THE BURBANK GROUP

THE BURBANK GROUP

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New York 50A Valuation Systems

(www.NY50A.com)

New York 50A Valuation Systems

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Developing and Valuing Awards under 50A and Amended 50A

While the development and valuation processes are fairly intuitive and there is instruction throughout the programs, it is still something of a cumbersome process for the occasional user. For that reason, we recommend use of our services rather than our programs. We provide training for those who have extensive and recurring needs, can offer continuing support and will even provide and update dedicated sites for those who feel a need to directly identify the product with their organization.

[If you have not already agreed to the use our services or to license our products, please go to 'Pricing and Availability' where the options and information requirements are provided. If you have ID and password, click on the desired section. When it opens, click on 'Clear' and provide the location of the ID file for input. If an operating file has been provided, click 'Input', enter an identifier and open the data for use.]

Full New York 50A System - A fully integrated system for developing and valuing Awards under Article 50A and Amended 50A. The sections are

  • New York 50A Award Development [Processes personal injury and wrongful death claims under original and amended New York 50A and produces Award summaries and Verdict worksheets.]

  • Valuation. [Processes personal injury under original and amended 50A]

  • 50A ReportsValuation Reports [Processes personal injury and wrongful death claims under original and amended New York 50A]

    Valuation.

    Record and compile case information and Valuation data by element of loss. If the Award system is employed, the Award file would contain the data and be utilized by the Valuation. The valuation data includes first payment date, duration of future damages, first payment date and current amount, cost Inflation increase percentage if first payment is more than a year in the future and a separate (Cost of Living) percentage for years beyond the first payment year. Lost or impaired earnings are simple projections, as with other periodic elements.

    Discrete items of loss (lump sum payments) can be incorporated either as individual events or as a sequence of discrete events separated by annual periods in excess of a year. Discrete items are automatically converted to periodic (monthly) events for valuation.

     

    • Taxes can either be separate local, state and Federal taxes paid in the past 1 to 3 years, or separate local, state and Federal tax rates applied to different percentages of income on either a simple or pooled basis (lower level taxes paid reduce income against which tax is applied at next level).

    • Collateral Source offsets can be incorporated into the Valuation, including first payment dates and amounts, maintenance expenses for the two years prior to loss, continuing maintenance and any COLA normally associated with the loss. In addition, if the Collateral Source offset relates to lost or impaired earnings and taxes are applied against those lost or impaired earnings, an option exists to reduce the impact of taxes for total collateral source payments. In addition, Expenses and fees can be applied against element loss before Collateral Source offset by reducing the value of the offset for expenses and fee.

    There are three valuation modules under 50A

    • Amended 50A Worksheet that applies the separate rules on Lump sums, and limited application of inflation or COLA, and the application of discount rates indexed to the 10-Year Treasury.

    • Indexed 50A Worksheet that allocates the first $250,000 across the elements of future loss, applies inflation or COLA of 4% across all elements of future loss, and the application of discount rates indexed to the 10-Year Treasury.

    • The Original 50A Worksheet that allocates the first $250,000 across the elements of future loss, applies inflation or COLA of 4% across all elements of future loss, and individual discount rates are assigned to individual elements of loss.

     
  • Contact Information

    Telephone
    (908) 955-5661
    Postal address
    P.O. Box 462, Chester, NJ 07930
    Electronic mail
    General Information: CompanyEmail:mail@burbankgroup.com
    Structured Settlements:burbss@burbankgroup.com 
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    Copyright � 1998-2008 The Burbank Group

    Last modified: January 8, 2008