The need for Congress to update and improve Federal rules governing structured settlement transfers is beyond question. Too many cases involve tragic situations such as what has befallen Terrence Taylor, who sold rights to receive approximately $11 million in future payments from his structured settlement for a princely $1.4 million.
Editor Warren Hersch at Life Annuity Specialist, who has followed the structured settlement industry for decades, recently called to discuss the Taylor case and a recent lawsuit that attorney Edward Stone filed against New York Life on behalf of Terrence Taylor. Hersch was also interested in whether Congress should improve Section 5891 of the Federal tax code.
Happy to see that I’m quoted here in Life Annuity Specialist but it would be far better if the Senate Finance and House Ways & Means Commmittees updated Federal rules to stop this obvious chicanery against accident survivors who have suffered so much.