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Additional Information on Settlements and Claims
Structured settlements involve the resolution of a legal claim in exchange for a series of future payments. These payments are funded via a commercial annuity and provide for a fixed amount of payments over a set period of time, which the recipient may not change. However, there are options available in the event that current payments terms no longer meet the ever-changing needs of the recipient. Virtually every state has adopted a law that permits the beneficiary of a structured settlement to sell or otherwise monetize some or all of their future payments. In addition, in 2002, the US Congress made it clear that people who have a tax free structured settlement do not get taxed when they sell their structured settlement payments.
Life insurance settlement options:
Another way people often wind up with an annuity is via a “settlement option” on a life insurance policy. If an insured dies and has a life insurance policy, one of the ways the beneficiary can choose to receive the payments is via a series of annuity payments instead of a lump sum payment of the death benefit. Needless to say, the death of a loved one is traumatic and making a long term commitment to a series of annuity payments may sound like a good idea at the time. However, that decision may not suit the recipient in the future due to life's ever-changing nature.
Owner Annuities – a tidal wave approaches:
In the U.S., over 10,000 people turn 65 each day. Many of these people own annuities or have inherited them from a spouse or family member. An annuity paying, say $2,500 per month, may have seemed like a great idea when it was purchased 15, 20 or even 30 years ago; however, circumstances probably changed since the initial decision was made. In addition, annuity payments can greatly complicate certain assisted-living and nursing-home decisions as the ever-changing set of federal Medicare rules may substantially impact the true “value” of those payments. For example, in most cases one must “spend down” their assets to qualify for full Medicare benefits for assisted living, home nursing or nursing home care. In these cases, disposing of an annuity that is in the name of aging individuals may be crucial. In addition, living on a fixed income can make unexpected liabilities very difficult to deal with. The need for a new roof, car, truck or other big ticket items can severely impact those on fixed incomes. Also, a change in health status can significantly change the actual value of one’s annuity. For example, suppose a 65-year-old is entitled to 30 years of fixed annuity payments is diagnosed 5 years later with a terminal illness and needs money for his/her care, but due to change of life expectancy, may not receive the entire benefit. These are all examples of changing liquidity preferences.
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