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This Schematic demonstrates how to create a Special Needs Trust (SNT) from a Qualified Settlement Fund (QSF).
A Structured Settlement is a Process NOT a Purchase.
This schematic (diagram) demonstrates the many different contractual, statutory, and transactional inter-relationships (‘circuits’) between the many stakeholders and public policy demands present in many structured settlements and plans. Ignoring these realities exposes stakeholders to unintended risks and possible catastrophic failures of settlement plans, and loss of the "safe harbor" which they desire. It is in the best interests of each party to carefully consider each of these transaction lines to assure that they have adequately accounted for these requirements.
In many ways, this schematic is not unlike the complexities of an integrated electronic circuit. A key to smooth operation of an electronic circuit is to assure that every circuit has a positive and a negative, a beginning and an end – a closed circuit. The electronic engineer is a planner; and the engineer designs the circuits to perform their intended tasks. If there are any incomplete circuits, they are referred to as ‘short circuits’. As many know, ‘short circuits’ will lead to malfunction of the electronic device, and in many instances, short circuits can result in fire, or catastrophic failure.
With structured settlements, and more importantly Settlement Planning, the Settlement Planner, is not unlike the electronic engineer, drawing up the transaction lines to assure that the settlement plan (device) functions smoothly. Similarly, if a transaction involves an incomplete contract, or lacks a perfection of intent and purpose, then these are essentially ‘contractual’ short circuits. With this, there can (and perhaps will), be unintended consequences or catastrophic failure of the settlement intent, which for many stakeholders this means loss of safe harbor.
By applying these simple principles to the convoluted structured settlement and planning environment, stakeholders may more efficiently apply their resources toward their respective goals, and reach and maintain safe harbor.
A Structured Settlement is a Process NOT a Purchase.
This schematic (diagram) demonstrates the many different contractual, statutory, and transactional inter-relationships (‘circuits’) between the many stakeholders and public policy demands present in many structured settlements and plans. Ignoring these realities exposes stakeholders to unintended risks and possible catastrophic failures of settlement plans, and loss of the "safe harbor" which they desire. It is in the best interests of each party to carefully consider each of these transaction lines to assure that they have adequately accounted for these requirements.
In many ways, this schematic is not unlike the complexities of an integrated electronic circuit. A key to smooth operation of an electronic circuit is to assure that every circuit has a positive and a negative, a beginning and an end – a closed circuit. The electronic engineer is a planner; and the engineer designs the circuits to perform their intended tasks. If there are any incomplete circuits, they are referred to as ‘short circuits’. As many know, ‘short circuits’ will lead to malfunction of the electronic device, and in many instances, short circuits can result in fire, or catastrophic failure.
With structured settlements, and more importantly Settlement Planning, the Settlement Planner, is not unlike the electronic engineer, drawing up the transaction lines to assure that the settlement plan (device) functions smoothly. Similarly, if a transaction involves an incomplete contract, or lacks a perfection of intent and purpose, then these are essentially ‘contractual’ short circuits. With this, there can (and perhaps will), be unintended consequences or catastrophic failure of the settlement intent, which for many stakeholders this means loss of safe harbor.
By applying these simple principles to the convoluted structured settlement and planning environment, stakeholders may more efficiently apply their resources toward their respective goals, and reach and maintain safe harbor.
This Schematic excludes, Qualified Settlement Funds and Transfers (factoring) transactions.
A Structured Settlement is a Process NOT a Purchase.
This schematic (diagram) demonstrates the many different contractual, statutory, and transactional inter-relationships (‘circuits’) between the many stakeholders and public policy demands present in many structured settlements and plans. Ignoring these realities exposes stakeholders to unintended risks and possible catastrophic failures of settlement plans, and loss of the "safe harbor" which they desire. It is in the best interests of each party to carefully consider each of these transaction lines to assure that they have adequately accounted for these requirements.
In many ways, this schematic is not unlike the complexities of an integrated electronic circuit. A key to smooth operation of an electronic circuit is to assure that every circuit has a positive and a negative, a beginning and an end – a closed circuit. The electronic engineer is a planner; and the engineer designs the circuits to perform their intended tasks. If there are any incomplete circuits, they are referred to as ‘short circuits’. As many know, ‘short circuits’ will lead to malfunction of the electronic device, and in many instances, short circuits can result in fire, or catastrophic failure.
With structured settlements, and more importantly Settlement Planning, the Settlement Planner, is not unlike the electronic engineer, drawing up the transaction lines to assure that the settlement plan (device) functions smoothly. Similarly, if a transaction involves an incomplete contract, or lacks a perfection of intent and purpose, then these are essentially ‘contractual’ short circuits. With this, there can (and perhaps will), be unintended consequences or catastrophic failure of the settlement intent, which for many stakeholders this means loss of safe harbor.
By applying these simple principles to the convoluted structured settlement and planning environment, stakeholders may more efficiently apply their resources toward their respective goals, and reach and maintain safe harbor.
Prague 7 years into a western makeover and the police bloke escorting us openly stated 'Things were done differently when we ruled the place!'.......oh err !! Quick run Bernie !
Rome has its water fountains - if your secret fetish is carved water fountains then put this place on the list (together with Tivoli Gardens).
Bernies lust mobile....must have a picture of that Brian they're rare...so is shingles Bernie, - thank god !!!
On the road out to TODI in Umberto region to interview a shell shocked house painter...........'I never know her - where a she getta my driving licence a from ?'
The Town square of Todi......on a plateau within a walled city not far away from Christopher of Assisi the patron saints of animals gaf.
A Structured Settlement is a Process NOT a Purchase.
This Schematic demonstrates the typical contract lines involved in the Qualified Assignment (transfer) of the Periodic Payment Obligation from the Defendant/Insurer (creator) to the qualified assignee, pursuant to IRC Section 130. This process produces a "novation", which describes a transaction, where a person (claimant), who is owed a contractual debt, to be paid periodically in the future, acknowledges, and accepts the substitute promise, of an otherwise disinterested third party, (Assignee), to make future periodic payments to the creditor (claimant), pursuant to an obligation to pay, created by the debtor (Defendant/Insurer), and releases the debtor from such obligation to pay.
Model:
Pfeffer Weiss my Factory Simply Peppermint custom by Crafting with Love.
Details:Knit Bear Hat by Mapuca
RainbowSmock by MforMonkey
Pantaloons and Bow Fascinator by KnitMad
Petticoat by MforMonkey (SecondaryMarket Purchase)
This Diagram demonstrates the rising risks and costs associated with the current "claim management" structrured settlement business model. TSSG recommends that stakeholders recognize that re-allocating responsibilities and duties, is an essential step for the parties to reach 'safe harbor'.
Roma with Piero our shadow showing us the sights - Bernie is so overwhelmed he's looking for a Swiss Knife shop....No Bernie its not Switzerland.....yet !
Eager with the un-official 'Mick' tie and looking a bit hefty probably 120 kgs - I had stopped rowing the year before....!
This Schematic Demonstrates the typical transactions that drive the Transfer market, (e.g. §5891), of Periodic Payment Rights.
This Schematic demonstrates how Periodic Payment Settlements may be implement, in qualified cases, pursuant to Internal Revenue Procedure 93-34, flowing from a Qualified Settlement Fund, established through Internal Revenue Section 468B.
This Schematic demonstrates the essential contract lines to implement the transfer of a Gross Settlement Amount from one or more Defendant/Transferors, to a Qualified Settlement Fund, to extinguish the Claims of one or more, Claimants, pursuant to Internal Revenue Code Section 468B.