Workman’s Compensation Advances
“do you do settled workers comp cases”
In select circumstanes we are able to obtain an advance on Workman’s Compensation payments.
Let’s cover some basics first…
Workers’ compensation is an employer financed, no-fault insurance, which compensates employees who have been disabled due to work-related injury or disease.They may be paid by federal or state workers’ compensation agencies, employers or by insurance companies on behalf of employers.
Each state has a law indication the WC is not assignable, meaning the payments cannot be transferred to a third party, who would be offering the advance. In most cases this is the final answer.
When the personal injury laws were passed, about a dozen states included the term “workers compensation” in the definition.
What this means to you…
A dozen states allow the opportunity for an assignment pending the approval of a judge and a Workers Compensation Board. Both parties must approve the transaction, with approval based on the circumstances of need.
So if you live in one of those states, and you have a significant need, then we will take your request to the court and the board and they will be the ones to say yes or no.
Hope that answers your question. Please give us a call, 800-509-1535 for more information on what states may allow an advance on your future payments.
Jason
Internet Gambling
Current estimates of Internet gambling indicate there are more than 1,000 offshore Internet casino sites generating more than $10 billion in wagering annually.
Creating some concern for gamblers and casinos alike is the existing federal Wire Wager Act, Title 18, section 1084(a) making it a crime to wire bets on any sporting event in interstate or foreign commerce.
If your contract with the online gaming site is void and unenforceable, your losses may not be recovered if you were sued. This was a legal problem faced by cyber casinos. If the customer won,no dispute. But if he lost, he could refuse to pay the credit card charge based on the illegal gambling purpose transaction.
The sites are making so much money they can’t afford to risk losing business by mistreating customers. Winners could technically be in jeopardy of not collecting their online gambling profits but the risks under the current high volume of offshore gaming are minimal.
A lottery in every state?
There are currently eight states without a lottery. They are Alabama, Alaska, Arkansas, Hawaii, Mississippi, Oklahoma, Utah and Wyoming.
The 42 state-authorized lotteries, plus the District of Columbia’s, are licensed and registered with their respective gaming or lottery commissions, which run them in accordance with their own rules and regulations.
Gambling casinos on Native American land are exempt from most state regulations under the Indian Gaming Regulatory Act of 1988.
Why so expensive?
Why does it cost so much to do this? You get too much of my money. Jeff L.
Jeff,
I agree. This option to accelerate your payout is expensive. We recommend to prospective clients that they pursue other means of raising capital before settling on this solution. Home equity, pay day loans, loans from family or friends or your local bank. In some cases debt consolidation or even bankruptcy might be financially preferred consideration for addressing immediate financial needs.
Often our clients have tried these methods already and now find themselves in a very difficult money crunch.
Why does it cost so much? Think of it as a mortgage in reverse. You buy a home for $200,000 and pay $400,000 over 30 years. This is taking that lump sum due in the future, and tracking it back to its present day value. This value is significantly less that the value of the payout at maturation.
On top of that are legal fees and of course profit for the company. The fees Prosperity Partners makes for servicing an annuity transfer is significantly less that what it appears. In fact, due to heavy competition in the industry, fees have decreased substantially the last 3 years. To the point where we will almost be handling the file for free.
Another cost to consider the cost of not doing this transaction. We have saved hundreds of homes, paid for many college educations, new businesses, and decreased the stress and pressure of a heavy debt load for nearly every one of our clients.
Me personally…I wish it wasn’t so expensive. And we will continue to find ways to decrease costs.
Thanks for your question.
Jason
Answers
We are adding a new feature to our website. Answers to your Questions! The process of accelerating future payments to handle your current financial needs is a complicated one. We want to make sure you have all the information you need to make the best possible choices.