The Emergency Medical Treatment and Active Labor Act (EMTALA) of title 42 of the US Code stipulate for stabilization of a patient in a dire medical condition before being a move to another healthcare center. The statute allows the estate of the deceased to pursue compensation in a lawsuit alleging professional negligence. The EMTALA enjoins the hospital of the first instance to render medical treatment to a patient taking into consideration the circumstances. Emergency task forces need to exercise the reasonable standard of care to forestall worsening of the condition during the relocation. An action alleging professional negligence tied with the flouting of the EMTALA will arise where the patient did not undergo medical screening, treatment or measures needed to stabilize such a condition.
Peter Wood doctor failed to stabilize him before the transfer after sustaining a life-threatening heart attack. His health deteriorated during the protracted journey across several states. He died en route prompting a lawsuit against the hospital. Diana, his only daughter, became the recipient of a structured settlement in a compensation scheme engineered by the lead counsel. The attorneys fashioned a stream of income with monthly installments cashable by Diana for 30 years from when she turned 18 years. At 27, she knew better on how your finances can become a lottery, especially when you want to sell structured settlements. Determined to bring home the bacon with the highest lump sum payment in the marketplace, she kept her eyes on the ball to nail a six figure.
Sell Structured Settlement
Learn the Ropes and Avoid Selling Off the Top Of Your Head
Selling your structured settlements entails a thorough search for the highest bid and lowest transfer expenses. Annuitants who go in it headlong not only fall prey to exploitative transactions but risk having their petition denied. Accordingly, Diana digested the welter of information surrounding factoring transactions. She perused a copy of her annuity agreement and found an anti-assignment clause and contacted the buyer to inquire. The published applicable federal rate at the Internal Revenue Service helped her compute the discounted present value of the aggregate payments she intended to trade in. When requesting for bids, her hawkish eye pored over the gross advance payment and deductible processing fees.
Stay On Your Toes with the Affidavit and Court Testimony
The transfer of your income stream to structured settlement funding companies must adhere to the procedural and substantive requisites set forth by federal and state laws. Diana was really in her element as she framed the reasons prompting the proposed transfer in her affidavit attached to the court petition filed by her buyer of annuities. In court, she reiterated the grounds as outlined in the prayer and responded to all questions posed by the judge with insightfulness.
Tax Ramifications of Selling Her Structured Settlement Payments
The transfer of payment rights under a structured settlement are governed by the Internal Revenue Code, section 104 (a) (2) which absolves the factoring deal from taxation. The Victims of Terrorism Tax Relief Act of 2001 slotted in section 5891 of the Internal Revenue Code. IRC 5891 incentivizes and cements the philosophy intertwining Structured Settlement Protection Acts. It levies a 40% duty on structured settlement funding companies that skip the court process when buying payment rights. Diana’s buyer had to adhere to the legal framework to escape the tax penalty.
Do You Have to Appear in Court for the Transaction to get Signed Off?
Diana appeared in court as her state mandates the payees to appear in person or otherwise request for an adjournment. Some states have stricter requirements than others. For instance, Diana had to disclose previous transfers if any. However, annuitants in Florida, Virginia or Illinois do not enjoin court attendance for payees. Luckily, structured settlement annuity buyers comb through court paperwork and fast track the transaction up to the hilt. You’ll only appear transiently and give a brief testimony.
Structured Settlement Funding Companies Ahead of the Curve
J.G. Wentworth’s on time re-purchasing of your annuities or structured settlement payments give you a win-win situation with a sizable lump sum payment in exchange for your stream of income. The company’s experience and reputation give them an upper hand in filing petitions and canvassing the matter before a judge.
Stone Street Capital will convey a transfer agreement to acquire payment rights under a structured settlement agreement and see the transaction through in a couple of shakes. With the exceedingly small discount and annual interest rates, they will be the best buyer to obliterate the red tape for quick bucks.
Fairfield Funding will be in the driver’s seat to keep your factoring deal up and running for a quick payout. The company observes the standards set forth by the National Association of Settlement Purchasers as well as legal framework governing factoring transactions for a consumer-friendly deal.