Attorneys are beginning to look beyond cases typically targeted for structured settlements and recommending the settlement option to clients in a number of non-traditional, non-physical injury recoveries. Almost any type of non-physical settlement can and is being structured.
MetLife is offering reinsurance agreements that enable the transfer of periodic payment obligations not assignable under Internal Revenue Code Section 130 from one licensed insurance company to another.
Centers for Medicare & Medicaid Services (CMS) announced September 30 that it has revised the reporting implementation timeline for certain liability insurance (including self-insurance) for Total Payment Obligation to the Claimant (TPOC) settlements, judgments, awards and other payments.
A new not-for-profit group, the Medicare Secondary Payer Charitable Foundation (MSPCF), announced it will provide free Medicare Set-Aside administration for qualified beneficiaries starting October 1.
Settling a case can be a cumbersome, time consuming and a frustrating experience for all parties. When the complexities of public-benefit programs such as Medicare and Medi-Cal are added to the settlement mix, it’s no wonder plaintiff attorneys seek assistance in understand¬ing the necessary legal measures required to ensure their settlements comply with the law and protects their client’s current and future interests.
More and more, court oversight into structured settlement payment transfers is doing what it was intended to do: protect a structured settlement recipient's best interests. That’s demonstrated by the judicial opinions in which courts take a closer look at proposed transfers of structured settlement payment rights and inquire into the details of the payee’s financial
Life expectancy is not normally a subject that comes up in everyday conversation. Yet for personal injury attorneys, determining the life expectancy of a catastrophically injured client is critical when it comes to structuring a proper settlement that will enable the injured party to lead a comfortable life.
Creating a structured settlement for an injury victim involves give and take on both sides. Unfortunately, there is almost always an adversarial element to the discussions that can, at its worst, lead to unnecessary conflict. Some say it is all part of the practice of law, but is it always best for the client?
Amy Fisch Solomon, an attorney with Girardi & Keese, and I published an article, "Structural Changes," in the June issue of the American Association for Justice's Trial magazine.
Structured settlements and the laws governing them are ever-changing. Issues like how they are taxed, when they can be used, and whether they can be sold seem to be in a near constant state of flux. For plaintiff trial lawyers who are charged with properly advising their clients regarding settlement of their cases, this instability can be disconcerting, to say the least. "For 30 years, structured settlements have provided injured people with long-term financial security and special tax benefits. How these settlements are used and funded is constantly evolving. Make sure you know all the options so you can build the best structure for your client."
