injury to a person that is established by a settlement or a court judgment in resolution of a tort claim.
(M) “Structured settlement agreement” means an agreement, judgment, stipulation, or release that embodies the terms of a structured settlement, including the rights of a payee to receive periodic payments.
(N) “Structured settlement obligor” means the party that has the obligation to make continuing periodic payments to the payee under a structured settlement agreement or a qualified assignment agreement.
(O) “Structured settlement payment rights” means the rights under a structured settlement agreement to receive periodic payments from a structured settlement obligor or an annuity issuer if either of the following applies:
(1) The payee, the structured settlement obligor, or the annuity issuer with respect to the structured settlement agreement is a resident of this state.
(2) The structured settlement agreement was approved by a court in this state.
(P) “Terms of a structured settlement” includes the terms of a structured settlement agreement, an insurance contract, a qualified assignment agreement, and any order or approval by a court, a responsible administrative authority, or other government authority authorizing or approving the structured settlement.
(Q) “Transfer” means a sale, assignment, pledge, hypothecation, or any other form of alienation or encumbrance of structured settlement payment rights made by a payee for consideration.
(R) “Transfer agreement” means an agreement that provides for the transfer of structured settlement payment rights from a payee to a transferee.
(S) “Transferee” means a party acquiring or proposing to acquire structured settlement payment rights through a transfer of those rights.
Select Estate Solutions, Inc.
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Orange County
Orange County Superior Court
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Maui County
Maui County Office of the County Clerk
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Massachusetts
Massachusetts Online Probate Resources
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Massachusetts Guide to Estate Taxes
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Directory to Court Locations
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Michigan
Michigan Probate Courts
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Barry County
220 W. Court Hastings..
Probate Court (269) 948-4842
Clare County
225 West Main Street, P.O. Box 438
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989-539-7109
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Clinton County
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Eaton County
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New Hampshire
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New Jersey
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New York
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Centre
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Chester
2 N. High St., Ste. 109
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Clarion, PA 16214
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Clearfield, PA 16830
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Meadville, PA 16335
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1 Courthouse Sq.
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Courthouse, Room 103
Front & Mkt. Sts.
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Delaware
Gov. Center Bldg.
201 W. Front St.
Media, PA 19063
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Elk
Main Street
P.O. Box 314
Ridgway, PA 15853
(610) 891-4400
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Fayette
61 E. Main St.
Uniontown, PA 15401
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P.O. Box 423
Tionesta, PA 16353
(814) 755-3526
Franklin
157 Lincoln Way E.
Chambersburg, PA 17201
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201 N. 2nd St.
McConnellsburg, PA 17233
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Courthouse
Waynesburg, PA 15370
(412) 852-5283
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223 Penn St.
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Indiana
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200 Main St.
Brookville, PA 15825
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P.O. Box 68
Mifflintown, PA 17059
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200 N. Washington Ave.
Scranton, PA 18503
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(717) 299-8246
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Lawrence
430 Court St.
New Castle, PA 16101
(412) 656-2159
Lebanon
Room 105
400 S. 8th St.
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(717) 228-4415
Lehigh
P.O. Box 1548
Allentown, PA 18105
(610) 820-3170
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Luzerne
Courthouse
Wilkes-Barre, PA 18711
(717) 825-1668
Lycoming
48 W. Third St.
Williamsport, PA 17701
(717) 327-2263
Mckean
Courthouse
Smethport, PA 16749
(814) 887-3263
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112 Courthouse
Mercer, PA 16137
(412) 662-3800
Mifflin
20 N. Wayne St.
Lewistown, PA 17044
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Monroe
Courthouse
Stroudsburg, PA 18360
(717) 420-3540
Montgomery
P.O. Box 311
Norristown, PA 19404
(610) 278-3410
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Montour
29 Mill St.
Danville, PA 17821
(717)271-3012
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Northampton
669 Washington St.
Easton, PA 18042
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Northumberland
Sunbury, PA 17801
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Perry
New Bloomfield, PA 17068
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Philadelphia
Room 180, City Hall
Philadelphia, PA 19107
(215) 686-2918
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Pike
506 Broad St.
Milford, PA 18337
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Potter
1 E. 2nd St.
Coudersport, PA 16915
(814) 274-8370
Schuylkill
401 N. 2nd St.
Pottsville, PA 17901
(717) 628-1381
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Snyder
Middleburg, PA 17842
(717) 837-4225
Somerset
Ste. 170
111 E. Union St.
Somerset, PA 15501
(814) 445-2096
Sullivan
Laporte, PA 18626
(717) 946-7351
Susquehanna
P.O. Box 218
Montrose, PA 18801
(717) 278-4600
http://www.susqco.com/Reg_and_rec.htm
Tioga
116 Main St.
Wellsboro, PA 16901
(717) 724-9260
Union
Lewisburg, PA 17837
(717) 524-8761
http://dsf.seda-cog.org/union/cwp/view.asp?a=3&Q=401754&unionNav=|6647|
Venango
1168 Liberty St.
Franklin, PA 16323
(814) 432-9534
Warren
Warren, PA 16365
(814) 723-7550 Ext. 232
Washington
Ste. 1002
1 S. Main St.
Washington, PA 15301
(412) 228-6775
http://www.co.washington.pa.us/maindepartment.php?menuDept=30
Wayne
Honesdale, PA 18431
(717) 253-5970 Ext. 210
http://www.co.wayne.pa.us/register.asp
Westmoreland
301 Courthouse Sq.
Greensburg, PA 15601
(412) 830-3189
http://www.co.westmoreland.pa.us/westmoreland/cwp/view.asp?a=1453&Q=576845
Wyoming
1 Courthouse Sq.
Tunkhannock, PA 18657
(717) 836-3200
York
York, PA 17401
(717) 771-9601
http://www.york-county.org/departments/courts/wills.htm
inheritance advances and inheritance loans.
* inheritance advances and inheritance loans.
* real estate, probate, wills and estate liquidation.
* how to stop home foreclosure.
* cash for structured settlements.
* credit repair and getting loans with poor credit.
Traditional real estate brokers and offices can help you sell real estate, but at Select Estate Solutions, Inc. our goal is to provide the help and education you need to solve a wide range of financial problems.
Inheritance Cash Advance
Probate is a hassle. It can take months, even years! Are your bills piling up while you wait? Need an inheritance loan now? You don't have to wait for funding. Learn how you can get an inheritance advance now.
Structured Settlements - Get Cash Now
Are you receiving payments over time from a structured settlement? You can receive cash now to pay your bills, improve your home, attend college or even take a much needed vacation. Find out how you can get cash for structured settlements.
Stop Home Foreclosure
Falling behind in your mortage payments? Don't loose your home! You can avoid foreclosure and all of the associated problems. Learn about your options to stop foreclosure. And find out how to protect yourself from falling victim to foreclosure fraud.
Credit Repair & Poor Credit Loans
Problems with your credit score rating affect more than just your ability to get a low mortgage or home equity loan rate, so credit repair is important. (Free 3-in-1 Credit Report with trial! Click here! ) A poor credit score can impact your homeowners insurance or car insurance rates. And it can even prevent you from getting a good job. There are many things you can do to improve your credit score. Learn about credit repair, how to avoid the many credit repair scams, and how you can get a poor credit loan.
Wills, Probate & Estate Liquidation
Dealing with probate and the legal system can be difficult and confusing, expecially when you are grieving over the loss of a loved one. Learn more about probate and settling an estate.
Monday, February 16, 2009
Settlement Annuity Payment
In order to sell an annuity settlement, you must often receive judicial approval. If you are the recipient of an income stream you must determine whether the asset for the cash flow is an investment annuity or a structured settlement annuity.
Sell Your Structured Settlement Payment Or Sell A Payment Annuity (Annuities).
Many companies buy structured settlement payments or payment annuities and convert them to a single pay out. This is helpful if you need cash now from:
bullet Periodic payment from investment annuities
bullet You have settled insurance claims and receive monthly payments.
bullet You receive other larger periodic lump sum payments, such as lottery or inheritance monies.
bullet You are carrying mortgage notes or trust deeds against a property.
bullet You have sold a business by carrying paper to facilitate the sale and want to receive a lump sum payment.
A company that buys structured settlements will convert your periodic payments into a lump sum amount. In turn, the structured settlement company will now be the recipient of the stream of the monthly payments which you formerly received.
Buy Structured Settlement Payments Or Purchase A Payment Annuity (Annuities).
You should receive full documentation on the structured settlement, including information on:
bullet All legal documentation.
bullet Credit report of all parties involved.
bullet Full disclosure of all relevant factors impacting the value of the structured settlement.
bullet A structured settlement transfer can typically be handled via an attorney or escrow service.
Buy Structured Settlement Payments Or Purchase A Payment Annuity (Annuities).
You should receive full documentation on the structured settlement, including information on:
bullet All legal documentation.
bullet Credit report of all parties involved.
bullet Full disclosure of all relevant factors impacting the value of the structured settlement.
bullet A structured settlement transfer can typically be handled via an attorney or escrow service.
When Should I Use A Structured Settlement?
Personal Injury or Physical Injury: For example, if you were injured in a car accident and received a physical injury or suffered from medical malpractice your structured settlement compensation could be in the form of a fixed annuity payment.
Worker's Compensation: If you have a claim because your were injured on the job or have a job related physical injury directly related to employment, a structured settlement agreement can help you receive the compensation deserve and make it easier for your employer to make the liability payments.
Environmental Claims: Frequently, structured settlements can be used for those injured, or even in a class action settlements involving exposure to toxic spills, illegal pollutants or the subsequent clean up efforts of the environmental hazard.
Attorney Fees: For those who may need to structure attorney fees regardless of any other structuring in the clients' case.
What Are Some Of The Reasons A Structured Settlement Will Work For My Case?
Through negotiations, structured settlements will listen to and incorporate the needs of every party involved.
Through the use of structured settlements, negative externalities are often eliminated - maximizing benefit for the plaintiff and creating a quick settlement with low litigation costs for the defendant.
Fixed annuity payments are income tax-free to the plaintiff, creating desirable tax benefits associated with structured settlements. For the defendant, liability can often be removed from the books.
In many cases it is more preferable and beneficial to the plaintiff to obtain a guaranteed payment stream as opposed to a lump sum
Lawsuit Funding
the company more attorneys choose!
A lawsuit loan can eliminate the need to accept minimal personal injury settlements due to personal financial pressures and gets you the fair and just settlements you deserve. The money goes directly to you and can be used as you see fit. Legal financing helps reduce financial stress and maintain your lifestyle
रापिड SETTLEMENT
Rapid Settlements' on-hand capital enables us to advance money to our clients, in many cases even while the approval of the structured settlement purchase is pending. Our affiliated legal department allows us to expedite our purchase of your settlement. Many of our clients have found other organizations unable to finalize their transfers. Our ability to get you immediate cash for collateral gives Rapid Settlements its well-earned reputation for performance.
Sunday, February 15, 2009
कैशिंग OUT
Very often, individuals who receive a structured settlement do not wish to wait for years to obtain the cash and would rather have it all in one go. Settlement purchasing companies help people to get cash instantly; the cash can be obtained at any stage of the execution of the structured settlement. A person who receives the lump sum is free to use it any way he desires – for education, home, or car.
It is not uncommon for a recipient of a structured settlement to run into a financial difficulty or come across an investment opportunity that promises better returns than a structured settlement. At such times, individuals consider getting cash for their structured settlement and use the money to build their own portfolio of investments. An advantage of getting lump sum cash is that it acts as a hedge against inflation.
Companies that purchase annuities do so at a discounted rate, at the very minimum, the discount is equal to the existing bank rates. Sometimes, purchasers may require a higher discount in order to cover the risk involved and make a profit. One should ideally take the help of a financial advisor who can professionally assess an individual’s income, assets, and monetary obligations. This helps to put into perspective future security as assured by a structured settlement against a lump sum payment.
Companies that purchase structured settlements offer to do so in a number of ways so that an individual can sell different amounts of an annuity. The flexible plans can be tailored according to an individual’s requirements; this allows one to enjoy both a lump sum at hand for immediate needs and regular payments from the annuity. The course of action to be taken while selling a structured settlement depends upon the immediate needs that could include paying off debts, child’s college fees, debt consolidation, or a business venture. Cash for structured settlements can be obtained as a full payment, partial payment, or a shared payment.
A full payment involves receipt of a lump sum for the entire annuity. It is an option when high debts have to be repaid. While selling an annuity that is due well into the future, one should be careful because they do not result in as much money as those annuities that are due sooner. This is because the value of money depreciates due to inflation.
Partial payments can be useful if a limited amount of money is required for consolidating debts or repaying a loan. A given number of payments can be sold off for a lump sum in a partial payment. With a shared payment, one can sell of a portion of a lump sum that is due in a short time. A shared payment enables one to pay off expenses that are going to be incurred in the near future; these may include education fees or the cost of a new vehicle.
Individuals who intend to obtain cash for their structured settlements should obtain the necessary court approvals for the purpose. One should ensure that the transaction complies with state and federal restrictions. Before deciding upon a buyer, one should research a few companies and look out for the best deal possible. It is also important to check the credentials of a prospective purchaser.
How a structured settlement annuity works
A Structured Settlement is essentially an agreement under which an insurance company agrees to pay an individual a predetermined amount of cash for a fixed length of time if the individual meets an accident. The documents generated in a structured settlement include an agreement, a qualified assignment, an annuity application, a court order if a claim is made by a minor, and an annuity policy.
Payments for a structured settlement annuity can be made for the duration of the life of the claimant. The amount paid can comprise of equal installments, installments of varying amounts, and lump sums. The payments from a Structured Settlement Annuity are free from income-tax and are guaranteed by contract. Since a structured settlement annuity is meant for long-term financial security, it is important to get an assurance of the credentials of the annuity provider.
The periodicity of payment is entered into the settlement agreement. Factors that individuals can consider in deciding upon the date of commencement of payment, duration, and periodicity include monthly expenses, present age, extent of hazard in occupation, and retirement plans. In order to ensure that the payments remain tax-free, the structure of payments should not be altered once it has been agreed upon by both parties. In the case of a qualified assignment, the insurance company making the payment can transfer its obligation for payments to a third party.
There are issues that one should understand before opting for a structured settlement agreement. If payments are made to an estate, they are free from income tax but subject to estate tax. Purchasing a structured annuity can affect the availability of ready money with an individual.
State and federal laws govern the closing of a structured settlement. The closing process usually gets completed in 3-6 months. Federal laws stipulate that a court order be obtained by either the customer or the funding company that is purchasing the payment stream so that there are no tax liabilities. The manner in which the court order is obtained is regulated by various “Structured Settlement Protection Acts”, which are in force in 36 states in the United States.
A disclosure statement is made available to a customer 3 to 14 days before he receives the transfer agreement. The disclosure statement mentions the amounts to be paid to the customer and their due dates; the IRS Discounted Present Value of the amount at that given point in time; the Gross Advance Amount and the Annual Discount Rate; disclosures desired by the state; and a list of the fees and commissions incurred.
It is advisable to avail attorney advice before going in for a. In fact, in some states, it is a precondition to acquiring a structured settlement annuity. However, depending upon the laws being used for the transaction, customers do have the option of waiving legal representation in the Transfer Agreement or obtain an Estoppel letter from their attorney.
The funding company commences payment to an individual after acknowledging the assignment and receiving a court order. The payments start 30-45 days after the receipt of the court order.
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