Imperial Structured Settlements

BOCA RATON, Fla.--(Business Wire)-- Imperial Structured Settlements celebrates one of its own on being inducted into the Hall of Fame.

On October 10, 2009, Imperial Structured Settlements Associate Counsel Jim Klohn was inducted into the Ravenna High School Hall of Fame in Ravenna, Ohio for his outstanding athletic achievements.

Jim attended Ravenna High School from 1980-1983. During that time he was a varsity letter holder competitively competing in basketball, baseball, football and track.

Some of Jim`s accomplishments are a 2 time all district defensive end in football and a UPI Ohio lineman of the year in 1983. In addition, he was a 2 time all conference basketball player and conference record holder for scoring 51 points in a single game.

When not playing on a field or on a court, Jim was also actively involved in his community volunteering for the Boys and Girls Club and helping others fulfill their athletic dreams through his participation with the Special Olympics.

"It was a total surprise to me when I got the call that they were going to induct me into the hall fame," said Jim Klohn Associate Counsel of Imperial Structured Settlements. "It`s a great honor to accept the invitation and to know that Ravenna High School felt that my efforts were worthy enough to be recognized," Klohn continued.

Jim started working for Imperial Structured Settlements in January of 2009, where he is the Associate Counsel; a liaison between Imperial`s customers, insurance companies and outside counsel.

"Jim has demonstrated that he is a tough competitor with a nurturing way," said Deborah Benaim, Sr. Vice President of Imperial Structured Settlements. "It was no surprise to us that he has been bestowed this honor," Benaim continued.

The ultimate human necessity is to make a difference in the world, or to touch someone else`s life in a meaningful way. To many, this opportunity arises infrequently; to us at Imperial, it`s almost a daily occurrence…and we dare not fail because only wecan help at that particular moment…we need to extend ourselves to the limit…because sometimes we are their last line of defense before disaster strikes.

About Imperial Structured Settlements

Imperial Structured Settlements, LLC is a specialty finance company that purchases from individuals the rights to structure settlement payments and certain annuities. Imperial Structured Settlements is a wholly-owned subsidiary of Imperial Finance & Trading, LLC and is headquartered in Boca Raton, Florida. For more information, please visit www.imprl.com or contact Heather Chickering at hchickering@imprl.com or (561) 995-4260.

Imperial Finance & Trading

Heather Chickering, 561-995-4260

hchickering@imprl.com

Guide to Structured Settlements : Special Considerations

Any person entering into a structured settlement should be on guard for potential exploitation in relation to the settlement:

Excessive Commissions - Annuities can be highly profitable for insurance companies, and they often carry very large commissions. It is important to ensure that the commissions charged in setting up a structured settlement don't consume an inappropriate percentage of its principal.

Overstated Value - Sometimes, after negotiating a particular settlement figure, the defense will overstate the value of a structured settlement. As a result the plaintiff, in accepting the settlement, in fact obtains a significantly lower dollar value than was agreed upon. Some defendants have nominally paid the full amount of the settlement, knowing that they would later obtain significant rebates from the annuity companies they used. Plaintiffs should consider compariing the fees and commissions charged for similar settlement packages by a variety of insurance companies, to make sure that they are in fact getting full value. A plaintiff may wish to make it a condition of the settlement that the defendant will actually pay the full value of the settlement in setting up the structured settlement, and that any rebates received by the defendant for annuities included in the settlement be payable to the plaintiff.

Self-Dealing - There have been cases where the plaintiff's lawyer is also in the insurance business, and sets up a structured settlement on behalf of a client without disclosing that the attorney is purchasing the annuities from his own business, or is pocketing a large commission on the annuities. Similarly, there have been situations where the plaintiff's attorney has referred the client to a particular financial planner to set up a structured settlement, without disclosing that the financial planner will be paying the attorney a referral fee in relation to the client's account. Make sure that you know what financial interest, if any, your lawyer has in relation to any financial services sold or recommended by the lawyer.

Life Expectancy - It is unfortunate, but many people who receive large personal injury or workers' compensation settlements will have a shortened life expectancy as a result of their injuries. It is important to consider life expectancy in association with any structured settlement, and to consider whether it is appropriate to enter into an annuity where payments will cease upon death. Sometimes it will make sense to insist upon an annuity that pays a minimum number of payments, or one that will pay a balance into the plaintiff's estate, such that the value of the settlement is not lost to an insurance company upon the plaintiff's untimely death.

Using Multiple Insurance Companies - For larger settlements, it often makes sense to purchase annuities for a structured settlement from several different companies, dividing the settlement between those companies. This can provide you with protection in the event that a company that issued annuities for your settlement package goes into bankruptcy - even in the event that one of the companies defaults in part or in full on your settlement payments, you would still receive full payment from the other companies.

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Do you need a Structured Settlement Buyer?

A structured settlement is a certain amount of money that has been set aside for the benefit of a beneficiary. Each month a withdrawal is paid to the beneficiary. These settlements may come from insurance settlements, legal awards, workman's compensation and other sources. When it becomes apparent to the owner or beneficiary of a settlement that a lump sum is needed they will locate a structured settlement buyer. The buyer is one who will offer a certain amount of cash, less than the lump sum of the settlement, to make a profit.

It is well known that there are going to be some fraudulent buyers of structured settlements. A structured settlement buyer has to be able to manage a settlement. It is going to take a court decision to change a structured settlement. With restrictions on several states regarding buying structured settlements the first place to check is the law or an attorney. Those who are paying the settlement money may dig their heels about releasing the money. There is also the possibility of tax liability for the beneficiary once the money has been released.

Since a tax amount is a part of the responsibility of the settlement recipient this has to be factored in to the total agreed on with a buyer. Cash for structured settlement may be needed for emergency or health situations, regardless of any legal or tax issues. A buyer is going to offer considerably less than may be needed. When this happens, since the money is not the buyers, there is room for negotiation. As long as the buyer will walk away with a reasonable amount of money a sale can still happen. There are often more than one buyer who can cause the bidding to increase.

When a structured settlement company approaches someone about selling a settlement they should be checked for their reputation. There are some buyer companies that many walk away with a settlement. It is wise to consult with an attorney before moving forward. An attorney is there to protect the consumer and make certain that there are not other options available such as an adjusted monthly payment. They can look into the laws regarding the right to sell structured settlement. Since this is something that happens often, an attorney will likely know of companies who have a good reputation for structured settlements.

This article is from ezinearticles.com

Guide to Structured Settlement: LUMP SUM

Getting a Lump Sum of Cash For a Structured Settlement

Now because of rising expenses and a need for cash the desire may be a lump sum. Structured settlements have advantages and disadvantages when thinking about keeping them or holding on to them. Lump sums of cash as approved by a court order can be used for many of the following:

    * Down payment on a new home
    * Get out of debt that you are drowning in
    * Pay off credit card bills
    * Pay medical related bills and services
    * Buy a new device or equipment that would help your disability
    * Pay piled up business expenses or fund a business
    * Education tuition and school bills
    * New car or payoff of a car
    * Home improvements that are desperately needed, such as a new roof

The final decision will ultimately be the judge that is looking at your request. Most requests are approved, but it is not guaranteed that all cash transfers will be approved. There are some items in the settlement that may not allow for the sale of future payments, there may be a non assignment clause, an age to sell clause or other type of restriction. In any case when you need a lump sum from your structured settlement there are ways to do this and it is fairly common now to get cash from your future payments. Find a present value calculator on the web and see what your future payments are worth today. This will help you get a ruff estimate of what the future payments are worth. The settlement funding companies will have their own risk rates for present value.

Use the calculator to see what the ballpark amount would be. When researching to find a good buyer one way to select is to contact the national better business bureau by phone or their web site to see if they have a low amount of complaints. Now you are ready to get a lump sum of cash for your structured settlement. Get the process started now.

To read the full article, click on Getting a Lump Sum of Cash for a Structured Settlement

Guide to Structured Settlement: PURCHASE

Companies that purchase structured settlements will buy out your future payments in exchange for advancing you money now, minus their fee. These companies can provide needed cash in a lump sum, far more than your monthly allotment, if that is what you choose to do, instead of staying on the monthly or yearly plan that your structured settlement sets forth.

If you have been involved in a lawsuit for personal injury, product defects, medical malpractice, or wrongful death of a family member, you may have mediated a settlement offer. Many times, since settlements in personal injury cases can be so large, the payouts are structured, or set up to be paid out in increments over time. This can be over several months, or years, and in some cases for a lifetime of payments. This amounts to a guaranteed income for the person who has settled their lawsuit for monetary compensation.

When a large sum is spread out over many months, or years, there can be some tax advantages, and it does assure the recipient of future income. By taking a large lump sum all at once, the person who receives it gets a large amount of money all at one time, with nothing set aside for future expenses. People who are hurt and have ongoing medical expenses will need a lot of money for their future care, and a structured settlement is good for that purpose.

Sometimes, however, the recipient has a good reason for wanting a large amount of cash immediately, instead of the smaller amounts over time. They might want to go to college, or buy a house, or have another good reason for needing some, or all, of their settlement money up front. This is a good time to consult the companies who purchase structured settlements.

There is a fee charged, from around 10 to 30 percent of the money advanced, and the transaction is similar to getting a payday advance, except for a lot more money, and the repayments go directly to the company that bought out your settlement. It is possible to have them purchase just a part of your settlement, so you get a lump sum now, and whatever remains would continue as before, but in a lesser amount. You would still get some future income, just not as much.

To read the full article, click on Purchase Structured Settlements

Guide to Structured Settlement: LOANS

Structured settlement loans are given against plaintiffs’ periodic claim settlements. Court judgments where a structured settlement is awarded are called periodic payment judgments. If a claimant has been awarded a financial resolution in which he or she will receive periodic payments instead of a lump sum, a loan may be extended against the value of the settlement.

Such loans are offered by many financial organizations specializing in legal funding. The practice is not held in very high esteem, since the laws concerning structured settlements are designed to protect the recipient from exploitation. However, the fact remains that funds received through a structured settlement represent a form of income, and loans against any sort of regular income are always available.

Availing of such a loan is often the only recourse open to a claimant for obtaining a substantial amount of money. A structured settlement is treated as a special income tax category and cannot be traded in for a lump sum settlement.

The laws surrounding structured settlements are rather specific, and obtaining a loan against them is not as easy as it may sound. Financiers who claim otherwise are usually not reliable. In legal terms, using a structured settlement as collateral for anything at all, including a loan of any kind may void the whole deal. Availing of such a loan is a matter best left to a knowledgeable attorney or law-savvy accountant.

In cases where loans are taken against a structured settlement, the purpose is usually not to obtain hard cash but to buy a house or some other asset. In such cases...

To read the full article, click on Structured Settlement Loans

Guide to Structured Settlement: PAYMENT TAX ADVANTAGES

Structured settlement payments are a key part of any settlement between both parties and because it involves financial numbers, it automatically factor in some issues over taxation. Let this tiny bit of information illustrate how a long-term agreement can give you tax advantages.

When a person sues another person due to some sort of injury and wins the case, the claimant will receive monetary compensation for the loss through a settlement payment agreement.

Before, settlements come in the form of a lump sum but this proved to be very demanding on the spot for the paying party. The solution in the recent rimes is the payments which are gaining popularity because of its practicality and benefits for both parties.

As a substitute to a single lump sum payment, the claimant will be compensated a monthly settlement payment for an agreed period of time Choosing a series over the lump sum amount means a guaranteed source of long-term income for even a whole lifetime.

One of the highlighted benefits of these regular payments is the excellent tax advantages that come with it. It is basically income exempted from taxes unlike the usual salary or other forms of income like royalty or dividends.

For the record, there is no income tax on structured settlement payments since 1982. The tax savings itself makes this option of maintaining the long-term monthly payments very attractive. Over the entire period of the settlement, such savings is a big amount in itself.

A decade ago, there are problems with issues on the burden of taxation over transactions of transferring or selling of settlements. Insurance companies asserted that their clients or even their companies are at the losing end with the dealings in structured settlement selling.

When an individual sells, the annuity obligors suffer tax consequences. This became the source of several litigation in the past between insurance companies and settlement purchasers and annuitants.

With the enactment of the Structured Settlement Protection Act, it will further benefit these individuals receiving the monthly regular payments. Such regulation also clearly mandated that annuity providers will also not suffer from further tax consequences as a result. The law clearly states that annuity owners and providers do not owe any taxes as a result of these transactions.

Selling your structured settlement payments will...

To read the full article, click The Tax Advantage of a Structured Settlement