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Posted by John Schenk on 7/22/11 7:28pm
Structured settlements don't necessarily have to be court approved. Quite a few cases are settled with structured settlements, unless there is a minor involved. They're done for MANY reasons, some of which are to protect the person receiving the structure payments from just going out and blowing all their money at the time of settlement (normal), or for medical funds to be available in a very well-planned structure, or sometimes they structured payments go into a Special Needs or Supplemental Needs Trust, which is done to protect claimants right to benefits under Social Security and/or Medicare/Medicaid. The latter type of structured settlement is normally in a pretty catastrophic injury to give the claimant a right to funds for things not covered by Social Security or Medicare/Medicaid. In fact, I'm doing one of those right now.
Selling off a structured settlement happens sometimes. They get sold off for pennies on the dollar, and I've closed quite a few of those. In my experience that's normally a result of someone coming into the picture that screws the structured settlement beneficiary i.e. a boyfriend/girlfriend, or some other leach. Sometimes those are inherited when the beneficiary of the structure dies and the money goes to the estate.
There are MANY other variances, and far more than I'd want to address, but YES, I have done those closings before where folks assigned their rights to structured settlement proceeds. Never had a problem with it if it's an inheritance and not the beneficiary. Never have done one for a beneficiary themself, but as a notary I probably would. Somebody's gonna do it, and the beneficiary IS gonna do it, once they've made that choice.
Not legal advice...just what I've seen and done, yada, yada.
JJ |
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