National Structured Settlements Trade Association (NSSTA)

With deep sadness, we report the passing of Bill Tocchi, former member of the NSSTA PAC Board of Directors, president of Structured Financial Associates and consultant for Ringler Associates.  Those who met Bill during his years in the structured settlement business had the privilege of knowing a true giant.  In an industry where negotiations are often difficult and someone’s word must be ironclad, Bill commanded universal respect from the men and women around him.  

First, the good news: Americans aged 50+ increasingly recognize the need for long-term care. Now the bad news: They don’t know how they’ll pay for it. By one estimate, home health care costs on average about $21/hour, though if you’re in New York, Los Angeles or most other urban areas, you’ll pay a lot more for quality care.

Chances are, the older you are, the larger your medical bills:

                                                  Source: Bureau of Labor Statistics, 2009 Consumer Expenditure Survey

When your product has all the advantages of a structured settlement (guaranteed payments, tax-free income, individually tailored payments), it’s inevitable that outside groups will try to grab onto your good name.  A case in point: companies that purchase future payment rights of structured settlement beneficiaries are inaccurately calling themselves “structured settlement” companies.

Nearly a third of Americans say that running out of money is their top concern about retirement.  Small wonder given this year’s experience with the stock market.  Last month, The New York Times had this to say:

Ben Levisohn at The Wall Street Journal frequently writes about personal investing and the pitfalls of money management. Levisohn is usually insightful and his recent article, “Easy Money's Hard Lessons,” is no exception.  He covers so-called sudden-wealth syndrome or more accurately, the personal and financial problems many confront after coming into a large amount of cash such as a lottery payout or inheritance.

Kudos to CBS News financial writers Larry Swedroe and Tiya Lim for today’s CBS News’ post on structured settlements.  Swedroe is a principal at Buckingham Asset Management in St. Louis and Ms. Lim is the firm’s director of Institutional Advisory Services.

Here’s an excerpt:

Accident survivors who settle their claims with structured settlements gain many benefits: tax-free income.  Payments tailored to future needs.  Financial security not subject to reductions due to interest rate or market changes.

These come with a structured settlement, and it’s worth noting that the financial meltdown has not caused any reduction or delay of anyone’s scheduled structured settlement payments.

That’s how Claims Journal editor Denise Johnson describes structured settlements in this insightful new article about resolving litigation claims.  A former claims professional with Wausau Insurance, Johnson has firsthand knowledge and a clear understanding of the claims process – specifically, the growing demands placed on claims departments.

As Ms. Johnson explains: