If you have a structured settlement where you receive the adjudication or settlement of your personal injury claim over time, you may be able to withdraw the settlement. To do this, you sell some or all of your future payments in exchange for getting cash now. If all parties agree, L&I will draft the settlement agreement, distribute it for signature, and submit the contract to the BIIA for approval. If the BIIA approves the agreement, there is a 30-day revocation period.
Any party to the agreement may revoke consent to the agreement for any reason during the revocation period. L&I will continue to handle the claim and pay the benefits you are entitled to during the revocation period. Compliance with the requirements set out in § 59.1-475.1 and compliance with the conditions set out in §§ 59.1-476 and 59.1-477 shall be the sole responsibility of the transferee in any transfer of structured settlement payment rights, and neither of the structured settlement debtor nor the annuity the issuer assume any liability for, or any other liability arising from failure to comply with such requirements or failure to comply with such conditions. If the settlement is structured to pay for a fixed guaranteed period, the annuity can normally be inherited for the rest of the guaranteed installments.
Structured settlements can be sold and there is no established formula or standard for how to sell payments. The lawyer who represented you in the court case that led to your structured settlement can help you. Since the structured settlement annuity is essentially an income annuity, inheritance is treated as such. A structured settlement purchasing company considers market conditions and the future value of money to determine how much money it can give you for your payments.
Any other transfer of structured settlement payment rights by the payee may only be effected after compliance with all the requirements of this Chapter. If the transfer contravenes the terms of the structured settlement, for any taxes incurred by such parties as a result of the transfer; and. The structured annuity emerged in 1983 after the Periodic Payment Settlement Act of 1982 was established. You will need to appear before a judge, who will decide if selling your structured settlement payments is in your best interest.
You should also consider whether you can dispense with income from your structured settlement and whether your need for a lump sum is valid and more important than that income. Before you sell your structured settlement payments, examine all your options and decide if you can stay out of receiving the regular payments you sell. Injured workers who are 50 years of age or older and have an accepted L&I claim that is at least 180 days old are eligible for a structured settlement. A timely hearing will be held on the request for approval of a transfer of structured settlement payment rights.
A structured settlement is an agreement that provides the plaintiff with regular payments over several years or for the rest of the plaintiff's life.
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