In this week's edition of Speaking of Settlements, Mark Wahlstrom looks at the recent decision by Allstate Financial and John Hancock to close down their structured settlement divisions. While the impact on tax free, IRC Section 104 and 130 cases is pretty clear, the implications for structured settlement in the taxable damage area is where the biggest impact is going to be felt.
Allstate was for almost 20 years considered one of the innovators in the area of taxable damage and non-traditional structured settlements. Their exit leaves a void in the area's they helped to carve out, among them:
- Taxable damage structured settlements
- Oil & Gas Lease bonus structures
- Structured sales of farm, land and appreciate real property
- Divorce structures
- One of the more client friendly AFIN riders.
Watch this week's video commentary to learn more about what to do if you have a structured sale pending, oil & gas lease bonus structure or taxable damage case in progress. There are options and Mark reviews them in his commentary.