Reason to have a Structured Settlement Advisor

  • -

Reason to have a Structured Settlement Advisor

Just another reason to have a Structured Settlement Advisor

I just came across this article which shows just why it is so important when selling your structured settlement you seek Independent Professional Advice from a Structured Settlement Attorney that works independently protecting the rights and best interests of the sellers.

It is unclear at this time what ramifications this could have on those transfers of structured settlements, but it is sure going to cause a ripple effect that will come back on the original sellers.

http://www.insurancejournal.com/news/national/2015/07/14/374928.htm

Stone Street Capital LLC sued a Manhattan law firm it retained to seek court approvals for structured settlements, claiming the firm gave them 76 fake judicial orders.

The Maryland-based company, which purchases the rights to structured settlements from individuals in exchange for lump-sum payments, hired Paris & Chaikin PLLC to file the papers in state courts in New York seeking approval of the sales.

In addition to the firm, the company sued partners Jason Paris and Ian M. Chaikin and a paralegal, Thomas Rubino.

Paris and Chaikin told Stone Street they were experienced in presenting structured-settlement transactions to New York courts, the company said in a filing.

The firm advised Stone Street to send them the case files, which would be assigned to Rubino, “who was experienced in handling these types of files,” the company said. The law firm told Stone Street Rubino would be supervised at all times, according to the complaint.

Stone Street sent more than 100 files to Paris & Chaikin, from 2009 to 2013, with Rubino as the company’s main point of contact. The firm advised Stone Street of court scheduling matters and would send Stone Street “a file stamped order,” the company said.

In October 2013, Chaikin and Paris visited their client to advise that they had “uncovered irregularities” and were aware of at least one phony court order, Stone Street claims. The firm was uncertain how many others like it there might be.

Seventy-six court orders were falsified, Stone Street claims. When it disclosed the problems to the insurance companies, they stopped making payments to Stone Street and institutional investors, the company said in a filing.

The law firm, Chaikin and Paris “failed to exercise the care, skill and diligence commonly possessed” by the legal profession, Stone Street said. They also did not properly supervise Rubino, the company claims.

Chaikin, Paris and Kevin Szczepanski, the lawyer representing Stone Street, didn’t respond to calls seeking comment about the lawsuit. Rubino could not be contacted.


  • -
Structured Settlement Advisor

North Carolina Independent Professional Advice

North Carolina Residents:  You must receive independent professional advice

If you are living in North Carolina, and wish to transfer your structured settlement payment rights, you absolutely, must receive the “independent professional advice” as required by law:

Article 44B Structured Settlement Protection Act (SSPA), defines an independent professional adviser:

  • 1-543.11.(3) “Independent professional advice” means advice of an attorney, certified public accountant, actuary, or other licensed or registered professional of financial adviser:
  1. Who is engaged by a payee to render advice concerning the legal, tax, and financial implications of a transfer of structured settlement payment rights;
  2. b. Who is not in any manner affiliated with or compensated by the transferee of such transfer; and
  3. c. Whose compensation for rendering such advice is not affected by whether a transfer occurs or does not occur.

 

This advice is required per this code in the SSPA:

  • 1-543.12.(4) The payee has received independent professional advice regarding the legal, tax, and financial implications of the transfer.

 

North Carolina residents don’t have an option with receiving independent advice, you must have it.  We’re a nation-wide independent professional advisor for the transfer of structured settlement payment rights.

North Carolina Independent Professional Advice

Call today for a free consultation, we can help. Structured Settlement Advisor

Andres Financial Group, is a highly professional group in Independent Professionals providing advice in the transfer of structured settlements. Associates across the US, with the ability to pool all our resources in your best interest.

IPA services include but are not limited to; best interest advice, fair market analysis, court document review, & court appearance.

We pride ourselves on getting 90% of our cases approved the first time in front of the judge. We do not accept a denial as a possible decision, and will seek to keep the case open should the judge attempt to deny.


  • -
Structured Settlement Advisor

Missouri advice from Disinterested Counsel

Missouri Residents:  You are required to receive advice from “Disinterested Counsel”

Below we cite the Missouri code that defines “Disinterested Counsel” and we cite the actual “requirement” code for disinterested counsel during the transfer of your structured settlement payment rights.  Missouri residents do not have a choice,  you must obtain disinterested counsel to transfer your payment rights.  We are a “disinterested counsel”.  Read on:

 Structured Settlement Advisor

  • 407.1060(4) “Disinterested Counsel”, legal counsel that has no business relationship with any transferee of structured settlement payment rights, will not receive any compensation directly or indirectly from any such transferee in connection with representing the payee, and whose compensation for representing the payee will not be affected by whether the transfer occurs or does not occur;

 

  • 407.1062(6) The payee has been represented by disinterested counsel in connection with the transfer or the payee understands the nature of the transaction and the economic consequences of the transaction.

 

Disinterested counsel is the same as “independent professional advisor”. We are a nation-wide disinterested counsel that can help you.  Call today for a free consultation.

Missouri advice from Disinterested Counsel

Andres Financial Group, is a highly professional group in Independent Professionals providing advice in the transfer of structured settlements. Associates across the US, with the ability to pool all our resources in your best interest.

IPA services include but are not limited to; best interest advice, fair market analysis, court document review, & court appearance.

We pride ourselves on getting 90% of our cases approved the first time in front of the judge. We do not accept a denial as a possible decision, and will seek to keep the case open should the judge attempt to deny.


  • -

Disclosure Statement

By AFG Newswire Nov.13, 2014 4:27 p.m. Block 12.2 Article 2.3 Transfers of Structured Settlement Payment Rights

10136(d) Disclosure Statement Must Promote Lawful Adherence of Transfer Agreement

 

10136(d) states, ” The contract for transferring the structured settlement payment rights may not violate Section 10138

 

10138 has 12 little sections that are prohibited provisions that are NOT allowed in the transfer agreement, THAT’s all.

 

This statement needs to be in the Disclosure Statement to the consumer.  But how does the consumer know what these prohibited provisions are?  A few ways to find out:

  1. Read our future posts and find out
  2. Call an independent professional adviser and find out
  3. Read the code and interpret for yourself

 

We will be covering what section 10138 exactly is, but it is not in the scope of this article.  But let it be known, that the transfer company is instructed by law according to code 10136(d) to state in the Disclosure Statement to the consumer that there are prohibited provisions not allowed in the transfer agreement.

 

This should be a “red flag” for any responsible payee.  This is also a “red flag” for the courts to be on the look out in all transfer agreements for any extra wording that should NOT be added in any transfer agreements.

 

Hiring an independent professional adviser is the safest and easiest way to mitigate your transfer agreement, and the Disclosure Statement as well.  Call today for a consultation.

Structured Settlement Attorney


  • -

What Constitutes a “Dependent” During a Structured Settlement Transfer

What Constitutes a “Dependent” During a Structured Settlement Transfer in Court, and Why is it so Important?

 

California‘s Structured Settlement Protection Act, or the California Insurance Code Section 10134-10139.5 has nine clauses that mention “dependents”.  Let’s walk through all nine, in the order as listed in the actual code.

 

Number 1, Definition.  Number 2, Disclosure Notice.  Numbers 3 and 4, Welfare of Dependents.  Number 5 goes on to talk about the totality of your circumstances/mental capacity of the payee; it was a massive sentence, shortened for the scope of this article.

 

Number 6 talks about child support and maintenance, regarding dependents, and having other sources of income.  Number 7, facing hardship.  Number 8, Other Factors, demographics.  Number 9, Separate listing/age.

 

We really recommend seeking independent professional advice, especially if you have dependents.

 

  1. Definition of Dependents

10134(b)  ” “Dependents” include the payee’s (person selling their structured settlement payment rights) spouse and minor children and all other family members and other persons for whom the payee is legally obligated to provide support, including alimony.”

 

Remember, “other persons” can be businesses too.

 

  1. “Dependents” in the Disclosure Notice

10136(b)  “You should get independent professional advice about whether selling your structured settlement payments is a good idea for you and for your dependents.

 

  1. “Dependents ” in the “What Makes the Transfer Void” Clause

10137(a)  “The transfer of the structured settlement payment rights is fair and reasonable and in the best interest of the payee, taking into account the welfare and support of his or her dependents”.

 

  1. “Dependents” in the “What Effectuates the Transfer to GET COURT APPROVAL” Clause

10139.5(a)(1) “The transfer is in the best interest of the payee, taking into account the welfare and support of the payee’s dependents.

 

 

  1. “Dependents” for Court Approval
    10139.5(a)(6)(b) “When determining whether the proposed transfer should be approved, including whether the transfer is fair, reasonable, and in the payee’s best interest, taking into account the welfare and support of the payee’s dependents, …..”

 

  1. “Dependents” regarding Child Support and Maintenance-Full Disclosure for Court Consideration

10139.5(a)(6)(b)(8)  “Whether the payee has other means of income or support, aside from the structured settlement payments that are the subject of the proposed transfer sufficient to meet the payee’s future financial obligations for maintenance and support of the payee’s dependents, specifically including, but not limited to, the payee’s child support obligations, if any.  The payee shall disclose to the transferee and the court his or her court-ordered child support of maintenance obligations for the court’s consideration.”

 

  1. “Dependents” in the “Hardship” clause

10139.5(a)(6)(b)(13) “Whether the payee, or his or her family or dependents, are in or facing a hardship situation.

 

  1. “Dependents” in the “Other Factors” “Demographics” clause

10139.5(a)(6)(b)(15)(c)(3) “The names, ages, and place or places of residence of the payee’s minor children or other dependents, if any.

 

  1. “Dependents” Separate Listing/Age

10139.5(a)(6)(b)(15)(c)(6)(f)(2)(C) A listing of each of the payee’s dependents, together with each dependent’s age

 

The independent professional adviser can help coach you along and prepare you throughout the entire process, with or without dependents.

Structured Settlement Attorney