Video - Structured Settlements & the Injured Soldier
In a new video released by the National Structured Settlements Trade Association, Neil G. Galatz, former president of the Western Trial Lawyers Association, tells why he has recommended structured settlements to resolve a variety of lawsuit claims, including one from a disabled U.S. Army serviceman.
"I've placed many structured settlements over the years. I've done it on both sides of the fence "plaintiff and defense," he says. "Very few people truly know how to manage money. It's a very sophisticated business to take a large sum and ... put it in an investment that's secure, that's going to turn out a reasonable profit every year."
The video can be played on the NSSTA Videos page and on the NSSTA channel on YouTube. It is adapted from Mr. Galatz's speech at NSSTA's 2009 Regional Meeting.
In the four-minute video, Mr. Galatz describes representing a U.S. Army serviceman who lost both legs in a training accident. At Mr. Galatz's urging, the case was resolved with a structured settlement. About six months later, the soldier called him and said, "Boy, were you ever right."
"It worked beautifully," said Mr. Galatz, speaking of the structured settlement.
Mr. Galatz also describes how he represented a widow with young children in a lawsuit relating to the husband's accidental death. A year after the accident, the woman began seeing a man who seemed to take great interest in her upcoming settlement. But when the case was resolved with a structured settlement and the man "couldn't get his hands on the money," said Mr. Galatz, he quickly left.
"A real benefit," he added with a big smile.
A named partner at Galatz, Gillock & Associates in Las Vegas, Mr. Galatz, has been listed in Best Lawyers in America since the publication's inception and has served on the Board of Governors of the Nevada State Bar of Nevada.
"I have been in trial practice for 51 years. We placed our first structure in the 1970's. Structures have been a great benefit to our clients," Mr. Galatz said.
From 1980-82, Mr. Galatz was co-chairman of the Plaintiffs Lead Counsel Committee for the litigation involving the 1980 MGM Hotel fire, the second deadliest hotel fire in U.S. history. He also was Chairman of the Hilton Hotel Fire Litigation and the Pepcon Plant Explosion Litigation.
About structured settlements
Recognized and encouraged by the federal tax code since 1983, structured settlements provide strong financial security to victims of physical injuries and their families. Using a tailored stream of payments, a structured settlement provides a long-term payment stream that is completely exempt from state and federal income taxes.
A structured settlement’s future payment stream is funded through a highly secure life insurance annuity. For a free handout that describes some of the consumer protection regulations that bolster the security of a structured settlement annuity, please click HERE.
The National Structured Settlements Trade Association (NSSTA) represents nearly 1,200 licensed consultant, brokers, insurance companies, and other professionals involved in establishing and administering structured settlements.
