Henderson Structured Settlements Canada
Whether you are a victim of a motor vehicle accident, a slip-and-fall, or a workplace injury, a structured settlement can provide the security of a guaranteed income.
Henderson Structured Settlements is a recognized leader in the Canadian structured settlement market. It offers pre-settlement evaluative reporting and consulting, closing documentation support, formal brokerage pledge and guarantee services to the life insurance companies presently underwriting structured settlements in Canada.
Benefits
There are many benefits to having a structured settlement, including the ability to receive a higher payout, a better chance of keeping your money, and more. If you are unsure about the best way to structure your settlement, consider talking to an experienced slip and fall lawyer.
A structured settlement is a financial agreement that allows a plaintiff to receive a portion of his settlement as periodic payments over a set period of time. These payments can be paid on a monthly, quarterly, or even annual basis.
This type of arrangement can be particularly useful in cases where a victim has been out of work for an extended period and needs a substantial first payment to catch up on bills, pay off a mortgage, or purchase a vehicle. In addition, it is a good option for victims who anticipate needing additional payments at a later date.
The amount of your structured settlement depends on several factors, such as how much income you lost and how long you have been out of work. It may also depend on your family situation, if you have a spouse who is working and if there are children or other dependents who would need support.
Another advantage of having a structured settlement is that you will know how much you’re receiving for the rest of your life, which can be important in situations where you want to leave an inheritance to a loved one. In addition, if you die while you’re still receiving payments, your designated heir can receive any remaining payments tax-free.
Moreover, a structured settlement can also be an excellent funding solution for a special needs trust. Because a structured settlement has tax benefits and can provide stable income, it is often the ideal choice to fund a trust for a person with disabilities or a severe injury.
In addition, a structured settlement is considered to be the most secure investment in Canada and has not failed to pay out a single penny of any client’s claim since 1979. Additionally, a structured settlement is not reported on a tax return, so many income-tested government benefits and credits are preserved.
Taxes
A structured settlement is a method for distributing the proceeds of a personal injury lawsuit, usually involving property damage and injuries. The payments are made tax-free, and can be structured to provide a lifetime stream of income.
Structured settlements are often used in the United States, Canada and Australia. They are popular because they allow for a variety of benefits, including security and tax-free payments. They are also useful for helping to pay for long-term care or for retirement.
There are a number of different companies that offer structured settlement services in Canada. Two of these are Henderson Structured Settlements and McKellar Structured Settlements.
Both of these companies offer a range of products, which can be customized to fit your specific needs. They also provide a lot of helpful information on their websites.
If you are considering a structured settlement, it is important to speak with an experienced lawyer who can help you navigate the process. These attorneys will be able to advise you on how much of your settlement can be used for tax-free payments and which options are available to you.
A structured settlement can help protect your settlement funds and ensure that they are not lost if you ever file for bankruptcy or divorce. They can also be a great way to receive income tax-free payments for a longer period of time, and will even be looked on favorably by banks when applying for a loan or mortgage.
There is no doubt that structured settlements are an excellent option for those who have been involved in a lawsuit and received a large amount of money from it. The best part about these settlements is that they are completely tax-free.
The IRS has issued rulings that make it possible for claimants to receive tax-free damages if they follow certain guidelines. These rules ensure that victims of personal physical injury, occupational disease, and workers’ compensation cases can receive their settlement proceeds without any tax liability.
The tax rules are clear and straightforward, and they are designed to ensure that the victim of a tort claim receives an income-tested government benefit that can be protected from the taxes owed on their settlement money. This can include social programs such as Canada Child Benefits and Ontario Disability Support Program payments.
Investing
In a nutshell, structured settlements are contracts that pay out an amount over time. They come in many shapes and sizes, and can be customized to meet the needs of your particular case. They are a good choice for many types of claims.
They can provide you with the security of knowing that your money will be there when you need it, and that you are not at the mercy of market volatility or other financial setbacks. They are also tax-free and can offer a higher rate of return than most other investments.
Investing in a structured settlement is also the best way to ensure that you have an ongoing stream of income. These funds can be used to help you pay for your everyday living expenses, and are a great way to save money over the long term.
The best part about a structured settlement is that they are guaranteed to pay out over time, which means that you can rest assured that your money will be there when you need to use it. This is especially true if you have been involved in a serious accident, and can expect to be out of work for a significant period of time.
In addition, they can be designed to include the latest in financial technology such as a mobile app that allows you to track your payments. This is the perfect way to ensure that you are always in the know about your structure.
There are a few companies in Canada that offer structured settlements. Some of the more well known companies are McKellar Structured Settlements and Henderson Structured Settlements. You can find more information about these companies on their websites. You can even use their present value calculator to determine how much your personal injury award is worth.
Security
As a recognized leader in the structured settlement market, Henderson Structured Settlements/canada offers a written pledge that is unparalleled among Canadian structured settlement brokerages. It is contracted with four major life insurance companies presently underwriting structured settlements in Canada and provides a guarantee that the annuity contract, the attendant settlement documentation and Henderson’s services will, as of the contract date, satisfy every current requirement of the Canadian Revenue Agency to ensure the tax-free status of a structured settlement annuity payment.
Henderson guarantees to act as liaison with the life insurance company(ies) underwriting the annuity, free of charge, to effect changes in name(s), address(es), arrange for direct bank deposits and meet all other service requirements of the person(s/entity(ies) in whose name(s) the structured settlement annuity is contracted. It also guarantees to provide the recipient with all settlement documentation that the person(s/entity(ies) need to properly and accurately file their income-tested government benefits and credits, such as Supplemental Security Income (SSI), and Medicare.
This is a comprehensive structured settlement plan that can be designed with numerous features, including inflation protection, periodic lump sums, stepped income, deferred start, indexed growth and more. It also allows for payment to be made in a number of ways, such as monthly, quarterly or bi-annually.
A substantial portion of the annuity payments, based on the total settlement amount, are paid tax-free and do not appear on the recipient’s income taxes, so the recipient can preserve a broad range of income-tested government benefits and credits. These benefits include SSI, Medicare, Social Security Disability Benefits, and unemployment compensation.
In addition, the payees can transfer their structured settlement rights to other parties, such as a third party or a trustee. This transaction is called a factoring or pooling agreement. It involves the use of a non-recourse factoring loan to purchase annuities from Henderson and sell them back to the original payees for the value of their annuity payments, less a fee.
The superior court held that the SSTA petitions were not voluntary dismissals and that Henderson could not avoid the payment of a portion of the fees it had charged for the factoring and pooling transactions. It concluded that Henderson violated the SSTA because it failed to comply with certain statutory requirements, including: failing to serve the beneficiaries of the annuities at issue or the payees’ counsel; making the entire disclosure bolded and 14-point type size; relying on blanks in the transfer agreement; and not itemizing expenses.
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