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Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary
Structured settlement expert John Darer® connects the dots for readers with structured settlement news, information and expert opinion, including settlement planning issues/ ideas for settlement management, incisive Structured Settlement Watchdog® reports that may be helpful to lawyers, plaintiffs, claims adjusters, judges, the news media, sellers, buyers of structured settlement payment rights and interested others, The style is spicy, informative, irreverent and effective. The most prolific structured settlement blog, Now in 18th Year! Check back daily for something new.
The Canard of the "Secondary Market Annuity" Exposed in this History Lesson
by Structured Settlement Watchdog
The legitimacy of using the term annuity to describe factored structured settlement payments has been questioned for more than a decade. It may surprise some, but one company made a good faith effort to tell it like it is.
Here is an excerpt from an ad from a tertiary marketer in 2009. The 2008-2009 financial crisis stifled institutional financing to the structrued settlement secondary market and this "liquidity crisis", led to some transferrees in the secondary market seeking funding from individuals, such as Mom & Pops.
"For a limited time there is a finite supply available to the retail marketplace.
Compared with other products these In-Force Annuities are created as a result of specific court orders.
Ownership of the annuity payment(s) provides a superior income stream that is extremely secure.
Since this is not an insurance transaction it does not require an insurance license or any other license.
The reason for this because it is factoring which is a sale of receivables.
The player included a link from The Cornell School of Law and Wikipedia for an interesting historical perspective of factoring and Internal Revenue Code 5891. The link for that is here: http://en.wikipedia.org/wiki/Structured_settlement_factoring_transaction
If you go to Google and type in factor transactions you will get more pages than you care to read" they said.
Contrast that with the sematics of comparing a sap sucker with its Latin name. In defense of their usage of annuity, others attempt to justify it by citing Aunt Merriam Webster to describe and market the receivables.
Posted at 06:34 AM in Structured Settlement Factoring News, Structured Settlement Industry News, Structured Settlement Watchdog®, Structured Settlements in Louisiana, Structured Settlements in Maine, Structured Settlements in Maryland, Structured Settlements in Massachusetts | Permalink
Chicago Structured Settlement Broker & CEO Neil P. Herald Perishes as a Result of Chicago Fire
A tragic loss. Neil P. Herald, 56, President of Prestwick Group perished as a result of injuries sustained in a Chicago apartment fire on January 21, 2023, according to the Chicago Sun-Times. Man, woman hospitalized after Lake View apartment fire - Chicago Sun-Times (suntimes.com)
Neil was a veteran of the structured settlement industry, serving clients through Prestwick as its Chief Executive Officer, Alliant/Mesirow Financial, Chicago IL, as a VP/Broker, working with some of the largest Insurance Companies in the US. 2016-2020. Before the merger of Alliant & Mesirow, Neil was VP/Broker for Mesirow Financial Structured Settlements LLC. 2010-2016. From 2001 thru 2010, Neil worked along side his father, the late Michael E. Herald, for The Pension Company (before the Joe Gargan debacle), one of the first Structured Settlement Companies in the US.
Neil got his start in the industry as a claims manger for Western States/Hertz Claim Management 1991-2001. Neil was a graduate of John Carroll University. Link to Neil P. Herald Obituary
In late 2019, Neil teamed with his brother Mike Herald at Prestwick. A niece described Neil on Facebook as "The most supportive and fun uncle anyone could ever ask for. I am so thankful for all the Chicago sports games, card tricks, and funny memories"
Posted at 04:27 AM in Chicago Illinois Structured Settlements, Fort Wayne Structured Settlements, In Memoriam Structured Settlement Industry | Permalink
District Settlements Gibberish | Shows How Little It Knows About Structured Settlements
If you have a structured settlement it's generally not a good idea to seek financial advice from anyone lacking relevant credentials, whose primary solution is pennies on the dollar.
District Settlements Paycheck to Paycheck Fallacy
"As mentioned above, the primary benefit of a structured settlement is that recipients do not have to worry about complex financial planning because their payments come in scheduled installments. In other words, they only need to financially plan out as far as their next installment. However, this payment structure is not always convenient for the immediate needs of a plaintiff in life after the lawsuit has been settled."
District Settlements fails to consider an important word in financial planning. It's called a budget.
What is a budget and why is it important?
A budget is a plan you write down to decide how you will spend your money each month. A budget helps you make sure you will have enough money every month. Without a budget, you might run out of money before your next paycheck. Source Consumer.gov "Managing Your Money| Making a Budget"
District Settlements hasn't learned much, a decade on from Einstein Structured Settlements.
"The possible downside is that benefactors of a structured settlement lack the autonomy and power that comes from being able to access the full value of their settlement right away".
A benefactor is a person who gives money or other help to a person or cause. Maybe they were thinking beneficiary, or
maybe they were not paying attention in English class.
District Settlements jibber-jabber about what is effectively pennies on the dollar leading to autonomy and power wins them the Silly Billy award. It's just nonsense. Power is a state of mind. Consider listening to SNAP's " I've Got The Power". It will be a lot cheaper and more fun.
"Access to the full value of their settlement right away" is a lie. Nobody who sells structured settlement payment rights gets full value of their settlement. Run as fast and as far as you can from anyone attempting to tell you otherwise.
Buyers of Structured Settlement Payments Are NOT Structured Settlement Companies. In Maryland where District Settlement is registered in Owings Mills, a person or company seeking to acquire structured settlement payment rights, is referred to in the law as a "structured settlement transferee. A structured settlement transferee, "must register with the Office of the Attorney General. See Maryland § 5-1107. The Maryland Office of Attorney General Structured Settlement Transferee Unit accepts and processes initial and renewal applications for companies that are able to proceed". District Settlements however is not listed as a registered as a transferee in Maryland.
As of 12/22/2022 District Settlement is not listed as a Registered Structured Settlement Purchase Company in Georgia
California, where District boasts of having a large slice of the Hisp[anic market, California refers to buyers of structured settlement payment rights as a transferee.
Read this before engaging anyone who is trying to get you to sell your structured settlement payments.
Posted at 11:24 PM in District Settlements Commentary, Owings Mills Structured Settlements, Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Transferees, Structured Settlement Watchdog® | Permalink
Why Did New York Life Just Issue Memo Telling Structured Settlement Brokers Not to Alter Quotes?
Has a structured settlement broker or settlement planner altered a New York Life structured settlement quote in an attempt to gain an advantage over a competitor?
On January 20, 2023, a New York Life Vice President sent what appeared to be an industry wide email.
"Civil Row" Alterations?
"As a reminder, please be advised that all licensed Structured Settlement brokers and their affiliated agents and support staff are strictly prohibited from making any changes, edits, or revisions to any quote illustrations generated by NYL's proprietary price quoting software. This prohibition also applies to any daily price quotes quotations that you receive from NYL.
Any changes to a NYL quotations without New York Life's prior approval are also strictly prohibited by applicable laws and regulations. Failure to abide by these rules could lead to action by New York Life including contract termination and/or commencement of legal proceedings".
Common Sense, But Why Now?
Seems like basic professional ethics and common sense to me. But was the New York Life memo inspired by the actions of a particular structured settlement broker? I'm afraid it appears to be so.
I have been supplied with a copy of correspondence addressed to board members of an industry trade association. The correspondence was copied from one of the first plaintiff brokers to (1) the board members and (2) to a representative of New York Life on January 18, 2023.
New York Life Quote- "Book Rate" that that Broker B sent to the plaintiff attorney
New York Life Quote-Book Rate that Broker A had sent to the plaintiff attorney
New York Life (Daily) Quote that New York Life sent to Broker B
According to the observations of Broker A's Senior Case Manager it appeared that there was an alteration in the New York LIfe quote
Changed the rate series
Changed the Rate effective date
Changed the cost of one of the lump sums
Removed the IRR
Changed the Quote ID (footer)
Changed the Prepared by (footer)
All that to attempt to gazump another broker on a $100,000 premium case to get a piece of a $3,970 commission? I'm not going to out the individual broker or his firm. They know who they are, but I have to say that I'm shocked. Was it worth putting your license, appointment and reputation in jeopardy?
Code of Ethics National Structured Settlements Trade Association
Posted at 01:37 AM in New York State Insurance Law, New York State Trial Lawyers Association, New York Structured Settlement Practice, NSSTA, NYSTLA, Settlement Planning Ethics, Structured Settlement Ethics Questions, Structured Settlement Watchdog®, Westchester Structured Settlements | Permalink
Cash Trapped in Structured Settlement Annuity is Latest Cow Poo from Stone Street Capital
Cow Poo is on the menu at Stone Street Capital as it seeks to convince potential customers to collect pennies on the dollar in exchange for the noble act of freeing "cash trapped" in a structured settlement annuity. If not for yourself, do it for the "trapped" Abe Lincolns.
Before selling for pennies on the dollar read this Selling A Structured Settlement in 2023? Get The 411 on Cash Now (4structures.com)
Posted at 10:32 PM in Stone Street Capital Commentary, Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Humor, Structured Settlement Watchdog® | Permalink
SC Structured Settlement Protection Amendment Introduced After Negative Media Exposure
by John Darer 4structures.com LLC
South Carolina Senate seeks to amend Section 15-50-25 of the South Carolina Code of Laws in a bill that follows a multipart exposé of structured settlement annuitants being exploited by structured settlement factoring companies (see links at the end of this post).
By adding Section 15-50-25 so as to provide a list of acts in which a structured settlement purchase company cannot engage
By amending Section 15-50-30, relating to disclosure statements, so as to add to the list of items which must be dislcosed to the Payee by the structured settlement purchase company
By amending Section 15-50-40, relating to the approval by final court order, so a sto add factors to which the Court must consider in determining if the transfer of the structured settlement payments is in the best inmterest of the Payee
By amending Section 15-50-50, relating to the rights and obligations of a structured settlement obligor, annuity issuer and transferee, so a sto provide when certain parties will be discharged from liablity
By amending Section 15-50-60, relating to notice of an apporval hearing, so as to provide that a hearing must be held in a court of competent jurisdiction in a county in which the Payee resides, with certain exceptions, and to further require that the Payee must attend the hearing in person unless good cause exists to excsuse the in-person attendance
By amending Section 15-50-70, relating to the scope of the transfer agreement, so as to make changes that confoirm to the rest of the Chapter
By adding Section 15-50-80 so as to provide that the court appoint an attorney to adviuce the court in certain cases
By adding Secion 15-50-90, so as to provide that a structured settlement purchase company who wants to do business in South Carolina must register wih the South Carolina Secretary of State
By adding Section 15-50-100, so as to provide that registration is valid for one year and a renewal application must be filed every year thereafter
By adding Section 15-50-110, so as to provide that a structured settlement purchase company must post a bond with the South Carolina Secreatry of State or pay a cash bond in the amount of $50,000
By adding Section 15-50-120, so as to provide that a structured settlement purchase company must file a notice of judgmenmt with the Secretary of State and provide a copy of the judgment secured against the company
By adding Section 15-50-130, so as to provide that liability is not affected by a breach of contract, breach of warranty, or any other act of ommisison of the bonded structured settlement purchasing company
By adding Section 15-50-140, so as to provide that the Secretary of State must receive written notice of the cancellation or modification ofa surety bbond within 20 days prior to the cancellation or modification
By adding Section 15-50-150, so as to provide that ana ssignee is not required to register as a structured settlement purchasing company to acquire structured settlement payment rights
By adding Section,15‑50‑160, so as to provide that the Secretary of State may assess an adminstartive fine ifa person who is required to register does not do so within 15 days after receipt of notice to register
By adding Section 15-50-170, so as to provide transfer order foes not constituten aqualified order pursuant to Federal law if the transferee is not regiered a structured settlement purchase company pursuant to the Act at the time the Order is signed.
SOUTH CAROLINA MOVES TO REGULATE SALES PRACTICES. BRAVO!
HIghlights of some of the new sections...
SECTION 2. Chapter 50, Title 15 of the S.C. Code is amended by adding:
Section 15‑50‑25. (A) A transferee or structured settlement purchase company and an employee or other representative of a transferee or structured settlement purchase company must not engage in the following actions:
(1) pursue or complete a transfer with a payee without complying with all applicable provisions in this chapter;
(2) refuse or fail to fund a transfer after court approval of the transfer;
(3) acquire structured settlement payment rights from a payee without complying with all applicable provisions in this chapter, including obtaining court approval of the transfer;
(4) intentionally file a structured settlement transfer proceeding in any court other than the court specified in Section 15‑50‑60;
(5) except as otherwise provided in this chapter, pay a commission or finder's fee to any person for facilitating or arranging a structured settlement transfer with a payee. The provisions of this subsection do not prevent a structured settlement purchase company from paying:
(a) a commission or finder's fee to a person who is a structured settlement purchase company or is an employee of a structured settlement purchase company;
(b) to third parties, any routine transfer expenses, including, without limitation, court filing fees, escrow fees, lien recordation fees, judgment and lien search fees, attorney's fees and other similar types of fees relating to a transfer;
(6) intentionally advertise materially false or misleading information regarding its products or services;
(7) attempt to coerce, bribe, or intimidate a payee seeking to transfer structured settlement payment rights, including providing any gift, loan, extension of credit, advance, or other forms of consideration paid to or given to the payee as an inducement to enter a transfer agreement;
(8) attempt to defraud a payee or any party to a structured settlement transfer or any interested party in a structured settlement transfer proceeding by any means including, but not limited to, forgery
or false identification;
(9) except as otherwise provided in this chapter, intervene in a pending structured settlement transfer proceeding if the transferee or structured settlement purchase company is not a party to the proceeding or an interested party relative to the proposed transfer which is the subject of the pending structured settlement transfer proceeding. The provisions of this chapter do not prevent a structured settlement purchase company from intervening in a pending structured settlement transfer proceeding if the payee has signed a transfer agreement with the structured settlement purchase company within sixty days before the filing of the pending structured settlement transfer proceeding and the structured settlement purchase company which filed the pending structured settlement transfer proceeding violated any provision of this chapter in connection with the proposed transfer that is the subject of the pending structured settlement transfer proceeding;
(10) except as otherwise provided in this chapter, knowingly contact a payee who has signed a transfer agreement and is pursuing a proposed transfer with another structured settlement purchase company for the purpose of inducing the payee into canceling the proposed transfer or transfer agreement with the other structured settlement purchase company if a structured settlement transfer proceeding has been filed by the other structured settlement purchase company and is pending. The provisions of this subsection do not apply if a hearing has not been held in the pending structured settlement transfer proceeding within ninety days after the filing of the pending structured settlement transfer proceeding;
(11) fail to dismiss a pending structured settlement transfer proceeding at the request of the payee. A dismissal of a structured settlement proceeding after a structured settlement purchase company has violated the provisions of this clause does not exempt the structured settlement purchase company from any liability under this section;
(12) solicit a prospective payee through the conveyance of a document which resembles a check or other form of payment;
(13) provide a transfer agreement or related document that purports to give the transferee the first choice or option to purchase any remaining structured settlement payments rights belonging to the payee which are not subject to the structured settlement transfer proceeding; or
(14) communicate with a payee, a prospective payee, or a person associated with the payee:
(a) after the payee, a prospective payee, or a person associated with the payee has informed the structured settlement purchase company to cease further communication;
(b) at any unusual time, or at a time that the structured settlement purchase company knows is inconvenient to the consumer. In the absence of the structured settlement purchase company's knowledge of circumstances to the contrary, a time before 8:00 a.m. and after 9:00 p.m. local time at the consumer's location is inconvenient. This subsection will not apply to any payee, prospective payee, or person associated with the payee who has opted in and agreed to allow the structured settlement purchase company to contact the person when necessary; or
(c) repeatedly or continuously with intent to annoy, abuse, or harass a payee, prospective payee,
or a person associated with the payee.
(B) A transferee or structured settlement purchase company and an employee or other representative of a transferee or structured settlement purchase company shall not instruct a payee to hire, or directly refer a payee or a prospective payee to seek independent professional advice from, a specific person, except that a structured settlement purchase company may refer a payee to a state or local referral service, bar association, legal aid, or any other entity unrelated to the structured settlement purchase company. A person rendering independent professional advice to a payee or prospective payee is not to be affected by whether a transfer occurs or does not occur and must not in any manner be affiliated with or compensated by the transferee or a structured settlement purchase company unless ordered by the court.
(C) A payee may file a motion in the court in which the structured settlement transfer proceeding is pending alleging a violation of subsection (A) and may pursue all rights and remedies to which the payee may be entitled under this chapter or any other applicable law.
(D) A structured settlement purchase company may file a motion in the court in which the structured settlement transfer proceeding is pending to enforce items in subsection (A) and may pursue all remedies to which the structured settlement purchase company may be entitled pursuant to this chapter or any other applicable law.
(E) If a court finds that a structured settlement purchase company or transferee is in violation of this section, the court may:
(1) revoke the registration of the structured settlement purchase company; YES!
(2) suspend the registration of the structured settlement purchase company for a period to be determined at the discretion of the court; and YES!
(3) enjoin the structured settlement purchase company or transferee from filing new structured settlement transfer proceedings in this state or otherwise pursuing transfers in this state. YES!
SECTION 4. Section 15‑50‑40 of the S.C. Code is amended to read:
Section 15‑50‑40
(B) In determining whether a proposed transfer is in the best interests of the payee pursuant to (A)(1), the courts must take into consideration the welfare and support of the payee's dependents, if any. The court must also consider,
(1) the reasonable preference of the payee, in light of the payee's age, mental capacity, maturity level, understanding of the terms of the agreement, and stated purpose for the transfer;
(2) if the periodic payments were intended to cover future income or losses or future medical expenses, whether the payee has means of support aside from the structured settlement to meet these obligations;
(3) whether the payee can meet the financial needs of, and obligations to, the payee's dependents if the transfer is allowed to proceed, including child support and spousal maintenance;
(4) whether the payee completed previous transactions involving the payee's structured settlement payment rights, and the timing, amount, stated purpose, and actual use of the proceeds;
(5) the impact of the proposed transfer on current or future eligibility of the payee or the payee's dependents for public benefits; and
(6) any other factors or facts the court determines to be relevant.
Section 15‑50‑60. (A) An application pursuant to this chapter for approval of a transfer of structured settlement payment rights may be made by the transferee and maymust be brought in a court of competent jurisdiction, including the probate court if the transferee is a minor or the original settlement was approved by the probate court, in the county in which the payee resides, in the county in which the structured settlement obligor or the annuity issuer maintains its principal place of business, or . If the payee is not a resident of this State, or the structured settlement agreement requires it, the application may be brought in any court which approved the structured settlement agreement.
(B) For applications made on or after January 1, 2024, for the approval of a transfer of structured settlement payment rights pursuant to this chapter, the application of the transferee must include evidence that the transferee is registered to do business in this State as a structured settlement purchase company.
(C) A timely hearing must be held on an application for approval of a transfer of structured settlement payment rights. The payee must appear in person at the hearing unless the court determines that good cause exists to excuse the payee from appearing in person.
(D) Not less than twenty days before the scheduled hearing on an application for approval of a transfer of structured settlement payment rights pursuant to Section 15‑50‑40, the transferee must file with the court and serve on all interested parties a notice of the proposed transfer and the application for its authorization. The notice must include:
(1) a copy of the transferee's application;
(2) a copy of the transfer agreement;
(3) a copy of the disclosure statement requi
(5) a listing of each of the payee's dependents, and each dependent's age;
(6)(a) any prior transfers by the payee to the transferee or an affiliate, or through the transferee or an affiliate to an assignee which were approved; (b) any proposed transfers by the payee to the transferee or an affiliate, or through the transferee or an affiliate; (c) and any applications for approval made by the transferee or an affiliate, or through the transferee or an affiliate to an assignee, which were denied;
(7) a sworn affidavit from the transferee listing any prior transfers by the payee that includes the details of the reasonable measures taken to search for and identify prior transfers to any person or entity other than the transferee or an affiliate or an assignee of the transferee and any prior proposed transfer applications by the payee to any person or entity other than the transferee or an affiliate or an assignee of a transferee or affiliate which were denied;
(8) an affidavit from the payee disclosing all prior transfers by the payee to any person or entity;
(5) (9) notification that an interested party may support, oppose, or otherwise respond to the transferee's application, in person or by counsel, by submitting written comments to the court, or by participating in the hearing; and
(6) (10) notification of the time and place of the hearing and notification of the manner and the time for filing written responses to the application, which must be not less than fifteen days after service of the transferee's notice, for consideration by the court.
(E) If the payee cancels a transfer agreement or if the transfer agreement otherwise terminates, after an application for approval of a transfer of structured settlement payment rights has been filed and before it has been granted or denied, the transferee must promptly request the dismissal of the application.
Section 15‑50‑80. (A) The court is authorized and may, in its discretion, appoint an attorney to make an independent assessment and advise the court whether the proposed transfer is in the best interest of the payee, taking into consideration the payee's dependents, if any. The attorney may consult with a certified public accountant, actuary, or other licensed professional adviser, if necessary. All costs and reasonable fees for the appointed attorney shall be borne by the transferee, not to exceed two thousand dollars. The fee shall be deposited with and disbursed to the attorney who advises the court.
(B) The court must appoint an attorney in any case involving:
(1) a proposed transfer of a minor's structured settlement payments rights by a parent, conservator, or guardian. The attorney must advise the court on whether the proposed transfer is of direct benefit to the minor; or
(2) a proposed transfer of structured settlement payment rights involving a payee who appears to the court to suffer from a mental or cognitive impairment.
(C) The transferee must file a motion for the appointment of an attorney prior to a hearing on the proposed transfer if the transferee:
(1) is aware that the underlying structured settlement arose from a case in which a finding was made in a court record of a mental or cognitive impairment on the part of the payee; or
(2) is aware of any other case in which a finding was made in a court record of a mental or cognitive impairment on the part of the payee.
(D) In conjunction with the motion filed pursuant to (C), the transferee shall provide to the court, either in‑camera or as directed by the court in a way to protect the privacy of the payee, any such findings known to the transferee that describe the nature, extent, or consequences of the payee's mental or cognitive impairment.
(E) An attorney appointed by the court must report to the court the attorney's assessment and advice at a time determined by the court.
(F) Nothing in this section affects the rights and protections of persons subject to guardianship or conservatorship under the laws of this State.
Section 15‑50‑90. A person shall not act as a transferee, attempt to acquire structured settlement payment rights through a transfer from a payee who resides in this State, or file a structured settlement transfer proceeding unless the person is registered with the Secretary to do business in this State as a structured settlement purchase company.
SECTION 10.Chapter 50, Title 15 of the S.C. Code is amended by adding:
Section 15‑50‑100.A person may apply with the Secretary for registration to do business in this State as a structured settlement purchase company. An application for an initial or renewed registration must be submitted on a form prescribed by the Secretary. An initial or renewed registration is valid for one year from the date it is issued and shall expire one year after the date it was issued. The registration may be renewed annually by the registrant on or before the expiration date. If a structured settlement purchase company fails to file with the Secretary a renewal application on or before the expiration date, then it will be required to file another initial application with the Secretary and pay the application fee for an initial application pursuant to this chapter.
Section 15‑50‑110.(A) Each initial or renewal application must contain a sworn certification by an owner, officer, director, or manager of the applicant, if the applicant is not a natural person, or by the applicant, if the applicant is a natural person, certifying that:
(1) the applicant has secured a surety bond payable to the State or has posted a cash bond in the amount of fifty thousand dollars. The bond must be in a form satisfactory to the Secretary and must run to the State for the benefit of any payee claimant to secure the faithful performance of the obligation of the structured settlement purchase company under the law; and
(2) the applicant must comply with this chapter when acting as a structured settlement purchase company and filing structured settlement transfer proceedings.
(B) The surety bond or cash bond is payable to the State of South Carolina.
(C) The surety bond or cash bond is effective concurrently with the applicant's registration with the Secretary and remains in effect for not less than three years after expiration or termination of that registration. The bond must be renewed each year when the registration of the applicant is renewed.
(D) The applicant must submit to the Secretary a copy of the surety bond or cash bond with its initial or renewal application.
(E) The surety bond or cash bond is intended to ensure that the structured settlement purchase company will comply with the provisions of this chapter relative to the payee and perform its obligations to the payee under this chapter, and to provide a source for recovery for the payee should a payee recover a judgment against a structured settlement purchase company for a violation of this chapter.
(F) An applicant must remit to the Secretary a fee of one thousand two hundred and fifty dollars for an initial registration and two hundred dollars for a renewed registration. This fee must be retained by the Secretary to offset the costs of processing and maintaining the registration of structured settlement purchase companies required by the chapter.
Section 15‑50‑120.Within ten days after a judgment is secured against a structured settlement purchase company by a payee, the structured settlement purchase company must file a notice with the Secretary and the surety providing a copy of the judgment and the name and address of the judgment creditor; and include the status of the matter, including whether the judgment will be appealed, or has been paid or satisfied.
Section 15‑50‑130.The liability of the surety under the bond is not affected by any breach of contract, breach of warranty, failure to pay a premium or other act or omission of the bonded structured settlement purchase company, or by any insolvency or bankruptcy of the structured settlement purchase company.
Section 15‑50‑140.(A) Neither the bonded structured settlement purchase company nor the surety shall cancel or modify the bond during the term for which it is issued, except with written notice to the Secretary at least twenty days prior to the effective date of such cancellation or modification.
(B) In the event of a cancellation of the bond, the registration of the structured settlement purchase company automatically expires unless a new surety bond, or cash bond, which complies with this chapter, is filed with the Secretary. The cancellation or modification of a bond does not affect any liability of the bonded surety company incurred before the cancellation or modification of the bond.
Section 15‑50‑150.(A) An assignee is not required to register as a structured settlement purchase company to acquire structured settlement payment rights or to take a security interest in structured settlement payment rights that were transferred by the payee to a structured settlement purchase company.
(B) An employee of a structured settlement purchase company, if acting on behalf of the structured settlement purchase company in connection with a transfer, is not required to register with the Secretary as provided under this chapter.
Section 15‑50‑160.(A) If a person fails to file with the Secretary an application for registration as a structured settlement purchase company as required by this chapter, the Secretary must notify the person of this delinquency by mailing a notice by certified mail, with return receipt requested, to the person's last known address. If the required registration application is not filed within fifteen days after the receipt of the notice, the Secretary may assess an administrative fine of ten thousand dollars against the person.
(B) If the person does not claim a notice sent by certified mail, or the notice is returned to the Secretary by the United States Postal Service as undeliverable, then the Secretary shall serve the notice upon the person as provided by law.
(C) A registration application required to be filed with the Secretary pursuant to this chapter which contains false or misleading statements, or which is incomplete, may be rejected by the Secretary and returned to the submitting party without being filed.
(D) A person who is assessed an administrative fine or who is denied registration has thirty days from receipt of certified notice or formal service of the notice from the Secretary to pay the fine or request an evidentiary hearing before the administrative law court. If a person fails to remit fines or request a hearing after the required notice is given and after thirty days from the date of receipt of certified notice or service of the notice has elapsed, then the Secretary may bring an action before the administrative law court to enjoin the person from engaging in further activities related to the purchase or transfer of structured settlements in this State. The decision of the administrative law court may be appealed as provided in Section 1‑23‑610.
(E) Any administrative fine revenue received pursuant to this chapter in a fiscal year may be retained by the Secretary to offset the expenses of enforcing this chapter.
Section 15‑50‑170.Except as otherwise provided, a transfer order signed by a court of competent jurisdiction pursuant to this act constitutes a qualified order under 26 U.S.C. § 5891. If a transferee to which the transfer order applies is not registered as a structured settlement purchase company pursuant to this act at the time the transfer order is signed, the transfer order does not constitute a qualified order under 26 U.S.C. § 5891.
SECTION 18.The repeal or amendment by this act of any law, whether temporary or permanent or civil or criminal, does not affect pending actions, rights, duties, or liabilities founded thereon, or alter, discharge, release or extinguish any penalty, forfeiture, or liability incurred under the repealed or amended law, unless the repealed or amended provision shall so expressly provide. After the effective date of this act, all laws repealed or amended by this act must be taken and treated as remaining in full force and effect for the purpose of sustaining any pending or vested right,
civil action, special proceeding, criminal prosecution, or appeal existing as of the effective date of this act, and for the enforcement of rights, duties, penalties, forfeitures, and liabilities as they stood under the repealed or
amended laws.
SECTION 19.If any section, subsection, paragraph, subparagraph, sentence, clause, phrase, or word of this act is for any reason held to be unconstitutional or invalid, such holding shall not affect the constitutionality or validity of the remaining portions of this act, the General Assembly hereby declaring that it would have passed this act, and each and every section, subsection, paragraph, subparagraph, sentence, clause, phrase, and word thereof, irrespective of the fact that any one or more other sections, subsections, paragraphs, subparagraphs, sentences, clauses, phrases, or words hereof may be declared to be unconstitutional, invalid, or otherwise ineffective.
When would the new South Carolina structured settlement protetcion bill take effect, if passed?
SECTION 20.SECTION 9 through SECTION 16 take effect on January 1, 2024. All other SECTIONS take effect on July 1, 2023, and apply to applications filed on or after the effective date.
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FOLLOW THE PROGRESS OF THE BILL HERE
South Carolina Structured Settlement Protection Bill is the most comprehensive of its kind to date
The South Carolina Bill is perhaps the most comprehensive of its kind and it would be well worth legislatures in other states keep an eye on it and be more proactive to protect their citizens. Like similar changes to Minnesota, which followed blistering multi part the Structured Settlement Protection Act of Minneota and in Maryland and Virginia, which followed blistering reports in the Washington Post and Virginia Pilot, it may be too little to late for some.
Links to our coverage of the McLatchey exposes that led to the proposed changes in South Carolina
Investigation Into SC Structured Settlement Factoring Predation Rolls Out in 4 Part BOMBSHELL Report - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com) September 9, 2022
SC Structured Settlement Factoring BOMBSHELL | Chief Justice VACATES Referees & Masters-in Equity-Orders - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com) September 12, 2022
Murdaugh and Mayhem | Client of Color Ripped Off, Then Factoring Cos. Churned His 6 Children's Structures - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com) September 12, 2022
Posted at 02:28 AM in Aiken SC Structured Settlements, Annuity News, Charleston Structured Settlements, Cleaning Up "The Structured Settlement Neighborhood", Clemson Structured Settlements, Columbia SC Structured Settlements, Factoring Company Bad Business Practices, Hilton Head Structured Settlements, Judges Responsibility and Structured Settlements, Myrtle Beach Structured Settlements, SC Structured Settlement Protection Act, Secondary Market For Structured Settlement Payment Rights, South Carolina Structured Settlements, Spartanburg Structured Settlements, Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Profession, Structured Settlement Protection Acts, Structured Settlement Watchdog® | Permalink
Asinine Factoring Company Ad Shows Guy Hand-in-Hand With Girlfriend Checking Out Another Woman's Rump
A Florida structured settlement factoring company ad posted to Instagram December 28, 2022, featuring a man walking hand-in-hand with girlfiend in one direction, while not so subtlely swiveling his head to ogle the Sitzfleisch of another female walking in the opposite direction, stating "Calling XYZ about a large lump sum". The way the ad plays out, the factoring company is the rump of the woman the rump bum is checking out. We've all seen a version of the meme featuring the "rump bum".
It seems asinine to diss at least half of the population when it's not necessary to grab consumers' attention in a tribute to the 1992 Wreckx-n-Effect hip-hop song " Rump Shaker"...
"All I wanna do is zoom a zoom zoom zoom
And a poom poom, just shake ya rump
Rump shaker"
The Broward County Florida structured settlement factoring company says "Our customers choose to sell their structured settlement and annuity payments for several reasons. A large lump sum payment allows you to purchase a home, further your education, start a business, pay off debt or put your money in investments that offer a higher return".
Before you go chasing your tail (or someone else's) for pennies on the dollar, read this helpful guide to "KYS" on the subject.
Selling A Structured Settlement in 2023? Get The 411 on Cash Now (4structures.com)
Note: The actual ad posted by the Fort Lauderdale company on Instagram on December 28, 2022 and still active at the time of this posting featured a re-creation of the so called "look back guy" with different women and a different guy (but same concept). The image above in the meme is the classic image of "look back guy".
Posted at 04:17 PM in Advertising Wall of Shame, Broward County Structured Settlements, Structured Settlement Factoring News, Structured Settlement Watchdog®, Structured Settlements in Fort Lauderdale FL | Permalink
James R. Gibson, Structured Settlement Crook Who Threatened to Kill Judge, Denied Compassionate Release
James R. Gibson, an evil lowlight in the history of the structured settlement industry, has been denied compassionate release from his 480 month (40 year) prison sentence that he is serving in the low security prison FCI Miami, in Miami,Florida. BOP Register Number: 62228-004
What is James R. Gibson Doing Time For?
On September 21, 2005, the Southern District of Illinois sentenced Defendant Gibson to a term of 480 months.
On November 3, 2005, the Court ordered restitution in the amount of $83,282,767.42. A jury found Defendant guilty of conspiracy to commit mail and wire fraud in violation of 18 U.S.C. § 371; mail fraud in violation of 18 U.S.C. § 1341; wire fraud in violation of 18 U.S.C. § 1343; and conspiracy to commit money laundering in violation of 18 U.S.C. § 956(h).
James R. Gibson Self-Serving Slime Who Purloined From The Needy
Gibson was owner and president of SBU, Inc. and several other companies around St. Louis, MO. United States v. Gibson, 490 F.3d 604, 606 (7th Cir. 2007). Under the guise of a legitimate business operation, Gibson stopped buying Treasury
obligations with his clients' settlement funds and instead spent over $16 million of his clients'money on unauthorized business transactions, high-risk investments, and real estate and luxury items for his own use. Id.
The total loss of Gibson's clients was $156,194,810.92 and many of them needed the money to support themselves and fund necessary medical treatment. Id. Also Man who stole from orphans sentenced to jail (nbcnews.com) September 21, 2005 and Gibson convictions upheld: Investor who stole from widows, orphans helped by judges | Madison - St. Clair Record (madisonrecord.com) August 16, 2007.
Gibson referred to as a "parasite" 'Parasite' handed 40-year sentence (chron.com) September 22, 2005
NATIONAL FOOD'S EX-OWNER IS HIT BY CIVIL SUIT (supermarketnews.com) October 25, 1999
James R. Gibson Skipped Town With Millions of His Clients' Money
After Gibson's attorney informed him he was under government investigation for the mismanagement of client funds, him and his wife set sail to Belize and wired over $3 million of those clients' funds to Belize bank accounts. Id. The couple returned to the United States and went back to Belize in July 1999. Id. Gibson was originally sentenced on April 15, 2002.
Gibson was charged in March 2001 in an eight-count indictment with conspiracy to commit mail and wire fraud (Count 1), mail fraud (Counts 2-4), wire fraud (Counts 5-6),conspiracy to commit money laundering (Count 7), and a forfeiture count (Count 8). In October of the same year, Gibson's wife was added to and charged regarding the same counts (Doc. 30). Defendant was arrested in Belize on May 10, 2001, and subsequently returned to the United States.Gibson, 490 F.3d at 606. Gibson
pled guilty to one count of conspiracy to commit mail and wire fraud on January 8, 2002.
Pursuant to the plea agreement, the government dismissed the remaining seven counts and Gibson, who was sentenced to 262 months' imprisonment. Id. at 606. Defendant appealed and the Seventh Circuit Court of Appeals vacated and remanded to the district court for further proceedings on February 26, 2004. Id. at 607. The Government moved to reinstate the counts of
the indictment dismissed pursuant to the plea agreement and charges were reinstated on July 14,2005. Id.
Gibson Threatened to Kill the Judge!
At this time, Gibson made a credible threat that he would have District Court Judge Murphy killed and Judge Murphy was forced to recuse himself from this matter. Id. at fn 2. Gibson fired several count-appointed counsels and proceeded pro se in front of the Court. Id.
On May 2, 2005, the Gibson was found guilty of Counts 1-7 of the superseding indictment after a 14-day jury trial. (Doc. 463, 472). On September 21, 2005, Defendant was sentenced to 480 months' imprisonment, supervised release of three years, and ordered to pay restitution in $83,282,767.42, and a $700 special assessment. (Doc. 566). Gibson appealed and the Seventh Circuit affirmed this Court's judgment on March 6, 2007. (Doc. 595). Gibson's projected release date is July 7, 2035,
Posted at 10:45 PM in Illinois Structured Settlements, James R. Gibson Scandal, Structured Settlement History, Structured Settlement Watchdog® | Permalink
Structured Settlement Annuities Close to ALL TIME RECORD in 2022 Primary Market Production
by John Darer CLU ChFC MSSC CeFT RSP CLTC
Structured settlement annuities had a RECORD 4th quarter of 2022, as increasing awareness of rising interest rates looking good against a volatile stock market, plummeting crypto and hard work by industry members, catapulted industry production to close to its all time record achieved in 2019. The structured settlement primary market produced $779.5M in December 2022 to end Q4 2022 with $2.075B in production. The total for 2022 was $6.025B according to industry sources.
How Structured Settlement Industry Was Affected in Covid Era
Despite a return to structured settlement production highwater mark to the north of $6B in 2018 and the all-time record in 2019, the rapid deceleration in interest rates in the early part of the Covid-19 pandemic, together with court closures that constricted the supply line of cases coming up for trial, played a role in the drop in structured settlement industry wide production.
Posted at 09:43 PM in Albany New York Structured Settlements, Bowling Green Kentucky Structured Settlements, Bridgeport Structured Settlements, Bronx New York Structured Settlements, Brooklyn New York Structured Settlements, Connecticut Settlement Planning, Conshohocken Structured Settlements, Detroit Michigan Structured Settlements, Hartford CT Structured Settlements, Lexington KY Structured Settlements, Long Island NY Structured Settlements, Missouri Structured Settlements, NC Structured Settlements, New Jersey Structured Settlements, New Orleans Louisiana Structured Settlements, New York Personal Injury, New York Settlement Planning, New York Structured Settlements, Newburgh Structured Settlements, News About Structured Settlements, NJ Structured Settlements, North Carolina Structured Settlements, Oklahoma Structured Settlements, Palm Beach Structured Settlements, Philadelphia PA Structured Settlements, Rhode Island Structured Settlements, Rochester Structured Settlements, Sacramento Structured Settlements, San Francisco Structured Settlements, Santa Monica Structured Settlements, Sarasota Structured Settlements, Settlements in Queens County New York, South Carolina Structured Settlements, St. Louis Structured Settlements, Structured Settlement Annuity, Structured Settlement Industry News, Structured Settlements Florida, Structured Settlements in Fresno County, Structured Settlements in Georgia, Structured Settlements in Illinois, Structured Settlements in Ithaca New York area, Structured Settlements in Louisiana, Structured Settlements in Michigan, Structured Settlements in Nassau County, NY, Syracuse Structured Settlements, TX structured settlements, VA Structured Settlements, Washington Structured Settlements, White Plains Structured Settlements, WV Structured Settlements | Permalink
Sell Any Annuity "75 Years of Experience Scam" | What Happened in 1947?
Sell Any Annuity, claims to have 75+ years of experience in a display of dogged factoring slobber. If that were true, that would mean that Sell Any Annuity was established in 1947, or possibly earlier given the plus. The post war year of 1947 had some notable events, notably...
Roswell UFO incident
U.S. Secretary of State George C. Marshall announces the "Marshall Plan"
The International Monetary Fund IMF begins to operate.
The start of the Cold War which endured over four decades
The United Nations votes in favor of the creation of an Independent Jewish State of Israel.
India and Pakistan gain independence from Great Britain.
Jackie Robinson took to the field for the Brooklyn Dodgers becoming the first African-American to play in Major League Baseball.
Bell Laboratories invents the transistor.
Thor Heyerdahl's balsa wood raft the Kon-Tiki, smashes into the reef at Raroia
Chuck Yeager, a United States Air Force Captain and World War II veteran, becomes the first person to break the sound barrier, and perhaps significant to this line of thought,
Artist Henri Matisse painted "The Circus" and
My late mother was 9 years old.
Structured settlement factoring companies, their representatives and their sales practices, are mostly unregulated, often to the detriment of consumers.
Someone who was aged 20 in 1947 would be aged 95 now. Someone who was aged 30 then would be 105 now. The first purported structured settlements were associated with the Thalodomide cases in the 1960s, but structured settlements didn't really establish a foothold until the late 1970s with a series of IRS Private Letter Rulings.
Sell Any Annuity is Just Another Shill Site for CBC Settlement Funding
Adding up the years of experience of indivduals in a firm is an ever changing scam on consumers who fall for it. The Wayback Machine shows records for Sell Any Annuity (dot) com since only December 10, 2016. CBC Settlement Funding was spawned from ex JG Wentworth people. JG Wentworth's first iteration was established in 1991, which is about 31 years prior to this posting. According to its BBB report, CBC Settlement Funding was started in 2008, 14 years prior to this posting. The footer of the Sell Any Annuity website states "By submitting my information to Sell Any Annuity, I consent to be contacted by phone / text or email by a representative from CBC Settlement Funding. Representatives may utilize an autodialer and standard cellular rates apply". The Privacy Policy page lists a non-working number 800-123-4567. LOL
Here's how the "Years of Experience Scam" works
Newer companies attempt to beef up their resume, by adding up the years of experience of each employee and present the total number as years of company experience to consumers. For example, 3 people times 25 years of experience each equals "75 years of experience" under a " Years of Experience Scam".
Now follow me here, let's say "CPO Sharkey", who had 25 years of experience of experience pushing "cash now" quits and the company then hires C3PO Marky, who has only 5 years experience working in the same industry. Now Sell Any Annuity, a company (or lead generation website) that has been in business for 6 years (almost a dog year, how about that?), but advertises 75 years of experience, just like that, has only 55 years of experience.
Drawing a line under the chucklesome
Let's say Grandpa Rockhead started the flint milling business 55 years ago and his twin 18 year old grandchildren have been working the last 3 summers. Gramps dies and leaves the flint milling business to the grandchildren Fred and Barney (his only grandchildren for you sticklers). Assuming a high school summer is 2 months and then (3 times 2)*2 is 12 month or 1 year. That means under the fuzzy logic of a "years of experience scam" Grandpa's death pulverizes the flint mill's years of experience to 1 year of experience, dropping from 56 years to 1 year just like that. That's why a "years of experience scam" makes no sense.
There are numerous possible combinations that the companies that deploy the "Years of Experience Scam" could use to deceive consumers. It's just fuzzy math.There is really no need for a years of experience scam. Just be truthful with customers.
Posted at 02:20 PM in Buffalo Structured Settlement Cash Now, Cash Now Pushers | The "Cash Now Fix", CBC Settlement Funding Lead Generators, Conshohocken Structured Settlements, Detroit Michigan Structured Settlements, Factoring Company Bad Business Practices, False Advertising Re Creating, Buying or Selling Structured Settlements, Misinformation about Structured Settlement Factoring, Notable Events of 1947, Secondary Market For Structured Settlement Payment Rights, Sell Any Annuity Commentary, Social Media "Road Kill", Structured Settlement Factoring News, Structured Settlement Watchdog® | Permalink
Who is Llama Petting JG Wentworth Influencer Targeting?
JG Wentworth influencer Sandra Toffoloni self-describes as a "Go Getter. Trend Setter. Net Jetter. Credit Debter. Eddie Vedder. Never Better. Crooked Letter. Bed Wetter. Llama Petter" on Twitter. At the very least the JG Wentworth influencer can rhyme.
Among the latest Twitter offerings from Ms. Toffoloni is a video clip featuring a casual well-dressed cleancut African American man in what appears to be a copy shop stunned into an exclamation of " Holy Shit" in awe at the words Business Cards, Typesetting and such emblazoned on the shop window, causing the self described "bed wetter" to typeset in "excited incontinence" "STAY READY! Lemme grab my #structuredsettlement"
Talk about a Machu Pitch-u. Alpaca my bags!
Posted at 12:16 PM in J.G. Wentworth, JG Wentworth Commentary, Social Media "Road Kill", Structured Settlement Humor, Structured Settlement Watchdog® | Permalink
Did You Receive "Division of Plaintiff Rights" Mailer? It's Jiggery-Pokery from Delray Beach
Rising Capital, a Delray Beach structured settlement factoring company is soliciting structured settlement payees, with a
Solicitations such as Rising Capital's "Division of Plaintiff Rights" would never be allowed if sales practices in the structured settlement secondary marklet were actually regulated instead of the unregulated morass that has gone on for more than 20 years
"Division of Plaintiff Rights" schmooze that turns out to be a ruse. Just a solicitation to sell your structured settlement payments to Rising Capital.
Rising Capital Sales Pitch is Like A Flaccid Souffle
Just to be clear if you sell to Rising Capital, or any other company like them, your "dough" ain't rising. "Pennies on the dollar" sure isn't rising. More like a flaccid souffle.
The recipient of the letter received an envelope that has a return address of 5300 West Atlantic Ave, S200 Delray Beach, FL 33484. Next is listed on the envclope is Division of PL. Rights C-
With even more jiggery-pokery, the envelope further states "The contents of this parcel have been filed and registered in our files office prior to sending. Please do not tamper with contents". And "enclosed belongs to receiver only".
The "Division of Plaintiff Rights" is silly billy stuff. If you settle a lawsuit against all parties with (or without) a structured settlement and your case is dismissed or discontinued with the Court, your Plaintiff is no longer a plaintiff on that case. He/she is a structured settlement payee.
Same Cats | Old Ball of Yarn
Back on May 12, 2019 I reported in Rising Capital's Rising BS | Spoofs John Hancock Life Insurance Company Internal Audit
"Rising Capital sent a mailer with the header "Audit Alert-Time Sensitive" bearing the subject line "Internal Audit for: John Hancock Life insurance Company." An audit is "an official inspection of an individual's or organization's accounts, typically by an independent body.". Rising Capital is suggesting that it has done an internal audit for John Hancock Life Insurance Company. Given that John Hancock has its own internal auditors, why would they hire Rising Capital Associates? One wonders what Martin Sheerin, the John Hancock CFO will say when he sees Rising Capital's fulminating piece of bullship? A copy of Rising Capital's work is on its way to John Hancock. A Cardeno Vice-President-Audit Department doesn't appear to come up on the grid on 3/9/2019".
See my March 10, 2019 blog High Pressure Structured Settlement Factoring Company Mailers Reviewed
An industry friend recently shared with me that the National Association of Settlement Purchasers (NASP) brought up the subject of extensive negative publicity the the industry segnment was receiving.
Maybe its time that NASP starts getting serious about collaborating, supporting, advocating and putting into place a licensing standard for the structured settlement secondary market, just like there is for life settlements. Surely that would be good for business. Solicitations such as Rising Capital's "Division of Plaintiff Rights" and the John Hancock spoofing from 2019 described in the prior posts have no place in this business. The types of mailers deployed by Rising Capital and others (like late Seneca One's old "National Structured Settlement Registry") would never be allowed if sales practices in the structured settlement secondary marklet were actually regulated everywhere instead of the unregulated morass that has gone on for more than 20 years. History has proven that self-regulation and self discipline is clearly not the structured settlement secondary market's strong suit.
Posted at 03:59 AM in Buffalo Structured Settlement Cash Now, Conshohocken Structured Settlements, Delray Beach Stuctured Settlements, Division of Plaintiff Rights Fandango, Factoring Company Bad Business Practices, False Advertising Re Creating, Buying or Selling Structured Settlements, Mysterious Purported Entities, Rising Capital Commentary, Social Media "Road Kill", Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Payment Rights, Structured Settlement Watchdog®, Structured Settlements in Fort Lauderdale FL, Truth In Advertising Structured Settlement Factoring | Permalink
Sell Structured Settlement Information | Shall We Cash Now, or Shall We Cash Later?
When it comes to your structured settlement, don't become a victim of aggressive buyers. Stop, breathe, think and get independent advice, ALWAYS! Read this helpful guide from 4structures if you feel tempted, or you have a loved one who feels tempted. Sell Structured Settlement Information
4structures does not buy structured settlement payments.
Posted at 04:17 AM in Baltimore Structured Settlement Cash Now, Bridgeport Structured Settlement Cash Now, Bronx Structured Settlement Cash Now, Brooklyn Structured Settlement Cash Now, Buffalo Structured Settlement Cash Now, Los Angeles Structured Settlement Cash Now, Shall We Cash Now or Cash Later?, Structured Settlement Watchdog® | Permalink
Annuity Casher | "You Can Still 'Generate' Money" With Now Not Later Move
The last time Adler's Insurance tried to be funny in a structured settlement context, Adler's Annuity Casher posted a caricature of a burnt to a crisp black man in a cruel mocking of African-American Terrence Taylor's lawsuit against multiple structured settlement factoring companies in Virginia that is still pending after 7 years! It was a terrible mistake by Adler's. Taylor was severely burnt in a fire casused by an alleged defective space heater when he was a young child and received a sizeable structured settlement that was decimated in 10 transactions over 2 years that are the subject of ongoing litigation in Portsmouth Virginia that is scheduled for trial in mid-2023.
Recently Adler's has waded into "fiscal physics", specifically the generation of money.
Adler's Insurance Agency Claims:
"The good news is that you can still generate money through your structured settlement by selling some of your payments and get cash for structured settlement payments".
When "Aunt Merriam" Webster, was asked "What do you mean by generate?", she responded
"generated; generating. transitive verb. : to bring into existence: such as. : procreate, beget. : to originate by a vital, chemical, or physical process : produce".
Q. Does money come into existence by procreation or, is it printed by the Bureau of Printing and Engraving, or minted by the U.S. Mint?
The U.S. Federal Reserve controls the money supply in the United States, and while it doesn't actually print currency bills itself, it does determine how many bills are printed by the Treasury Department each year. The job of actually printing the money that people withdraw from ATMs and banks belongs to the Treasury Department's Bureau of Engraving and Printing (BEP), which designs and manufactures all paper money in the U.S. (The U.S. Mint produces all coins) Source: Investopedia
I suppose some annuitants feel they have been (insert synonym for past tense of procreate that begins with the letter "f") after receiving pennies on the dollar, the "bounty" from selling their structured settlement payment rights. Anyway, selling your structured settlement for pennies on the dollar could hardly be described as "a vital, chemical or physical process".
Adler states,
"Remember: when you cash out structured settlement payments, you get less now than you would get in your payments later. You pay a price for receiving money now rather than later".
But you're still not generating money by selling.
Avoid the Sales Hype and Read This Helpful "Tell It Like It Is" Resource
We do not solicit people to sell their structured settlement payments.
Posted at 12:29 PM in Adler Insurance Agency Commentary, Annuity Casher Commentary, Buffalo Structured Settlement Cash Now, Misinformation about Structured Settlement Factoring, Rockland County Structured Settlements, Secondary Market Structured Settlements, Social Media "Road Kill", Spring Valley Structured Settlements, Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Humor, Structured Settlement Transfers, Structured Settlement Watchdog® | Permalink
Secondary Annuity Market | Annuity.Org Blows It Again. But Why?
by Strutured Settlement Watchdog
The Annuity.org propensity to post wretched, easily discredited information about factored structured settlement payments, despite editorial reviews and financial reviewers and its phlegmatic approach to correct inaccuracy, makes them a poor, unreliable source of information about structured settlements. I continue to ask, why?
Let's get started with the latest episode of "What's Wrong Wit Dat?"
Kicking off today's episode, one wonders how Annuity.org claims to have 15+ "Certified Financial Reviewers", yet missed the momentous news that New Hampshire Structured Settlement Protection Act, passed August 11, 2021, making it 50 States and District of Columbia that had Structured Settlement Protection Acts. The historic news was reported by Faegre Drinker Biddle & Reath's Nicole J. Wixted and Sandra K. Jones, on August 12, 2021. Yet 13 months later, on September 7, 2022, Annuity.org's staff writer, her editor and highly credentialed Financial Reviewer" missed the achievement, 20 years in the making, stating only 49 States and District of Columbia has SSPAs. The Annuity.org staff writer who has previously cited from the NSSTA, the structured settlement industry's largest and oldest trade association, would've also been able to learn the news of the historic achievement from NSSTA's website. And now folks, if this were a latter day circus, here's where the bears ride out on their unicycles,
the National Association of Settlement Purchasers (NASP) of which Annuity.org "partners" CBC Settlement Funding and Fortune Settlements are members, noted the historic achievement on October 4, 2021 NASP applauds New Hampshire's passage of a Structured Settlement Protection Act; SSPAs now in all fifty states.
How can Annuity.org, a "partner" to two factoring companies bollox this thing up so bad?
"A secondary market annuity, or SMA, refers to a transaction in which the owner of an annuity, a structured settlement or lottery winnings chooses to sell his or her payments to a factoring company for an immediate lump-sum payout, often, at a discounted rate", says Alanna Ritchie.
What's Wrong Wit Dat?
What is being sold to investors is structured settlement payment rights, not an annuity and not a transaction.
At least when it comes to structured settlements, which are by far the majority of structured settlement factoring transactions, there is no annuity being sold since the annuity is owned by a qualified assignment company NOT the Payee who is doing business with "Pennies on the Dollar LLC". Any other representation is simply not accurate.
Ritchie compounds the inaccuracy by citing an incccurate source called "The Women's Business Center".
How the Women's Business Center Gets Secondary Market Annuities and Structured Settlements Inaccurate?
1. They say "While it's common for inherited annuities to end up being sold in the secondary market, it's even more common for annuities that were awarded or won as structured settlements to find their way there".
Structured settlements are not awarded. A settlement is not an award. That's why it's called a settlement. A structured settlement is an arrangement, the result of a negotiated compromise. An award is not a compromise. A judge,arbitrator, or jury makes an award in a legal case. In some cases in life a committee makes an award (e.g. best essay, best holiday decorations, best movie, best song)
2. Ritchie says that "A structured settlement is an annuity that is awarded to a plaintiff by the court as part of a judgment. It's called a structured settlement because the money that is awarded is not given as a lump-sum payment. Rather, payments are made over a series of months or years. They can even be made for life. Structured settlements are also used when lottery players win cash for life". Source: Annuity.org 12/2/2022
A structured settlement is not an annuity. A structured settlement is a form of settlement that may be funded with an annuity. A definition of the term "structured settlement" can be found in Internal Revenue at IRC 5891(c)(1). For more detail about the question What is a Structured Settlement, please visit 4structures.com, What is a Structured Settlement? Structured Settlements Expert (4structures.com)
A structured settlement is not a judgment either. Under New York CPLR Articles 50A and 50B, litigation may conclude with a structured judgment. A portion of the future damages in such cases may be paid in the form of periodic payments that are funded with an annuity in acordance with the relevant statute.
A lottery is not a structured settlement, period. You buy a ticket, you dream a little and, may be you win. However, the state lottery or sweeptakes sponsor of the prize (e.g. Publisher's Clearing House) may choose to purchase an annuity to fund the obligation to pay the winner)
3. "The majority of secondary market annuities come from structured settlements. In most cases, people who own the annuities either don't want to wait for the smaller payments each month, or, they need a larger amount of money. This is most often true with medical malpractice and personal injury cases. Medical bills, insurance payments and other bills that may not have been paid, now need to be. The owner of the structured settlement can sell the payments on the open market and be able to take the entire amount of cash". Source: Annuity.org 12/2/2022
The imposter that Ritchie and others call a "secondary market annuity" is not an annuity. All the Search Engine Optimization in the world does not make factored structured settlement payment rights an annuity. But they keep trying.
Structured settlement annuities not owned by the payees, they are owned by assignment companies. In rare cases they are owned by Defendants or their insurers. As we've discussed, what is sold to investors is structured settlement payment rights not an annuity.
"Within only a few decades of its creation, the secondary annuity market developed into a large, competitive and regulated industry. The market developed when laws were enacted permitting annuity owners the option to receive a portion or all of their earnings immediately rather than waiting months or years for a full disbursement"
Unfortunately there is a continuing legacy of abusive sales practices in the structured settlement secondary market that Annuity.org chooses to selectively ignore with their statement. The secondary annuity market is horribly under regulated and until recent years, there have been little to no consequences to bad actors.
How many other financial services segments have virtually no regulation of sales practices of its individual participants and companies? It took a blistering expose in the Washington Post to expose the Access Funding scam of Baltimore lead paint victims with structured settlements that led to fast track of reforms in Maryland. It took 7 years, but Raffi Boghosian an officer of the now defunct company and its successor Reliance Funding, was recently convicted in an action brought by the Maryland Attorney General. See Boghosian convicted.
There is a long way to go but progress is being made.
Annuity.org serves a sliver of the structured settlement factoring industry. My interest is in the greater universe of people seeking information about structured settlements. The public deserves accurate information about structured settlements in my opinion and it is part of my misison to help them. Annuity.org has been at this for 9 years. Annuity,org claims that its mission "is to educate people about their financial options and empower them to make informed decisions based on their unique needs".
Read about my Structured Settlement Watchdog pro bono work
Posted at 03:04 PM in Annuity.org Nonsense, Baltimore Structured Settlements, Secondary Annuity Market, Structured Settlement Factoring News, Structured Settlement False Advertising, Structured Settlement Investments, Structured Settlement Watchdog®, What's Wrong Wit Dat? | Permalink
The Structured Settlement Agreement Process | Annuity.Org Doesn't Get It Quite Right, As Usual
"She's a Jolly Good Farmer, of Untilled Fallow"
Despite spouting purported editorial standards, time has shown that no matter how hard they try, Annuity.org just can't get
Tendency to be wide of the target
structured settlements right. They can't even get out of their own way. Par for the course is Catherine Byerly's latest effort on the structured settlement process,which can best be described as "untilled fallow" in my opinion. The land may not even be arable. The rot contagion spores cross pollinate from Structuredsettlements.com, a publication of the same organization, the latest ineptitude of which I covered here on November 10, 2022 Structuredsettlements.com | Another Episode of What's Wrong Wit Dat? - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com) .
Annuity.org Process Step 2
The defendant and the plaintiff work with a qualified assignee to determine the terms of the structured settlement agreement — that is, how much the regular payments should be, how long they should continue for, whether they should increase or be supplemented by larger payouts at certain times, and so on. The defendant provides money for the qualified assignee to buy an annuity for the plaintiff.
What's Wrong Wit Dat Annuity.org?
The defendant and/or its insurer, through their lawyers, and the plaintiff(s), through their lawyers negotiate the terms of the settlement agreement.
Where a structured settlement is to be established, the plaintiff often works with a settlement planner or structured settlement consultant, who assists in the design of the future periodic payments. The qualified assignee is not involved in that process.
The settlement agreement will include a promise to pay future periodic payments to the plaintiff (or in some cases plaintiff's trust)
The qualified assignee purchases an annuity from a life insurance company, setting up the annuity contract to match the settlement needs. Once the terms of the annuity are set, they cannot be changed. An immediate lump sum may also be set aside to cover attorney fees or to fund a specified trust.
A qualified assignnee does not set up an annuity contract.
A qualified assignment takes on a perodic payment obligation from a Defendant or its insurer, subject to IRC 130(c) and then buys an annuity to fund the periodic payment it has assumed, subject to IRC 130(d)
What is a Specified Trust? According to Law Insider, "Specified Trust Agreements means those trust agreements entered into by USIC for the benefit of the cedents under the Specified Assumed Treaties". Nothing to do with structured settlements.
Annuity.org and Structuredsettlements.com are unreliable sources of information about structured settlements
One should never rely on a source of information which is shilling for a company (or recently companies) that buys people's structured settlement payment rights for pennies on the dollar. I continue to document as I have time, and time again. for more than 5 years, that consumers can do far better. After 5 years it's clear that despite its posted purported standards, the Annuity.org/Structuredsettlments.com ineptitude is rampant, laced through every figurative "corpuscle" of its publications about structured settlements and that its editorial standards concerning structured settlements are a farce. The company excels at SEO and that's about it.
Posted at 01:35 AM in Annuity.ORG Nonsense, CBC Settlement Funding, Fortune Settlement Solutions, Misinformation About Structured Settlements, Orlando Structured Settlements, Structured Settlement Factoring News, Structured Settlement Watchdog®, What's Wrong Wit Dat?, What's Wrong With Annuity.org? | Permalink
Are Structured Settlements Tax-Free?
Are Structured Settlements tax free? That is the question.
One answer appearing on the Internet from a settlement planning firm states:
1. Income tax exemption: Structured settlement payments—including growth—are 100% income tax-free.
Comment: TRUE, if the payments represent damages that qualify for an exclusion from gross income set forth in IRC 104(a)(1), IRC 104(a)(2) or IRC 139F. Generally, worker's compensation, personal physical injury or physical sickness, wrongful death and wrongful incarceration. It is not the structured settlement payments themselves that drives the tax treatment, it is what the parties agree the damages the structured settlement payments represent compensation for and how that is applied in the tax code.
2. While lump sum cash settlements are income tax-free for physical injury cases, if the money is placed in a traditional investment, then any growth is subject to income taxes.
Comment: Not exactly. The answer fails to recognize capital investments that produce capital gains.
The term capital gain refers to the increase in the value of a capital asset when it is sold from what you paid for it. A short term gain or loss is when the asset is disposed of in one year or less. A long term capital gain or loss occurs if an asset is sold after holding for more than one year. The asset must be disposed of (sold) in order to realize a capital gain or loss. In other words, unrealized gains and losses that reflect an increase or decrease in the value of an investment are not considered a taxable capital gain.
So it would be inaccurate to say that "if the money is placed in a traditional investment, then any growth is subject to income taxes".
Posted at 04:34 PM in Albany New York Structured Settlements, Bowling Green Kentucky Structured Settlements, Bridgeport Structured Settlements, Bronx New York Structured Settlements, Brooklyn New York Structured Settlements, Buffalo New York Structured Settlements, Conshohocken Structured Settlements, Detroit Michigan Structured Settlements, Hartford CT Structured Settlements, Lexington KY Structured Settlements, Long Island NY Structured Settlements, Los Angeles CA Structured Settlements, Missouri Structured Settlements, NC Structured Settlements, New Jersey Structured Settlements, New Orleans Louisiana Structured Settlements, New York Personal Injury, New York Settlement Planning, New York Structured Settlements, Newburgh Structured Settlements, NH structured settlements, North Carolina Structured Settlements, NYC Structured Settlements, Oklahoma Structured Settlements, Palm Beach Structured Settlements, Philadelphia PA Structured Settlements, Rhode Island Structured Settlements, South Carolina Structured Settlements, St. Louis Structured Settlements, Structured Settlement Information, Structured Settlement Watchdog®, Structured Settlements 101, Structured Settlements Florida, Structured Settlements in Florida, Structured Settlements in Fresno County, Structured Settlements in Georgia, Structured Settlements in Illinois, Structured Settlements in Ithaca New York area, Structured Settlements in Kentucky, Structured Settlements in Louisiana, Structured Settlements in Maryland, Structured Settlements in Michigan, Structured Settlements in Nassau County, NY, Syracuse Structured Settlements, Tulsa Structured Settlements, TX structured settlements, VA Structured Settlements, Washington Structured Settlements, White Plains Structured Settlements, WV Structured Settlements | Permalink
Access Funding's Boghosian and Lawyers Charles E Smith and Anuj Sud Convicted of Theft Scheme
Slammer Time for Structured Settlement Factoring Schemers?
Maryland Attorney General Brian E. Frosh announced the convictions of former Access Funding Chief Operating Officer a lawyer and a now disbarred lawyer, for headline grabbing theft from 94 victims. The convictions of 43 year olds Raffi Michael Boghosian, lawyer Charles Edward Smith Jr, and disbarred lawyer Anuj Sud, relating to their involvement with the structured settlement factoring company Access Funding between 2013 and 2015. Each was found guilty of Theft Scheme Over $100,000 and Conspiracy to Commit Theft Scheme Over $100,000 after a trial in the Circuit Court for Baltimore City. Sentencing will be set in Baltimore City Circuit Court.
The shenanigans of Access Funding and the three amigos was aptly chronicled by Terrence McCoy in the Washington Post in 2015. They were in a world of poop. Lawsuits by the victims, the Maryland AG and the Consumer Finance Protection Bureau (CFPB) ensued.
Access Funding's offices and principal place of business were located in Montgomery County. The charges relate to Access Funding's acquisition of structured settlement payment rights belonging to 94 individuals, primarily lead poisoning victims in Baltimore City. Many victims were people of color. The payment rights had a total present value of over $21million. In exchange for the payment rights, Access Funding gave the owners cash lump sums totaling less than $7 million, and in some cases as little as 8 cents on the dollar of the payments' discounted present value.
"These individuals preyed upon vulnerable victims of lead paint poisoning in Baltimore City," said Attorney General Frosh in a press release. "The victims received a small fraction of the actual value of their structured settlements, depriving them of a much-needed lifeline meant to support them long term."
Boghosian was an executive and ultimately the Chief Operating Officer of Access Funding. According to his Linkedin profile at time of posting Boghosian is the Executive Vice-President of Reliance Funding, an entity that arose from the burning embers of Access Funding. Smith was Boghosian's best friend and an attorney who purported to provide independent advice to every customer of Access Funding in Maryland for almost a two-year period. Sud was Access Funding's attorney who filed petitions in court to obtain court orders transferring the victim's structured settelment p ayment rights.
"Boghosian, Smith, and Sud prevented the 94 owners of structured settlement payment rights from receiving the
independent professional advice without which transfers of structured settlement payment rights cannot occur. Smith pretended to provide the required independent advice when in fact he was secretly receiving kickbacks through Sud when Access Funding successfully obtained Smith's clients' payment rights. The defendants also made or caused to be made false statements to the
court regarding the owners' receipt of independent professional advice to induce the issuance of court orders transferring the owners' payment rights" said Frosh.
Raffi Boghosian criminal case Circuit Court of Maryland 121354004
Anuj Sud criminal case Circuit Court of Maryland 121354002
Charles E Smith Jr criminal case Circuit Court of Maryland 121354003
CFPB Press Release Regarding Stipulated Financial Judgment Against Charles E. Smith 11-2021
CFPB Stipulated Financial Judgment Against Access Funding 12-2021
Journalist Wins Award of Distinction For Exposing Baltimore Structured Settlement Cash Now Fraud - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)
How Maryland Structured Settlement Protection Act Failed Mary Alice Rose - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)
Maryland Class Action Slams Structured Settlement Buyers and Lawyers Who Victimized Baltimore City Blacks - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary (typepad.com)
Former Maryland liquor board commissioner sentenced in bribery scheme - The Washington Post (relates to Anuj Sud being disbarred in 2018)
Posted at 03:09 AM in Access Funding Related Convictions, Baltimore Structured Settlements, Bethesda Structured Settlements, Buffalo Structured Settlement Cash Now, Chevy Chase Structured Settlements, Columbia Maryland Structured Settlements, Derwood Structured Settlements, Factoring Company Bad Business Practices, Maryland Cauldron of Deceit, Maryland Structured Settlements, Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Watchdog® | Permalink
House Ways And Means Commitee Requests Lump Sum Dissipation Study
Smucker "Pumps Up the Jam" on Lump Sum Dissipation with Murphy
The American Association of Settlement Consultants (AASC) announced November 10, 2022, that members of the House Ways and
Perhaps the dictionary is trying to tell us something!
Means Committee, led by Lloyd Smucker of Pennsylvania and Gregory F. Murphy of North Carolina have formally requested a government-funded study assessing the long-term economic and lifestyle impact of premature lump-sum settlement dissipation. The task will be assigned to Honorable Gene Dodaro, the Comptroller General of the United States and head of the Government Accountability Office (GAO), who will assess the feasibility of conducting the study and respond accordingly.
In their request, the Congressmen strongly stated the need for authoritative data on the troubling incidence of premature dissipation associated with lump-sum cash settlements, "For low-income Americans and or disabled individuals, settlement income is depended upon to cover essential costs such as mortgage payments, accident-related medical expenses, and other basic living expenses."
"We are deeply concerned by historical data showing legal settlements made in the form of lump sum payments to injured parties and their families quickly dissipate, leaving victims without income when they need it most." they said, according to the AASC release,
In addition to analyzing the incidence and impact of premature dissipation on injured parties, the request also asks that the study assess the long-term impact on mortgage foreclosures, medical debt, and other personal debt. With the availability of data that paints a complete picture of premature dissipation's negative impact, injured parties will be able to make a more educated decision and fully assess the risk associated with cash versus annuitization of payments.
Posted at 11:55 PM in Albany New York Structured Settlements, Annuity News, Bridgeport Structured Settlements, Bronx New York Structured Settlements, Brooklyn New York Structured Settlements, Connecticut Settlement Planning, Conshohocken Structured Settlements, Detroit Michigan Structured Settlements, Dissipation Stories, Hartford CT Structured Settlements, Lexington KY Structured Settlements, Long Island NY Structured Settlements, NC Structured Settlements, New Jersey Structured Settlements, New Orleans Louisiana Structured Settlements, New York Personal Injury, New York Settlement Planning, New York Structured Settlements, Newburgh Structured Settlements, News About Structured Settlements, NJ Structured Settlements, North Carolina Structured Settlements, Oklahoma Structured Settlements, Philadelphia PA Structured Settlements, Rhode Island Structured Settlements, Rochester Structured Settlements, Sacramento Structured Settlements, San Francisco Structured Settlements, Santa Monica Structured Settlements, Sarasota Structured Settlements, Settlements in Queens County New York, South Carolina Structured Settlements, St. Louis Structured Settlements, Structured Settlement Humor, Structured Settlement Watchdog®, Structured Settlements in Florida, Structured Settlements in Fresno County, Structured Settlements in Georgia, Structured Settlements in Illinois, Structured Settlements in Ithaca New York area, Structured Settlements in Kentucky, Structured Settlements in Louisiana, Structured Settlements in Michigan, Structured Settlements in Nassau County, NY, Syracuse Structured Settlements, Tulsa Structured Settlements, TX structured settlements, Washington Structured Settlements, White Plains Structured Settlements, WV Structured Settlements | Permalink
structuredsettlements.typepad.com
Guide to Structured Settlements 2023
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 2023 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 whose business it it is to assess mortality risk to price its life insurance and annuities. Rated ages boost your structured settlement annuity benefit per premium dollar, or your yield on lifetime payments. Rated ages help to reduce the cost of funding a Medicare Set Aside arrangement where a Structured MSA, is being used { WCMSA LMSA or NFMSA].
Structured Settlement Annuity Companies 2023
Which life insurance companies issue structured settlement annuities going into 2023? 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.
Treasury Funded Structured Settlements
Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales and other non qualified structured settlements.
Compare Structured Settlement IRR to Other Settlement Alternatives
Use the Taxable Equivalent Yield chart to help compare the Internal Rate of Return (IRR) of a structured settlement to other alternative or complementary investments. Need help with the chart? Call 4structures.com® LLC at 888-325-8640
Structured Settlement Payments | Types of Structured Settlements
Ways You Can Structure Your Settlement Payments. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. Diversify your structured settlement, if you wish, by funding with more than one annuity issuer, with treasury funded structured settlements, index linked structured settlement payments and market based structured .
Structured Attorney Fees for Tax Deferral for Contingency Fees
Structured attorney fees is a financial strategy that offers a unique way to defer taxes for lawyers and law firms. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure their settlement. There are multiple ways to structure your attorney fees, such as the an index linked structured settlement where payments are adjusted based on upside changes in the S&P 500 with no downside and a cap of 5%. Trial Lawyers may also use a special deferred pay/deferred compensation arrangement, if market based returns returns are desired with no cap. Plan NOW for year end! Put structured attorney fee expert John Darer® on your settlement planning team.
Structured Settlement Annuity Company Customer Service Phone Numbers
Receiving structured settlement payments from your own structured settlement or inherited structured settlement? You'll like this huge time saver. Click for a comprehensive list of customer service telephone numbers that includes both current AND former structured settlement annuity issuers and reinsurers. If you have simple bank or beneficiary changes, or if the insurance company that issued the structured annuity has merged, sold or spun off its block of structured annuity business (e.g. Aviva, Allstate, Transamerica, AEGON, GE Capital, Liberty, CNA, Confederation Life) or changed its name and you're trying to track them down, here you go! The list is regularly updated. Last updated January 23, 2023.
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.
iStructure |Uncapped Fixed Index Structured Settlement Annuity
iStructure is an innovative game changing fixed index structured settlement annuity for plaintiffs or attorneys. with an intermediate to long term horizon
Qualified Settlement Funds
What is a Qualified Settlement Fund?
Qualified Settlement Funds | What You Need to Know
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.
Contact Structured Settlement Expert John Darer®
More about John Darer® Structured Settlement Expert and Certified Financial Transitionist
How To Make Comments...I Really Enjoy Hearing From Readers
CALL 888-325-8640 (Toll Free USA) if you need a structured settlement expert, have questions about Structured Settlements, Financial Settlement Planning , Structured Attorney Fees, Structured MSAs, or just to have a good chat about what to do!
About The Structured Settlement Blog
STRUCTURED SETTLEMENTS 4REAL® Blog Is a Popular Source of Structured Settlement News and Information, Settlement Planning News, Tax Deferral and Deferred Income Planning Solutions,
with a stable readership that seeks credible structured settlement information 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 the structured settlement blog in 2005 and for over 17 years it has been a leading source for critical commentary. The John Darer authored blog has been among the most prolific, regularly providing fresh structured settlement, settlement planning, litigation recovery management content and commentary. John Darer®, CLU ChFC MSSC CeFT® RSP CLTC, President of Stamford, CT based 4structures.com, LLC, is an experienced New York City area structured settlement expert, structured settlement broker, Certified Financial Transitionist, and Registered Settlement Planner. 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 tort 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 Feedburner icon on 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 October 10, 2022
Useful Financial Calculators, Charts & Glossary
Economic Report of the President
Living To 100: Life Expectancy Calculator
Structured Settlement Factoring Discount Rate Calculator
Glossary of Structured Settlement, Settlement Planning Lingo and Legal Terms
U.S. National Debt Clock : Real Time
FDIC: Electronic Deposit Insurance Estimator (EDIE)
Calculate Your Financial Comeback - Interactive Graphic - NYTimes.com
New York City Structured Settlements
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 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 CPLR 50A /50B Structured Judgments | Interest Rate Bonanza - YouTube
Should You Take a Structured Judgment or Settle Case in NY? - YouTube
Should you take a CPLR 50 A or CPLR 50B structured judgment or should you try and settle? A discussion of some of the considerations.
New York Structured Settlements | 4structures.com LLC
New York Structured Settlements and Structured Judgments website.
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...
New York Structured Settlements Best Practices Corner
A omnibus selection of best practices learned "on the road" and through research that settlement consultants and their clients should be aware of.
Connecticut Structured Settlements
Connecticut Structured Settlement Experts
Help With Structured Settlements
Help with all aspects of structured settlements
Rep. Joe Courtney D-CT - "Structured Settlements & Holly's Story-Video
Connecticut Rep. and former Plaintiff lawyer Joe Courtney discusses structured settlements and favorable experiences using them with his former clients in this May 2009 video.
Structured Settlements 4Real Reader Comments
"You have a wonderful blog"
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"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
5 Survey not yet complete.
Legal Search Engines
Law Guru
Boston College Center for Retirement Research
Independent Professional Advice
Independent Professional Advice for Sellers of Structured Settlements
All posts, including memes created by John Darer, Copyright 4structures.com, LLC 2022. 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.
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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.
Secondary Market Blawgs or Websites
Edward Stone Law
Secondary Market Annuities Are Not Annuities
The term secondary market annuity is a scam label that uses the cachet of legitimate annuities to capture investors
Special Needs Blawgs and Resources
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.
Lisa Nachmias Davis - New Haven, CT
Richard L. Shea, Esq. Newington, CT
The Connecticut Elder Law Blog: Special Needs Trusts
Michael J. Keenan, Esq. of Keenan Law, LLC in Glastonbury, CT
Florida Special Needs Lawyer David J. Lillesand
Lillesand and Wolasky, P.L. Miami and Gainesville, FL
Executive LIfe of New York (ELNY)
John Darer® Appears on NBC News 4-New York report on Executive Life of NY - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary
Structured Settlement Diversification | ELNY Recap with John Darer® - YouTube
Lessons from Executive Life of New York- ELNY Why Were All Their Eggs in One Basket? - YouTube
Executive Life of New York Liquidation-2 (ELNY) John Darer®/Wahlstrom - YouTube
Executive Life of New York - YouTube
Executive Life of New York: What's Going On? - Structured Settlements 4Real®: What's Real News in the Structured Settlements, Settlement Planning, Consulting and Lawsuit Recovery Space?
A collection of articles and news reports about Executive Life of New York ("ELNY")
CrowFly LLC Misleading "Purchase Structured Settlement Annuity" Paid Ads Exhibit
Einstein Structured Settlements Social Media Road Kill Exhibit
Executive Life of New York | How Much Dirt Was Publicized in 1980s?
Executive Life of New York: What's Going On?
Is there a Conflict of Interest for Plaintiff Settlement Consultants?
Lawsuits Against Pension Advance Companies
Lawyers Commentary on Structured Settlement Factoring
New York Structured Settlement Best Practices Corner
Structured Settlement Factoring Discount Rate Calculator 2022
Structured Settlement Reporting Wall of Shame | South Florida Edition
Structured Settlements 4Real® Blog | How to Find Stuff You Need
The Deceptful Use of Disposable DBAs by Structured Settlement Factoring Companies
Law Firm Blawgs
Aviation Law Monitor: Michael Danko Law Firm
Belluck & Fox, LLP
Help with Information about litigation concerning Mesothelioma and Asbestos from New York Law firm
Edward Stone Law Blog
Forrest McPadden News
Massachusetts Personal Injury Blog | Christopher Earley
Boston Personal Injury Lawyer
New Jersey Injury Lawyer & Attorney : Law Offices of Scott D. Grossman : Serving Monmouth County, Bergen County
New York Appellate Law Blog
New York Injury Law Blog | Ziff Law
Ziff Law Firm, LLP Elmira, New York
NY Employment Atty Law Blog
Personal Injury Law in Wisconsin
Jon Groth of Groth Law Firm, S.C. MIlwaukee, Wisconsin
The Volokh Conspiracy – Reason.com
Mostly law professors
Blog Search Engines and Directories
Justia Blawg Search
Search engine, articles, and directory of legal blogs.
Social Media Road Kill Museum
Einstein Structured Settlements Social Media Road Kill - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary
Helpful Structured Settlement Information is Here!
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Researching Structured Settlements? Check (1) in Archived Blog Posts (above left); (2) use the Google search box (below); (3) visit the 4structures® website at https://www.4structures.com, (4) 4structures® YouTube Channel by clicking the above link, or (5) call settlement expert John Darer® at 888-325-8640, toll-free in the USA or 646-849-1588 in New York City
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The John Darer® authored Structured Settlements 4Real® blog is the most prolific structured settlement blogger with over 5,200 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.
Divorce Settlement Resources
Divorce Structured Settlements For Secure Alimony, Child Support Payments
Divorce Settlement Ideas and Solutions
Tax Deferral Resources | Defer Taxable Settlement
IP Structured Settlements
Your Source for Intellectual Property Structured Settlements From Silicon Alley to Silicon Valley
Defer The Taxes Settlement Consulting | 4structures.com LLC
Keep More of Your Taxable Settlement
Helpful research on topics related to retirement issues including income and healthcare
Deferred Income Annuity Blog
Structured Sales Resources
Wikipedia on Structured Sales
Structured Sales Authority
4structures.com, LLC
"Breathing Life Into Installment Sales" Wood
Journal of Financial Planning 01/2006
Other relevant websites and blogs of interest
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.
Structured Settlement Broker | NY/CT/NJ 888-325-8640
The Structured Settlement Watchdog® John Darer®
What is the mission of the Structured Settlement Watchdog? The Who, The What and The Why.
Structured Settlements Expert | John Darer
Connecticut Structured Settlements in Stamford, CT
Do you need advice on structured settlements and settlement planning
New York Structured Settlements - Settlement Planning, Structured Settlements, Structured Settlement Companies
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
NY Personal Injury Law Blog Eric Turkewitz
One of the authors other blogs with posts concerning structured installment sales of real estate and businesses
Financial Aid Resource fo College
Individual Finance & Insurance Decisions Centre
Moshe A. MIlevsky
WSJ Law Blog
Wood LLP
Robert Wood, Esq. Settlement Tax Expert
New York Civil Law Blog Matthew Lerner