As the country’s leading and fastest growing plaintiff-based structured settlement provider, Millennium Settlements recognizes that, whatever your client’s personal settlement needs require, every successful outcome begins with a comprehensive plan. Through our needs-based approach and extensive litigation support services, we design each settlement plan to work specifically in the best interest of our clients, ensuring their financial futures.
Involving Millennium Settlements early in your case enables our consultants to assist and advise you and your client regarding different financial options, the cost to fund future damages and the preservation of public assistance. All of our services are provided with no charge to you or your client.
What We Offer:
Financial Needs Analysis
We develop a complete financial assessment of the plaintiff’s immediate and long-term financial needs. Using this analysis, we can tailor a financial plan to meet the needs for income, medical care, education and retirement as well as other future needs. If a life care plan has been prepared, we can do a thorough financial analysis of the plan to determine the cost to fund such a plan utilizing different financial products.
We will attend mediation and settlement conferences at no cost. We can be instrumental in advising the personal injury claimant concerning their options and satisfy counsel’s obligation to advise the client regarding their financial options.
We offer structured settlement annuities for tax-free streams of income. The structure is a part of the overall financial plan we develop. The structured settlement annuities are from the highest rated life insurance companies in the structured settlement marketplace. Since we are independent advisers having no affiliation with one particular life insurance company, we shop the marketplace to obtain the best combination of rated ages and rates with outstanding life insurance companies.
468B Qualified Settlement Funds
This trust is specifically authorized under the Internal Revenue Code to receive personal injury settlement proceeds without violating the constructive receipt doctrine. It preserves the right to do a structured settlement and acts as a temporary holding tank for funds without impacting public assistance eligibility.
In certain cases, a trust may need to be established to meet the needs of the injured plaintiff. We work with many nationally recognized trust companies to provide this valuable option to the injured party. In addition, we have a national network of legal counsel who can provide all appropriate trust documents (customary legal fees apply).
While structured settlements are the cornerstone of most financial plans for an injured plaintiff, they are not the only financial products that are appropriate. Many personal injury claimants have needs that can’t be satisfied by a simple stream of income. We offer a full array of financial products including all forms of life insurance, mutual funds, individual securities, professionally managed accounts, long-term care policies, and variable as well as fixed annuities. Using all of these products, we can develop a more complete financial plan.
Protection of Public Assistance Eligibility
Millennium retains the field’s leading experts to assist when necessary in the creation and implementation of Special Needs Trusts and Pooled Trusts. We will assist in identifying cases where such a trust should be considered and will help counsel avoid the legal malpractice pitfalls concerning the implementation of these trusts. Additionally, we work with financial institutions that will manage the money held in the trust and provide trustee services. In addition, if Medicare preservation is an issue, we can assist in the evaluation of the need for a Medicare Set Aside (MSA) and give advice on creative cost effective ways to fund an MSA.
Future Medical Cost Containment Custodial Accounts
Our providers can set up medical custodial accounts that provide the injured party with the convenience of having medical bills managed and paid. These accounts take the burden of managing the medical claims off the injured party. Working as an advocate for the injured party, our providers pay medical bills, negotiate prices for medical services as well as purchase medical equipment and supplies.
Estate Planning Techniques
Large settlements can create potential estate tax consequences. Millennium uses a variety of techniques to plan for this issue. If necessary, based on the size of the settlement, we will have a licensed CPA analyze the potential estate tax impact and associated issues. Structured settlements can be set up with estate planning commutation riders that provide for lump sum at the death of the annuitant to pay estate taxes. Life insurance sometimes is a viable option to meet this need as well.
Credit Rehabilitation/Guaranteed Issue Mortgage
Many personal injury claimants have their credit devastated by the bills from the accident. Through a unique home purchase program, we can obtain financing for any structured settlement recipient regardless of credit to purchase a home with a mortgage. The acquisition of a mortgage is an important first step in rehabilitating credit.
Loans to Lawyers/Claimants
Through an affiliated company, we can provide loans for financing your case load. In addition, our affiliate company provides non-recourse lending for personal injury claimants.
Deferral of Attorney Fees
While structured settlements are an excellent option for personal injury claimants, they are also available for counsel except they are tax deferred, not tax free. Using a fee structure, all or part of your attorney fee can be deferred pre-tax and paid over time. With an attorney fee structure, you will receive the same tax-deferral benefits as a Qualified Pension Plan without all the hassle of having to adhere to the requirements of a qualified plan including how much you can put in. Benefits can begin whenever you so choose. In addition, spreading fees over several years avoids a higher tax bracket and allows the money saved in taxes to be invested at little or no risk with no money management fees.
In addition, there are two other unique options we provide exclusively that should be considered if you want to elect deferral of your attorney fees. A traditional tax-deferred structured settlement can be paired with a business loan to give liquidity and flexibility to the plan. Another option is a product that allows for tax deferral with complete control over the investment decisions and access to the funds at any point in time.
Complete Document Preparation and Review
We prepare all necessary documentation and help with any required language that must be in settlement documents. We review all legal documents associated with the structured settlement transaction to make sure they comply with the Internal Revenue Code provisions that govern the structured settlement transaction. While we do not provide legal advice, we have extensive experience with all the necessary documents and key provisions that should be included in a structured settlement transaction.