The settlement consultant is a state-licensed professional who works with injured individuals and families, the parties in settlements and their attorneys, and serves the vital function of planning and structuring the settlement.
What is a settlement planner?
A settlement planner is a financial advisory team member who can provide advice and assistance in a variety of new ways to design the optimal plan for distribution of plaintiffs' and attorneys' settlement proceeds and to guide the individuals and/or their attorneys through the plan and its implementation.
Why hire an AASC consultant?
Settlement consultants are essential to preserving the structured settlement. AASC advocates for the settlement planning industry in Washington, D.C. while also providing professional education & networking opportunities.
What is sudden money® settlement planning?
Our brand of settlement planning balances the personal and the technical sides of money, employing Sudden Money® protocols and tools in a humanistic process and collaborating with people in transition to help them navigate a path to clearer and more confident decisions.
What is a registered settlement planner (RSP)?
The Registered Settlement Planner (RSP) designation is a professional certification awarded by the Registry of Settlement Planners. The designation is awarded to those settlement planners who meet the high standards required of professional settlement planners and agree to abide by the ethical standards adopted by the Registry.
What is a settlement planner?
Settlement planning attorneys work with the injured clients and their trusted loved ones to create and execute a settlement plan that will help the injured person meet the injured person's goals and needs.
What is a structured settlement policy?
A structured settlement is a regular stream of tax-free payments granted to the plaintiff in a civil lawsuit. Structured settlements are meant to provide long-term financial security to the injured party. If the amount of money is small enough, the wronged party may have the option to receive a lump sum settlement.
Should I take a lump sum or structured settlement?
You should take a lump sum settlement for all small settlements and most medium-sized settlements (less than $150,000 or so). But if you are settling a larger case, there are two good reasons for doing a structured settlement. First, the structure guarantees that you won't spend the money too fast.
Do you have to pay taxes on a structured settlement?
Structured settlement annuities are not taxable — they're completely tax-exempt. It's a common question that we are asked by personal injury attorneys, and in certain situations, the tax-exempt nature of structured settlement annuities results in significant tax savings to the client.
What is an example of a structured settlement?
Examples of cases that may result in structured settlements include personal injury, workers' compensation, medical malpractice and wrongful death.
Is a structured settlement the same as an annuity?
Structured settlements are awarded to plaintiffs in court cases. Annuities can be purchased by individuals. Annuity sales don't require court approval if you purchased or inherited the annuity. It's often faster to sell annuity payments than structured settlement payments.
How do I get my money from a structured settlement?
Put simply, a structured settlement is not a loan or a bank account, and the only way to receive money from your settlement is to stick to your payment schedule or sell part or all of your payments to a reputable company for a lump sum of cash.
Who owns a structured settlement agreement?
A settlement agreement establishing the structured settlement will typically expressly state that the assignment company has all rights of ownership of the annuity. The structured settlement payee only owns the right to receive payments. The payee does not own the structured settlement annuity.
An Examination of the Role of Structure Settlements in Funding Medicare Set-Asides
Many Medicare Set-Aside (MSA) arrangements today are funded with structured settlements. There are some very good reasons for doing so, which are discussed below.
Advanced Strategies for Closing Cases Compliantly: A Case Study
In the confusing landscape of public benefits and planning issues that arise today for trial lawyers when settling catastrophic injury cases, finding your way can be a daunting task. Many
Structured Settlements: Maximizing Settlement Dollars in Personal Injury Cases
The primary goal of a plaintiff’s attorney in a personal injury or workers’ compensation action is to achieve the greatest possible financial recovery given the facts and circumstances of the case.
Understanding Structured Settlements and Medicare Set-Asides
When settling a case involving a current Medicare beneficiary and before finalizing, it is important to understand what actions need to be taken to consider Medicare’s interest. What does this all mean and what are the three most important things to consider?
The Economics Behind the Highest Paying Structured Settlements
All structured settlements are not created equal. There is a strong possibility you are leaving money on the table for your client with your existing settlement consultant or worse, relying on the insurance carrier’s structure broker.
Funding
A structured settlement consultant’s first job is to help you find a funding service such as Rightway Funding.
Negotiation
A structured settlement consultant can also help you with negotiating your terms.
Analyzing Economic Loss
The final benefit of hiring a structured settlement consultant is that they’ll help you analyze your economic loss.
Find Your Structured Settlement Consultant
Now that you know the benefits of hiring a structured settlement consultant, you can find one for your situation.
What is settlement planning?
Settlement Planning is a comprehensive holistic approach to helping plaintiffs and their counsel move through the financial transition resulting from a major life event. The financial planning decisions that must be made are unique to each person and transition event. This requires experience, patience, empathy, the ability to break down complexity, to educate through a humanistic process. Settlement planning IS NOT just about selling a product.
Why do you need an expert settlement planner?
Employing an expert settlement planner, or recommending to your adversary that they engage a sett lement planner , may help keep things moving along.
Why do you need a structured settlement?
One of the main reasons for structuring your settlement is to ensure that you always have the money you need — when you need it. That means that your structured settlement consultant has to fully understand your personal situation to be able to address current and future needs. When it comes to accounting for your unique circumstances, no one is more thorough and deeply involved than NSC. We con- duct a detailed analysis to determine what expenses and needs you may face now and in the future. Throughout the process, we work closely with you to make sure you understand your needs and your choices. This is your settlement, which will obviously impact your life and future. We do not take that responsibility lightly.
Who pays the settlement amount?
The defendant pays the total amount of the settlement directly to the annuity provider or providers to purchase the contract(s) that will fund your future payments.
What is NSC legal department?
NSC’s legal department reviews all documentation to ensure compliance with IRS requirements and to protect your tax-free payments. After all documents are double-checked for accuracy, we submit them to all parties prior to finalizing your contract.
How long does it take for a lump sum settlement to be fully depleted?
In fact, several studies have shown that up to 90% of single lump-sum cash settlements are fully depleted within five years, regardless of their amount.
What is annuity contract?
An annuity contract is issued by a highly rated life insurance company that contractually guarantees your payments. These annuities are also subject to strict state regulatory requirements, as well as federal reserving guidelines — providing multiple layers of protection. A Cautionary Note: The law only gives you one chance to structure your settlement, and that chance happens before you accept the settlement money. In addition, the amounts and timing of all future payments are decided at once and usually cannot be changed. That is just one of the important reasons to choose NSC, so you get the most beneficial structure possible.
Is a lump sum settlement tax free?
Furthermore, they do not involve administrative or management fees. Lump-sum cash settlements are also initially tax-free, but the interest earned on investing that money is usually fully taxable. Furthermore, cash settlements are often subject to management and administrative fees, as well as the Alternative Minimum Tax (AMT). It would be difficult for even the most sophisticated investor to match the after-tax return of a structured settlement.
What is AASC in settlement?
The American Association of Settlement Consultants (AASC) is an industry advocacy group committed to a vibrant, strong, and modern settlement planning industry.
What is AASC partner?
AASC‘s Partner Members are the life insurance companies, trust companies, and other settlement industry providers who provide products and services for injured claimants and their families. We appreciate our Partner Members‘ support in making AASC‘s mission a reality.
Funding
Negotiation
- A structured settlement consultant can also help you with negotiating your terms. They can help with fighting your case to win a structured settlement. They’ll help you prove that your injury or illness was wrongful. They’ll then negotiate your need to receive a structured settlement. It can be a challenge to negotiate or petition for a structured ...
Analyzing Economic Loss
- The final benefit of hiring a structured settlement consultant is that they’ll help you analyze your economic loss. You’ll likely have medical expenses and a potential loss or decrease of income in the future. As such, you want to make sure that your structured settlement can help you with such circumstances. You also want to make sure that you don’t spend all your settlement at once. Yo…
Find Your Structured Settlement Consultant
- Now that you know the benefits of hiring a structured settlement consultant, you can find one for your situation. Make sure you keep records of your illness or injury. You’ll have to provide as much information as possible to help your consultant fight your case. A structured settlement can help you pay for the suffering caused by your illness or injury. It can protect you for many years to co…