In the United States, one in every six people has some form of disability, yet they're not well represented in the workforce or financial system. But in 2014, the Achieving a Better Life Experience (ABLE) Act was passed, allowing people with disabilities to put money in savings accounts. These accounts can help individuals easily save up for future needs and goals.
NSSTA is proud to report a major new federal regulatory development now establishes the ability to receive a structured settlement without jeopardizing housing assistance provided by the federal government. In 2019, John McCulloch with IFS led the effort with NSSTA and the American Association of People with Disabilities (AAPD) to encourage the Department of Housing and Urban Development (HUD) to add new income exclusion language to the “Housing Opportunity Through Modernization Act.”
NSSTA was selected to present to the South Carolina Judiciary about structured settlements and structured settlement factoring.
Susan Stauss with Cozen O’Connor, Sandy Jones with Faegre Drinker, and John McCulloch with IFS represented the National Structured Settlements Trade Association(NSSTA) to provide information about the history and benefits of structured settlements for injury victims and their families.
A person may be injured in the line of work and file a lawsuit for compensation, which can be given as a lump sum or a structured settlement. A structured settlement is whereby the affected person gets a steady amount of payments for some time. This is the best-preferred method, but it also comes with some setbacks, especially when the person needs a large amount of money to offset medical bills or buy a house. That is where a third-party company, mostly called “factoring companies”, comes into place to help.
In 1973, my daughter was born with brain damage, which I believe was the result of medical malpractice. Although my daughter is mentally alert, she is physically handicapped and unable to speak clearly. My former husband and I initiated a malpractice lawsuit which, in 1980, produced a financial settlement that went into a protected account. Unfortunately, my husband took this money and invested it in his construction company which went bankrupt a few years later. The money for our daughter was gone and soon my husband filed for divorce. I received no child support.