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St James Assignment Corporation www.stjames.bbCopyright 2010 St James Assignment Corporation Structured Settlements Assignment Program Assignment obligations.

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Presentation on theme: "St James Assignment Corporation www.stjames.bbCopyright 2010 St James Assignment Corporation Structured Settlements Assignment Program Assignment obligations."— Presentation transcript:

1 St James Assignment Corporation St James Assignment Corporation Structured Settlements Assignment Program Assignment obligations are backed by Annuities from St. James Assurance Corporation, a Barbados QIC

2 Copyright 2010 St James Assignment Corporation Structured Settlements Assignment Program Overview Step 1 QSF/Defendant/Insurer assigns obligation for periodic payments due to Attorney/plaintiff, to the Assignment Company. Step 2 Assignment Company accepts assignment for future periodic payments obligation and purchases a funding asset (annuity) to match obligation. Step 3 Asset provider (Annuity company) provides funding asset and makes payments when due to either the Assignment company that owns the asset or, on direction of the Assignment Co, makes payment directly to the Attorney. Step 5 Attorney/Plaintiff receives periodic payments when due from either: -the Assignment Company or; -the asset provider on the direction of the assignment company. -Tax reporting for the amounts received on IRC 1099 MISC follows annually from remitter, asset provider or the assignment company. Step 4 Asset provider invests in desired risk portfolio instruments as set out in the Settlement Agreement and Assignment Agreement governing the fees and assignment.

3 Copyright 2010 St James Assignment Corporation Types of Cases Accepted Discrimination Contract Disputes Non-Physical Injuries Punitive Damage Sexual Harassment Civil Rights Violation Environmental Litigation Legal Malpractice Construction Defects Divorce (Child Support & Property Division) Property Disputes Attorney Fees on IRC S104 qualified cases Note:The underlying criteria for accepting a case is the evidence of a dispute. If you have a case that falls outside of those above, please call us to discuss.

4 Copyright 2010 St James Assignment Corporation Annuity Underwriting Choice of Fixed Income or Variable Annuity Minimum Premium is $2M Maximum annuity term – 25 years Minimum deferral – 5 years Earliest 1 st payment – year 6 Only annual lump sums Special language required in Settlement Agreement for fixed or variable annuity payouts Beneficiary Designation allowed

5 Copyright 2010 St James Assignment Corporation Annuity Investing St James can arrange suitable investments through a leading investment bank and full service investment firm which is familiar with the proposed arrangement, or, if preferred, through a suitable investment firm with whom the attorney has an existing relationship. Variable Annuity – customized to suit the risk tolerance of the client, using mixes of low risk and equities instruments determined by settlement agreement and risk profile of payee. Fixed Income Annuity – can be customized also.

6 Copyright 2010 St James Assignment Corporation Security of Investment Premiums are invested by a leading investment bank and full service investment firm in the US. Funds never leave the US. Premium is deposited into SJ Assignments account with the investment bank, then transferred to SJ Assurances account, also with the investment bank. In both Assignment and Assurance the transactions are maintained in separate accounts specific to that case and policy, as per the assignment and annuity contracts. Investments are designated by the investment bank as St. James Assurance for the benefit of each specific policy or account. Payouts are made directly from investment bank to annuitant. All funds or investment assets are protected and preserved at all times by separate account legislation that governs both Assignment and Assurance. Assurance is regulated by the Supervisor of Insurance of Barbados.

7 Copyright 2010 St James Assignment Corporation Separate Account Legislation The Barbados Companies Act provides for companies to be formed and registered as separate account companies, whereby the assets and liabilities of each account are segregated one from the other, and from the assets and liabilities of the core company. As a result, investments held by separate account companies in separate accounts for designated individual annuity/insurance contracts are protected from general creditors of the company, as well as from claims against another account. Both St James Assignment Corporation and St James Assurance Corporation are separate account companies. St James Assurance Corporation is also a Qualified Insurance Company (QIC) and files audited Financial Statements with the Supervisor of Insurance annually.

8 Copyright 2010 St James Assignment Corporation Document Requirements Assignment and Release Agreement Settlement Agreement IRS W-9 Hold Harmless Agreement (for Attorney Fees) Trust Agreement (if applicable) Court Order (if applicable )

9 Copyright 2010 St James Assignment Corporation Tax Reporting The full amount of all benefit payments will be reported via an IRS 1099MISC annually to the annuitant, as they are made for all cases except Divorce - Property Division and Child Support. For Divorce Cases – Property Division and Child Support, only the interest / gain above the premium invested will be reported annually via an IRS 1099MISC, when the payments are made to the payee.

10 Copyright 2010 St James Assignment Corporation Benefits of the Program Investment of pre-taxed dollars Tax deferral until payments are received Flexibility Asset protection

11 Copyright 2010 St James Assignment Corporation Dollars and Sense

12 Copyright 2010 St James Assignment Corporation Power of Deferral


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