Structured Settlements

The Prestwick Group’s Structured Settlement Practice

Description

A structured settlement helps compensate and address the ongoing financial needs of those involved in physical, personal injury cases.

It is an agreement utilized in the resolution of a dispute where the plaintiff receives future payments in lieu of a lump sum. It can be used for the full amount or a partial amount of the plaintiff’s recovery. The payments can be made in regular installments, such as monthly or annual payments, or in lump sums. The payments can begin immediately or be deferred to a later date. The party taking on the obligation to make the future payments typically purchases an annuity from an insurance company to guarantee the payments are made in full. This arrangement provides security to the plaintiff and removes their funds from the ups and downs of the market.

• Tax Free
  • Internal Revenue Code Section 104(a) allows for the periodic payments to be tax-free to the injured party
• Guaranteed
  • Eight highly-rated life insurance companies participate in the structured settlement marketplace
• Assignment
  • Internal Revenue Code Section130 allows for the “qualified assignment” which extinguishes any future contingent liability for the insured/insurer
• Identifiable Cases For Liability and Worker's Comp
  • Catastrophic injuries
  • Wrongful death
  • Cases involving minor children
  • Future wage loss
  • Future medical needs
  • Cases with Medicare or Medicaid exposure

Capabilities

Creativity and flexibility can produce successful structured settlement results in a broad variety of cases:

• Strategic file evaluation of loss
• Work directly with insured, insurer, TPA, and PwG producer
• Pre-settlement analysis
  • Life care plans
  • Wage loss
  • Vocational Rehab
  • Attendant Care
  • Special Needs Trusts
  • Collateral Source/ACA Review
• Attend mediations, settlement conferences, and pre-trials nationwide
• Post-settlement resolution
  • Draft and review settlement documents
  • Facilitate funding of the structured settlement
  • Review applicable court orders
  • Completion of settlement and structured settlement policy issuance

The Process

Our vision is to provide solution driven expertise to our client partners. We accomplish this through our consultants’ broad knowledge and expertise relationships based on the highest levels of integrity, service and performance.

• File Review
  • Dedicated consultants with experienced Client Support Team.
  • Evaluate losses for structured settlement potential.
  • Provide customized proposals for each specific case and claimant.
  • Review Medical records for rated ages, if applicable. 
• Damage Analysis
  • Provide analysis for life care plans and future lost wages.
  • Calculate exposure range for purposes of settlement authority.
  • Implement use of Affordable Care Act for future healthcare needs. 
• Case Management
  • Attend mediations, settlement conferences and pre-trials in all 50 states. 
  • Assure compliance of client’s Structured Settlement program, including life company approved lists, required language/documents and funding parameters. 
• Post Settlement
  • Work with defense team to draft settlement documents.
  • Review for compliance with client’s underwriting guidelines.
  • Submit premium to life company and schedule first payment.
  • Complete outstanding requirements to issue policy.
• Medicare, Medicaid, & Special Needs 
  • Help identify and evaluate Medicare and Medicaid exposure(s).
  • Consult on applicable use of Special Needs Trusts.
  • Provide appropriate language on structured cases
• Reporting
  • Prepare monthly/quarterly/annual reports on status of assigned and structured cases.

Structuring Attorney’s Fees

The Prestwick Group can design any benefit package to fit your needs. 

• Defer Your Income For Future Needs
  • Education for children
  • Stabilizing income for the firm
  • Retirement
• Benefit Types
  • Lifetime Income
  • Period Certain payments for specific needs
  • Mortgage / Education
  • Lump sum Payments