Finally the 2nd MSA proposal is revealed

[freebird]

Bad Boy Bad Boy Wrote:Well that is a good way of explaining one part of it.

What I was saying, or meaning, was, if say your settlement was first an offer of lets just say $400,000.00, without the MSA, then the MSA was proposed lets say at $80,000.00. Then rejected. Then the MSA went to lets say $120,000.00, how did that change your settlement amount, or maybe it didn't.

The Idemnity offer does not change. The only change is the MSA Amount.
NOW, when the MSA is higher, the Attorney will reap more because the total settlement is now higher.

For Instance and these are just numbers;
The Ist settlement the IC will pay $200k plus the cost of the MSA which was approx.$130k bringing the total settlement to $330k.

The above MSA was rejected and now the MSA figure is $305k . Now the IC will still pay $200k plus the cost of the MSA which now is $305k bringing the total to 505k.

The Attorney's fees would go from $66k(330k x 20%) to 101k(505k x 20%). A difference of $35k but the MSA is $275k higher.

[Still in Limbo]

So in the End You will Receive Less of a Net Monetary Portion, but have More Money in Your MSA to take Care of Your Future Medical Care Correct? Now I know this to be True in My State, (Pa.), and Wonder if Your Agreement is the Same, should You Pass away before the MSA is Used Up, does Your Surviving Heirs get the Left Over MSA Amount in a Cash Lump Sum??

[freebird]

Still in Limbo Wrote:So in the End You will Receive Less of a Net Monetary Portion, but have More Money in Your MSA to take Care of Your Future Medical Care Correct? Now I know this to be True in My State, (Pa.), and Wonder if Your Agreement is the Same, should You Pass away before the MSA is Used Up, does Your Surviving Heirs get the Left Over MSA Amount in a Cash Lump Sum??

No; It goes back to the Insurance Company. I wonder if that optional in Louisiana or .....

[Bad Boy Bad Boy]

Okay, they way I was told about the MSA is (1) the way talked here. Then (2) I could be in total control of the fund, placed in a Interest bearing checking account only in my name and possibly the spouses name. If I were to pass away, the remainder the spouse could have as the money was there as part of my settlement. I was told sometimes, a MSA fund would or could lower the settlement money portion also. Example, say offer was $200,000.00 without a MSA. Then lets say $100,000.00 settlement, and $100,000.00 placed in a MSA Interest Bearing account, both of which your in total charge of. Then there was $200,000.00, and $50,000.00 place in a MSA fund, which if you pass the interest and remainder goes back to the IC.

What I am saying, I don't know really if there is or should be a difference as per State. But, my Attorney had explained in the past to me, there are several options on setting up a MSA Fund. This includes it must go along with the settlement, and settlement money can be discounted as per rated Interest rates, then go into a Annuity Fund set up between you and the IC. But, be use caution, like me, having an IC go Bankrupt, will then leave your Funds short if the funds are to be placed there every year. They will stop, leaving you way short. There is no protection if this happens.

I was told if I fear this that much, I would be able to collect such funds, they will be discounted big time. So, to save for the future, would be in my hands. I was told to bring in a Financial Advisor, either paid by me, and sometimes an IC will pick it up. Then arrange a system to best fit your needs, and future.

Now I didn't mean to step into your thread like this, and mean no harm. I just like to help share information from across our country is all.

I am sure many talked these issues over with their attorney's also. I would highly think they should also, when they do a sit down with their attorney.

I think because my Attorney does work for injured workers, he also works for Insurance Carriers, that my options of information are much better, as he had to set up these settlement / MSA options many times.

Was just wondering if FreeBird heard any of these type options before, so we can see what goes on from State to State is all.

[freebird]

The only option I was given was a Annuity. If your MSA is for 30 years life span, A interest bearing account in my name will be funded with 2 years of the 30 year Annuity. Every year A deposit will be made into that interest bearing account. The Annuity will be setup where if there is any left, it goes back to the IC.

I know there is no way in Haidies that the IC will settle if I want/could set up my family to be the beneficiairy. Honestly, it would be nice but I will be stoked if I never have to pay out of pocket for my work related injury.

Sometimes we want cake and ice cream all at once. LOL

[Bad Boy Bad Boy]

Not wanting cake or ice cream here neither. I can state the options as presented though. LOL.

See, I was told the settlement and MSA is a total of my settlement Fund-Funds. Being so, it makes for a total of the amount of the award if without a MSA. Meaning a portion of the settlement money goes over into the MSA. This means it is your award money moving from one area to another. Since it was being presented that way, I then would want complete control. Now, if it were setup such as FreeBirds, where settlement award money was not being transfered over to the MSA, then I too would be complete and agree to the IC obtaining the funds back if death took place.

So, it is making me think, the MSA can be set in place with many different formats. But, again, I really am not certain as how this works per State. I am confused as why it would be per State, but, can see it possible.

[Bad Boy Bad Boy]

FreeBird, did you and your attorney ever talk about the MSA being in an interest bearing checking account and taxes?

As we will have to pay taxes on this account every year. Where should that money come from? Such as the account, or out of our own pockets?

[Still in Limbo]

My Attorney and I have Spoken in Pretty Good Length about MSA's, and the Money put in the Set-Aside has to be Considered as a Part of Your Total Settlement, and the Balance of any MSA Monies go to Your Beneficiaries should You Pass. Just Think for a Minute, Your Attorney is going to take 20% of Your MSA Monies as a Part of Your Agreement, and it's a Total MSA of 300K, what if You Die Next Year? That would Mean Your Attorney was Paid for Monies You or Your Family will never See, and You Received Less in Your Monetary Portion due to the Percentage the Attorney Took!! It's not a Matter of Cake and Ice Cream, it's a Matter of Fairness and Food on the Table!! You May, My Opinion Only get a Second Opinion as I know My MSA will be as Bad Boy Said in an Interest Bearing Account, and I will have Total Control of the Payments Due for My Meds. and Dr.'s. At the End of the Year I will have to Account for every Penny, and if the Set-Aside turns Out to be More than Needed, because at the End of the Year the Excess Monies Stays in the Account, You can Here in Pa. Petition the Courts to Lessen the Set-Aside Amount, and Withdrawal the Monies in a Lump Sum. But You can Only take the Excess every 5 Years!! You May want to Check a Bit Further, that Set-Aside Money is a Part of Your Settlement Your Attorney gets Paid on, it;s Your Money, not to go Back to the Ins. Co. should You Pass!! Good Luck, and I Hope You can have it set Up that Way in Your State!!

[1171]

bad boy:
here is a link to a MSA presentation made by an Illinois atty. its from 2006 but the basics are still relevant
http://www.medicareapproval.com/PCBA%201...Update.pdf

are you familiar with his website?
http://www.illinoiscomp.com/

[Bad Boy Bad Boy]

1171 I do think I have read this in the past. But thank you again. I do know this Law Firm also. They are representing the IC in my case...