Gynecomastia refers to the excessive development of the breasts in males; usually the result of hormonal imbalance. Some boys develop gynecomastia following treatment with certain anti-hypersensitive drugs. Risperdal which has recently sparked an enormous spike in mass tort suits got FDA approval back in 2002 for use in treating schizophrenia and certified for administering in children later in 2006. The antipsychotic prescription has been shown to have a clear connection with the sprouting of breasts in males. Evidence implicating the manufacturer in dishonesty and concealing the link from the FDA has seen scores of boys institute successful lawsuits or enter an out-of-court settlement. If you took anti-hypersensitive drugs and developed gynecomastia, you can sue the manufacturer for personal injury in tort for compensation.
Tom Nixon started taking Risperdal at age seven for autism spectrum disorder (ASD) and developed gynecomastia as a teenager. When his mother realized the condition had aggravated due to nipple pain, she visited a doctor who advised her to sue the pharmaceutical company. They nailed the manufacturer to the wall and recovered compensation money for product liability. The compensatory award covered medical expenses for his surgery and also provided a future income stream with periodic payments payable once Nixon reached the age of 18 years. Nixon grinned when his ship came in; however, the regular payments under the structured settlement were meager. When the idea of selling a portion of his structured settlements sprang in his mind, he decided to capitalize on a lump sum to hang out his shingle.
Sell Structured Settlement
Nixon Only Sold A Part of His Future Payments, What did the Transaction Cost?
Nixon picked out a reliable structured settlement funding company with substantial experience and industry prowess. The company did not charge him any upfront fees and dug deeper to meet preliminary expenses. Structured settlement financing companies convey a disclosure statement and transfer agreement disclosing an itemized list of court filing costs, legal charges or broker rates deductible from the overall lump sum payment. You don’t need to have any money to get started.
With Court Involvement, How long did it take for Nixon to Get His Money?
Nixon bargained for cash advances as he was cash-strapped. The structured settlement funding company’s attorneys took the plunge and filed the petition in court in a couple of days. A court order must be obtained to justify the transfer of payment rights due to another recipient. The hearing came up shortly after Nixon received the notice. The judge assessed the transaction to ensure he was not trading in his future income stream at unreasonable and unfair discount rates. As Nixon had no disability, the judge signed off the order and allowed him to retrieve a lump sum payment.
What Happens If the court denies a structured settlement transfer petition?
To avoid the dismissal of your petition by the judge, always pinpoint a structured settlement financing company with a mastery of the industry’s laws, ethical standards, and business customs. Nixon had a dependable factoring company that would liaise with court clerks and judges to schedule a rehearing of his matter.
What Are the Tax Ramifications after Nixon Sold a portion of his structured settlement payments?
The Tax Relief Act of 2001 (H.R 2884) assented by President George W. Bush provides a tax exemption for the sellers of structured settlements. The legislation acted as an incentive to encourage structured settlement buying companies to seek approval for the transfer of future income streams. Together with the IRC 5891 proviso that imposes a 40% excise tax, the legislations absolve both parties from tax penalties.
Who Rules the Roost in the Factoring Industry? Top Three Structured Settlement Buying Companies
JG Wentworth is an old hand in the factoring domain to help you traverse through bureaucracies in court; abide by Judge orders and all laws to ensure transactional legitimacy. The company fashions a personalized transfer agreement, disclosure statement and court filing forms in conformity with statutory requirements.
Peachtree Financial Solutions will provide a representative to walk you through the transaction, compute a whacking lump sum offer and scale back discount rates to maximize your earnings.
SenecaOne is the company at the top of the pecking order in the factoring industry due to their speedy servicing of structured settlement payees in need for an immediate lump sum boon. As an unbeatable buyer of annuities, they adhere to the industry’s finest standards and consumer disclosure regimes.