July 3, 2013 – The June, 2013 issue of For The Defense features an excellent article on the role of the Structured Settlement Consultant in a negotiation setting.

Co-authored by Past President of the American Bar Association William T. “Bill” Robinson, III and attorney/mediator Bruce B. McIntosh, considered one of the “Best Lawyers in America,” the article describes how a structured settlement expert can add value to the claim settlement process.

Maximizing the Advantages is an appropriate subtext for the article, “Understanding the Role of the Structured Settlement Consultant,” which can be found linked to a recent blog post of the National Structured Settlements Trade Association (NSSTA).

I was fortunate to have been serving on NSSTA’s Board of Directors as its President in 2011 when Mr. Robinson served as the keynote speaker for our annual meeting and was privileged to hear his views and unwavering commitment to structured settlements from both the defense and plaintiff perspectives first hand.

Excerpts of Mr. Robinson’s address to NSSTA are available on YouTube which you can link to, along with many other helpful video clips, from the Video section of our firm’s website.

Back to the Future

In recent years, many attorneys, mediators and claims professionals alike have unfortunately gravitated toward viewing the structured settlement expert as a mere seller of wares to be dealt with only after a claim settles.

In so doing, they overlook key features of the structured settlement which can be of significant value to all parties during the evaluation and negotiation phases of the settlement process.

Finalizing the specific terms of the structured settlement post-agreement in principle will remain a common and necessary part of the final resolution.

But for anyone seeking to truly Maximize the Advantages of a structured settlement expert, engaging one sooner rather than later will inure to the benefit of all involved.

We compliment For The Defense for bringing this relevant topic back to the forefront of the claims consciousness in their widely circulated and well-respected publication.

And we thank them for recognizing the vital role structured settlement consultants play in the successful outcome of a claim settlement.

Jun 28, 2013 – At our monthly Collaborative Courts Foundation Board of Directors meeting this past week, I proudly accepted my fellow Directors’ nomination to serve as its Vice Chairman for the coming term.

I feel privileged to serve my community in this capacity and look forward to seeing how much good we can do together.

So what exactly is a “Collaborative Court” and what does the Collaborative Courts Foundation do?

As the Superior Court of California, County of Orange website describes it:

Collaborative or “problem solving” Courts are specialized court tracks that address underlying issues that may be present in the lives of persons who come before the court on criminal, juvenile, or dependency matters. These life-changing programs involve active judicial monitoring and a team approach to decision making, and include the participation of a variety of different agencies, such as Probation and health treatment providers. 

The site goes on to describe the nineteen collaborative courts offered.

Many of the needs of those who participate in the Collaborative Courts programs cannot be met through the individual’s normal channels.  That’s where the foundation comes in.

The Collaborative Courts Foundation (CCF), a 501(c)(3) nonprofit organization raises money to help support the collaborative courts program by helping those who need a little helping hand.

If you would like to join us in supporting this great cause, please consider attending, sponsoring or donating an auction item to our fall fund raiser.

You’ll have a good time and be contributing to a good cause.

It’s an honor to serve with my fellow Directors on the Collaborative Courts Foundation Board.  I draw inspiration from their commitment and passion and look forward to a successful event this fall.

Hope to see you there!

June 27, 2013 – As we head toward half-time of the 2013 structured settlement and annuity season, we pause to reflect on our firm’s successes for the first half of the year.

What a great year it’s been and, as Paul McCartney once sang, “getting better all the time.”

Clients choose us because they know we measure our success by our ability to help people meet their long-term financial goals.  So let’s take a quick time out to analyze some of the half-time stats we’re more than a little bit proud of as we check them off our list:

How We’re Doing

• 58 – Total number of individual structured settlement and retirement annuities placed to help clients secure their financial futures.  
  • BONUS STAT I:  This is almost as many as the 62 we placed all of last year.  This reassures us that we’re succeeding in our efforts to reach more people so we can help as many folks as possible.
• 13 – Total number of plaintiff attorneys whose futures we helped secure by structuring their attorney fees or converting some of their other retirement assets to guaranteed future cash flows on a tax-advantaged basis.
  • BONUS STAT II:  Structured attorney fees accounts for a significant portion (22%) or our success this year.
• 66 –  Percent of people who called for help this year which resulted in the placement of an annuity for them.  We call this our “Success Ratio” or the number of people who end up choosing an annuity divided by the number who ask for a quote.
  • BONUS STAT III:  This figure is roughly DOUBLE the industry average!
• 22 – Number of those who’ve approached us for assistance but haven’t yet structured or annuitized and whose decisions are still pending.  Depending on what these clients choose to do, our Success Ratio could climb even higher.
• 52 – Total number of blogs or newsletters written with an eye toward helping claims associates, the legal community, working people and friends make more informed choices about the options available to them when confronted by assorted financial challenges.
• 9,200 – Estimated number of printed copies of my article, “Taxable Damage Structured Settlements,” sent to subscriber members of  Advocate: Journal of Consumer Attorneys Associations for Southern California.
• 1 – Philanthropic organization, the Collaborative Courts Foundation, on whose Board of Directors I accepted an invitation to serve and was recently elected Vice-Chairman.

And with structured settlement and annuity rates continuing to rise, we’ve been busier these past few months than we have in the past two years.  All signs point toward an even more successful second half.

So THANK YOU for allowing us to be part of YOUR success this year.  May your second half be equally as successful however you measure yours.

.

.

.

PS  Oh, yes.  There’s actually one more personal milestone I’m pretty proud of, too, and would be remiss if I failed to mention:

• 25 – Number of years of marriage celebrated with my wife and our firm’s Office Manager, the incomparable former Ms. Stephanie Bianchi.

Our Silver Wedding Anniversary

June 21, 2013 – While still a very long way from ever becoming law, the Lifetime Income Disclosure Act (H. R. 2171) was introduced in the United States Congress last month seeking to amend the Employee Retirement Income Security Act of 1974 (ERISA) to include disclosures on lifetime income.

The bill was referred to the House Education and Workforce committee where oddsmakers give the bill a one percent chance of getting past the committee and a zero percent chance of ever becoming law.

But whether or  not this act becomes law, if this Boston Globe article is any indication, one thing seems to be certain:

Annuities are cool again!

And this annuity coolness has been building for awhile as evidenced by this New York Times article from a few years back describing the support they’ve been receiving from the Obama Administration.

Three years ago, in the Annual Report Of The White House Task Force On The Middle Class, one of the suggestions for helping give families better choices to reach a secure retirement included (p. 27):

“Promoting the availability of guaranteed lifetime income products, which transform at least a portion of retirees’ savings into guaranteed future income, reducing the risks that retirees will outlive their savings or that their living standards will be eroded by investment losses or inflation.”

Did someone say “guaranteed lifetime income” and “guaranteed future income” in the same sentence?

Not surprisingly, the annuity effort has met with some resistance by those in the investment community who believe the only way to retirement security is to save, invest smartly and draw down their nest egg.

We don’t reject the draw down strategy out of hand since we believe in balance and are not so naive to think one size fits all.

But we are convinced that annuities remain . . .

• one of the best;
• least risky;
• most cost-effective; and,
• most under-appreciated

. . . asset classes available for anyone seeking safe, secure income that cannot be outlived.

And they deserve serious consideration for anyone seeking retirement security.

But then again, we’ve been on this bandwagon for years.  Check out the results of our research in this October, 2009 newsletter offerings:

Live Longer . . . Buy Annuities

Knowing how many people we’ve helped over the years with structured settlement, structured attorney fee and retirement annuities, we’re hopeful this bill gets some traction.

So, when you’re ready to hang up your work-life cleats and head to the beach for your retirement, remember how important annuities can be to your future security.

And give us a call.  We look forward to helping.

June 20, 2013 – You sock away as many hard-earned dollars as you can spare, invest in a solid low-cost mutual fund or follow your advisor’s investment recommendations in anticipation of some day being able to convert your next egg to a retirement cash flow that will help support you and your family comfortably after your work life comes to an end.

Save, wait and flourish.  That’s the conventional wisdom.

Maybe you were too young to fully appreciate it or didn’t have a large enough nest egg to worry about it in 2008 when The Great Recession hit.

Maybe you got clobbered by it like nearly everyone in the Universe.  (Guilty!)

Or maybe you lost a bunch of money but gutted it out the past five years, weaned yourself off the Pepto Bismol as your retirement portfolio rebounded and you are once again feeling like the future is bright.

And why not?  After all, the economy seems to be heading in a positive direction if underwhelmingly so.

Still, you know “what goes up must come down” so you pore over economic forecasts and advice columns to make sure you don’t get swept up in the free fall you know will occur some day.

This time, you pledge, you will NOT get burned by another recession.

There’s only one thing wrong with this picture:

Economists have a VERY bad track record at predicting recessions.

According to a telling chart featured in this week’s Business Insider, economists collectively failed to correctly predict every recession since the 1970s.

The excerpt is based on the article “Economists Are Totally Clueless About The Economy” appearing in the weekly newsletter of financial expert John Mauldin.

Why We Like Annuities

At Finn Financial Group, we will never tell you which stocks to pick or when the next recession is coming.  It’s just not our thing.

Our expertise in annuities, on the other hand, allows us to help clients achieve their long-term financial security on a tax-advantaged basis without the worry.

The recession can come or go as it pleases but the annuity’s guaranteed cash flows continue.

Sure, you might be missing out on some “market gains” but the peace of mind that comes from knowing what to expect makes for a more stress-free future.

This is why clients across the country seek us out for help with their structured settlements, structured attorney fees and 401(k) roll-overs.

Safety, security and guaranteed cash flows.  That IS our thing!

Besides, too many spoonfuls of a thick, pink liquid containing something called bismuth subsalicyclate just can’t be good for you.

June 6, 2013 – Just this afternoon, a terrific guest column was published in the Missoulian by the area’s 2013 personal injury “Lawyer of the Year” Doug Buxbaum.

The op-ed testimonial, “Sen, Baucus’ greatest achievement,” personalizes one of the greatest, if most unheralded, accomplishments in the storied political career of the senior senator from Montana, Max Baucus.

As we commented on a few weeks ago when Sen. Baucus announced his decision to retire from Congress after his current term expires, he leaves behind a legacy of advocating for those whose lives were turned upside down by circumstances beyond their control.

Thanks to Sen. Baucus’ strong leadership over the years, laws exist today which enable accident victims to benefit from one of the best settlement alternatives ever conceived:  Structured Settlements.

None of this could have ever been possible without Sen. Max Baucus’ commitment to doing what’s right for those who need it most.

As a Past President and former Board Member of the National Structured Settlements Trade Association (NSSTA), I’m proud to have had the opportunity to interact with this phenomenal public servant who has done so much good for so many people.

Sen. Baucus never called press conferences to pat himself on the back for all the good he did for those suffering from personal, physical injuries who benefited from his efforts.

But as Mr. Buxbaum’s column points out, his footprint is going to be one that’s hard to replicate.

So once again, we say “Thank you, Sen. Max Baucus” for all you’ve done to help so many by your support of structured settlements and “Thank you, Doug Buxbaum” for personifying your senator’s work so eloquently.

June 5, 2013 – In a tremendous display of support for structured settlements, Prudential Insurance Company of America recently produced a powerful video featuring two senior executives from the company describing the many benefits of structured settlements.

The video captures Prudential Retirement’s Christine Marcks, President and Phil Waldeck, Head of Pensions and Structured Solutions, sharing their views on the benefits of structured settlements, Prudential’s financial strength and the company’s commitment to the industry.

We proudly feature this video “Meeting the Challenges of the Structured Settlements Market” on our firm’s video page [HERE].

This video was crafted following the creation of Prudential’s Structured Solutions Leadership Council – an assemblage of structured settlement professionals throughout the nation – formed last year for the purpose of discussing the challenges and opportunities the structured settlements industry faces and to find ways to address them for the benefit of all.

I’m proud to have participated as a charter member of the Leadership Council and am honored to have been asked to return for a second year.

Although Prudential produced this video and sponsors the Leadership Council, the company clearly is focused on the broader goal of increasing public awareness of structured settlements as a means of resolving claims and securing the financial futures of those anticipating settlements stemming from personal, physical injury claims.

By discussing structured settlements in the same conversation with pension income and retirement security, this company has taken an important step into the future of this industry.

Congratulations to Prudential Insurance Company of America and THANK YOU for your commitment to the structured settlements industry!

May 24, 2013 – Shortly after I posted my blog on Structured Attorney Fees earlier today, the following MarketWatch article popped up on my in-box:

“3 money moves to beat back higher taxes –

How to navigate new rules and put more cash in your pocket”

Money Move No. 1 from this Dow Jones affiliate especially caught my eye since it was squarely on point with the blog on Structured Attorney Fees I had just posted.

Since the holiday weekend is upon us I won’t elaborate beyond the link.

But I thought it was important enough to pass along as a postscript given the fact it reinforces the benefit of delaying recognition of income for tax efficiency.

Happy Memorial Day to all.  Please be safe.

May 24, 2013 – Message I received earlier this week from a long-time plaintiff attorney client after I assisted him and several of his co-counsel with placing some structured attorney fees:

“Thank you, Dan, for being so great to work with the last 20 years.”

Talk about a nice way to end your day!

Receiving validating messages like this from appreciative clients sure adds to the pleasure I get from helping  people make smart decisions about their finances.

And if recent history is any indication, attorneys structuring their fees is a trend on the verge of exploding in popularity.

What makes me believe such a thing?

In the past two weeks alone, I have assisted with the structuring of EIGHT (Yes,  8 ) individual attorney fees.

That’s eight smart attorneys who decided it makes more sense to pay fewer taxes in future years than higher taxes in the current year on fees they earn.

Several more structured attorney fees are pending resolution of the claim.

While I’d like to believe this recent success is attributable solely to the publication of my article on Taxable Damage Structured Settlements in this month’s issue of Advocate, published by the Consumer Attorneys Association of Los Angeles, the more plausible explanation is that the legal community at large more widely recognizes structured attorney fees as a sensible tax and retirement planning opportunity unique to contingency fee-based attorneys.

Especially in California where the passage of Proposition 30, in addition to the federal American Taxpayer Relief Act of 2012 (ATRA), really elevates the importance of structuring taxable dollars to unprecedented levels.

We Invite You to Join the Party

We’re proud of the strong, long-term partnerships we have with numerous plaintiff attorneys who have trusted us to help them structure their fees for years and who continue to view structured attorney fees as a routine part of their practice.

But for those clients and potential clients who have kicked the tires but have yet to take the structured attorney fee plunge, we invite you to call for a confidential review and evaluation.

The economics are in your favor like never before.

And we promise we won’t tell you that you need to structure your fees.

We’ll simply lay out the numbers you give us, present you with some options, project the money you can save and let you decide for yourself if structuring your attorney fees makes sense.

Or better yet, call your CPA first and ask if it makes sense to defer some of your anticipated fee into a future year.

Then call us after your tax professional says, “Absolutely!”

For additional reading, we invite you to visit:

MyStructuredFee.com

Structuring Your Attorney Fees for Future Security and Tax Deferral

May 15, 2013 – A note of appreciation to one of my colleagues in the structured settlements industry and best selling author, Don McNay, for calling my attention to an interesting article appearing in The Lane Report, a periodical focusing on business and economic issues in and around Don’s home state of Kentucky.

The article, “Pike County economy gets $54 million boost each year from pensions,” sheds light on a little talked-about economic reality:

People receiving regular, ongoing cash flows stimulate economies!

Much is written about the benefits of steady income, whether from pension, structured settlement or Social Security payments.  So much so that most of us can extol their benefits in our sleep:

Makes it easier to pay your bills;
Safe, secure cash flows help lower stress;
Steady income creates peace of mind;
“Protects the needy from the greedy” (to quote attorney Joe Jamail);
And so on

But the focus of all the dialog is almost always on the benefits to the recipient of the cash flows.

This article goes a step beyond, quantifying the benefit of guaranteed cash flows to the broader economy.

Big lump sums might be nice.  For a short while.

But when windfalls are spent, what then?

Who benefits when individuals no longer have the means to take care of themselves because they have no cash flow?

Not them.  Not their families,  And not their economy.

Even though people spend about one-third of their lives sleeping, you’d never consider going to sleep in 2013 expecting to wake up twenty-five years later, would you?  (Although this option would have appealed to a number of my college friends)

And for the same reason it’s healthier to eat several small meals during the course of a day than it is to consume all your calories in one sitting, it’s better to have your financial means spread out over time.

All of this speaks to the wisdom of the “slow and steady wins the race” philosophy.

Pensions, structured settlements and retirement annuities.  The Big Three of safety and security.

By the way, this article just emphasizes the benefits of pensions payments to one county in one state.

Imagine what happens if we extrapolate these statistics across the entire country and include structured settlement and annuity payments?

That’s a lot of economic stimulus that doesn’t cost the taxpayer a dime.

So, in a way, it’s not just a pretty good idea to choose a structured settlement instead of a lump sum when anticipating a personal injury settlement.

It’s practically your patriotic duty to do so!