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In its annual evaluation of America’s best-run publicly traded companies, the Wall Street Journal uses a measurement system based upon five business principles developed by the late management guru Peter F. Drucker, the founder of the Drucker Institute, to select its Top 250: 1) customer satisfaction; 2) employee engagement and development; 3) innovation; 4) social...

A prior Independent Life article (Part 1) summarizes key elements of a new National Study (Study) titled “Future Financial Planning for People with Disabilities,” conducted by the National Leadership Consortium on Developmental Disabilities (NLCDD) at the University of Delaware and is available on its website. Part 1 includes a “Correction at the end of the article which was added...

One of the highlights of the recent Stetson 2021 National Conference on Special Needs Planning and Special Needs Trusts was a presentation of the results of a new National Study (Study) titled “Future Financial Planning for People with Disabilities.” Presented by Cory Gilden and Caitlin Bailey, the Study was conducted by the National Leadership Consortium on Developmental Disabilities (NLCDD) at the University of Delaware and is available...

When the National Structured Settlement Trade Association (NSSTA) supported enactment of IRC Section 5891 as part of the Victims of Terrorism Tax Relief Act of 2001 and began a successful state by state process to help secure enactment of state structured settlement protection acts (SSPAs) in all 50 states plus the District of Columbia, NSSTA envisioned the...

The National Structured Settlement Trade Association (NSSTA), of which this writer is a member, has scheduled a virtual 2021 Fall Conference this week to be hosted by Executive Director Eric Vaughn, President Michael Goodman and Director Ravi Vaswani. The conference Agenda features Suze Orman as well as important and timely topics during a transformative period for NSSTA and the structured settlement...

When Congress passed the Periodic Payment Act of 1982, the stated intent was to provide a secure and steady flow of periodic payments to claimants. At the time of settlement or judgment, the claimant foregoes immediate access to a lump sum in exchange for a secure promise of tax-free payments over time. From society’s perspective,...

Almost all structured settlements are completed on a basis that qualifies future payments for tax-free treatment under I.R.C. § 104(a) and 130. One of the requirements for a “qualified assignment” under IRC 130 is that “periodic payments cannot be accelerated, deferred, increased, or decreased by the recipient of such payments.” In addition to this statutory language,...

Since it was first published in 1986, “Structured Settlements and Periodic Payment Judgments” , has provided structured settlement stakeholders with an authoritative reference guide, consisting of 16 chapters with extensive footnotes and Appendix documents, to help them understand historical development as well as current issues and fashion settlements and judgments utilizing periodic payments. Personal Injury Settlement Planning...

Congratulations to the National Structured Settlement Trade Association (NSSTA) which will be celebrating its 35th Anniversary as part of its 2021 virtual Annual Conference May 4-7. Despite Pre-NSSTA’s lengthy and significant history, members may not be fully aware of the many events which preceded NSSTA’s formation in 1986 which played an important role in the history...

As the National Structured Settlement Trade Association (NSSTA) prepares to recognize its own 35th Anniversary during its upcoming 2021 virtual Annual Conference, it is also appropriate to note another important settlement planning development that occurred in 1986: the enactment of IRC 468B – with important regulations and revenue procedures added in 1993. What are Qualified...

If you market yourself as a “settlement planner”, or even consider yourself a “settlement planner”, how do you define “settlement planning?” During his presentation titled “Expanding Your Planning Network & Advanced Certifications,” featured as part of the recent Society of Settlement Planners (SSP) 2021 virtual Annual Conference, multi-credentialled settlement planner Joseph Tombs highlighted this issue,...

During a discussion of “Life Company Basics” featured as part of the recent Society of Settlement Planners (SSP) virtual 2021 Annual Conference, a question was raised, but not fully answered, about the privacy of medical records. Most structured settlement negotiations require information about the claimant, such as birth date and medical condition. The birth date is essential...

Because settlements represent voluntary agreements, neither plaintiffs nor defendants can be forced to participate in a structured settlement. Structured settlements initially were promoted exclusively by defendants and their insurers as a claim management tool. For many years, plaintiff and their attorneys lacked equivalent resources. Today, however, many plaintiffs and their attorneys insist they should be:...

In this episode of Settlement Nation we chat with Bethany Schneider, a trial attorney and the founder of Schneider Injury Law. We discuss what it was like branching out on her own, after years trying high-stakes personal injury and wrongful death cases for huge corporations. We also talk about the importance of marketing as an attorney and how she...

In this episode of Settlement Nation we sit down with Greyson Goody, a partner and senior trial attorney at The Simon Law Group, who has obtained over $40 million in jury verdicts. We discuss the advantages of being a younger trial attorney, how he is leveraging technology in this industry and his strategy behind using marketing and branding to...

In the final episode of this multiple part series of Settlement Nation, we chat with Jason Neville from the Spence Law Firm and Jakob Norman from Trial Lawyers for Justice – both respected and seasoned plaintiff trial lawyers, who started their careers working for the defense. In this episode, we cover questions sent in by...

Every structured settlement professional is familiar with the term “substandard age rating” as well as the important role more generally of “mortality risk” as one rationale for selecting a structured settlement. Not all structured settlement professionals, however, are aware that the Society of Actuaries (SOA) has sponsored and published six intercompany studies of mortality experience related to...

In this multiple part series of Settlement Nation, Courtney Barber chats with Jason Neville from the Spence Law Firm and Jakob Norman from Trial Lawyers for Justice – both respected and seasoned plaintiff trial lawyers, who started their careers working for the defense. In this episode, we take you behind the scenes of the defense perspective;...

In this episode of Settlement Nation  we chat with Arash Homampour, a trial attorney and the owner of the Homampour Firm in California, representing individuals in catastrophic injury/wrongful death, employment and insurance bad faith matters. Arash shares his success of obtaining between $2.5 million to $60 million in trial results in the last 5 years for his clients, as well...

In this episode of Settlement Nation we chat with Jim Avery, a plaintiff attorney and the owner of Avery Injury Law in Missouri. Jim is a three-time combat veteran in the United States Marine Corps and Army National Guard, touring both Iraq and Afghanistan. Jim shares his story about serving in units that performed IED destruction missions and how he...

In this episode of Settlement Nation, we chat with Dan Schaar, a trial attorney with Carpenter, Zuckerman & Rowley (CZ&R) and Trial Lawyers For Justice (TL4J) from Northern California. We walk through Dan’s $2.8 million verdict for one of California’s largest slip and fall cases in 2018, advice for other trial attorneys that leads to better results for their clients and the...

We continue our chat with Keith Bruno, a trial attorney with Carpenter, Zuckerman & Rowley (CZ&R) out of Orange County, California. In this episode, Keith shares the story of his $40 million verdict for a wrongful death case with Nick Rowley, his Top Gun award for an $11.5 million verdict and how he sets himself up for success,...

This episode of Settlement Nation we chat with Jason Lazarus, a legal settlement services expert out of Orlando, Florida.Jason discusses several of the topics covered in his new book, The Art of Settlement, intended to help attorneys avoid mistakes when finalizing a settlement. If you are a personal injury attorney, this is a MUST listen for...

This episode of Settlement Nation we chat with with Megan Hottman, a powerhouse health and wellness advocate, cycling enthusiast, podcast host, and attorney out of Golden, Colorado. Megan shares her insights on running a successful practice while maintaining balance. We cover how she became “The Cyclist Lawyer“, tips to increase your personal energy levels and presentation in and out...

Although the personal injury settlement planning profession now offers plaintiff attorneys, and its own members, an increasing variety of educational resources, few guides to regulatory compliance currently exist – and those that do tend to be specialized. Robert Wood has authored definitive legal textbooks about “Taxation of Damage Awards and Settlement Payments” as well as “Qualified...

This episode of Settlement Nation we chat with with Brian Ward, an attorney with Carpenter, Zuckerman & Rowley (CZ&R) out of Los Angeles. Brian shares his story, on how he was sworn in early straight of out law school, to begin his first jury trial, how his own personal injury has shaped the way he relates to the challenges his...

The COVID-19 pandemic and near zero long term Treasury rates have required both structured settlement professionals and settlement planners to re-think how they market and how they sell structured settlement annuities. Serena Fitchard, nicely summarized a more expansive structured settlement sales approach during a recent National Structured Settlement Trade Association (NSSTA) webinar: “structured settlements serve a greater...

IRC vs. SSA Every structured settlement and settlement planning professional is presumably well-familiar with the Internal Revenue Code definition of Gross Income in IRC 61 as well as the exclusion for periodic payments in IRC 104(a)(1) and (2), plus many other Internal Revenue Code Sections (130; 468B; 5891) and tax concepts (constructive receipt; economic benefit) that have become the foundation...

This episode of Settlement Nation is a discussion with plaintiff attorney Grant Lawson, a partner with the Metier Law Firm and President-Elect of the Wyoming Trial Lawyers Association (WTLA). Grant shares his story, from being hired by The Spence Law Firm while he was still in law school, to being mentored by Gerry Spence, one of the greatest trial lawyers in American history....

The Independent Life team is excited to introduce our new podcast, Settlement Nation!  In our inaugural episode, co-host, Chris Bua sits down with Michael Upchurch. Michael is the founder of two companies that are improving the way injury victims and their attorneys resolve litigation: Independent Life, a plaintiff-focused structured settlement provider that was the 2nd-fastest growing annuity provider in the...

Revisiting the Grillo Case The Christina Grillo medical malpractice case reached a $2,500,000 settlement in Texas in 1990 – thirty years ago. Why is the case still important today? And why, like two other historical industry events which occurred in 1990 (the Uniform Periodic Payment of Judgments Act and the Americans with Disabilities Act),  is it worth revisiting? Most structured...

Taking Control of Your Future with Wealth and Legacy Planning Although female plaintiff attorneys continue to gain valuable recognition both in and out of the courtroom, many feel intimidated by the idea of financial planning. Fortunately, their chosen career offers an exclusive and excellent tool to create financial security, both now and in the future....

Uniform Periodic Payments of Judgments Act: Conclusion In retrospect, the failure of the National Structured Settlement Trade Association (NSSTA) to support the Uniform Periodic Payment of Judgments Act (“Uniform Act”) in 1990 can be viewed as a critical turning point in structured settlement history. Although enactment of the Uniform Act in the early 1990s would have required a sustained commitment...

July 26 marks the 30th anniversary of the enactment of the Americans with Disabilities Act of 1990 (ADA). This legislative anniversary should be recognized and remembered as an important historic milestone among structured settlement and settlement planning professionals who advise personal injury victims and their families. The ADA is a civil rights law that prohibits discrimination based on...

For the vast majority of the 300 plus members of the National Structured Settlement Trade Association (NSSTA) who attended the two-day NSSTA-sponsored conference in the Fall of 1990 to learn about “Uniform Periodic Payment of Judgments Act”(“Uniform Act” ), almost all of whom were defense brokers and life company representatives, the potential advantages and benefits of the...

How different might the structured settlement market be today if the National Structured Settlement Trade Association (NSSTA) had endorsed and actively promoted the “Uniform Periodic Payment of Judgments Act” (Uniform Act) beginning in 1990? In retrospect, NSSTA’s failure to support the Uniform Act in 1990 can be viewed as a critical turning point in structured settlement history....

Revisiting Periodic Payment Judgments State periodic payment of judgment statutes originated in the United States as part of the tort reform movements of the 1970s and 1980s, some of which predate the Periodic Payment Settlement Act of 1981 ultimately establishing the federal income tax foundation for structured settlements. Though rarely studied today in industry educational...

Structured Settlements for Minors When a personal injury case involves a minor, structured settlements are frequently considered the best choice for a settlement option compared with other alternatives such as a trust account managed by a bank or investment consultant or a “court-protected” account both of which are typically released to the child at age...

The Gargan Case: Is the U.S. Government a Victim or a Perpetrator? The United States Department of Justice announced last week that Joseph E. Gargan, a scion of the Kennedy family and former Chief Executive Officer of The Pension Company, Inc., pleaded guilty to embezzling nearly $8 million that was intended to purchase structured settlement annuities for...

Free Download: 4 Reasons to Consider a Structured Settlement Thank you for your interest in our e-book, “4 Reasons to Consider a Structured Settlement.” We understand that people rarely have a casual need to research a structured settlement, so it is our goal to explain the benefits structured settlements can provide to individuals who have...

The Keys to Success for Multi-Million Dollar Verdicts What are the keys to success for nation’s leading personal injury trial attorneys – those elite plaintiff attorneys who consistently win multi-million-dollar verdicts on behalf of their clients? That answer to that question presumably motivated more than 6,000 individuals to register for a May 15, 2020 webinar,...

3 Questions to Ask When Considering a Structured Settlement Depending on your level of familiarity with structured settlements, there are certainly more than three questions you should ask, but we believe asking these questions should help you gain a good enough understanding to decide if a structured settlement is a good option for you. Question...

Since it was first published in 1986, “Structured Settlements and Periodic Payment Judgments” (S2P2J), has provided structured settlement stakeholders with an authoritative reference guide, consisting of 16 chapters with extensive footnotes and Appendix documents, to help them understand historical development as well as current issues and fashion settlements and judgments utilizing periodic payments. Both the National Structured Settlement...

What is the difference between a “qualified” structured settlement and a “non-qualified” structured settlement? When describing a structured settlement, the terms “qualified” and “non-qualified” generally refer to “assignments” and IRC Section 130. The primary tax difference, from a structured settlement recipient’s perspective, is that “qualified” structured settlement periodic payments are excluded from income tax whereas...

How Can Public Benefits Supplement Your Structured Settlement? One of the first steps every personal injury plaintiff should take following an accident, with the assistance of your attorney or structured settlement planner, is to take an inventory of any public benefit programs you are currently taking advantage of and to determine what other programs they...

3 Tips for Preparing a Mediation involving Structured Settlements From a structured settlement perspective, whenever a plaintiff attorney is preparing for a mediation involving various tort and non-tort case, the attorney should address the following questions:  Have I advised my client about structured settlements and provided my client with adequate resources to allow my client to express an informed...

What is a Structured Settlement Consultant and Why Do You Need One? According to the National Structured Settlement Trade Association, “Structured settlement consultants are available to discuss your needs and hopes for resuming your life after your injury. They will educate you about what a structured settlement is and if it is a suitable solution to meet your...

Book Review: What You Can Expect When Expecting a Settlement Assuming you are a professional structured settlement consultant and/or settlement planner, what is the first advice you generally offer to your clients who are expecting a financial settlement? Traci Kaas, an Independent Life agent, who identifies herself professionally as a Certified Financial Transitionist (CeFT), a...

What is a Qualified Settlement Fund? IRC 468B Qualified Settlement Funds (QSFs) provide plaintiff attorneys and their clients with important advantages as a settlement technique for complex personal injury cases. Almost always utilized in mass tort cases, QSFs are also applicable to, and represent the preferred method for settling, many complex single event tort cases....

Responsibilities of Plaintiff Counsel in Structured Settlements As the Mraz case demonstrates, even the most successful and sophisticated trial attorneys aren’t always familiar enough with structured settlement and settlement planning to identify and achieve a “best interest” result for their client. Similarly, the Grillo case points out the potential legal liability for plaintiff attorneys who do not...

Historical Developments Structured Settlements: Market Foundation This is the second article (Part II) in a four part series of articles that explore the timeline of historical developments that highlight key events for the structured settlement market. Period One – Industry Formation Period Two – Market Foundation Period Three – Conflict, Growth, Transition Period Four – Industry...

Historical Developments Structured Settlements: Industry Formation This is the introduction and part I for a timeline of historical developments that highlight key events for the structured settlement market. Period One – Industry Formation Period Two – Market Foundation Period Three – Conflict, Growth, Transition Period Four – Industry Reset and Rebuild PERIOD ONE – INDUSTRY...

Developments in Structured Settlements: Conflict, Growth, Transition This is the third article (Part III) in a four part series of articles that explore the timeline of historical developments that highlight key events for the structured settlement market. Period One – Industry Formation Period Two – Market Foundation Period Three – Conflict, Growth, Transition Period Four –...

Historic Developments Structured Settlements: Industry Reset & Rebuild This is the fourth and final article (Part IV) in a four part series of articles that explore the timeline of historical developments that highlight key events for the structured settlement market. Period One – Industry Formation Period Two – Market Foundation Period Three – Conflict, Growth, Transition...

A Market Analysis of Structured Settlement Educational Programs Following the Spring 2019 National Structured Settlement Trade Association Annual Conference, The Chronicle promised a series of articles to evaluate whether NSSTA needed to re-think and re-design its educational programming and educational marketing to strategically position structured settlement annuities as the core product within personal injury settlement planning. This article launches that...

Nationally Recognized Statistical Rating Organizations (NRSRO) Ratings Although the stakeholders within the structured settlement market traditionally have focused primarily on A.M. Best when evaluating the potential credit risk of annuity providers,leading regulators including the Securities and Exchange Commission (SEC) and the National Association of Insurance Commissioners (NAIC) utilize their own “category” of rating agencies to...

Settlement Trusts & Structured Settlements One of the defining differences between the “Claim Management” and the “Settlement Planning” structured settlement business models (in general) is how they view trusts and trustees. In the traditional Claim Management structured settlement model, trusts are viewed as competitive products and trustees are viewed as competitors. The sale is binary:...

What is Settlement Planning? Settlement planning, a term previously avoided by the National Structured Settlement Trade Organization (NSSTA), was a buzz word at the 2019 NSSTA Annual Meeting, which featured an educational panel dedicated to the topic.So, as NSSTA begins “to re-think and re-design its educational programming and marketing to strategically position structured settlements as the core product...

IL Launches ‘The Chronicle’ Welcome to “The Structured Structured Settlement Chronicle”, (the Chronicle) an Independent Life (IL) website resource that will feature regularly updated news coverage, with some editorial commentary, of industry events and developments which we view as valuable to structured settlement and personal injury settlement planning professionals and other stakeholders. The primary focus...

Settlement Trusts + Structured Settlements = Settlement Planning? Once considered a competitive product, most structured settlement professionals and settlement planners now view settlement trusts as an essential and complementary part of their personal injury settlement solutions.Trusts, which are legal entities and can be revocable or irrevocable, can have many purposes including wealth accumulation, spendthrift protection,...

Drinker Biddle Structured Settlement and Annuities Roundtable The Drinker Biddle law firm Structured Settlement and Annuity Team introduced a new educational model last week when it hosted a one-day, invitation-only Structured Settlement and Annuities Roundtable at its Philadelphia office. Drinker Biddle promoted the roundtable as “three substantive sessions on pressing issues facing the structured settlement industry and its participants,...

What is public policy and why is it important for structured settlements? One definition of public policy is “the broad area of government laws, regulations, court decisions, and local ordinances as enacted by federal, state, and local governments.” That comprehensive definition encompasses all federal and state laws, regulations and court decisions that have impacted structured settlements since...

Reviewing Structured Settlement Educational Programs – Spring 2019 Does the National Structured Settlements Trade Association (NSSTA) need to re-think and re-design its educational programming and educational marketing to strategically position structured settlements as the core product within personal injury settlement planning? Or is NSSTA already doing so? We introduced these questions in a prior Independent Life Chronicle blog post.  Based...

Benefits of Structured Settlements Today in the context of industry change and the need for industry growth, what exactly are the benefits of structured settlements? And will marketing those benefits be enough to ensure the future success of the National Structured Settlements Trade Association (NSSTA) and the structured settlement market? NSSTA President Michelle Caine highlighted the strategic importance of these...

Knowledge: A Strategic Factor in Structured Settlement Growth He has demonstrated “how knowledge can function as a driver of long-term economic growth” – The Royal Swedish Academy of Sciences, in awarding Paul Romer a 2018 Nobel Prize in Economics. —————- During the most recent annual meeting of the National Structured Settlement Trade Association (NSSTA), which occurred...

ABLE Accounts: The Direct Funding Debate Without more specific legal authority, many plaintiff attorneys, special needs attorneys and settlement planning professionals may be unwilling to recommend direct funding of ABLE accounts with structured settlements because of the risk their disabled client might lose his or her means-tested government benefits. In this article, we’ll explore the current arguments for and...

Are ABLE Accounts a Growth Opportunity for Structured Settlements The ABLE Act together with the state ABLE programs now offer settlement and judgment payees an important new solution (ABLE Accounts) for saving and accumulating money while preserving eligibility for needs-based government benefits and allowing direct access by the owner/beneficiary. Structured settlement annuities appear to represent an ideal funding...

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...

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...

2019 Payee Protection Policy Annual Report Independent Life developed and launched the first Payee Protection Policy in the structured settlement industry on February 24, 2019 with the mission of protecting payees from any and all proposed transfer petitions we view as unfair to our payees. As part of that Policy, when a petition is filed...

The 2018 Structured Settlement Production Report – Part 5 This is the final post of a five part series regarding the 2018 Structured Settlement Report – be sure to read parts I, II, III and IV. Because of its significance for the structured settlement and personal injury settlement planning markets, The Chronicle is devoting a five-part series of articles to the...

The 2018 Structured Settlement Production Report – Part 3 This is part three of a five part series regarding the 2018 Structured Settlement Report – be sure to read parts I, II, IV and V. Parts 1 and 2 of The Chronicle’s Series analyzing Melissa Price’s 2018 Structured Settlement Production Report highlighted both the positive and the concerning news for NSSTA and...

The 2018 Structured Settlement Production Report – Part 1 This is part one of a five part series regarding the 2018 Structured Settlement Report – be sure to read parts II, III, IV and V. Following a sales decline in 2017, annual structured settlement annuity sales increased in 2018 to $6.02 billion (based upon 26,227 cases with an average case size...

The 2018 Structured Settlement Production Report– Part 2 This is part two of a five part series regarding the 2018 Structured Settlement Report – be sure to read parts I, III, IV and V. Part 1 of The Chronicle’s series analyzing the 2018 Structured Settlement Production Report, recently published and distributed by Melissa Price, Ringler’s Chief Strategy and Business Development Officer,...

The 2018 Structured Settlement Production Report – Part 4 This is part four of a five part series regarding the 2018 Structured Settlement Report – be sure to read parts I, II, III and V. Melissa Price’s 2018 Structured Settlement Production Report, distributed recently to industry participants, highlighted both positive and concerning news for NSSTA and the structured settlement market. The...

“How” and “Where” to Think about the Future The Chronicle’s introductory article highlighted a series of developments that have dramatically changed the structured settlement market.  It further opined that many traditional structured settlement participants have still not learned how to transition and/or adapt their business models and practices to these recent and ongoing market changes....

Independent Life Distributes Book Subscriptions The United States structured settlement market has been in existence for more than 40 years and continues to expand its scope, complexity and importance within the context of both claim management and personal injury settlement planning. When structured settlements were first introduced in the United States in the late 1970s, they...

Relationship will Feature Product Workshop at America’s Claims Event (ACE) Conference and Distribution of Online Structured Settlement Legal Textbook DALLAS – (May 15, 2018) – Company officials today announced that Independent Assignment Company (IAC) will contract with ALM Media to help promote increased educational awareness of the enhanced value of structured settlements in the current economic...

First Annuity Provider to Focus Exclusively on Structured Settlements for Personal Injury Victims DALLAS – (April 30, 2018) – Company officials today announced the launch of the Independent family of companies including subsidiary affiliates Independent Life Insurance Company and Independent Assignment Company. Independent Life will be the first annuity provider to focus solely on the structured...