Structured Settlements

The following was emailed to all NSSTA members.

As an annuitant, it can be a long and arduous journey, especially when they are young adults experiencing a tragedy.

Finances are not all that annuitants need to move to the next step in life. Annuitants also need to be supported in their grieving process, which often takes a back seat because of everything happening in their life. They also need to be prepared for the range of emotions that come with the settlement, which can lead to mismanagement of the funds given to them if not supported.

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 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.