Monthly Archives: August 2014

What Makes a Structured Settlement Transfer Effective

By AFG Newswire August 25, 2014 5:01 p.m.


What Makes a Structured Settlement Transfer Effective


A final court order makes a structured settlement transfer effective.  You can’t make a deal without going to court and getting approval.


California Insurance Code 10139.5, and what follow, simply state in the opening paragraph, “…has been approved in advance in a final court order based on express written findings by the court…” and it goes on to explain for exactly what the court is looking.  For more information, take a look at the plain meaning by googling™   “CA Insurance Code 10139.5“.


There used to be a day when court approval was not necessary and people were sometimes not being treated as fairly as they could. So the legislature passed the California Structured Settlement Protection Act to protect consumers wanting to sell structured settlements.


The law is located in the California Insurance Code in Sections 10134 to 10139.5. Under the law, judges have a 15 point plus criteria and checklist  to determine if a transfer should be approved.


Structured Settlement Protection Act Experts

Structured Settlement Protection Act Experts

If even one requirement is not met, a judge can also issue a postponement or a “continuation” for a later date to give you time to correct the mistake, or in other cases even issue a straight denial of your transfer.


Hiring an independent professional advisor that focuses on this type of work is the not only the best way to increase the chance that your transfer will be approved by a Court, but also that your transfer will be approved in one hearing.


Structured Settlement Attorney

Pre Issued Annuity Pays Off

Pre Issued Annuity Pays Off

By AFG Newswire b42

August 3, 2014 1:54 p.m.


Pre Issued Annuity Pays Off:  Steering Clear of Snags With Proper Legal Mitigation


For a notably small fee ($600-$5,000) for such a large investment, proper legal mitigation for the court filings and inspections of court documents is a worthwhile investment on its own.  Hire a professional, you’ll be glad you did.


Pre issued annuities can come with snags:  anti-assignment clauses, liens, varying types of annuities, just to name a few.


An anti-assignment clause may have been put in the contract between Casualty Insurer A and Life Insurance Company B years ago, when the contract was first being drafted with the third party beneficiary (injured party) in mind, stating that the injured party will having no right to sell any part of the payment stream at all in the future.  Period.


Sometimes paperwork and little “clauses” get overlooked…

…until the eleventh hour.  With legal mitigation snags like this are less likely to happen.


Liens can also be overlooked…

…bankruptcy, property liens, child support, all of these can snarl the purchase of what you thought was a valuable “pre issued annuity”, and still can be, once everything gets cleared up.


It might be that the pre issued annuity is not right for you.  It could be an “immediate annuity, or deferred”,”fixed or variable”, or maybe the pre issued annuity is a perfect fit and you need to jump on this.


Do some mitigation with a professional after you’ve done your preliminary research.




AFG - Independent Professional Adviors

AFG – Independent Professional Adviors

Structured Settlement Attorney

Structured Settlement Transfer Granted San Bernardino County

By AFG Newswire

August 4, 2014


Structured Settlement Transfer Granted San Bernardino County

Structured Settlement Transfer “Granted”:  a San Bernardino County Resident, a New York Transfer Company, and a Sacramento Law Firm-With No IPA.


At the end of July, a San Bernardino County resident transferred his payment rights successfully to a bank based in New York, represented by attorneys based in Sacramento.   And no independent professional advice to be found for the resident.


This is legal.  The transferee, the structured settlement obligor, or the annuity issuer, must be from the county of original jurisdiction, in this case, it was San Bernardino County (10139.5(f)(1)).


The transfer company and their attorneys do not have to be from the county of original jurisdiction.  If there is another party buying the payment stream as a recycled annuity, they do not have to be from the county of original jurisdiction as well.


The sad part here, the resident had no independent professional adviser.  We have no idea what price he got for his dollar.  Rates differ with different companies, especially “out-of-state” companies.


The Importance of an Independent Professional Adviser

The growth of advancing laws creates a larger arena of events that needs consideration.  The importance of independent professional advice becomes greater.


The independent professional adviser is an accomplished thinker trained in performing due diligence on your behalf.  In this particular case, the resident dealt with a well established law firm who’s practice areas are “workers compensation”, “personal injury”, “bankruptcy”, “labor law”, “real estate”, “business law”, “social security”, and they command a hefty price for their services.


Then there is the bank in New York.  Did the resident really have bargaining power with a bank in New York that is a “full service, federally chartered savings bank serving professional service firms, law professionals, etc.”?


In addition, who was the third party mystery person?  Did they buy the payment stream?  Did this resident even know that angle of this whole deal?


It’s not that the resident or the “transferee” or the “payee” needed to understand the whole process, it is protection the resident needed.  The resident had no idea what options were out there, the resident was unrepresented; and it didn’t have to be that way.  California law provides $1,500 for an independent professional adviser.

Structured Settlement Transfer Granted San Bernardino County

Structured Settlement Attorney