Starting point. The American Association of Settlement Counsel (AASC) focuses on people working in the settlement field, with many members specializing in structured settlements. Those are a type of settlement where payments are made over several years, rather than a lump sum.
“The settlement plan is very gray,” said AASC President Rebecca Ready-Miller. “There is no black and white answer, so every client is different. There was a big void and a big need in our industry for education, mentorship and a holistic view of, ‘This is how you take someone’s case, and this is how you do it.’” AASC was formed last year to provide education and community for members, as well as modernize the industry to meet today’s needs.
Early work. Since its inception, the group has been promoting education and creating a legislative agenda. The group has two legislative focuses. First, AASC experts note that people who take a lump sum may not have enough money left over a few years to pay their next medical bill, but they don’t have hard data on that.
“One of our legislative priorities is to get government-funded research,” said Executive Director Jennifer H. Vironi. “Most of the people who don’t resettle have nothing left after five years, so we need more information on what we’re up against.”
The second priority is to ensure that more categories of settlements get the benefit of tax exemption. While many personal injury settlements are tax-free, the AASC wants to see rape and sexual assault settlements get the same status and will push for that change.
Next steps. While the organization will continue to focus on its legislative goals, it currently hopes to bring people together for education and counseling at the first annual meeting, scheduled for February 2022.
(Pichaya Pingpityakul/iStock/Getty Images Plus)
