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Are ABLE accounts, used to provide for people with severe disabilities, a replacement for structured settlements?

January 13, 2015 by Randy Levine Leave a Comment

ABLE Act 2014There is a valuable new tool for settlement recipients with severe disabilities: an ABLE account. With the passage of the “Achieving a Better Life Experience Act of 2014” or the ABLE Act on December 3, 2014, individuals with special needs or disabilities can now own tax-free savings accounts with up to $100,000 in funds without losing needs-based government benefits, such as Medicaid and Supplemental Security Income, or SSI.

The Act’s stated purpose is “to encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities to maintain health, independence and quality of life.”

The ABLE Act amends Section 529 of the Internal Revenue Code, which formerly only made college savings plans tax exempt. ABLE accounts are intended to provide for disability-related expenses for the individual such as education, housing and transportation so that people with severe disabilities can live and work independently. ABLE accounts are strictly for people with severe doctor-certified disabilities incurred prior to age 26 who qualify for needs-based benefits. Individuals over age 26 are eligible as long as there is documentation proving they’ve had the disability since before their 26th birthday. [Read more…]

Filed Under: ABLE Act, Randy, structured settlements Tagged With: ABLE ACT 2014, Disabilities, Medicaid, Section 529 Internal Revenue Code, structured settlements

Our Favorite Apps for Lawyers

January 6, 2015 by Randy Levine Leave a Comment

apps for lawyersAs we kick off 2015 we want to just pause and review some of the best apps out there for lawyers. Through our work here at ESS, we sit in on as many as ten settlement mediations per week, so we see all sorts of presentations and we notice when lawyers use technology effectively. Part of getting the maximum return on a case is being trial ready and prepared so having reservoirs of information within just a few clicks or swipes of your fingers goes a long way. These apps are useful not only for mediation, showing you are trial ready, but are also very useful for trial preparation and the trial itself. Between computers, tablets and mobile devices there are many options for lawyers to enhance their practice by leveraging the latest technology.

Here are some of our favorites apps:

1) TrialPad: Don’t even get us started on how much of a game changer the iPad was for lawyers in 2014. Though it comes with a hefty $89.99 price tag, this is one of our favorites for importing files because it integrates with Dropbox and lets you highlight, redact and scribble on your notes.

2) Exhibit A: As the name suggests, this app enables you to share a presentation with a jury or mediator. Digitally presenting your information saves many trees, as these presentations are easily 50-60 pages long. This app, while not as highly recommended as TrialPad only costs $9.99.

3) Circus Ponies Notebook: We don’t just love it for the funny name. This electronic notebook helps you record meetings and take notes so you won’t need to lug boxes and binders. Outfitted with a traditional “notebook” look, it helps you keep everything in one place, capture every detail and find facts quickly. [Read more…]

Filed Under: Legal Technology, Randy Tagged With: Apps for Lawyers, Exhibit A, Jury Tracker, Mobile Apps, TrialPad

Affordable Care Act-How the ACA Affects our Industry

September 19, 2014 by Randy Levine 1 Comment

affordable care actEssentially, the ACA protects insurance coverage for the uninsured. It eliminates lifetime limits on benefits for any participant or beneficiary. (ACA, Sec. 2711) and provides coverage for pre-existing conditions (ACA Sec. 2705). No longer can people be denied coverage for the following factors:
1. Health status/medical condition
2. Claims experience
3. Medical history
4. Genetic information
5. Disability
Insurance companies must now cover ‘essential health benefits’ (ACA, Sec. 1320) to at least include the following:
1. Ambulatory patient services (out care received without being admitted to a hospital)
2. Emergency Services
3. Hospitalizations, example surgeries.
4. Maternity and newborn care
5. Prescription drug coverage
6. Laboratory services
7. Pediatric services
8. Preventive and wellness services
9. Rehabilitative and habilitative services
10. Mental Health & Substance Abuse Disorders (Added February, 2013, by Sec. Sibelius of Dept. HHS. [Read more…]

Filed Under: Affordable Care Act, Randy Tagged With: Affordable Care Act, law, Obama Care

IRS Approves New Option for Structured Settlements!

September 12, 2014 by Randy Levine Leave a Comment

IRS private letter rulingThe Internal Revenue Service (IRS) on August 29, 2014 issued a Private Letter Ruling (PLR-143928-13) approving a Pacific Life Structured Settlement annuity with an annual payment adjustment based on the S&P 500 Index’s performance.   In addition, the claimant can request an immediate present value lump sum commutation payout of their annuity by submitting a Notice of Hardship Conversion request to the Life Company’s Assignee who will review and consider it on a case by case basis.

Pacific Life launched the Index-Linked Annuity Payment Adjustment Rider and has published a brochure that helps educate attorneys and their clients on the program and its benefits.  .  It has hypothetical examples showing how the payments of one’s annuity can increase annually based on a positive S&P 500 index returns with a 5% cap and the annual payment cannot decrease if the S&P 500 Index return decreases or remains flat. [Read more…]

Filed Under: Randy, structured settlements Tagged With: IRS, notice of hardship conversion, private letter ruling, structured settlements

Recent Posts

  • ABLE Accounts: providing a better life experience for New York’s disabled residents
  • Bringing Your Client to Mediation: the pros and cons considered
  • How To Identify Which Cases Are Ripe For Mediation
  • The CMS Recovery Portal: helping put money in your pocket faster
  • Getting the Most of Out of Your Next Mediation

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Our latest posts

  • ABLE Accounts: providing a better life experience for New York’s disabled residents
  • Bringing Your Client to Mediation: the pros and cons considered
  • How To Identify Which Cases Are Ripe For Mediation
  • The CMS Recovery Portal: helping put money in your pocket faster
  • Getting the Most of Out of Your Next Mediation

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