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
Parents want the best for their kids and that includes giving their children the opportunity to attend college. When a parent is seriously injured and no longer able to work, hopes of providing a college education for their children can be dashed. Funds from a structured settlement due to an injury, however, can be designated
As a structured settlement broker, I meet many individuals who have suffered major spinal cord injuries. Life after their injury is filled with challenges that, at times, feel insurmountable. Thankfully, those with spinal cord injuries have a strong advocate in their corner. It's Triumph Foundation, a nonprofit group dedicated to inspiring and motivating people with
Injured individuals often want to know what will happen to their structured settlement after they pass away. Structured settlements are usually set up so payments are made for the life of the injured party—with a guaranteed minimum number of years. If the claimant dies before the guaranteed minimum number of years is reached, the remaining
Purchasing an annuity as part of a structured settlement should be based on sound financial and tax analysis. That's not always the case, this article discusses some of the emotional factors and misconceptions that come into play when considering an annuity purchase.
