In nearly any type of structured settlement case, neither the defendant nor the beneficiary has any clear idea of exactly how much it will cost to generate a monthly, quarterly or yearly payment schedule. A competent structured settlement broker can assist both parties involved in an effort to receive a fair assessment on all the exact costs involved, based on projections and calculations. A competent broker will provide all pertinent information that helps to build a platform for conducting the negotiations.
The Benefits of a Structured Settlement Broker
The best structured settlement broker for each case will have the information necessary to execute a variety of responsibilities including a financial analysis for the plaintiff, in an effort to derive the actual, present value of the asset, based on the information received. The broker will also be the mediator during the negotiation, and offer various tax planning advice as a way to assist the plaintiff. Additionally, the broker works directly with the plaintiff or their lawyer to negotiate a proper, suitable agreement. Alternatively, the structured settlement broker works as the middleman whenever an individual decides to sell off their structured settlement.
When the process works perfectly, the structured settlement broker will help the lawyer in the negotiation process by providing financial inputs that are significantly relevant to the fiduciary positions they enjoy. The assistance will help the lawyer in creating a scenario that might take into consideration a variety of things including present income, loss of wages, debt and medical expenses. The broker will also be involved throughout the negotiation process, and during the post-negotiations.
A competent structure settlement broker offers various payment options and will explain all the salient features completely to the plaintiff. By offering direct input from both the attorney and the broker, the plaintiff will be able to determine the most ideal payment structure for him or her. The expertise and services of a competent structured settlement broker are usually very high in demand, simply because of the complexities of a structured settlement.
Just like working out the details on selecting the best lawyer to handle the case, the plaintiff should also do a full background research evaluation on the structured settlement broker of their choosing, long before availing their services. Ideally, the structured settlement broker needs to be registered through the Department of Justice, and have an active registration in at least a single state within the United States, along with an active relationship with a minimum of a single insurance company.
It is imperative that the broker have an active insurance policy to safeguard against any omissions and errors he or she might cause. Any broker that will fulfill all the above criteria will certainly be one that has all the necessary experience and a proven, clean track record that provides trust for the plaintiff that will be sharing sensitive information. Before hiring any structured settlement broker for the case, it is important to shop around and do a thorough check of every potential broker, especially the ones that are offering low commission rates.
Shop around for Buyers
Whenever you sell a structured settlement payment plan, it is essential to ensure that your broker does not currently have any type of exclusive arrangement with the buyer. These types of relationships tend to generate a poor deal for the seller. Structured settlement brokers typically have access to a variety of buyers and can easily obtain competitive bids from each of them on the seller’s behalf. This will help the seller directly to obtain the absolute best positive deal for his or her structured settlement. With their expertise, the broker can easily arrange for the sale of the structured settlement that is convenient and profitable to the seller.