What is the ABLE Act? Known as the “Achieving a Better Life Experience Act of 2014,” the ABLE Act, which created IRC Section 529A, was signed into law with bipartisan political support. It’s stated intent: “(1) To encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities to maintain...
ABLE accounts, similar to special needs trusts and pooled trusts, allow qualifying persons with disabilities, including personal injury victims, to save money without jeopardizing their eligibility for means-tested public benefits. Means-tested public benefit programs generally impose income and resource limitations. For example, to qualify and remain eligible for Social Security Income (SSI) and Medicaid,...
Independent Life Now Offering Non-Qualified Structured Settlements DALLAS – (April 15, 2019) – Independent Life Insurance Company (Independent Life), the first annuity provider to focus solely on the structured settlement market, is delivering on its promise to introduce innovative solutions to the marketplace. The Texas-based company announced it will now offer annuities for non-qualified structured settlements to fill a gap...
Say Hello to our New NSSTA Committee Members! Since 1985, the National Structured Settlements Trade Association has been the leading voice of the structured settlement industry. Independent Life recognizes the impact NSSTA has on our industry and as new members, we are excited to contribute to and help further the NSSTA mission “to promote the establishment and preservation of structured...
Introducing the Payee Protection Policy Independent Life is proud to introduce the structured settlement industry’s first Payee Protection Policy. This new offering is directly in line with our company’s mission to provide trustworthy, competitive and innovative annuity products that professional structured settlement consultants can easily integrate with other financial products and governmental benefits to produce...
CMS WCMSA Reference Guide Version 2-9 Workers’ Compensation Medicare Set-Aside Arrangements (WCMSAs) have become an important submarket for structured settlement annuities. Arguably, the primary reason has been a significant cost advantage CMS has provided for structured settlement annuities (perhaps unintentionally) compared with lump sums. The basis for the cost advantage CMS has provided to structured settlement annuities results from the...
Ezell v. Lexington Note: this article was edited on June 16, 2019 to correct an earlier mistake and to provide an important update. The 1st Circuit Court of Appeals has dismissed the Plaintiffs’ Appeal from the United States District Court for the District of Massachusetts. Release 66 of “Structured Settlements and Periodic Payment Judgments” will provide additional details...
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Any discussion of taxes herein is for general informational purposes only and does not purport to be complete or cover every situation. Independent Life, its affiliates, its distributors, and its and their respective representatives do not provide tax, accounting, or legal advice. You should confer with your qualified legal, tax and accounting advisors based on your particular circumstances. All guarantees are obligations of Independent Life Insurance Company.
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