STRUCTURED SETTLEMENTS. Presented by Kerri Morin Atlas Settlement Group, Inc.

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1 STRUCTURED SETTLEMENTS Presented by Kerri Morin Atlas Settlement Group, Inc.

2 What is a Structured Settlement? A stream of tax-free, secure periodic payments designed to meet the claimant s financial and security needs. Payments are designed for each claimant. All variables are adjustable: length, beneficiaries, college funds, and retirement funds.

3 Benefits of Structuring For The Claimant Guaranteed income with no management fees Earlier resolution; Avoid legal uncertainty Individually Designed Plans; Specific needs met Income Tax Benefits Retention of Social Security, Medicare, and State Agency benefits No risk of dissipating settlement funds Allows for the establishment of an Estate

4 Types of Cases to Structure State Workers Compensation Longshore and Harborworkers Compensation 8(i) Liability Employment Litigation

5 Benefits Of Structuring For the Defendant No cost for our services Cost savings Medicare Set Asides Reduce claims reserves; Cap exposure Reduce administration costs Medical Underwriting for rated age Earlier resolution; Enhance negotiations Save legal expenses; Avoid legal uncertainty Additional resource on Settlement Team

6 What is a Rated Age? A rated age is a person s medical age. Injuries, illnesses and medical history are used to determine if a claimant has a decreased life expectancy. Qualifying medical conditions do not have to be related to the accident.

7 Medical Conditions that Qualify Asthma AIDS Alcoholism Blood Disorders Cardiovascular or Circulatory Disorders Collagen and Autoimmune Disorders Endocrine and Metabolic Disorders Gastrointestinal Disorders Genitourinary Disorders Neurological Disorders Obesity Pulmonary or Respiratory Disorders Substance Abuse Tumors or Cancer

8 Cases to Refer for Structured Settlement Catastrophic, high-exposure cases Cases with MSA allocations over $50,000 Cases with ongoing future medical care Cases with settlement value over $100,000 new money. Cases with rated age potential Indemnity/Life pension/survivor benefits

9 Ongoing Indemnity Payments Ongoing indemnity/life pension/survivor payments can be transferred to an annuity to reduce reserves and administrative costs. Elimination of Liability Endorsement will stop payments if liability stops (for example, death or remarriage). Reversionary benefit Board approval not required.

10 Our Role During Case Evaluation Determine Present Value of current benefits Indemnity and Life Pension benefits Average Medical Expenses Future Medical Cases Determine Future Exposure MSA Life Care Plan The earlier we are involved, the better!

11 Our Role During Negotiation Prepare settlement offers Only with adjuster and/or defense attorney s authority Explain structures to claimant and claimant s attorney Work with claimant s structure broker Attend settlement conferences, regardless of location

12 Our Role After Settlement Settlement documents Work with defense attorney to include annuity language Protect tax benefits Fund Annuity Provide Adjuster funding instructions CMS Approval (if appropriate) Work with MSA Vendor Issue Annuity Contract

13 Structured Settlements and Medicare Set Asides

14 Structured Settlements and Medicare Set Asides MSAs can be funded via a lump sum or a combination of lump sum and structured settlement MSA Seed Money paid at settlement and structured settlement purchased to provide annual payments

15 Structured Settlement MSAs: Benefits to Defendant: Cost savings Benefits More security knowing claimant will not misuse MSA funds Benefits to the Claimant: Medicare will kick in if annual amount is used early in the year Less money from the settlement must be set aside to meet CMS requirements

16 Structured Settlement MSAs: CMS Approval CMS must approve structured settlement breakdown MSA submitted to CMS as a structured settlement CMS will review breakdown between seed money and annual payment If CMS approves a lump sum MSA, a new approval letter must be obtained to use an annuity Submit MSAs as annuity just in case

17 Structured Settlement MSAs: Self Administration Administration Seed Money and Annual Annuity Payments payable to claimant Professional Administration Seed Money and Annual Annuity Payments payable to Administration Company Professional Administration fees can also be paid via annuity to further reduce cost

18 Structured Settlement MSAs: Cost Savings Providing a rated age to the Medicare Set Aside (MSA) vendor decreases the overall MSA Allocation Using an annuity to provide the annual MSA payments is less expensive

19 Real Life MSA Example MSA Allocation based on claimant s biological age: $377,785.00

20 Real Life MSA Example MSA Allocation based on claimant s rated age: $334, Cost Savings = $42,885

21 Real Life MSA Example Additional Cost Savings by using an annuity to provide annual MSA payments

22 Real Life MSA Example Cost Savings = $141,374

23 Real Life MSA Example Using a Rated Age and a Structured Settlement Annuity saved $184,259! (48.8%)

24 Structured Settlement Referral Process Cases can be referred via phone, , or our online form (www.atlassettlements.com) Claimant name and DOB Employer Claim Number Date of Injury Disability rating PDAs Defense Counsel Claimant Counsel Copy of MSA report or MSA vendor Medicals for rated age Any other pertinent information

25 Thank You For Your Time! Atlas Settlement Group, Inc. Kerri D. Morin

26 About Kerri Morin Kerri Morin is a Structured Settlement Consultant based in California. Her experience spans liability, Workers Compensation, and employment litigation nationwide. Her clients include of large insurance carriers, self insured companies, public entities, and third-party administrators. Her responsibilities include assisting clients with case evaluation, preparing settlement proposals and attending settlement conferences and mediations. Kerri also performs file reviews, client trainings and court hearings to resolve cases. She participates in several claims associations, risk management groups and settlement annuity seminars. Kerri began her structured settlement career in 1997 as a Case Manager for a national structured settlement firm in Tampa, Florida and Houston, Texas. She also has experience as a Business Analyst and Project Manager for a prominent benefits administration firm and as the Regional Operations Manager for a large fund-raising company. Kerri is a member of the National Structured Settlements Trade Association.

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