If This Describes You, Dont Cash out Your Annuity

There are companies that purchase future payments. Personal injury settlements are often structured to pay out over time. As are a portion of lottery wins, paid via an annuity over a period of 20 or more years. There are companies, under the authority of state and federal regulations, that will accelerate future payments and pay out a lump sum of cash now.

But, it is not the best choice for everyone. If any of the below are true about you, avoid selling.

· No pressing financial need or opportunity

· Under the age of 18

· Annuity is sole source of income

· Live in North Carolina

· Monthly payments less than $100

· Lump sum payment more than 7 years away

· Significant amounts owed in child support or back taxes

While this list isn't comprehensive, it does cover many of the usual reasons cases are not accepted or approved. This court ordered process has strict state and federal guidelines. Numerous attorneys, yours, the insurance company's, and the cash out company are involved and the entire transaction must be approved by a judge.

And as always, seek legal and financial counsel before making any significant decisions. There are several established companies with reputable service history and there are many more companies with less than clear intentions. Rule of thumb, avoid any company that tells you what you want to hear. This transaction will be expensive and closing times vary wildly by state and transaction.

Jason Rigler
"Settlement Advocate" and consultant for Prosperity Partners Customer Service Department.

In The News:

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A New President for the National Structured Settlements Trade Association  Legal Talk NetworkMichelle Caine talks about the advocacy for the financial security of injured people in legal settlements and raising awareness about the benefits of structured ...
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Victims of lead-paint poisoning could receive more money following ruling  Washington PostVictims of lead-paint poisoning who lost millions in deals with a Chevy Chase company may be able to get more money back than they initially expected, after ...
Get out of credit card debt for good  FOX 46 CharlotteWhen the credit card bills keep arriving, you're barely paying your minimums and you're at a breaking point, what can you do? Take a deep breath and read on ...
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$1.7 million paid in confidential state settlements  KRQE News 13"It's embarrassing to many of those involved," says former State Police Chief Pete Kassetas.
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Structured Settlement Industry Leaders Unite: Millennium Settlements separates from Integrated Financial Settlements and combines with The Settlement Alliance to form Sage Settlement Consulting  PR NewswireATLANTA and HOUSTON, Oct. 29, 2018 /PRNewswire/ -- Founded in 1984, Millennium Settlements, Inc. is separating from Integrated Financial Settlements, Inc.
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MetLife Announces First Quarter 2019 Results  Yahoo FinanceMetLife, Inc. today announced its results for the first quarter ended March 31, 2019.
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The Beginnings of Structured Settlements  ClaimsJournal.comCurrently an estimated $5 billion industry, structured settlements were once considered too risky because tax implications for insurers and claimants.
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Automatic Renewal Law Awaiting Mayor Approval in Washington DC  LexologyWashington D.C. is in the process of enacting the Structured Settlements and Automatic Renewal Protections Act of 2018 (the “Act”). In part, the…
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J.G. Wentworth's next ABS features less exposure to annuities  Asset Securitization ReportJG Wentworth's second securitization of the year has more exposure to court ordered structured settlement and less exposure to annuity payments than its other ...
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Morning Notes: Lawsuit Filed Against Chevy Chase Company That Targeted Victims of Lead Poisoning » Bethesda Beat  BethesdaMagazine.comLawsuit filed against Chevy Chase company that targeted victims of lead poisoning. A Chevy Chase company that made millions of dollars from victims of lead ...
4 Common Tax Questions on Structured Settlements  Accountingweb.comTax questions are plentiful especially at this time of year. But there are some questions that come up less often than others, especially for the standard ta.
3rd Circuit: District court erred in voiding all cash advance agreements in NFL concussion settlement litigation  LexologyOn April 26, the U.S. Court of Appeals for the 3rd Circuit, in a consolidated class action, concluded that a district court went “too far” in voiding all of the cash ...
This structured settlement ABS comes with unusual risk: mortality  Asset Securitization ReportThe collateral for the $59.9 million transaction from DRB Capital includes life-contingent structured settlement receivables; when the beneficiary dies, the insurer ...
Symetra Completes Reinsurance Transaction with Resolution Re  Business WireSymetra has entered into a reinsurance agreement with Resolution Re.
Companies accused of misleading consumers about settlements will pay restitution, attorney general's office says  Baltimore SunA company accused of using misleading tactics to get consumers to take cash in exchange for settlements that would have given them regular payments over ...
Bonding Requirement Added for Maryland Structured Settlement Companies  Insurance JournalA new bonding requirement for structured settlement factoring companies in Maryland took effect on October 1. The bonding requirement was introduced with.
Ethics needs esthetics: Beyond the architecture of good intentions  The Daily StarIn the past fifty years, Dhaka has transformed itself from a sleepy provincial centre left over by the British Raj, unchanged through its years as East Pakistan, into ...
AIG accused of racketeering in structured settlement business  ReutersInsurance giant American International Group has been hit with a racketeering lawsuit accusing it of unlawfully charging successful personal injury and workers' ...
What Purdue Pharma’s settlement with Oklahoma means for the opioid crisis  PBS NewsHourDrug giant Purdue Pharmaceuticals has agreed to pay $270 million to settle a lawsuit with the state of Oklahoma, which sued the opioid manufacturer, among ...
Washington, DC, Adds Auto Renewal Law  Manatt, Phelps & Phillips, LLPD.C. joined the growing number of states regulating auto-renewal contracts when Mayor Muriel Bowser signed the new law into effect this month.
How companies make millions off lead-poisoned, poor blacks  Washington PostBALTIMORE — The letter arrived in April, a mishmash of strange numbers and words. This at first did not alarm Rose. Most letters are that way for her ...
Verdicts Twist Road Ahead in Monsanto Cancer Litigation  Courthouse News Service(CN) – San Francisco federal judge Vince Chhabria's decision to split up the pivotal bellwether trials over an alleged link between Monsanto's herbicide ...
Structured Settlements, Annuities & Special Needs Trusts  Legal ExaminerPersonal injury lawsuits involving minor or moderate injuries are often settled with lump sum payments, in which the entire settlement amount is simply paid to ...
Structures to separate from Integrated Financial Settlements (IFS)  PR NewswireATLANTA, Nov. 2, 2018 /PRNewswire/ -- Structures is separating from Integrated Financial Settlements, Inc. (IFS) to move forward as an independent company.
Insurer Great-West Lifeco seeks to sell $2 billion worth of contracts: sources  ReutersGreat-West Lifeco Inc , Canada's second-biggest insurance company, is exploring the sale of a collection of insurance contracts that could fetch as much as $2 ...
AG's lawsuit: Firm targeted lead paint poisoning victims in Baltimore to make profit  WBAL TV BaltimoreNew court filings reveal how a Montgomery County firm targeted lead paint poisoning victims in Baltimore to make a profit. The filings are part of an ongoing ...
Pros And Cons Of Structured Settlement Annuities  Law360A structured settlement annuity that pays at a predefined periodic frequency is often employed in resolving personal injury cases and has received wide support ...
Benefits of Using Structured Settlements in Claims Negotiations  ClaimsJournal.comAt zero expense to the carrier, tax-free, and tailored to fit the needs of the claimant, structured settlements are a powerful tool claims personnel can.
Lawsuit Alleges MetLife Mistake Helped a Woman Keep Settlement Money From Her Daughter  Wall Street JournalA lawsuit related to medical malpractice is the latest example of an unexpected problem popping up at MetLife from decades-old business.
Qualified Settlement Funds Are a Useful Settlement Planning Tool (And Not Just for Plaintiffs)  Legal ExaminerThe use of qualified settlement funds (QSFs) is mainstream practice across mass tort settlements, but it is still an emerging practice in single event and individual ...
MLF Financial Group Acquires The Financial Xchange  FinSMEsLife settlements marketplace MLF Financial Group acquired The Financial Xchange, a firm that provides tech solutions bringing access, transparency, and ...
Maryland attorney general urges structured settlement reforms  Baltimore SunMaryland's attorney general urged lawmakers on Thursday to give his office the ability to regulate deals offered by businesses that buy legal settlements at steep ...
Some structured settlements may offer significant advantages  CBS NewsStructured settlements don't seem to be a good deal for investors, but their non-securitized counterparts might be.
Qualified Settlement Fund  Legal ExaminerQualified Settlement Funds are a great planning tool for the end of litigation.
Perella Weinberg Partners Capital Management LP Has Increased By $3.04 Million Its Marathon Oil (MRO) Holding; Asta Funding Has 0.57 Sentiment  The EN HeraldPerella Weinberg Partners Capital Management Lp increased Marathon Oil Corp (MRO) stake by 37.84% reported in 2018Q4 SEC filing. Perella Weinberg ...
When a Qualified Settlement Fund is the Solution You Need  Legal ExaminerA qualified settlement fund (QSF) is a fund, account, or trust that holds settlement proceeds. A QSF is a settlement escrow that allows for proper settlement ...
The flawed system that allows companies to make millions off the injured  Washington PostFirms make tens of millions off some of the state's most vulnerable residents who at times exchange lifetimes' worth of income for pennies on the dollar.
Trump Tax Law Hurts Personal Injury Suit Settlements  Forbes NowTrump's tax law adds taxes to some personal injury case proceeds, so be careful of the new rules.
Judge denies payout in PSU victim's case | National and World  Daily Local NewsWEST CHESTER >> A request to transfer the assets of a multi-million-dollar structured personal injury settlement held by a victim in the Penn State sexual abuse ...
Pension Broker Settles with CFPB  The National Law ReviewCFPB has announced a settlement agreement with pension broker, Mr. Corbett, alleging for his alleged lump sum payment received for helping veterans set up ...
Undisclosed, lavish trips are creeping into the injury settlement business  Yahoo FinancePacific Life has been offering brokers structured settlement industry trips, which are not disclosed to clients. This is a potential conflict of interest.
Reviewing Asta Funding Inc. (ASFI)'s and RR Donnelley & Sons Company (NYSE:RRD)'s results  The EN HeraldAs Business Services companies, Asta Funding Inc. (NASDAQ:ASFI) and R.R. Donnelley & Sons Company (NYSE:RRD) are our subject to contrast. And more ...
Think Twice Before Selling a Settlement  NerdWalletIf you're getting regular payments from an annuity or other structured agreement, "factors" may offer to buy it. Think twice before selling a settlement.
Congress' duty to investigate structured settlement fraud  The HillCongress' good intention with these structured settlements has devolved into a system of deception and financial swindling.
Steinhoff paints gloomy outlook as 2017 losses shrink asset pool  Fin24Steinhoff expects more doom and gloom to follow the release of its long-awaited 2017 earnings in which the retailer saw the value of its assets shrink.
Rising Capital Associates Announces 'Structured Settlements' Scholarship  PR NewswireDELRAY BEACH, Fla., Dec. 1, 2016 /PRNewswire/ -- Rising Capital Associates, a leading structured settlement purchaser and annuity buyer, is giving a $1000...
Independent Insurance Group Announces Launch  PR NewswireDALLAS, April 30, 2018 /PRNewswire/ -- Company officials today announced the launch of the Independent family of companies including subsidiary affiliates ...
ASTA FUNDING INC files 10-Q  Invest TribuneASTA FUNDING INC revealed 10-Q form on Mon, May 13 accessible here.Note 1—Business and Basis of Presentation Business Asta Funding, Inc. ('Asta'), ...
Law Firm Firm Accused of Faking Structured Settlement Approvals  Insurance JournalStone Street Capital LLC sued a Manhattan law firm it retained to seek court approvals for structured settlements, claiming the firm gave them 76 fake.
The Truth About Credit Card Debt Settlement  U.S. News & World ReportWhen you're struggling with credit card debt, a debt settlement may not be your best option.
Hedge Fund's Route to 30% Fees: Cash Advances to Hip-Hop Artists  BloombergQuint(Bloomberg) -- Stephen Marley comes from music royalty. Sean Garrett has written and produced smash hits for Beyoncé, Usher and Ciara.
New Appeals Clarify Interplay Between Collateral Benefits and Damages Awards in MVA Claims  LexologyOn December 4, 2018, the Ontario Court of Appeal released its reasons for decision in the companion appeals Carroll v. McEwen (Carroll) and Cadieux v…
Deferring Income as a Trial Lawyer with Structured Attorney Fees  Legal ExaminerEvery day, we at Milestone Consulting have an opportunity to elaborate on the concept of deferred income or structured attorney fees with lawyers, professional ...
Structured settlements can last a lifetime - Buffalo  Buffalo Business FirstWhen a personal injury case settles or a verdict is reached, the resulting award to the plaintiff is tax-free. If placed into a structured settlement, which is similar to ...
What is a Non-Qualified Assignment?  Legal ExaminerA non-qualified assignment (NQA) is an assignment of an obligation to pay money in the future — a structured plan — in cases that do not involve bodily injury.

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