This article is a collaboration between Ken Paradis, CEO (Chronovo) and Cameron Lindahl, Trust Officer (CPT Institute).
I. THE POWER BEHIND COMBINING SNTs and STRUCTURED SETTLEMENTS
Without realizing it, an injured individual (or others in the household) who accept a settlement award over $2,000 may lose eligibility for needs-based government benefits such as Medicaid, Supplemental Security Income (SSI) and In-Home Support Services (IHSS). The value of these government benefits is significant. [...]
In May of 2017, I published an article entitled “Is Bigfoot Real? Are Liability MSAs Coming?”i It underscored that a CMS policy on Liability MSAs (“LMAs”) might be taking shape—much like grainy photos amidst the Pacific Northwest forest. In the year since, there have been multiple LMA policy sightings but still nothing close to anything clear and unmistakable. Because of the ongoing and extremely practical concerns raised by our clients about extinguishing any future recovery action from CMS, [...]
A recent Forbes article by Ashlea Ebeling asks the question: “Will Your Retirement Nest Egg Last Past 100?” This is not only an intriguing headline for retirement planning, but also an incredibly relevant topic during the settlement of personal injury claims as well.
Due to the types of injuries sustained in many accidents, claimants often have medical and lost income needs that will last the rest of their lives. [...]
Happy Holidays!
From all of us at Chronovo – ten seconds of sparkle and song from our virtual snow globe music box. We hope you and your family enjoy all the beauty and all the blessings of the holidays. [...]
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Claimants’ medical histories can reveal a wealth of information and opportunity. Do you know that a careful examination of the records can result in lower pricing for Structured Settlement annuities? Even medical conditions that are not related to the accident or injury incident are valid for rated ages.
When calculating the cost or payout of a life-contingent future payment, annuity companies use a combination of current interest rates and individual life expectancy. [...]
For all the right reasons, courts scrutinize claims involving minors with extra caution. By their very nature, these are complicated cases. There are often complex medical expenses to consider, concerns over the security of the settlement funds themselves, not to mention emotional issues for the child and family to deal with.
In cases involving a minor’s settlement, known in most jurisdictions as Minor’s Compromises, judges are likely to ask:
- Is the minor receiving a fair settlement?
CHRONOVO CONSULTING GROUP ADDS RENOWNED CLAIMS POWERHOUSE RICK WOOLLAMS AS ITS CHIEF CLAIMS OFFICER
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BURLINGTON, MASSACHUSETTS—September 28, 2017—Chronovo, Inc. announced the addition of Rick Woollams to its Chronovo Consulting Group as its Chief Claims Officer today.
As the tech-enabled structured settlement broker redefining client expectations for settlement solutions and strategies, Chronovo formed the Consulting Group to meet its clients’ requests for more ideas and innovations.
“Rick adds tremendous depth, dimension and passion to our team,” noted Ken Paradis, Chief Executive Officer of Chronovo. [...]
Every year millions of injured Americans confront critically important financial decisions as their personal injury litigation draws to a close. In planning the path forward and beyond their injuries, the stability and security of ongoing, lifelong income from their settlement, judgment or award proceeds becomes absolutely paramount. The money simply needs to last.
Only one post-injury investment option – structured settlement annuities or “structures” – provides a continuing tax exemption for the growth of such benefits. [...]
After a decade of discussions and a GAO recommendation to do so in April of 2012, CMS announced on February 3, 2017 that it will be re-tooling the technical capacity of each individuals’ Common Working File to track liability MSAs: https://www.cms.gov/Regulations-and-Guidance/Guidance/Transmittals/2017Downloads/R1787OTN.pdf.
While the advent of liability MSAs has often sounded like reports of Bigfoot sightings in Oregon or reading too much into the end of the Mayan calendar in 2012, [...]
