Milestone is proud to announce it has received approval from the New York State Department of Financial Services to implement a plan to request certain insurance companies or its authorized representatives to waive commissions connected to the life insurance policy or annuity contract issued to the immediate family of terrorist attack victims.
The approved plan allows Milestone, with acknowledgement from each insurer, to request the waiver or donation of commissions from structured settlements with the companies we are appointed with, or do business with.
- New York Life
- Metropolitan Life
- Liberty Life of Boston
- Pacific Life and Annuity
- Massachusetts Mutual
- Mutual of Omaha
Milestone intends to donate the commissions to Beirut Veterans of America to benefit those affected by the 1983 Marine barracks bombing in Beirut.
On April 20, 2016, the U.S. Supreme Court ruled for the victims’ families in Bank Markazi v. Peterson, holding that frozen assets of Iran’s Central Bank, held at Citibank, could be used to pay compensation to the victims’ families. On June 6, 2016, in Peterson v. Islamic Republic of Iran, U.S. District Judge Katherine Forrest ordered the distribution of $1.8 billion in Iranian funds to the victims’ families, marking one of the largest foreign state recoveries due to terrorism since the 1988 Lockerbie bombing, in which Libya offered up to $2.7 billion in settlement claims.
Previously, in 2003, we successfully lobbied Senator John A. DeFrancisco to pass a law that allowed for the creation of pro bono structured settlements in connection with the September 11th Victims Compensation Fund. Ten years later, we lobbied Senator Timothy M. Kennedy of Buffalo to assist in amending the 2003 law to expand the scope of “terrorism” to apply to all acts of terrorism, so as to include the families of the Marines in the Bank Markazi litigation.
Congress adopted special tax rules in 1983 to encourage structured settlements as a way to provide long-term financial security to personal injury victims and their families. These structured settlements, in the form of periodic payments, give its recipients the ability to create tax-exempt earnings on the settlement, and have been widely used in similar recoveries.
Milestone Consulting, LLC has guided thousands of clients through comprehensive settlement planning and management. We secure our clients’ futures by understanding the complexities of each case, assessing the best outcome, and finding the path that enables each client to manage his or her specific financial needs.
A West Point graduate where he served as captain and military aviator, John Bair continues his commitment to our country through his efforts within the settlement planning industry. He has represented families of victims lost in the Flight 3407 crash, offered pro bono services to the families of 9/11 victims and drafted the first consumer protection bill for plaintiffs (H.R. 3699).