Why should a trust be considered in addition to a structured settlement annuity?
A structured settlement annuity is a powerful financial vehicle that delivers many benefits all parties involved in a settlement. However, the overall value of the settlement can be enhanced with the use of a trust. By placing assets in a trust and having the funds professionally managed, future contingencies and concerns can be appropriately addressed and resolved.
What is the Structures Trust Platform?
The Structures Trust Platform is a bundle of various trust-related services that Structures offers for claimants through their settlement consultants. The Structures team provides guidance to consultants on whether a trust is appropriate for a particular claimant and if so, connects the consultant to a qualified trust services provider that can meet the unique needs of the claimant.
When is a trust needed?
The Structures team will help sort out the unique aspects of a claimant’s case and future needs. If a mutual determination is made that a trust may be of benefit, then Structures helps schedule a call with an experienced trust provider. In many instances this call occurs in conjunction with the initial request, so answers are received in an expedient manner
What case information is needed before contacting the Structures Team?
Basic information includes names of the settling parties, the state(s) of residence, and whether the Court is ordering a trust or if the guardian ad litem, claimant attorney, or a family member is requesting the trust.
Additionally, it is helpful to know whether there is an identified need for a special needs trust, a reversionary medical trust, or a Medicare Set-Aside. Furthermore, if any of the parties have expressed an interest in having some of their settlement proceeds tied to market performance, that information can help form the correct approach.
Lastly, trust companies have varying minimums for establishing a trust, so a general idea of the potential funds available to be placed in a trust will also assist our team in making the most appropriate trust company referral.
Why doesn’t Structures use just one trust company?
Our client-centered focus means that we do not utilize a cookie-cutter approach. Each trust company has its own set of capabilities, minimums for investment, and geographic considerations. Structures has gone through a thorough process of vetting trust companies from all over the country to ensure that we have the best options to meet a variety of needs.
How does Structures select trust companies for the platform?
Structures completed a comprehensive multi-agency survey in which we asked industry-leading settlement consultants about their use of and need for trusts in their practice. This “voice of the customer” data formed the basis of our analysis and selection of the trust companies to include on our platform. Additionally, Structures’ trust company partners share our belief that trusts and the investments made within trusts are complementary to structured settlement annuities.