White House Financial & Settlement Consulting, LLC helps families live an easier and less stressful life through the achievement of their financial goals by providing comprehensive, fee-only, client focused financial advice and exceptional service.
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
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
What is a Non-Qualified Assignment? The Non-Qualified Assignment (NQA) product is designed to accept the transfer of a periodic payment obligation for cases that fall outside of personal physical injury claims and litigation as defined under IRC Section 104(a)(2) and are not eligible for an IRC Section 130 qualified assignment. Below is one example of how a NQA could be used to resolve an Attorney Fee Contract Dispute. Case Study: Contract Dispute Situation John, a city bus driver, fails to fully stop at an intersection and collides with another vehicle. The collision was minor, however, there were 20 passengers who incurred minor injuries. Seven of the injured passengers are represented by Attorney Heather Towne; the remaining 13 are represented by Attorney Richard Wright. During the mediation, Wright disputes the initial plan of a 50/50 allocation split for their attorney fees. Further, both attorneys differ on how they prefer their individual fees be disbursed: Attorney Wright
We were recently engaged by one of our personal injury attorney clients to help her defer taxes on a personal injury settlement for a portion of her fees. She is 61 years old and invested $200,000 of her fees into the attorney fee structured settlement annuity with A++ rated New York Life Insurance Company. We assisted her in finding the safest and most competitive annuity company. Her client, the injured party, did not structure any of their recovery. For her investment New York Life will pay her $976.99 for her LIFE, guaranteed for 20 years beginning on April 2, 2024 and she will only owe income tax on the amount from the annuity which she receives in that year! For example, she owes zero income tax on the original $200,000 invested in the annuity because she did not constructively receive that income, it went straight to New York Life. She only begins to pay income tax on the $11,723.88 (the monthly amount of $976.99 multiplied by 12 months in a year) beginning on April 2, 2
We hope this blog post finds you, your family and your practice healthy and well in these challenging times! With so many investment options available it's difficult to know which is best for your client who is receiving a personal injury settlement. There are many variables that go into this important decision and it's necessary to compare all of their investment options. We hope that the following table will help your clients with this decision. For 20 years we have been Michigan's premier and ONLY Plaintiff Focused Structured Settlement Consultant. Please contact us early at (734) 433-1670 or firstname.lastname@example.org and let us help you and your clients maximize your hard earned settlement dollars call! www.whitehousellc.com
We hope this blog post finds you, your family and your practice healthy and well in these challenging times! We thought you should know that one of the Structured Settlement Annuity Life Insurance company's USAA is updating its structured settlement pricing, effective May 10, 2021. The most significant change is the elimination of the lock fee and the new requirement to lock every quote with USAA Life within 7 days of the quote date. For 20 years we have been Michigan's premier and ONLY Plaintiff Focused Structured Settlement Consultant. Please contact us early at (734) 433-1670 or email@example.com and let us help you and your clients maximize your hard earned settlement dollars call! www.whitehousellc.com