What is a Structured Settlement Attorney? Well lets break it down, a structured settlement attorney is an attorney is one who only represents structured settlement cases. When most people think of a structured settlement case, they first think of a personal injury case. Although they do not know it, but the fact is that is a personal injury attorney, not a structured settlement attorney. confused from the personal injury attorney is the one settling the case to get a structured settlement. When i talk of structured settlement attorney, i am referring to an attorney that assists in the transfer of a structured settlements.Sometimes referred to as an independent professional advisor. The […]
The Alaska Structured Settlement Protection Statute House Bill No. 64 AK Statute §§ 09.68.200–09.68.230 “An Act relating to court approval of the purchase of structured settlements.” TEXT: BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: Section 1. AS 09.68 is amended by adding new sections to read: Sec. 09.68.200. Conditions to transfers of structured settlement payment rights and structured settlement agreements. (a) A transfer of structured settlement payment rights is not effective and a structured settlement obligor or annuity issuer is not required to make a payment directly or indirectly to a transferee of structured settlement payment […]
Article 2.3 Transfers of Structured Settlement Payment Rights Tax Liability to Whom? Stepping into the Shoes of the Third Party Beneficiary California Insurance Code says if your the person “stepping into the shoes of the third party beneficiary” (assignee), you share the tax liability, if any, with the transfer company and you both are liable to the structured settlement obligor, and to the annuity issuer, if the transfer does not comply with California Insurance Code 10134-10139.5 OR if the transfer company and the assignee individually or both are noncompliant. 10139.3(d) states, “The transferee and any assignee shall […]
Using Your Structured Settlement as Collateral for a Bank Loan According to the National Structured Settlement Trade Association (NSSTA) “Normally, you may not use your structured settlement payments as collateral for a loan. The reason is that the federal law designed to provide these benefits to you on an income tax-free basis also prohibits you from assigning or encumbering them”. The National Association of Settlement Purchasers (NASP) states, “That is an option, if you have good credit and are willing to take on additional debt.” The NASP also adds, “Unfortunately, few banks will take your payments as collateral. That is […]
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The Montana Structured Settlement Protection Statute Montana Senate Bill 122 Synopsis: An act regulating the transfer of a beneficiary’s structured settlement payment rights; requiring disclosure and approval of a court or responsible administrative authority prior to transfer; outlining obligations after a transfer; placing a condition on additional transfers; providing for jurisdiction and notice; prohibiting waiver of provisions; providing conditions for contingent payments; assigning responsibility for compliance; and providing an applicability date. Text: BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA: Section 1. Short title. Sections 1 through 12 may be cited as the “Structured Settlement Protection Act”. […]
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Buy Structured Settlements Companies Can Still Buy Structured Settlement Payments Part I As much as legislation has helped claimants sell their structured settlement, some stiff restrictions still remain. For instance, you cannot use your settlement as collateral for a loan. Your settlement benefits are given to you on an income tax-free basis by the authority of Federal law. If you need a loan, your next move would be to consider selling all or some of your benefits. Associations like the National Structured Settlement Trade Association (NSSTA) frown upon the resale of structured settlements; they even discourage it openly on […]
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Buying Structured Settlements Buying of structured settlements in the secondary market has been a booming business that has until of late been relatively a top-secret need to know topic. What are you buying? Well, you are buying a future payment stream… Continue reading Buying Structured Settlements
Block 16.1 Article 2.3 Transfers of Structured Settlement Payment Rights Law Requiring Service On the Attorney General of all Transfer Documents: Introducing CA Insurance Code 10139(a) This task is the responsibility of the transfer company, and if it isn’t done, the transfer will not go through. The filing to the Attorney General takes place at the same time the transfer company files the petition to the Superior Court. You can visit this website: http://oag.ca.gov/services-info-3 and view the Attorney General’s law on receiving documents of transfers from Superior Courts. Just scroll down the opening page of the above […]
Maryland Residents: You must have independent professional advice Maryland Independent Professional Advice If you are a Maryland resident and you are interested in selling your structured settlement payment rights, you must obtain independent professional advice. Below we cite how Maryland defines independent professional advice, and then we cite the code that REQUIRES you to have independent professional advice. 5-1101(c) Independent professional advice.–“Independent professional advice means advice of an attorney, certified public accountant, actuary, or other licensed professional adviser: (1) Who is engaged by a payee to render advice concerning the legal, tax, and financial implications of a transfer structured […]
Buy Structured Settlement Payments Companies Can Still Buy Structured Settlement Payments Part IV If you have sustained an injury that has rendered 100% loss of your body movement or half of your body or 100% loss of your vision or 100% loss of your he… Continue reading Companies Can Still Buy Structured Settlement Payments Part IV