RESOURCES

 

Frequently Asked Questions

Structured Settlements

+  What is a structured settlement?

+  What kind of flexibility do I have in setting up a structured settlement?

+  Who determines the amount of payments and the payment schedule?

+  Are structured settlements more likely to be used in certain types of cases?

+  I’m involved in a lawsuit now. Why should I consider a structured settlement?

+  What are the advantages of a structured settlement over a lump-sum payment?

+  What are the disadvantages of a structured settlement?

+  What are some of the federal tax rules that make structured settlements beneficial?

+  What is a “qualified assignment”?

+  What other federal tax rules govern the use of structured settlements and qualified assignments?


Attorney Fee Structures

+  Must I structure my entire fee? Do my partners also have to structure their fees?

+  Can I receive the same type of stream of guaranteed payments as the personal injury victim can do with his or her settlement proceeds?

+  Can I only structure contingent fees from a personal physical injury or wrongful death settlement?

+  Are there any limitations on the amount of fees an attorney can defer?

+  Are there limitations on the number of cases an attorney can elect to defer taxation of their fees?

+  What is the legal basis for structuring attorney fees?

+  What do I need to do to prepare for structuring my attorney fees?


Medicare Set-Asides

+  What is an MSA?

+  What is the intent of The Medicare, Medicaid and SCHIP Extension Act of 2007?

+  What is the Medicare Secondary Payer Act (MSP)?

+  Historically, has the Medicare Secondary Payer Act been enforced?

+  How does an MSA relate to liability cases?

+  Is an MSA obligatory?

+  If an MSA is voluntary, what are the attorney's options?

+  The original effective date of the act has been pushed back from July 1, 2009 to January 1, 2010. What changes on this date?

+  What does the attorney need to do to protect himself/herself in the future?


Structured Settlements for Minors

+  What pieces of information do I need to provide for an annuity quote/proposal?

+  When I receive a structured settlement quote, how long is it valid?

+  What is a “daily” quote?

+  What are some examples of options available for a minor structuring $50,000.00 or less?

+  What is the minimum amount that can be structured for minors?

+  What if the family has someone else that they want to handle their child’s funds?

+  Are there any requirements for which life companies can be utilized for a minor’s structure?

+  Once my client has selected a structure proposal, what is my next step?

+  What does the lock-in mean and why is it so important?

+  Who drafts the settlement documents?

+  What does the annuity company require in order to issue the annuity contract?

+  Once all of these documents are submitted, how long does it take for the policy to be issued?


Special Needs Trust

+  What is a Special Needs Trust?

+  Is there more than one type of Special Needs Trust?

+  How do I know if I need a Special Needs Trust?

+  How can a Special Needs Tryst be funded with personal injury proceeds?

+  What are the advantages of a Special Needs Trust?

+  What are the disadvantages of a Special Needs Trust?

+  How Does a Special Needs Trust Operate?

+  Who chooses the trustee or members of the advisory committee?

+  What types of items or services can the Special Needs Trust pay for?

+  What happens if the personal injury victim no longer qualifies for Medicaid?

+  What happens to the money remaining in the trust after the death of the beneficiary?

+  Is there a guarantee that if I create a Special Needs Trust I will always qualify for Medicaid/SSI?

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