Articles tagged with: Structured Settlements
Patrick Farber has shown his dedication to our team and what we believe in, with his generous donation of $5,200 toward BISNAR | CHASE’s Walk Like MADD 2010 team.
Beginning in the late 1980s, a new wrinkle emerged in structured settlements. Entities known as factoring companies targeted individuals who had structured settlements, buying the future structured settlement payment rights for a discounted lump sum, usually a fraction of the overall settlement figure.
Most plaintiff attorneys are aware that their fees can be structured in personal injury cases. Less known is that structured fees, using a life insurance annuity, can also be created in non-injury (non-qualifying) cases.
Great Expectations From Your Structured Settlement Broker [Litigation Commentary & Review - Jan/Feb - 2010]
Structured settlement broker services are client driven. Brokers should be available whenever attorneys or their clients need them, even if it is after hours and on weekends. There is no cost to either side–plaintiff or defense. This works to the advantage of all parties. Attorneys should use brokers to the fullest and expect them to work as hard on a case settlement as they do.
Clients choosing cash settlements assume the risks associated with their investments during both stable and volatile economic times. Clients requiring lifetime care and support usually do not have the luxury of being able to weather market ups and downs and fluctuating incomes, especially when unforeseen medical emergencies are part of life.
Patrick Farber Structured Settlements will be sponsoring the reception at the 2010 Tribute to Champions of Justice Dinner, Friday, October 1 at the Beverly Hills Hotel. Honored that evening will be Samuel A. “Skip” Keesal, Jr., founding member of Keesal, Young & Logan and Brian Panish, partner with Panish Shea & Boyle.
After passage by the California State Assembly and Senate, California Gov. Arnold Schwarzenegger on October 11 signed into law Senate Bill 510, which gives greater judicial oversight to prevent predatory practices involving structured settlement annuity buyouts. The new law is much needed and will help stop companies from preying on a very vulnerable segment of the population, says Patrick Farber, a structured settlement broker with Ringler Associates.
Gov. Schwarzenegger Signs Senate Bill 510 – Will Provide Greater Protection to Structured Settlement Recipients
Instead of receiving lump sum payments for defendants after a usually life-altering injury, injured parties, under legal and financial counsel, often opt for structured settlements–where payments are spread over time through the purchase of insurance annuities. These annuities are designed to provide long-term financial security and stability to the injured or disabled party and their families. When payments are set up within a structured settlement, payments are tax-free for the life of the annuity. In addition, the settlement is designed so that the injured party or “well meaning” friends and relatives are not tempted to spend the settlement in a reckless manner. Studies show that up to 90 percent of lump sum payments are spent within five years or receipt.