Welcome to PatrickFarber.com:
The Only Structured Settlement Team You Need.
Structured settlement broker Patrick Farber and his team work with attorneys in California and around the county in creating structured settlements for medical malpractice, personal injury, product liability, workers' compensation, mass torts and construction defect cases as well as structures for non-physical injury cases and attorney fees --all at no cost to the client.
They support and advise legal counsel during all phases of settlement negotiations, court hearings, mediations, arbitrations and settlement conferences. Extreme care is given to preparing closing documents to ensure each structured settlement has been executed exactly to legal counsel's specifications.
"Our offices provide the comprehensive, compassionate advice necessary for injured parties who must make their settlement last a lifetime."
-Pat Farber
Firm Highlights:
- More than 45 years of experience, over $4 billion placed in annuity premiums and U.S. Government notes
- Support and advise during all phases of settlement negotiations, court hearings, mediations, arbitrations and settlement conferences
- Damage analysis and development of life care plans for injured parties
- Structured settlements for medical malpractice, personal injury, product liability, workers' compensation, toxic torts and construction defect cases
- Structured settlements for non-physical injury cases including employment and discrimination, divorce, property and property loss
- Closing document preparation to ensure each structured settlement is executed to legal counsel's specifications
- Annuities for attorney fees to create tax-deferred benefits
- Medicare Set-Aside, special needs and asset protection trust products
Meet Our Settlement Brokers, specialists & Consultants
More about us? Use the links below for more on our brokers and staff, including bio’s and direct contact information.
Structured Settlement
Broker
Structured Settlement
& Annuity Specialist
Structured Settlement
& Annuity Specialist
Structured Settlement
& Annuity Specialist
Team Farber Stats:
What statistics do you have about your performance? The numbers speak for themselves. Patrick Farber and his team are a crucial asset for support and advice in settlement landscapes. These aren’t just numbers; they are indicators of our expertise, dedication and commitment to clients, attorneys and investors.
Team FAQ's.
Empowering your Financial Choices globally
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Yes. Factoring companies, which also buy lottery winnings, casino jackpots and other annuity-based payouts, use television and print advertising to reach individuals with structured settlements, offering to buy the settlement annuities at deeply discounted rates and paying the individuals a lump sum.
Settlement buyouts require court approval. If the buyout is in the “best interest” of the injured party, the court approves the sale. California SB510, signed into law in 2009, provides the courts with explicit guidelines for determining whether a buyout is appropriate. Some of these guidelines include a review of the injured party’s current and future financial needs, whether the party has received independent legal and financial advice regarding the buyout, and whether the “discount rate” proposed by the factoring company is in keeping with current market rates.
No. Once a structured settlement is ordered, it may not be altered. You may only receive money from the annuity on specified dates in the original structured settlement agreement. Money can be designated to be paid on specific dates or for future education costs, a new car, even a new home.
Yes. After the injured party passes away, a structured settlement can dictate that any remaining annuity sums be paid in continuing periodic payments for a specified number of years to a beneficiary or beneficiaries.
Brokers can assess settlement offers during a mediation session for the plaintiff’s current and long-term benefits. As negotiations move forward during the mediation process, the broker can comply with any alterations requested by the mediator or either counsel.
Yes. Click Here Yes. Click here to use our MICRA rates tool for easy rate calculations. These are approximate numbers, not exact, due to recent MICRA changes.
There are no costs to create a structured settlement for the plaintiff attorney or injured party. The insurance broker’s commission for arranging and purchasing the structured settlement annuity is paid by the life insurance company and does not reduce the amount of the annuity for the plaintiff and/or the attorney.
Structured settlement brokers are typically involved in initial and ongoing consultations with the attorney and injured party. They prepare annuity price-benefit analyses, create and review settlement documents, attend court hearings, arbitrations, and settlement conferences, and are responsible for issuing the annuity policy to the plaintiff.
The issuing life insurance company guarantees annuities. Only those highly rated by the rating agencies (Moody’s, A.M. Best, Standard & Poor’s) are selected for structured settlement annuities.
In California, companies offering structured settlements must first be approved by the California Department of Insurance. The department evaluates the insurance carrier’s solvency and whether the carrier complies with California regulations. Carriers are also subject to mandatory annual audits and other financial compliance requirements. By regulation, all annuity reserves must have assets that are equal to or exceed the corresponding payment obligations. In addition, the assets supporting these reserves may not be removed from the insurance company. Reserve sufficiency is mandatory and is frequently monitored by state legislators and auditors.
State insurance commissioners have developed these regulations to preserve the solvency of general accounts that hold assets, ensuring that contractual obligations to policyholders are met. These general accounts support only the obligations of the insurance companies–and not the obligations of a parent company or other subsidiaries.
