Author: My own self.
http://structuredfinancialsettlement.blogspot.com
There are few legal issues which people usually ask every now and then.I will try to explain those questions in a simple and easy to understand way
1)Can a victim of any sort of injury sell his or her structured settlement?
Yes,Few structured settlements companies will not even mind buying your structured settlement for cash.Therefore,if you find your self in really a big financial crises and nothing seems to be working for you, only then you can consider selling your structured settlement to those companies.I would repeat, REMEMBER, only consider it as your last option.
2)Can a paying party increase or accelerate the payment schedule?
This is the basic issue that should be kept in mind that the party paying victim's structured settlements can not increase the flow of payment as per decided at the time of agreement.
3)What amount of tax on structured settlement would be charged?
This is really a most frequently asked question.However, the answer will please the victims who are being compensated as a result of any kind of injury.Because, the structured settlement of any kind is absolutely Tax free and not considered as normal income.
4)Are there any disadvantages of structured settlement?
The only disadvantage known is that , receiving structured settlement,the victims would not get the present value of the payments(As the purchasing power of payment decreases after every period of time).Therefore, the amount decided as compensation as lump sum will have more payment value than getting it in structured settlement.
5)Can a person transfer structured settlement ?
This answer will not be same for every one of you.Because,the transfer of structured settlement takes place according to the law of state you are living.The state law or federal law or the court system are the major sources on which the transfer depends upon.That is why it is important for a victim seeking help from an financial adviser or an attorney who must be experience about structured settlement and can guide you.You should clear all your doubts about the structured settlement case from your attorney though.
Sunday, May 10, 2009
Saturday, May 9, 2009
Types Of Structured Settlement
Author: My own self.
http://structuredfinancialsettlement.blogspot.com
Life Annuity:
In this type of structured settlement, payments are paid for a certain number of years or for life(Depends which comes first).The number of years expected for your life decides how many year the payment will be made.However,if you pass away before the number of designated years then the beneficiary designated by you would get the payment
Temporary Life Annuity:
In this type of structured settlement, you will get the payment till you are alive.Hence,If you die before the number of years agreed upon, your beneficiary would get nothing and your annuity would be ended instantly.
Lump Sum for Future Date:
In this type of structured settlement, you can decide a future date for getting the payment as a lump sum.For Example: If you decide that you will get your payment after 20 years as a lump sum,and you die before it then the payment would be paid to the beneficiary after the completion of those 20 years a lump sum.However,If you are alive after 20 years then the payment would be paid to you and the beneficiary would not get anything.
Structured Settlement for Life Only:
Those settlements which are paid on the monthly or yearly bases are known as structured settlement for life only.In this type of annuity,the payments are made for two or more beneficiaries for example:husband and wife , father and daughter, Mother and daughter etc.In this type of settlement, if any of the beneficiaries dies then the survivor gets the same or less amount as agreed upon in the settlement agreement.
http://structuredfinancialsettlement.blogspot.com
Life Annuity:
In this type of structured settlement, payments are paid for a certain number of years or for life(Depends which comes first).The number of years expected for your life decides how many year the payment will be made.However,if you pass away before the number of designated years then the beneficiary designated by you would get the payment
Temporary Life Annuity:
In this type of structured settlement, you will get the payment till you are alive.Hence,If you die before the number of years agreed upon, your beneficiary would get nothing and your annuity would be ended instantly.
Lump Sum for Future Date:
In this type of structured settlement, you can decide a future date for getting the payment as a lump sum.For Example: If you decide that you will get your payment after 20 years as a lump sum,and you die before it then the payment would be paid to the beneficiary after the completion of those 20 years a lump sum.However,If you are alive after 20 years then the payment would be paid to you and the beneficiary would not get anything.
Structured Settlement for Life Only:
Those settlements which are paid on the monthly or yearly bases are known as structured settlement for life only.In this type of annuity,the payments are made for two or more beneficiaries for example:husband and wife , father and daughter, Mother and daughter etc.In this type of settlement, if any of the beneficiaries dies then the survivor gets the same or less amount as agreed upon in the settlement agreement.
Thursday, May 7, 2009
Analyze well before Selling Structured Settlements
Author: My own self.
http://structuredfinancialsettlement.blogspot.com
First thing you should keep in mind is to analyze your situation well,go for the other options available before trying to sell a structured settlement.Ask yourself that what was the main cause of structured settlement for you.Only consider to sell it ,if the cause is no more with you.Although,if you finally decide to sell your structured settlement then my suggestion would be to sell it to someone close to you - let it be a friend,relative or anyone you know.Additionally,One thing should be kept in mind that you will not receive the cash immediately after selling your structured settlement.It can take from one month to more.Hence,it is not really a smart solution for your instant needs.
However,For selling your structured settlement you will have to have a court order.Actually, the selling of your structured settlement payments rights today would require a court in your state which would reviewed and approved(If decided) as a qualified order.40% excise tax is mandatory for the payments you have after selling your structured settlement.
The closing however depends upon your own and insurance company's state.It may be in one month in a state and more than 5 to 6 months in another.
I, once again would recommend you to think twice or even more than twice before making this decision.
http://structuredfinancialsettlement.blogspot.com
First thing you should keep in mind is to analyze your situation well,go for the other options available before trying to sell a structured settlement.Ask yourself that what was the main cause of structured settlement for you.Only consider to sell it ,if the cause is no more with you.Although,if you finally decide to sell your structured settlement then my suggestion would be to sell it to someone close to you - let it be a friend,relative or anyone you know.Additionally,One thing should be kept in mind that you will not receive the cash immediately after selling your structured settlement.It can take from one month to more.Hence,it is not really a smart solution for your instant needs.
However,For selling your structured settlement you will have to have a court order.Actually, the selling of your structured settlement payments rights today would require a court in your state which would reviewed and approved(If decided) as a qualified order.40% excise tax is mandatory for the payments you have after selling your structured settlement.
The closing however depends upon your own and insurance company's state.It may be in one month in a state and more than 5 to 6 months in another.
I, once again would recommend you to think twice or even more than twice before making this decision.
How to select Structured Settlement Company
Author: My own self.
http://structuredfinancialsettlement.blogspot.com
The structured settlement company you are looking for must be very helpful to you since the start of your case till the end payment.It should always try to help you out as much as possible while making it sure that you have been compensated sufficiently as you deserved to be.There are few qualities you must be looking for in a good structured settlement company.Experience plays a very important role in every profession you look for,same is the case with structured settlement company.You should try to figure out or ask them directly that how many cases they have won for their clients and if they can provide you few references that would be much better.The third thing to be considered is that the company should make it sure if the terms and conditions between you and the paying party are fair enough for you.
Addition to that,the structured settlement company should not be short of solutions.The most successful companies always come up with beneficial and practical solutions.
The fee of the company should be also taken care of because the structured settlement company sometimes do not mind overcharging their customers so it would be a good idea to keep an eye on the average fee of structured settlement consultants.You can do an online research on it too.
Last but not the least, REMEMBER, if you want to get sufficient compensation from the paying party,Consultants for structured settlements is a must.
http://structuredfinancialsettlement.blogspot.com
The structured settlement company you are looking for must be very helpful to you since the start of your case till the end payment.It should always try to help you out as much as possible while making it sure that you have been compensated sufficiently as you deserved to be.There are few qualities you must be looking for in a good structured settlement company.Experience plays a very important role in every profession you look for,same is the case with structured settlement company.You should try to figure out or ask them directly that how many cases they have won for their clients and if they can provide you few references that would be much better.The third thing to be considered is that the company should make it sure if the terms and conditions between you and the paying party are fair enough for you.
Addition to that,the structured settlement company should not be short of solutions.The most successful companies always come up with beneficial and practical solutions.
The fee of the company should be also taken care of because the structured settlement company sometimes do not mind overcharging their customers so it would be a good idea to keep an eye on the average fee of structured settlement consultants.You can do an online research on it too.
Last but not the least, REMEMBER, if you want to get sufficient compensation from the paying party,Consultants for structured settlements is a must.
Settlement of Accidents
Author: My own self.
http://structuredfinancialsettlement.blogspot.com
Incidents like Vehicle accidents, personal injury accidents and fall incidents are very common in the ordinary course of life.These kinds of incidents that causes injury or damage are brought in court as a lawsuit.
Two or More parties is most likely to be involved in many type of incidents.The injured party or parties are eligible to settle from the parties which are proven liable for the incident.The liable party can be anyone including an individual, co-operation or government agencies.The injured party mostly contacts an attorney to be their representative while before filing a lawsuit, the lawyer contact the liable party .Therefore, few cases can also be settled without even going to the court, but sometime it happens that the settlement for the incident is not satisfactory for the injured party.Hence, the victim or his attorney decide to reach the court so that a jury may decide if the defendant is inattentive.If he is found to be inattentive then the jury decides how much he should pay to the victim to compensate.
Accident settlement is considered to compensate the injured party for his or her ache and suffering he had,to replace the damaged property, and to compensate all the possible expenses the victim had as a result of medical therapy and other services.However, people often make the most of the advantage by receiving a lawsuit cash in advance as the settlement of incident that took place.
http://structuredfinancialsettlement.blogspot.com
Incidents like Vehicle accidents, personal injury accidents and fall incidents are very common in the ordinary course of life.These kinds of incidents that causes injury or damage are brought in court as a lawsuit.
Two or More parties is most likely to be involved in many type of incidents.The injured party or parties are eligible to settle from the parties which are proven liable for the incident.The liable party can be anyone including an individual, co-operation or government agencies.The injured party mostly contacts an attorney to be their representative while before filing a lawsuit, the lawyer contact the liable party .Therefore, few cases can also be settled without even going to the court, but sometime it happens that the settlement for the incident is not satisfactory for the injured party.Hence, the victim or his attorney decide to reach the court so that a jury may decide if the defendant is inattentive.If he is found to be inattentive then the jury decides how much he should pay to the victim to compensate.
Accident settlement is considered to compensate the injured party for his or her ache and suffering he had,to replace the damaged property, and to compensate all the possible expenses the victim had as a result of medical therapy and other services.However, people often make the most of the advantage by receiving a lawsuit cash in advance as the settlement of incident that took place.
Saturday, May 2, 2009
Advantages of Structured Settlement
Author: My own self.
http://structuredfinancialsettlement.blogspot.com
If the victim wins a case for compensating the damage made by the other party,the victim will receive a handy amount of compensation with the help of settlement payment agreement.
For a long time,lump sum used to be the primary way of compensating the damage but it caused a lot of trouble to the paying party.Therefore, a solution came into being that benefits both the paying party and the victim.The solution is that the paying party will be compensating a monthly structured settlement payment for a time period both the parties agreed upon.Hence, this gives a huge advantage as the long-term income as long as life time(in some cases) is assured for the victim.Another advantaged provided by this structured settlement agreement is that the amount victims get is exempted from taxes.There is no tax on structured settlement payments since 1982.The tax saving point does not look that huge,but for the longer period of time it basically makes a huge difference.
Another aspect of advantages of structured settlement is that ,it is incredibly safe.Because receiving smaller amount of money as structured settlement instead of getting lump sum gets you out of many worries just like security issues.
http://structuredfinancialsettlement.blogspot.com
If the victim wins a case for compensating the damage made by the other party,the victim will receive a handy amount of compensation with the help of settlement payment agreement.
For a long time,lump sum used to be the primary way of compensating the damage but it caused a lot of trouble to the paying party.Therefore, a solution came into being that benefits both the paying party and the victim.The solution is that the paying party will be compensating a monthly structured settlement payment for a time period both the parties agreed upon.Hence, this gives a huge advantage as the long-term income as long as life time(in some cases) is assured for the victim.Another advantaged provided by this structured settlement agreement is that the amount victims get is exempted from taxes.There is no tax on structured settlement payments since 1982.The tax saving point does not look that huge,but for the longer period of time it basically makes a huge difference.
Another aspect of advantages of structured settlement is that ,it is incredibly safe.Because receiving smaller amount of money as structured settlement instead of getting lump sum gets you out of many worries just like security issues.
Friday, May 1, 2009
Structured Settlements; Beware the Vultures
Author: Gary E Rosenberg
From: New York attorney Gary E. Rosenberg (personal injury and accident lawyer)
Structured settlements are lawsuit settlements - usually from personal injury or accident cases - paid out over a time period of months or years. "Structure" refers to how the payments are made. There is infinite flexibility in making a payment schedule for a structured settlement.
The purpose of a structured settlement is to protect the accident victim from him or herself; most average people, especially after being seriously hurt or injured in an accident, might not be able to preserve a large monetary recovery that might have to last them a lifetime. So, for the benefit of such persons and their family or dependents, and to ensure their long-term financial security, money may be paid out to them over time.
Now come along outside companies that offer a lump sum of cash to persons receiving payments pursuant to a structured settlement. We've all seen the television commercials: "It's your money and you should have it now." These companies buy the right to the accident victim's future payments with a single, discounted, lump sum payment.
New York State acted to protect accident victims from these slick marketers, by making a law (statute) known as the "Structured Settlement Protection Act." This law says that to sell a structured settlement, the person receiving the payments needs the permission of a judge. Most important under the Structured Settlement Protection Act is whether the transaction, including the discount rate and the amount of fees and expenses, is fair and reasonable and whether the transaction is in the best interest of the payee.
There are not a lot of cases under this law because judges make sure the sale is fair to the accident victim, so many of the companies that buy structured settlement can't rip people off, so why bother? But once in a while they do legitimately go through the court process, which brings me to today's subject, a case decision just out of the Bronx, written by Justice Alexander W. Hunter, Jr., entitled Matter of Medina.
A company named Structured Asset Funding, LLC asks Justice Hunter to allow it to buy Ms. Medina's future payments due to her under a structured settlement. This case tells us little about Ms. Medina's accident or how she came to get the money, but we are told that she has been getting payments on and off since 1993 and most recently received an annual (yearly) payment of $16,900 on June 5, 2008. We are also told that she will get one payment of $55,000 on June 5, 2012 and one payment of $87,500 on June 5, 2017. It is the first of these two future payments ($55,000) that Ms. Medina is trying to sell. Now Dear Readers, please pay attention to the math because we are facing a concept known in economist-speak as "the Time Value of Money."
Put simply, a dollar today is worth more than a dollar tomorrow. So Structured Asset Funding, LLC tells Justice Hunter that Ms. Medina's future payment of $55,000 is worth, today, $47,296.71. And Structured Asset Funding LLC wants to buy Ms. Medina's $55,000 future payment (that today is worth $47,296.71) for $31,500. While the judge believes that the amount that Structured Asset Funding LLC wants to pay to Ms. Medina is fair, he blocks the sale of this payment finding that he cannot "state with any certainty whether or not the transaction is in the best interest of the payee."
Why? Because Ms. Medina wants to use the money to move and buy furniture, but does not indicate if she can afford to keep paying her rent wherever she's going.
I'll let Justice Hunter's words speak:
"Ms. Medina states in her affidavit that she seeks to transfer to the payor, the lump sum payment of $55,000 that is payable to her on June 5, 2012. In her affidavit in support of the petition, Ms. Medina states that she is twenty (20) years old, she is unmarried and has two (2) dependents one is four (4) years old and the other is three (3) months old. Ms. Medina states that she intends to use the money that she receives from the transfer to find a place of her own as she and her children are currently living at her aunt's house and she wishes to relieve her aunt of the burden. She also plans to use some of the proceeds to purchase furniture for herself and her children and to pay for the living expenses of her children.
However, Ms. Medina does not indicate whether or not she is employed or otherwise receives a monthly income in order to enable her to pay her monthly rent, utilities and other household expenses. Moreover, she does not indicate how long she intends to live off of the $31,500 she will be receiving from said transfer. She also recently received an annual payment of $16,900 on June 5, 2008 that could have been applied toward relocating to a place of her own.
Accordingly, the application for the transfer of the structured settlement payment is denied without prejudice and with leave to renew upon submission of a more detailed affidavit from Ms. Medina with respect to her monthly household income and the amount of rent she intends to pay on a monthly basis in order for this court to determine whether or not the transfer is in the best interest of the payee taking into account the welfare and support of her dependents."
Comment: So Justice Hunter is protecting Ms. Medina and her two children by preventing the sale of her future $55,000 lump sum payment, inviting her to come back to court and tell him more to convince him to change his mind.
FREE books & reports! Get more information about New York car accidents and personal injury by requesting attorney & author Gary Rosenberg's FREE books: “Warning! Things That Can Destroy Your Car Accident Case (And the Insurance Companies Already Know These Things)” and “Good Lawyers Don’t Call You First” at http://www.greatlegalbooks.com . For more information and FREE reports, visit http://www.garyrosenberg-law.com/freelibrary.html .
Article Source: ArticlesBase.com - Structured Settlements; Beware the Vultures
Selling Structured Settlement
Author: Alec Jordan
This is like a bond that is given to the victims. If the victims intend to make the most of it, He can get. Well, some time victims need huge money to get their desire fulfilled or they get unexpected burden but they are unable to break this trap. If the victim wants to get the best out of selling Selling structured settlement they can break the shackles of problems.
What is the advantage of selling structured settlement?
It will be fruitful for the victims to over come this adversity. That is the thing which can provide an excellent break through for the victim's. If they need huge money to buy assets, provide an education to their kids, and invest money to the share market, to purchase ornament, to help their kith and kin last but not the least to purchase luxurious goods etc. They can sell out their Selling structured settlement to the buyers. There are many buyers are available in the market if the victim don’t know any buyers. They take the help of internet which can be handy as well as convenient for the victims. They should make the right decision while selling their own structured settlement. This way they can come out of their crisis. They will be in position to over come their problems.
This is a unique. No other thing is as good as it. It provides an opportunity to the victims. These precautions should be implemented by needy can sell out their structured settlements when ever they go through financial crisis. Financial crisis is bound to happen because it is the part of the life.
Needy can sell out their it. As far as victims favors are concerned. They should sell it precisely otherwise they have to suffer a lot of loss. When Selling structured settlement is sold, it should be discussed with the lawyer. Otherwise their whole money will be slipped through their hands. Their hopes will be shattered and be on the verge of being ruined. They will come on the bottom.
About the Author:
Alec Jordan is a successful writer about finance. Currently he is writing about structured-settlement-quotes .com and many other types of loans. For more information about Selling structured settlement , Personal injury structured settlement, Selling structured settlement visit http://www.structured-settlement-quotes.com
Article Source: ArticlesBase.com - Selling Structured Settlement
Consolidating Debts - Common Questions
Author: My own self.
http://structuredfinancialsettlement.blogspot.com
If you have too many debts to pay then the consolidation should be your first towards solving your debt problems.
As,Consolidation manages your debts in a much better way.
Now the Question is,What does debt consolidation means?The process of restructuring your loans into one is known as debt consolidation.Lets consider an Illusion: Suppose you took loan from A,B and C and you are paying interest rates on all three different creditors.but you are taking out one loan to pay off others (A,B and C) this process would be called Debt Consolidation.
Debt consolidation basically helps in lowering the rates on bills and monthly payments and other finance related issues.Because instead of paying bills and interest rate to 3 different creditor you are paying to only one (Considering the example).Hence,once you realize that your monthly payments would not be able to be covered by the income you should start considering about consolidating your debt.
When should be consider consolidating our debts?
Lets answer this most commonly question again with an example.Suppose you have taken an unsecured loan (which means lender did not require any security) and he trusts you very much that you make your payments on time but when that lender starts complaining about delayed payments and pressurize you to pay it as soon as possible, then you should start considering about consolidating your debts before its too late.
How & from where to get consolidation loans?
Now a days, there are different lenders available in the market who offer debt consolidation loads.They offer different plans for different type of scenarios ,obviously pick the one that suits you the most.
Few important words:
Now a days when bankruptcy is common and credit card costs and interests rates are going higher and higher people have started to think more about consolidating their debt sooner rather than later, which is not a bad move either.After all, debt consolidation is the name of realizing the future problems you might have to face before they come too close to you.But ,before you start looking for consolidating debt you better have a good calculation of your total debt,interest rates etc.
The consolidating loans are available in regular banks, online banks,different finance firms and from many other places.
Best of Luck
http://structuredfinancialsettlement.blogspot.com
If you have too many debts to pay then the consolidation should be your first towards solving your debt problems.
As,Consolidation manages your debts in a much better way.
Now the Question is,What does debt consolidation means?The process of restructuring your loans into one is known as debt consolidation.Lets consider an Illusion: Suppose you took loan from A,B and C and you are paying interest rates on all three different creditors.but you are taking out one loan to pay off others (A,B and C) this process would be called Debt Consolidation.
Debt consolidation basically helps in lowering the rates on bills and monthly payments and other finance related issues.Because instead of paying bills and interest rate to 3 different creditor you are paying to only one (Considering the example).Hence,once you realize that your monthly payments would not be able to be covered by the income you should start considering about consolidating your debt.
When should be consider consolidating our debts?
Lets answer this most commonly question again with an example.Suppose you have taken an unsecured loan (which means lender did not require any security) and he trusts you very much that you make your payments on time but when that lender starts complaining about delayed payments and pressurize you to pay it as soon as possible, then you should start considering about consolidating your debts before its too late.
How & from where to get consolidation loans?
Now a days, there are different lenders available in the market who offer debt consolidation loads.They offer different plans for different type of scenarios ,obviously pick the one that suits you the most.
Few important words:
Now a days when bankruptcy is common and credit card costs and interests rates are going higher and higher people have started to think more about consolidating their debt sooner rather than later, which is not a bad move either.After all, debt consolidation is the name of realizing the future problems you might have to face before they come too close to you.But ,before you start looking for consolidating debt you better have a good calculation of your total debt,interest rates etc.
The consolidating loans are available in regular banks, online banks,different finance firms and from many other places.
Best of Luck
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