by Structured Settlement Watchdog
ValuableInsurance Guide.com is a joke when it comes to advice on structured settlements. Here's a selection of the "advice" for settlements involving minors.
"Structured settlement payments established for minors will not only provide for monthly annuity payment of the recipient but will also let for a specific allotment of monies to the benefit expense payments like for education purposes. In addition, it is common to include provisions for lump sump (sic) payments at specific life events like high school graduation".
"For the benefit of the minor, the settlement payments are spent on the service for which they are designed for. This prevents the spending on other expenses outside the terms of the settlement agreement which parents or legal guardians may be tempted to do. This usually happened in the past without much regulation or with lump sum payments".
"Structured annuities are also a form to get away with expensive account supervision over the years and the complexities for annual administrative filings".
Comments
- Are lump sum (or "lump sump "…LOL) payments good or bad? The writer appears conflicted
- While structured settlements provide safety, security and guarantees that payments designed for a specific purpose will be available on an agreed schedule, timed to the minor plaintiff's anticipated needs, the spendthrift aspect of a structured settlement affords absolutely no guarantee that the settlement payments are spent on the service that they are designed for. Once payments are received then it is up to the recipient, or the recipient's guardian, if applicable, or trustee of the minor's or incompetent's trust, if applicable.
- Structured annuities are a form of qualified funding asset. A structured settlement has no ongoing fees like a mutual fund or trust account. There are no annual administrative filings. Yet circumstances may dictate that a structured settlement be paired with a settlement preservation trust or special needs trust. The latter instruments come with fees, which may or may not be expensive and trustees or guardians may be required to make annual filings with the relevant court of jurisdiction.
ValuableInsuranceGuide.com is registered to Uneet Company, Inc., according to Whois records. The company offers websites such as "Recapture Hair". "Poison Oak and Ivy" and "Attract Romance" with pheromones. Perhaps the Stanhope, New Jersey based company will rethink what is in my opinion, its lazy approach to structured settlements.
Dumbest Things Said about Structured Settlements and Social Media "Road Kill" are our ongoing rant series in which we scrutinize and highlight poorly researched writing about structured settlements on the Internet. With more and more plaintiffs using the Internet to help them with one of the most important financial decisions of their lives, we do our part to discourage people not qualified on the subject, who label themselves "experts", from slapping up any old piece of tripe on the subject. It doesn't take much to do some research and place accurate structured settlement information on your website.
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