Top Structured Settlements Broker in Michigan Advises to Do Homework before Selling Annuity, Inheritance, Lottery Awards
Paper Trail, Inc. principle officer, Bernard Hardrick, offers five key points to be aware of before closing a structured settlement.
Secondly, a Michigan State court must approve the before the sale of a structured insurance settlements must be in the best interest of the recipient every case.
“If there is any imminent financial hardship because of a change in the payee’s circumstances after the execution of the initial structured settlement agreement,” reported Bernard Hardrick, principle officer of Paper Trail, Inc., “bring that to the attention of the broker immediately.”
Here are examples of the financial hardships: medical, transportation issues, education or training or mounting debt issues.
The Michigan Structured Settlement Protection Act of 2006 offers owners of structured settlements in Michigan a sense of financial security through the use of a customized benefit plan tailored to meet their individual needs. But beyond providing claimants with peace of mind, structured settlements in Michigan also act as a valuable tool for claim professionals liker Bernard Hardrick.
By employing Paper Trail, a structured settlement service, to resolve personal injury and non-injury cases, claim professionals can reduce administrative and legal costs, cut the time it takes to settle claims, and avoid the risks associated with going to trial.
Structured Settlements are court awards granted a plaintiff as a result of a personal injury, wrongful death, or similar claim and are typically in the form of an annuity which pays monthly or quarterly. In today's jobless recovery, however, more and more Americans are finding it necessary to convert their monthly payment stream to lump sum cash due to the loss of a job or imminent financial hardship
Structured settlements are an important tool claim professionals can use to enhance the negotiation process. For example, the use of a structured settlement can help bridge the gap between a settlement offer and demand, create an opportunity in a deadlocked negotiation, and shift settlement discussions from cash to providing for a claimant’s financial needs on a long-term basis. Such settlements also expedite the removal of liability and legal obligations from a defendant’s corporate books and transfers liability for future payments.
Bernard Hardrick points out that a structured settlement in Michigan may have the benefits of: 1) tax-free income, 2) maximum security, and 3) flexibility in setting up your periodic payments.
Contact Bernard Hardrick at Paper Trail, Inc.
This press release was submitted by Grow Small Biz.
Paper Trail, Inc.
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