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, [...]
In our continuing Let’s Settle This! series, Chronovo highlights the difference between a pyramid and a pile of sand in the desert. It’s like the contrast between a structure and a lump sum at settlement. One lasts for the ages; the other is a missed opportunity to provide stability. One is critical to building rock-solid futures; the other will quickly scatter to the wind. Whether designed for a firefighter or pharaoh, [...]
Claims professionals are paid to navigate difficult situations. Among the most difficult of these challenges is an untimely, work-related death. In addition to the experience of sadness and shock, most workers’ compensation statutes create a lifetime of financial obligations that must be evaluated and distributed to the widow, widower and/or dependents. Introducing settlement options at these fraught times is hardly ever met with enthusiasm, even several years after the death. Many surviving family members struggle as their loved one is reduced to a number on a check and find it easier on an emotional and practical level to continue receiving weekly payments. [...]
In a recent interview with Work Comp Pulse’s Steve Schmutz, Ken Paradis identifies an array of Chronovo’s innovations that are resulting in far more successful settlement outcomes. In this latest episode in a series of interviews with leading professionals who comprise the industry’s “heartbeat,” Ken’s shares his unique insights on an industry long overdue for new approaches and renewed optimism. He brings clarity to a subject that has been mired in misconception and complexity. [...]
Not so! In fact, structures bring benefit and balance for small cases too. A critical option for funding a financial path forward for a seriously injured individual or a family that loses a loved one, structured settlements also provide safe, scheduled, tax-free payments and medical expense coverage for smaller claims too. For example, structures coordinate and safeguard benefits. A $36,000 lump sum settlement from an automobile liability case can terminate eligibility for Medicaid for a family of four. [...]
CHRONOVO CONVO #3: Kelly Webb, National Director of Claims, Albertsons Companies Industry leaders are a wonderful source of perspective on the opportunities and challenges that claims professionals face every day. Kelly Webb, National Director of Claims, Albertsons Companies, shared her thoughts about new technology and the continued importance of soft skills. Chronovo: What’s your background and current position? Webb: I started in the insurance industry in 1980 as a workers’ compensation claim examiner. [...]