Here are the basics of a structured settlement. Please don’t hesitate to call me with any questions. Tax benefits: For injured parties, structured settlements provide a tax-free income stream, possibly for life, without fear of money mismanagement, market fluctuations or unscrupulous con artists waiting to milk them out of their money. Minimum structure: About half
Recently, I came across a new USC and Center for Financial Services Innovation survey that indicates very few Americans have their finances in order. Most, in fact, are still struggling financially in spite of a healthy economy and low unemployment. The survey showed that only 28 percent of American households feel they are in control
Thanksgiving is a time for being thankful for what we have and helping others in need. Approximately 288,000 people have spinal cord injuries in the U.S. according to the National Spinal Cord Injury Statistical Center. Over 3/4 of new injuries each year are young males. Car crashes and falls are the primary cause. As a
After going through the pain and shock of a loved one suffering a catastrophic injury, family members are then faced with another jolt-the realization of the staggering costs associated with keeping their loved one in the best possible health. A recent Merrill Lynch/Age Wave survey found that 41 percent of caregivers said they entered the
Medicare Set-Asides (MSAs) are often an important element in structured settlement planning. The purpose of MSAs is to "set aside" funds from the structured settlement so the injured party can pay for current or future medical expenses that would otherwise be covered by Medicare. Medicare is the secondary payer for injury-related medical expenses—after a defendant
Bringing two parties to the mediation table in a personal injury case is often a substantial feat. It shows a willingness to negotiate and even to compromise on both sides. Much discussion and agreement needs to happen before reaching the “demands and offers” and eventual settlement phase. Knowing in advance how much an injured client
When someone is physically injured on the job, shouldn't the IRS consider the entire settlement proceeds as non-taxable income? The answer is complicated. Tax attorney Robert Wood explains how timing and semantics play a role in the tax status of physical (and emotional) damage settlement proceeds in his piece "Emotional Distress Damages Are Taxable, Physical
Greed, fear and plain old bad decisions can derail even the best investment plan. This holds particularly true when a personal injury client receives a large lump sum settlement and decides to make his or her own financial decisions with little or no investing experience or fails to heed sound financial advice. The results are
Every quarter, Atlas Structured Settlements releases its report on Medicare issues including Medicare Set-Asides. The Spring/Summer report is out. Topics include: CMS Moves to Medicare Beneficiary Identifier Version 2.7 of the WCMSA Reference Guide Published WCMSA Submission Guidelines: A Refresher Budget Act of 2018 Limits Medicaid Third-Party Recovery Rights New Commercial Repayment Center (CRC) Contractor
Structured settlements, while normally associated with personal injury or workers’ comp cases, are being used in divorce proceedings with increasing regularity. During negotiations, a settlement amount is agreed upon upfront. The amount is then placed in an annuity. A payment schedule is created so the recipient spouse receives payments from the annuity pursuant to the
