Canton (OH) Lehman High School Distinguished Alumni

It’s not often one finds himself mentioned in the same conversation with luminaries like one of the greatest New York Yankees of all time and one of rock ‘n’ roll’s most accomplished drummers ever.

But that’s exactly the situation I find myself in having recently been honored as Canton (OH) Lehman High School’s 2011 Distinguished Alumnus, Business Category.

I am honored and deeply moved to have been considered for this distinction and proud to represent my alma mater.  Especially knowing who some of the past inductees were.

Although Thurman Munson (2001 Distinguished Alumnus, Athletics) and Joe Vitale (2009 Distinguished Alumnus, Entertainment) graduated ten (10) and seven (7) years ahead of me respectively, we all lived within a few blocks of each other and our paths crossed on more than a few occasions, if only tangentially.

Thurman, a three sport high school star, would occasionally drop by our locker room as we were perennially vying for the boys state basketball championship in the 1970’s.  (Not a bad morale booster to have the MLB Rookie of the Year and future MVP rooting for you)  I remember how sad our city felt the afternoon when we learned of his tragic, untimely death.

It was rare to walk past the Vitale household and not hear percussion sounds emerging from inside.  A local legend with The Chylds, Joe went on to record, perform and tour with some of rock ‘n’ roll’s most enduring acts including Crosby, Stills, Nash & Young, Buffalo Springfield, The Eagles, Ted Nugent and Joe Walsh among others.  He’s still rockin’ strong and passed the talent along to his son, Joe Jr., who is carrying on the family tradition quite nicely in his own right.

Although I could never carry a pine tar rag for Thurman Munson or a Sabian cymbal for Joe Vitale, I am proud to share this distinction with two of my high school’s most celebrated graduates.

To the Board of Directors of the Canton Lehman High School Alumni Association, to friend Terry Reed who nominated me and to friend, teammate, SuperLawyer and fellow two-time inductee Rich Milligan* who gave my induction, I publicly profess my most utmost appreciation for this high honor.

           “Memories sweet, joys complete, these will never die . . .

. . . Though far we roam, thy halls are home Lehman High”            

Happy Thanksgiving Everyone!  I am certainly thankful for this great honor.

Dan

* NOTE:   Rich Milligan (2010 Distinguished Alumnus, Civic/Community Category) and I were also honored as 2008 Distinguished Alumni, Athletics as members of the 1971 Boys Basketball State Championship team, Canton’s first ever.

Read Our Latest E-Guide

In an effort to help clients make more informed decisions about structured settlements in these tumultuous economic times, we created this mini e-guide to help them make wiser choices about their futures.

There’s plenty of reading inside so we’ll keep it short here.

To learn why structured settlements remain a beacon of stability amid a sea of financial uncertainty,

[Click Here]

to transfer to the e-guide page where we poke holes in four of the most common misperceptions circulating about structured settlements today.

I hope you enjoy the efforts of our research. Let us know what you think and don’t hesitate to contact us anytime you require structured settlement expertise.

Thank you for the continued opportunity to be of service and best wishes for continued Struccess!

(Re-posted from our firm’s e-newsletter)

(NOTE: Some blogs simply cannot be improved upon.  Here’s one we couldn’t have said better ourselves.  The following is reprinted in its entirety with permission from The National Structured Settlements Trade Association)

Some structured settlements may offer significant advantages

Kudos to CBS News financial writers Larry Swedroe and Tiya Lim for today’s CBS News’ post on structured settlements.  Swedroe is a principal at Buckingham Asset Management in St. Louis and Ms. Lim is the firm’s director of Institutional Advisory Services.

Here’s an excerpt:

A structured settlement offers advantages that you can’t get anywhere else. Let’s start with the tax benefits. All income from your annuity is exempt — not deferred but completely exempt — from federal and state taxes. Your payments are also exempt from taxes on interest, dividends, capital gains and the dreaded AMT.

With taxes almost certain to rise in coming years, that’s not a bad place to be.

A lawsuit settlement may be your one-time chance to protect your finances for years or even decades. The IRS makes structured settlements very attractive. Consider taking the agency up on its offer.

Swedroe’s analysis goes on to explain how an accident victim can potentially maintain eligibility for private and government needs-based programs by irrevocably funding a special needs trust with payments from a structured settlement.  For a free NSSTA handout explaining this in more detail, please click here.

This commentary is a timely reminder about the importance that accident survivors should attach to financial security and guaranteed regular payment streams.  Wild swings in the stock market can make long-term planning more difficult (see here), especially when payments continue to be deducted during depressed times.  By contrast, a structured settlement offers the security of a tailored future payment stream that is not subject to reductions due to interest rate or stock market changes.

(Reprinted from Finn Financial Group E-Newsletter)

Claims Journal

Article Touts Advantages of Structured Settlements
During Claims Negotiations

I was recently interviewed, in my capacity as President of the National Structured Settlements Trade Association (NSSTA), for an article which appears in the October 31 issue of Claims Journal.

Entitled “Benefits of Using Structured Settlements in Claims Negotiations,” the article highlights the use of structured settlements from a defense perspective.

The benefits of structured settlements to an injured party anticipating a physical injury settlement are widely accepted:

• Income tax-free future cash flows
• Competitive rates of return
• Safety
• Security
• Conservation of settlement proceeds

But defendant carriers routinely incorporate structured settlements into their evaluation and negotiation strategy for a host of reasons beyond those most professionals assume.

The author also interviewed Jim Martin, Vice President, Commercial Liability Claims at CNA and Ismael Acevedo, Vice President, Structured Settlements for Chartis who shared their perspectives.

Used properly, a structured settlement can be a helpful and effective tool that benefits defendant and plaintiff alike in their quest to bring about a fair and equitable resolution to an injury claim dispute.

I hope you enjoy the article!

Thank you for the continued opportunity to be of service and best wishes for continued Struccess!

October 28, 2011 – Just a brief postscript to yesterday’s blog about college tuition increases.

To accent the tuition increases we discussed yesterday, CNNMoney today features the article “More colleges charging $50,000 or more a year.”

When settling a personal injury claim, it’s important to consider all future needs.  For those contemplating helping out with college for their children or grandchildren when negotiating their claim, these needs should be factored into the settlement dialog.

Structuring Settlements for Future Success 

October 27, 2011 – The cost of earning a college degree just got pricier.  In some states, a whole lot pricier.

In its article “5 biggest state tuition hikes,” CNNMoney reports an “alarming” increase in college tuition increases.

The hikes they discuss are not of the walking variety by the way.

California, Arizona, Georgia, Washington and Nevada top the list of states where tuition increases rose up to 21%.

What’s a parent to do?

Those settling personal, physical injury claims can employ the same “lemonade out of lemons” strategy parents have been taking advantage of for the 20+ years I’ve been helping clients with their structured settlement choices.

I’m proud to have played a role in helping shape so many futures.

How it works:  No one wants their child to suffer an injury.  But parents with legitimate claims routinely arrange for settlement proceeds to be paid via a structured settlement to coincide with future tuition payments.  The vast majority of judges responsible for approving the settlements tend to prefer this settlement option.

It’s easy on the parents, easy on the plaintiff attorney, easy on the claims representative handling the file and good for the injured party.

In addition to minors structuring their settlements or parents structuring their own settlements to help their kids with college, another terrific but underutilized opportunity arises for plaintiff attorneys who structure their fees.

While most everyone agrees in the value of sending their offspring to college, the sad reality is that most parents are unable to save sufficiently to fulfill this wish.  I have assisted a number of plaintiff attorneys over the years who were savvy enough to structure their fees sufficient to coincide with the anticipated college for their children.

Whether you’re a claims professional offering a settlement, a plaintiff attorney representing a client or a parent in the midst of settling a claim, make sure you ask about structuring your settlement.

A structured settlement is not always the right option for one’s settlement proceeds.  But everyone involved in the process owes it to themselves to have their needs properly evaluated prior to settlement.

Call us.  We can help.

A very brief blog to call your attention to our firm’s most recent e-newsletter featuring a re-cap of the American Bar Association President’s views on two topics vital to the success of our civil justice system:  Structured settlements and the funding challenges facing our state courts.

Required reading for anyone concerned about civil justice.

[Click Here] to read the newsletter and for links to the accompanying video and Defense Research Institute article.

Life Industry Shores Up Balance Sheets 

October 18, 2011 – The life insurance industry’s admitted assets stood at $5.4 trillion as of June 30, 2011 according to A. M. Best.  This represents a 3% increase over the first six months of 2010.

Why should this matter to our clients?

In an economy where ALL industries are challenged, it means that the life insurance companies offering structured settlements continue to rise to the occasion. 

The Insurance Information Institute defines admitted assets as:

Assets recognized and accepted by state insurance laws in determining the solvency of insurers and reinsurers. To make it easier to assess an insurance company’s financial position, state statutory accounting rules do not permit certain assets to be included on the balance sheet. Only assets that can be easily sold in the event of liquidation or borrowed against, and receivables for which payment can be reasonably anticipated, are included in admitted assets.

The life insurance companies offering structured settlement products and services average about 125 years in business. 

We think that’s a pretty good track record for honoring one’s promises.

No question the entire industry will continue to be challenged but as “sure things” go, you’d be hard pressed to find anything surer for your future financial security.

Thank you for the opportunity to be of service!

“Anyone can get old.  All you have to do is live long enough.”

— Groucho Marx —

For most, the realization starts to take root when you hit the age 30 milestone.

For others, it’s age 40.

But without a doubt, by the time that AARP application hits your mailbox at age 50, you begrudgingly begin to accept that some facets of your life just “ain’t what they used to be.”

• Maybe your eyesight begins to fade.
• Or any hair you have left takes on a founding fathers hue.
• You wonder when they started letting nine year olds drive cars.
• Scales begin lying to you on a regular basis.
• Sports skills wane:
• You can no longer catch up with a 90 MPH fast ball.
• Or dunk anything other than a donut

But just when you thought that aging was a passport to marginality and obscurity, some good news surfaces.

In his article Why geezers give the best investment advice, MarketWatch money and investing editor Jonathan Burton points out that “middle aged people make fewer mistakes with finances than those who are older or younger.”

Quoting one of the authors of the study, he goes on to suggest that you consider working with a financial professional between the ages of 43 and 63, because this represents the “cognitive sweet spot” for optimum financial decision making.

At this point in our blog, it’s worth a mention that the Finn Financial Group just so happens to be owned by a feller who falls smack dab into the middle of that sweet spot.  Maybe this is why so many clients continue to seek us out.

Or maybe it’s just because we know where to find the best early bird specials!

Either way, we’re happy to be validated and proud to be of service to all. 

Even you young whippersnappers are always welcome!

The only thing unusual about the way September 11, 2001 unfolded for me in Orange County, California was the fact that my alarm went off at 4:00 o’clock. 

In the morning.

Not normally an early riser, I was scheduled to participate in a settlement conference in the Bay Area that day and logistics required such an early wake-up call.   

Had I not been so expense conscious, I would have flown up the night before, stayed in a hotel, dined at one of the infinite number of excellent restaurants in San Francisco and returned after the conference. 

But my thrift convinced me the better option was driving to Riverside County where I could catch the first flight out of Ontario (John Wayne Airport has a curfew preventing planes from departing before seven o’clock in the morning) and return the same day.

The forty-five minute drive to the airport was typical.  It was early enough that traffic was not a problem and I listened to my local sports talk radio station to see what scores or trades I might have missed from the night before.

But I was running a bit late.

It was going to be tight but I pulled into a reasonably close parking space, quickly grabbed my computer, walk-ran to the terminal, dashed up the stairs to my gate, presented my driver’s license, and answered the silly obligatory security questions (“Are you carrying any firearms?”) before finally catching my breath.

“Whew!  Just made it,” I smile-commented to the gate agent as most of the other passengers were finishing boarding.

While waiting for my boarding pass, I glanced up at at the television monitor tuned to CNN and caught a glimpse of World Trade Center showing smoke flowing out of some of the windows. 

“Wow!  Looks like a pretty bad fire,” I thought to myself as I headed down the jetway, the last passenger to board. 

The clock read 5:48 a.m.

The Southwest flight to Oakland always takes a pretty reliable eighty minutes, the carrier priding itself on its on-time arrivals and departures.  As soon as the plane lifted off, I eased into my customary power nap.

About an hour into the flight, my bio-clock knew it was time to wake up as we’d be landing soon.  But as a stirred, I quickly sensed we were in a holding pattern.  I felt like Del Griffith in Planes, Trains & Automobiles as I mentally paraphrased one of his lines from the movie.  

“Six bucks says we’re not landing in Oakland.”

About twenty minutes after our scheduled landing, still high above land, the captain finally gave us an update.

“Ladies and gentlemen, we’re being re-routed to San Jose this morning.  Apparently some terrorists flew planes into the World Trade Center and there are still some planes that may contain hijackers . . . “

I have no idea what he said after that.  Talk about a message that gets people’s attention. 

Centre Court matches at Wimbledon could never generate as much head twisting as everyone scanned the plane, eyeing fellow passengers half-suspiciously for reassurance and a possible explanation.   

Were we, too, going to crash?  Was our time up?

A few minutes after that first announcement we learned we were going to be landing in Oakland after all.  Soon, we landed to what looked more like a Used Jet Lot than an airport.  No flights were departing and the gates were jampacked.

After a few oddly quiet moments with everyone getting caught up on the news once we deplaned, I realized this was going to be no ordinary day.  I also realized my return flight was going to be cancelled so I’d better work on some contingency plans.

I rushed to the Avis counter to get my car.  Standing behind a passenger and his wife who needed to get back to Texas being told there were no cars available, I awaited my turn.

“One full size vehicle returning this afternoon, sir?”

The wheels in my head turned. 

Were terrorists going to bomb the bridges?  Surely those would be optimum targets. 

Were planes going to be grounded for days? 

Will gas stations run out of gas? 

Will hotels be full if I’m forced to stay here?  I don’t want to end up at the Y.

“Sir?”

“Yes,” I lied, “yes, returning this afternoon.”

I knew full well I was not going to that settlement conference and I knew I was not returning my car to Oakland Airport.  I was going to immediately begin the six-and-a-half hour trek straight back to Orange County while it was still possible.

Once safely en route, I finally checked my voicemails to hear a frantic message from my distraught wife.  The news stations were announcing that some planes were still unaccounted for and it was very easy that day to expect the worst.

Her relief when I called to tell her I was okay was palpable.

I called to let the claims representative know I would not be joining her at the settlement conference in Santa Rosa.  To this day, one of less than a handful of cancelled business appointments in my career. 

Back at Ontario, the airport was on lock-down and I discovered my car had been towed.  It was unclear when I’d be able to pick it up.  Looked like the Avis-mobile was going to be mine for awhile longer.

I arrived safely back home to a world I knew would never be the same.

I was conscious of the fact that I now had a third “Do You Remember Where Were You When . . .” moment to add to the other two watershed events of my lifetime:  The Kennedy Assassination and The Beatles First Ed Sullivan Show Appearance.

But this was different.  I was older and this was different. 

Very, very different.

.