In the hunt for optimal settlements, injured individuals and their families are often tempted by the promise of big and immediate bounty. “Take the money and run” sure sounds good. But bagging a lump sum settlement can bring beastly consequences. For one thing, that large, tasty prize is easily dissipated and always vulnerable to hungry creditors. Its growth or interest is subject to taxation. Also, lump sums may cut off eligibility for needs-based government benefits. [...]
The future is always complicated by unexpected events. For injured individuals and the professionals responsible for safeguarding their financial security and stability, there’s one way to weather the storm: build a solid structure. With a structured settlement, customized to match the long “arc” of life—with provisions for medical expenses, college tuitions, home payments, and so much more—precious settlement awards are protected, even enhanced. Unlike a perishable, taxable lump sum, structures are designed to last. [...]
What’s in the name? An oxymoron and a dangerous deception Some settlement planners believe they’ve found a way for injured plaintiffs to receive the tax-free status of a structured settlement while also participating in market-based investments. Settlement planners are now encouraging personal injury victims and their attorneys to invest in new, market-based financial products loosely referred to as “market-based structured settlements.” However, since these products lack all the critical features of a structured settlement, [...]
Insurance CIO Outlook Magazine has recognized Chronovo as a Top 10 InsurTech Startup for 2019. The current issue of the magazine features profiles of the stand-out companies impacting the industry, including this article on the transformational technology at the heart of Chronovo Compass. True North for structures has arrived! INCLUDING THIS ARTICLE ON THE TRANSFORMATIONAL TECHNOLOGY AT THE HEART OF CHRONOVO COMPASS: Chronovo Compass: True North for Structures Five years into its mission, [...]
FALSE! Subject to state laws and especially when combined with Special Needs Trusts, structures are typically considered policies—not assets—when calculating AFDC, SSI, Medicaid and other needs-based, governmental public assistance. Structures preserve and enhance these benefits. Lump sums, typically considered assets, can end your current or future eligibility for such benefits. In all cases, the IRS has determined that structured settlements always provide tax-free, lifetime income. Again, this is unlike lump sums, [...]
A budding entrepreneur comes up with an innovative approach to the problem of candy disbursement. After all, Halloween stockpiles never last. Chocolate Easter eggs are subject to forfeiture by older siblings and health-conscious parents might ration those Valentine hearts. The solution? Invent more opportunities! Structure the bounty over time so payouts keep pouring in. On schedule. For life. This elementary wisdom is brought to you by Chronovo. We’ve made structured settlements easy to understand and easy to set up. [...]
Not at all. Structures are just one part of a complete financial plan. Settlements can—and probably should—always include up-front cash, timed lump sums for big life events (like weddings, retirement, college tuition), as well as other features like professional administration or special needs trusts. You can structure as much or as little as you want. The whole idea is to structure your plan to match your unique and individual needs. [...]
FOR IMMEDIATE RELEASE BURLINGTON, MASSACHUSETTS—August 14, 2019—Chronovo, Inc. has been named one of the nation’s most successful independent companies, garnering 253rd placement in Inc. magazine’s Inc. 5000 list for 2019. This ranking of fast-growing private companies represents important recognition for the most dynamic drivers of the American economy. Previous winners like Microsoft, Dell, Domino’s Pizza, Pandora, Timberland, LinkedIn, Yelp and Zillow gained their first national exposure as honorees on the Inc. [...]
MISCONCEPTION #6: “I’m better off taking a lump sum and putting it in a bank or investment account.”0
Don’t take the bait! A structure is a safer and more beneficial option than depositing a lump sum anywhere.
- Structures are the ONLY tax-free option. Any interest or gains that you make from the investment of a lump sum is subject to state and federal taxes. Every payment from a structure—including cost-of-living increases—are entirely free from taxes. Not tax-deferred, tax-free.
- Structures protect you from most creditors.
I cannot remember a time when I did not dream of whisking away to foreign destinations while flying my own plane. It has been a lifelong passion. In addition to earning my college degree in Aviation and Aerospace, I am a licensed pilot with over 1800 PIC (Pilot in Command) hours in fixed wing and rotor wing aircraft, ranging from tail draggers to multi-engine planes. Through all of those hours of study and experience, [...]