Skip to main content

ATTENTION TO DETAIL! MICHIGAN STRUCTURED SETTLEMENTS



When I started in the Structured Settlements business almost twenty years ago we donated a “BBQ / day at our farm” as an auction item for the Michigan Trial Lawyers Association  (MTLA), now known as the Michigan Association for Justice (MAJ), auction. An attorney who was working at a very big name firm at the time purchased our “BBQ/Day at Our Farm”, I still don't know how much she paid for it.  Her and her entire family came over on a Saturday for the barbecue. She has three daughters right around the same ages as ours. It just so happened that they had closed down some of the bridges over I 94 to work on them during this time.  It was a very hot and dry summer and our dirt road was very dusty. Right when our guests arrived at the farm huge semi-trucks and tons of traffic started flying down our street kicking up all kinds of dust.  I was mortified! I thought the party was going to be an absolute disaster and that our guests would hate us because of all the dust and traffic!  Dust was flying everywhere and getting on everything but it didn't even phase our guests because they were from the city and they thought this was all normal! I didn’t talk any business at the barbecue.  When they were leaving the attorney said she would try to use us for our Structured Settlement and Financial Advisory services if she had a chance. A lot of her cases, especially the bigger ones, were controlled by her big-name partner so most of the time they had to use who he wanted to as their Structured Settlement vendors. I learned that she liked dark chocolate and would send her some on a regular basis and I would always ask how her girls are doing.

One day I stopped by her office out of the blue just to say hi and let her know that we still love to work with her. It took a very very long time to get a case from her, but she did finally call us in on one. It was school bus accident case where I had to meet with multiple families and multiple claimants to solidify their settlements.  There were also multiple attorneys involved and it was a very complex and difficult case. I had to go to the hearing where they were putting the case on the record at a down river courthouse to finalize all of the settlements for all the claimants.  This was also the day that I was supposed to leave on a fishing trip and I was almost late for the flight because it took so long to get all the claimants to decide on what they wanted, but we got it done. Over the years the attorney would call me on various cases and we did a good amount of business with her. She then moved to another firm and I thought we would get a lot more business from her due to this, however, she never called us in on a case in several years!  I continue to keep in touch with her by phone calls, hand written notes and through Facebook keeping track of what her girls were up to and seeing her at the various MAJ seminars over the years but still no business! 

When I sold my financial planning practice and started our fitness business we were on the cusp of settling the largest case I ever worked on for another client.  I had worked on this one case for over two years and I developed a really close relationship with the claimant. We were undergoing significant financial challenges due to the start of our new business and we needed this case to settle to solve many of our financial challenges all in one swoop. The claimant on this case was also into fitness and was a former triathlete like me so we had a lot in common. He even came to our gym one night for a work out. To top it off there wasn't even another defense Structured Settlements broker on this case so we would have received 100% of the commission! Unfortunately, for reasons I will not go into we were not able to get compensated on this case and it absolutely crushed me. For some reason I knew the entire time that this was going to happen because it would have just been too good to be true!   Anytime I get that close to a claimant and have that much in common with them bad things happen. I definitely manifested it. Luckily right at the same time the attorney who came to our farm party called us in on two very large cases. On one of the cases there was an uncle who is an insurance vendor who was trying to steal the case and I thought for sure it would happen but it didn’t and I barely had to do any work on these cases and they paid us right around the same time that I would've been paid on the other case and I didn't have to split it with anyone! It was absolutely truly amazing and saved our ass. 

So once again this just goes to show that you just never know how something is going to pan out and what your little tiny efforts that seem so inconsequential and fruitless at the moment will lead to overtime and save your ass when you need it. Business, like life is a marathon not a sprint and the reason so many people don't make it in business is that they want instant results and gratification. This shit takes a long time and you need to pay attention to the small details and be consistent to WIN!

Comments

Popular posts from this blog

COVID will not stop us providing unique settlement solutions using structured settlement annuities!

I hope that you are doing well! We just FINALLY completed the settlement of a case for a minor (age 17) that we were initially engaged by our plaintiff attorney client in February 2021, to provide structured settlement annuity quotes! Although the claimant was very close to the age of majority the key to the case was not giving him all of the settlement proceeds, which was over $120,000, at age 18. Having been in this business for over 20 years I cannot tell you the number of sad cases we have witnessed where the young claimant receives their settlement proceeds at age 18 only to blow through all the funds before anyone can blink and make bad decisions with the proceeds! This case involved two liability insurance carriers Liberty Mutual and Member Select. We coordinated multiple rounds of document revisions and had to have a separate set of different documents for each insurance carrier. In addition, one of the carriers would not fund the annuity until we had a fully executed court ord

Using a structured settlement annuity pre-suit

 We recently were engaged by the Guardian Ad Litem (GAL) in the case of an 11 year old boy who was struck by a care while riding his bike.  The father of the boy settled the case directly with the liability auto insurance carrier pre-suit and the GAL contacted us to ensure that the boy's settlement funds were handled appropriately. The case settled for a total of $65,000 and $59,000 was being allocated to the structured settlement annuity for the boy as follows: $5,000 paid immediately upon settlement $10,000 at age 18 $20,000 at age 21 $25,000 at age 25 $35,718 at age 30 this is total benefits of $95,718! The annuity was placed with a large life insurance company rated A+ by the A.M. Best rating agency and provided the family and GAL with the peace of mind that the young man would not receive the entire amount at age 18. In addition, due to the use of the structured settlement annuity, all of the interest gained during the payout period ($31,718 to be exact) is INCOME TAX FREE!  T

9/17/2023 Weekly Market Performance

  Here is our research department's Weekly Market Performance analysis.  If you have questions or need anything else please contact me at (734) 272-4322 or cyril.white@fourfinancial.com  U.S. and International Equities Markets Mixed The major markets ended mixed this week as the utilities and consumer discretionary sectors led while information technology lagged following Apple’s challenges in China.  Developed international equities posted solid gains this week as European stocks have witnessed their largest gain in six months after the European Central Bank (ECB) signaled an end to its hawkish monetary policy. Next Wednesday, the Federal Reserve meets concerning monetary policy and interest rates.  We believe the Federal Reserve should highlight underlying improvements within the inflation dynamic. In addition, we believe the Fed will not likely declare victory but will probably highlight the risks to growth and inflation are getting into balance. According to the AAII Sentiment