Qualified Settlement Fund Administration
A Qualified Settlement Fund (QSF) is a trust used to accept settlement proceeds from the defendant(s) or insurance company in cases with one or more claims. The function of this trust is to allocate the settlement proceeds to the various claimants based upon the settlement agreement or court order. This type of trust is not difficult or time-consuming to establish. With effective administration, the QSF can eliminate significant administrative deadlines for the law firm and allow the time needed to properly plan for a compliant distribution to each claimant.
Consider the scenario where a case with multiple claimants (mass tort claims, personal injury with multiple injured parties, etc.) settles quickly. The settlement planning for each claimant has not yet been addressed. Perhaps the liens remain unresolved, Medicare's interests have not been properly considered, the claimants are exploring structuring their settlement proceeds, or maybe a Special Needs Trust is required. The QSF option allows for all this planning to take place, even though a settlement has been reached and distribution has been made by the defendant(s).
When using a QSF, choosing a qualified administrator is essential for any attorney or law firm. The mismanagement or misallocation of funds in a QSF can result in significant financial penalties and irreversible harm to the attorney or law firm's reputation. Finding a team of administrators with the requisite experience, attention to detail, and thorough execution of the settlement plan is as easy as contacting Global Litigation Consultants.
Our team of administrative professionals work with law firms and the court throughout each stage of development, implementation, and execution of the QSF and settlement plan. Preparing the necessary court documents, gathering the required tax information, establishing the appropriate banking and investment accounts, and constantly communicating with all relevant parties is standard for GLC's administration service. We understand timeliness and accuracy are fundamental in effective QSF administration and our team is committed to delivering top-quality service every time.
Qualified Settlement Fund Administration:
The professional management of an account or trust established to receive the proceeds of a legal settlement with one or more claims.
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