The law firm of Goulart & Associates, P.C. provides clients with the ability and expertise of a large law firm, in a small law firm setting that offers unsurpassed creativity, care and personal attention.
Life Settlement Litigation
Goulart & Associates, P.C. provides a full range of legal services to the Life Settlement and Viatical Settlement industries. A Life Settlement transaction may involve various parties such as investors, insureds, insurance companies, and Life Settlement brokers. Properly executing a Life and/or Viatical Settlement is a transaction that can involve many parties and implicate many state and federal laws. More importantly, improperly completing a Life Settlement can result in the violation of these laws, which may render the insurance policy void. Goulart & Associates, P.C. provides committed and vigorous representation to parties involved in Life Settlements who find themselves facing issues or a dispute.
Life and Viatical Settlements
Life and Viatical Settlements (“Life Settlements”) are generally the transfer of a lump sum of cash from an investor to a life insurance beneficiary in return for the beneficiary transferring or assigning his/her beneficial interest in the life insurance policy to the investor. Such settlements are preferred by insureds or beneficiaries who are ill or otherwise in need of immediate cash during their lifetime. After the Life Settlement is effectuated, the investor will pay the life insurance policy premiums until the insured passes away. At that time, the investor obtains the death benefit from the insurance company, realizing his investment. Life Settlements became more well known in the 1980’s during the AIDS crisis; however, such agreements and transactions have existed as early the middle of the 20th century. As a result, laws and courts have developed statutes and case law that provide for the close regulation of these transactions.
Stranger Originated Life Insurance Policies
Stranger Originated Life Insurance Policies (“STOLI”) are policies wherein the insured applies for and originates the policy without an insurable interest. An insurable interest is defined differently in every state, but generally, every individual has an insurable interest in their own life and/or lives of their family members. In fact, some individuals or businesses have insurable interests in others’ lives. Many states have laws providing that businesses have insurable interests in their valuable employees. On the other hand, a STOLI is a life insurance policy that, when procured, lacks a valid insurable interest to insure. STOLIs are prohibited by most states by either statute or case law. Goulart & Associates, P.C. provides representation to parties regarding these issues.