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Structured Settlements: Victims
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Randy Dyer, executive vice president of NSSTA, said that recent federal action concerning structured settlements sets the stage for further strong growth. On Jan 23, 2002, as part of a federal tax relief package for victims of the September 11 tragedies, President Bush signed into law an important consumer protection for recipients of structured settlement payments.
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In a further testament to the safety and security of structured settlements for injury victims, Moody’s Investor Services has upgraded the financial strength rating of Manulife’s rated insurance subsidiaries, including John Hancock Life Insurance, to Aa1 from Aa2. This is the second highest rating afforded by Moody’s.
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Before the state structured settlement protection statutes and the Victims of Terrorism Relief Act of 2001 which created ¡ì5891 of the Internal Revenue Code, any one wanting to sell their settlement payments were on their own. The sale of structured settlement payment rights today requires a Court in your state to review and, if appropriate, make a “qualified order” approving the sale of such payments or a hefty 40% excise tax is applied. The concept of Court approval is intended to protect you from entering into a deal that is not in your best interest.
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Under a structured settlement agreement, the injury victim does not receive compensation for their injury in one lump sum. Instead, the victim will receive a stream of tax-free payments specifically tailored to meet future medical expenses and basic living needs.
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Under a structured settlement agreement, an injury victim doesn't receive compensation for their injury in one lump sum. The victim receives a stream of tax-free payments tailored to meet future medical expenses and basic living needs.
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Have you received a structured settlement recently? A structured settlement can be a good thing if you have been a victim of malfeasance, have been severely injured or can no longer physically work. Structured settlements will help you pay bills.
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