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Non-Qualified Assignments

What is a Structured Settlement?

A Structured Settlement is an alternative to Lump Sum Settlements.  It is a voluntary agreement made between the plaintiff and defendant, where the plaintiff is compensated through the receipt of a stream of guaranteed payments (periodic payments), usually tailored to the needs of the plaintiff.

What is a Non Qualified Assignment?

A Non Qualified Assignment is a tax deferring tool used for cases that do not qualify under IRC Sect 130. The defendants obligation to pay periodic payments are transferred to a third party (Assignee) resulting in the defendant being fully released from the future periodic payment obligation.

Why use the BARCO Product?

Liberty Life Assurance Company of Boston working with BARCO Assignments is able to bring many benefits of qualified assignments to non-qualified cases. BARCO provides tax deferred solutions to a wide range of non qualified settlements in a manner that reflects the time honoured of excellence inherent to the structured settlement industry.  Using the BARCO product, defendants are able to assign cases which do not qualify for assignment under IRS Sec 130 including:

  • Non Physical injury Cases 
  •  Employment disputes (Exclusive of any lost wages reimbursement)
  •  Discrimination
  •  Breach of contract
  •  False Arrest
  •  Sexual Abuse
  •  Pre August 5 1997 Workers’ Compensation
  •  Punitive Damages
  • Construction Defects
  • Breach of confidentiality
  • Environmental claims
  • Psychological/ Emotional Damage
  • Coverage buy Outs
  • Fraud
  • Attorney Fees
  • Property Damage

 

Main brochure on Barco issued by Liberty:
pdfNon-Qualified Assignments Brochure

 

What is a Global Intermediary Identification Number (GIIN)?

A GIIN is a "Global Intermediary Identification Number" that is issued by the Internal Revenue Service. The majority of GIINs will be issued to foreign financial institutions as part of their FATCA registration and compliance process. The long awaited regulations from the US Treasury Department define a GIIN as:


...the identification number that is assigned to a participating FFI or registered deemed-compliant FFI. The term GIIN or Global Intermediary Identification Number also includes the identification number assigned to a reporting Model 1 FFI for purposes of identifying such entity to withholding agents. All GIINs will appear on the IRS FFI list.
Treas. Reg. Sec. 1.1471-1(b)(52)