If you’re researching the process of selling structured settlement payments, or you have already begun the selling process, you may have heard or seen the acronym IPA. But what is an IPA, and what do you need to know about it as a seller?
“IPA” refers to independent professional advice or independent professional advisor.
The courts work to ensure every structured settlement sale is happening in a seller’s best interest. A structured settlement is originally put in place to last a plaintiff a long time; selling those future payments could potentially cause them to lose financial security. So, an attorney, certified public accountant, actuary, or other licensed professional acts as an independent third party to help ensure that the sale won’t be detrimental to a seller or his or her family’s finances. This professional will review the situation with the seller and provide a letter to the judge, usually for a fee.
CrowFly is not part of the IPA process. In fact, it’s one of the few steps in the selling process that we are not (and cannot be) involved in. We cannot suggest an independent professional advisor for sellers to call directly or even speak with their IPA.
Is an Independent Professional Advisor Mandatory?
Certain state laws require sellers to seek independent professional advice before moving forward with the selling process. Sometimes, even in states where the statute does not require it, judges may still ask that a qualified advisor review a person’s plan to sell before the process can continue.
Questions? Call Us.
At CrowFly, our team understands that there’s a lot to know when you’re thinking about selling your future structured settlement payments. We’re here if you have any questions. And don’t worry; we’ll never push you to sell or even to choose our company.
Call 833-CROWFLY or fill out an online form to speak with an experienced member of our team who can answer your questions and explain the next steps.