One of the more complex areas of personal injury law involves structured settlements. Structured settlements are a negotiated agreement, in which a person agrees to resolve a personal injury claim in the form of periodic payments, rather than a lump sum. One of the most critical aspects of the sale of a structured settlement in Maryland is an Independent Professional Advisor (IPA).
Why Is an IPA Required for the Sale of a Structured Settlement in Maryland?
Since structured settlements can be very complex, the state of Maryland wants to protect the annuitant and make sure that they are receiving fair market value from the buyer. The Statealso wants to ensure that the transaction is in the best interest of both the selling party and the associated dependents. One of the ways that Maryland seeks to protect these parties during the sale of a structured settlement is by receiving independent professional advice from an IPA.
An IPA is a third party with no personal interest in the matter. The IPA is able to give an honest appraisal of the situation. The decision to sell structured settlement payment rights is a serious one, and you should never make it without proper consideration.
Who Can Act as an IPA?
In Maryland, attorneys, accountants and financial planners can all provide advice on the sale of a structured settlement. Because structured settlements are such complex legal matters, it’s recommended that you work with an experienced lawyer like Mobley and Brown, LLP. The IPA process is not merely a checkbox that we will mark off for you. Instead, we make sure that you thoroughly understand the pros and cons.
What Types of Things Will Be Discussed Before Your Sale of a Structured Settlement in Maryland?
An IPA is there to advocate on your behalf and make sure that you are not getting the bad end of the deal. Is the total after the discount that you will be getting better than the amount that you would be getting through a hardship exchange through an insurance carrier’s program? What things could selling the lump sum payment at a discount affect? We are experienced in handling cases that involve the sale of a structured settlement in Maryland, and we will fight for your best interests.
Contact Mobley & Brown, LLP for Help with a Structured Settlement in Maryland
Whether you have been involved in a structured settlement in Maryland or you need help considering what the best path forward for you is, contact Mobley and Brown, LLP today. Our experienced legal team will work with you to meet your needs. Call us now at (410) 385-0398.