Annuity payment can be paid in equal installments and the installment amount can be varying in amounts. The payments made under structured settlement annuity do not come under the purview of income-tax and are guaranteed as contract. It is actually a long-term financial security and is a very safe method to pay annuity. Some of the factors considered by individuals are payment, duration, expenses, present age, occupation and retirement plans. Some of the structured payments cannot be altered once these are agreed by both the parties.
Further the support and assistance of federal and state laws also give a strong recognition to the settlement laws and the statutes of law can never be questioned and should only be followed. Federal laws state that court order can be obtained to an extent there are no tax liabilities. Court always issues orders under Settlement Protection Acts and these are in force in nearly 36 states of United States.
The disclosure statement is received by a customer in 3 to 14 days time and once a transfer agreement is received, the disclosure statement mentions the amount to be paid to the customer and the respective due dates. Only after receiving court order, the funding company will begin making payments to the individuals.
Therefore, this is a very nice way of settlement either from the point view of insurance company or from the point view of individual. There are no dissatisfaction and unsatisfied terms and conditions, but everything is carried on as per the instructions and orders of the court.
This means courts are the ultimate authority and there can be no scope for any negotiation in any context after receiving an order from the court. There are lot many differences which are prevented by the interference of court and in fact court is best authority and judge to give instructions on annuity payments. Click here http://www.structuredsettlements2u.com/ for getting more further information.!
No comments:
Post a Comment