Same-sex marriages in the US have become ubiquitous, but the abnormal practice would require many to bust a gut before taking the plunge to walk down the aisle. Recently, the Supreme Court declared any form of discrimination against same-sex couples unconstitutional. Accordingly, a spouse in these relationships can now sue in tort for damages suffered from the wrongful death of their partner. Traditionally, the wife or husband of a spouse killed due to the negligent conduct of a defendant would claim loss of consortium. The compensation recoverable provides the surviving spouse or dependent a remedy for losing love, intimacy, companionship or sexual relations. A request for loss of consortium only issues where the person dies or sustains brutal and catastrophic injuries like paralysis, incontinence, loss of eyesight, and amputation.
After the Supreme Court had overturned the ban on gay couples in Michigan, Sarah Shawn and Dona Goldsmith tied the knot in a colorful wedding in Detroit. Later they obtained a marriage license to consummate their union. Unfortunately, their happy relationship was halted by the wrongful death of Shawn when she was stalled and struck by a train moving at high speed. Dona instituted a tort lawsuit with a claim for loss of consortium which was successful giving her $1,000,000 as compensation. The money was set to devolve to her in the form of a structured settlement that applies to personal injury claims. The structured settlements convey compensatory damages at a future date as a future income stream with a pre-determined schedule. In early 2017, she was in need of quick cash to expand her events planning company after securing a lucrative tender to supply services to the federal government. Loans, lottery winnings or withdrawing her savings account flashed across her mind. Her friend Cox reminds her of her abundant structured settlement payments that sell like hot cakes.
Sell Structured Settlement in Michigan
Dona was like a cat on hot bricks before deciphering the nitty-gritty of the sale of a portion of her structured settlement. Her mind settled when she discovered the transaction was regulated by federal and state laws to shield her against losses or swindling. When she found a reliable buyer, she saw the whole process requires a written contract and court approval. The structured settlement company must make certain disclosures. The company highlighted the salient information to her, including the lump sum amount estimated via the discounted present value.
Michigan’s Structured Settlement Law Enjoins Professional Independent Advice
The proviso recommending professional independent advice in the Michigan statute instilled her with confidence to forge ahead with the deal. Dona got a happenstance to discuss her financial plans with an attorney, accountant, and actuary. She was advised at a depth the fiscal, tax and legal ramifications after selling her structured settlement payments. The SSPA also gave her a “cooling off” period within which she could rescind the agreement. She got a chance to compare the offer at hand once again, seek friends view and dig up more about the transaction.
What Were Her Aggregate Costs of the Transaction?
Dona sold three annuities totaling $2,560,000 raking in a six-figure lump-sum award. The lump-sum amount was as indicated as the net value of structured settlement payments transferred. The company had no hidden fees; they disclosed all costs such as court filing, attorney bill of costs, broker commissions and deducted to get the lump sum value.
Circuit Court Approval Sets the Seal on Factoring Transactions in Michigan
Dona appeared in the circuit court after an application was lodged seeking approval of the deal. The court allowed her appeal after she adduced her investment plans and economic hardship following the death of her partner.
Reliable Structured Settlement Funding Factoring Companies
Peachtree Financial Solutions Company has substantial industry expertise to help you traverse the threshold inquiry in court, persuade the judge the transaction serves your best interests and speed up your application by queue-jumping case filings with pre-booked numbers.
SenecaOne will prepare a personalized transfer agreement and relevant documentation, send a favorable price offer, act as your legal representative to all interested parties and fine tune your deal to meet your financial circumstances.
Olive Branch Funding has rapidly emerged as a top-dollar buyer of structured settlement payments offering premium price offers, near-accurate free quotes online and a 24 hours customer support.