The SMART Act was signed by President Obama on January 10, 2013 after it had passed in both branches of Congress. The act amends portions of the Medicare Secondary Payer (MSP) statute and is intended to simplify portions of the statute that have been considered onerous to beneficiaries.
The most common way for a plaintiff to continue to receive Medi-Cal and SSI while also receiving settlement funds is to establish a first party individual Special Needs Trust (SNT) or enroll in a Pooled Special Needs Trust (Pooled SNT) also known as a Pooled Trust, PSNT or Master Trust.
For 31 years, I've had the privilege of knowing the Hon. H. Warren Knight. After retiring from the bench in 1979, Judge Knight began what was to become JAMS--at the time, a one-man operation. His unwavering vision, enthusiasm and commitment to mediation and arbitration through the years have made private ADR a popular option in
Around this time, reality is starting to sink in for the two Powerball winners who are splitting the astronomical $587 million jackpot. While they know they'll never have to work at a job another day in their lives, the real work of managing such an enormous sum of money is just beginning.
American General conducted a survey on consumers' knowledge of structured settlements after an injury. The results show that much work needs to be done to educate the public so it is fully informed of the financial options if a life-altering injury occurs. Of those surveyed, 80% had not been involved in a personal injury case,
October 21-27 is Red Ribbon Week. Every October, Mothers Against Drunk Driving (MADD) presents awareness programs to youth around the country to encourage teens to live a drug-free life and resist underage drinking.
A Sports Illustrated article from awhile back included some sobering statistics about professional athletes and their money: • By the time they have retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce. • Within five years of retirement, an estimated 60% of
Younger injured parties (under age50) can often benefit from the use of an inflation-adjusting component in their structured settlement.
Almost half of U.S. retirees die with savings of $10,000 or less, but that grim finding doesn’t fully describe the variability and uncertainty that characterize retirement in America, according to a recent study.
Many attorneys think structuring a settlement only benefits injured parties receiving large payouts. That's not necessarily the case. Small annuities can benefit an injured party in many of the same ways large annuities do: bolster retirement savings, use for future college or medical expenses and prevent young injured individuals from being tempted to spend their settlement on questionable purchases.
