There are many people all over the world who will not be aware of the structured settlement attorneys and find the matter confusing when they are dealing in it.
There are many professionals attorneys that only work in the field of structured settlements and assist the people involved in the cases related to structured settlement.
But people also need to understand that there is a huge difference between a structured settlement attorney and a personal injury attorney. If a person is looking for compensation for personal damage or injury then the structured settlement attorney comes into play.
Transfer of settlement cannot be achieved with the services of an estate planning attorney or some personal injury attorney. This is a highly specialized matter for which a specialist is needed.
The structured settlement attorney is needed to do the underwriting of the buyer and provide professional opinion in the form of a letter of opinion being an independent professional advisor.
This structured settlement attorney represents the case of structured settlement in court in front of the judge. In this situation the structured settlement attorney works to get the approval of the judge for the transfer of the income.
Roles of a structured settlement attorney:
· The very first and the basic role of the structured settlement attorney is to underwrite a structured settlement. In this process the attorney of structured settlement guarantees that there are no hazy liens in the settlement and it is free to be transferred legally, without any problem. This process also involve making sure that the buyer has sufficient funds for the transfer. The structured settlement attorney makes sure that all the factors like interest rates and fees fall into the grounds of legality.
· Another role of structured settlement attorney is to make sure make the structured settlement transfers. All preparation of all the document related to this process is taken care of by the structured settlement attorney. When these documents are prepared the attorney files the petition for the transfer of income in court in front of the judge. The attorney also makes sure that the service of notice is provided to the parties involved in the transfer process of the structured settlement. The accuracy of the final order is also confirmed by the structured settlement attorney.
· Many a times the court finds it important to safeguard the process of transfer of income in a structured settlement case and call for the need of an independent professional advisor. The court appoints the attorney in order to make the process unbiased. This professional will make sure that the seller of the structured settlement is getting a fair price for the transfer of their future income and the process is clean for the buyer.
Benefits of structured settlement attorney:
Structured settlements are not any other financial instrument; they are paid to a person in the form of compensation for a damage or injury or in some cases death. This is a constant source of income the holder of the structured settlement gets under strict legal observation. It is supposed to keep up the livelihood of the person who has suffered the damage. Thus, if there is anything which has to be done related to this structured settlement, the person needs to go through a lot of tedious legal work, which is not easy for every person. For this reason the structured settlement attorneys are hired. These people take care of all legal works related to the structured settlement transfer and keep the whole process inside legal framework.
If there is a structured settlement involved in the process, there are no chances of any kind of frauds and the seller does not have to worry about the negotiation as these attorneys are very much knowledgeable. These are specialized people who take care of all types of things in the transfer process and make sure the seller gets a fair amount in transfer.
Structured settlement attorney fee:
For the work of the structured settlement attorney, he/she receives a certain amount of money as fees. This fee is known as the structured attorney fee. This kind of fee is not very different form the non-qualified deferred compensation plans. The taxes that are imposed on the fees earned by the structured settlement attorney are deferred.
As per www.christianet.com the fees of the structured settlement attorney depends upon the time which has been taken by the case and the amount awarded to the client. The fee of the structured settlement attorney is generally paid by the defendant upfront. But if the fee is very large, then the defendant is allowed to pay the fees in installments.
As per http://settlements.org/ the sellers should choose the structured settlement attorney very carefully, as most of the people tend to overrely on these professionals with the drafting of the structured settlement which affects the future dealing of the financial instrument.
Tarik Pierce is the founder of InvestorTrip.com and regularly contributes articles to this website.
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