California Insurance Code Fights for Justice with Independent Professional Advisers!
Block 11.2 Article 2.3 Transfers of Structured Settlement Payment Rights
10136(c)(10) California Insurance Code Fights for Justice with Independent Professional Advisers!
Justice is leveraged as California legislators mandate transfer companies to incorporate a statement in a Disclosure Statement to consumers alerting them to hire a professional adviser. The purpose of the adviser is to alert the consumer of the federal and state income tax repercussions that may arise if the consumer decides to transfer their structured settlement payment rights.
10136(c)(10) states, ” A statement that the payee should obtain independent professional advice regarding any federal and state income tax consequences arising from the proposed transfer, and that the transferee may not refer the payee to any specific adviser for that purpose.”
After you have seen your percentage or the final cut the transfer company gets from your total amount of structured settlement in section 10136(c)(9), the next passage (10) in the Disclosure Statement from the transfer company, TELLS YOU to SEEK help from a professional experienced in this trade.
Not only to seek help from a professional in this trade, but the transfer company and its allies cannot tell you where to go. You have to find the independent professional adviser yourself.
You can find an independent professional adviser by googling™ “independent professional adviser structured settlements” or “ipa structured settlements”.
This statement: “to seek an independent professional adviser” is so important, it’s not only written in the Disclosure Statement, it is written in the Transfer Agreement numerous times, and it is written in the California Insurance Code multiple times as well.