The more knowledge I have, the better job I can do for our clients. Cecil joined the McNay Settlement Group three years ago. Based in Richmond, KY, The McNay Settlement Group provides a full range of structured settlement and annuity consulting programs. Structured settlements have been a popular concept in personal injury law for the past 15 years. Structured settlements offer an alternative to lump sum cash payments by consisting of an up front cash payment and a series of future payments funded by an annuity.
All payments are tax-free when set up properly.
Structured settlements are often used when a lump sum is inappropriate. A Stanford study found that 90 percent of people receiving lump sums of money spend it within five years. A structured settlement ensures that a claimant has a regular income. Other scenarios for structured settlements include cases where medical expenses are stable and ongoing, total disability awards and lifetime awards, cases where claimants receive government benefits, and cases where a severely injured worker has a reduced life expectancy. President Don McNay, CLU, ChFC, MSFS and the first Kentuckian to complete the CSSC, is one of the world s best-known and most frequently published experts in the field of structured settlements.