Qualified Settlement Funds. Richard B. Risk, JD, CSSC

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Qualified Settlement Funds. Richard B. Risk, JD, CSSC"

Transcription

1 Qualified Settlement Funds Richard B. Risk, JD, CSSC

2 Introduction The QSF is the most powerful tool available to the plaintiff for taking control of how the plaintiff s damage recovery funds will be distributed and determining who will handle the transaction.

3 Endorsement of the QSF Edwin W. Ash, Esq. American College of Trial Lawyers

4 Topics of Discussion Reasons for taking control Technical tax issues The need for formal guidance The political climate Overcoming defense opposition

5 Qualified Settlement Funds Can agree to future periodic payment obligations as part of settlement terms Can stand in the shoes of original person having liability, to make a qualified assignment under I.R.C. 130 of payments excluded under I.R.C. 104(a)(2) Taxable distributions can also be structured by QSF using offshore obligor

6 Reasons for Taking Control Preserving the plaintiff s damage recovery Avoiding fraud and other abuses Protecting privacy of personal financial data and medical history of plaintiff and attorney Maximizing benefits with available funds Allowing adequate time for proper planning Providing immediate release for defendants

7 Technical Tax Issues Economic benefit argument is used most by opponents Structures specifically carved out of economic benefit rule: 1982 Act codifying Rev. Rul TAMRA codifying right to security interest 2001 Act codifying right to sell payments Childs v. Comm r affirming attorney fees Reasons for establishing are clearly stated Allocation theories create absurdity, conflict with canons of professional conduct Unavoidable single-claimant situations Section 468B not created exclusively for mass tort cases

8 Economic Benefit Doctrine ARGUMENT: Some claim that a QSF established for just one claimant will trigger the doctrine of current economic benefit and cause loss of tax-free growth. Note that one or more language of Treas. Reg B-1(c) does not make the argument for a qualified assignment from a single-claimant QSF. Legislative history of the Periodic Payment Settlement Tax Act of 1982 says periodic payments from qualified assignment are excludable only if the recipient taxpayer is not in constructive receipt of or does not have the current economic benefit of the sum required to produce the periodic payments. H.R. Rep. No. 832, 97th Cong. 2d Sess. 4 (1982); S. Rep. No. 646, 97th Cong., 2d Sess. 4 (1982)

9 Economic Benefit Doctrine EXPLANATION: Under this doctrine, the creation by an obligor of a fund in which taxpayer has vested rights will result in immediate inclusion by taxpayer of the amount funded. A fund is created when an amount is irrevocably placed with a third party, and a taxpayer s interest in such fund is vested if it is nonforfeitable. This is a common-law doctrine. See Sproull v. Comm r, 16 T.C. 244 (1951), aff d per curiam, 195 F.2d 541 (6th Cir. 1952); Rev. Rul 60-31, 1960 C.B. 174 (Situation 4).

10 Economic Benefit Doctrine RESPONSE: This doctrine is not meant to apply to a QSF involving a single claimant: It is well-established that judge-made law is overridden when a statute (including legislative history or legislative regulation, which has effect of statute) is more specific and more recent than the doctrine. At least three instances of congressional intent through lawmaking demonstrate a carve-out from this rule.

11 Economic Benefit Doctrine RESPONSE (continued): This doctrine is not meant to apply to QSF involving a single claimant: The IRS found in the underlying facts of Revenue Ruling , where tortfeasor purchased and retained exclusive ownership of annuity to fund specified payments. Taxpayer s only right was to receive monthly benefits. Taxpayer (a single claimant to the annuity benefits) did not have actual or constructive receipt or economic benefit of the amount invested.

12 Economic Benefit Doctrine RESPONSE (continued): This doctrine is not meant to apply to QSF involving a single claimant: Periodic Payment Settlement Tax Act of 1982 legislative history confirms Congress intent that Revenue Ruling was the existing law (along with Rev. Rul and ) and that the new statutory provision was intended to codify rather than change present law. H.R. Rep. No ; 97th Cong. 2d Sess. H.R. 5470, II, n2; pertinent text identical in Senate Report No

13 Economic Benefit Doctrine RESPONSE (continued): This doctrine is not meant to apply to QSF involving a single claimant: Under facts of a QSF, the plaintiff is even further removed from the funds than in those facts underlying Revenue Ruling because the plaintiff still has a cause of action against the QSF (transferred from the original defendant) and no agreement has been signed between the plaintiff and the QSF giving the plaintiff any rights to the funds whatsoever.

14 Economic Benefit Doctrine RESPONSE (continued): This doctrine is not meant to apply to QSF involving a single claimant: When Code 130 was amended by TAMRA in 1988 to allow security interest in the annuity or Treasury obligation funding asset in a qualified assignment, repealing a previous section, this would normally constitute economic benefit. IRS acknowledged in Private Ruling : The amendment was intended to allow assignments of periodic payment obligations without regard to whether the recipient has the current economic benefit of the sum required to produce payments.

15 Economic Benefit Doctrine RESPONSE (continued): This doctrine is not meant to apply to QSF involving a single claimant: When Code 5891 was added effective January 23, 2002, by the Victims of Terrorism Tax Relief Act of 2001, confirming the taxpayer s right to sell, assign, pledge or otherwise encumber or alienate for consideration the periodic payments, which constitutes a property right that normally triggers economic benefit, Congress clearly made another exception or carve out to the economic benefit rule.

16 Economic Benefit Doctrine RESPONSE (continued): This doctrine is not meant to apply to QSF involving a single claimant: Tax Court in Childs v. Comm r rejected the IRS position that the right of the attorneys to receive periodic payments on behalf of their clients, in satisfaction of clients debt for attorney fees, was funded or secured. Tax Court held that structured fees were mere unfunded promises and did not constitute property under Code 83. This is consistent with three statutory indications. See Childs v. Comm r, 103 T.C. 634 (1994), aff d 89 F.3d 865 (11th Cir. 1996).

17 Economic Benefit Doctrine RESPONSE (continued): An absurdity results under the theory that a single claimant QSF or pre-allocation of funds triggers economic benefit: All QSFs must be allocated before final distribution can be made. At the instant allocation is made, economic benefit would occur under this theory. Obviously, this is not intended.

18 Economic Benefit Doctrine RESPONSE (continued): The allocation theory of economic benefit conflicts with canons of professional conduct: A lawyer who represents two or more clients shall not participate in making an aggregate settlement unless each client consents after consultation, including disclosure of the participation of each person in the settlement. ABA Model Rule of Professional Conduct 1.8(g); ABA Disciplinary Rule 5-106(A) reads essentially the same. See also Burrow v. Arce, 997 S.W.2d 229 (Tex. 1999) (adopting fee forfeiture as a remedy)

19 Economic Benefit Doctrine RESPONSE (continued): Unavoidable single-claimant situations should not cause economic benefit: When a settlement by a defendant to a QSF based on probable multiple casualties, such as in an explosion, but it is later discovered that there was only one casualty. When state probate law requires that all claims in wrongful death cases must be brought on behalf of the estate by its personal representative.

20 Purpose of Creating a QSF Nothing in legislative history of IRC 468B suggests that settlement funds: Are to be used exclusively for multiple-claim cases (see one or more language in Treasury Regulations); Need to be created for a specific reason other than those stated in the statute; Must be in existence for some minimum duration period Note: QSFs may not be used in workers compensation cases.

21 36 Tulsa L.J. 865 (2001) Resources Skadden Arps request for formal guidance Essay on 130 and 468B tax arguments Virginia Tax Review, Spring 2004 A Case for the Urgent Need for Treasury to Clarify Tax Treatment of a Code Section 468B Qualified Settlement Fund Created for a Single Claimant to Facilitate a Section 130 Qualified Assignment

22 Resources Fax from Terrance McWhorter, Office of Associate Chief Counsel (Income Tax and Accounting), IRS, 05/30/2003, to Jody Brewster of Skadden Arps: Jody, here are the articles we re referred to in the past. The last page is just the first page of a 46 page law review article by Richard Risk. I trust these are helpful, and we look forward to your comments regarding the 130/singleclaimant QSF soon. The articles cited included one by Bill Winslow from 1993, two Structured Settlements newsletter articles and the 2001 Tulsa Law Journal article.

23 Need for Formal Guidance Treasury Secretary has a duty under IRC 7805(d) to provide needful rules and regulations for enforcement of IRC. Much of the doubt as to tax treatment of single-claimant QSF assignments has been created by offhand comments from IRS staffers that get repeated.

24 Political Climate Disinformation campaign by opponents Internal tension at IRS over economic benefit providing ammunition (offhand comments being repeated) Request by Skadden Arps for formal guidance Liability insurers, their life affiliates and defense brokers (through auspices of NSSTA) lobbying against ruling Defense brokers know that the QSF is changing the power to control the structured settlement transaction Intimidation of SSP members by insurers, brokers Intellectually dishonest tax opinion letters

25 Political Climate NSSTA notice of 2004 Administrative Staff Seminar, listing topics: The 468b Controversy. IRC 468b was intended to solve a problem involving funds set aside to resolve mass tort cases. It has evolved into something quite different in our industry. We ll tell you what it all means, and how it is likely to be decided.

26 TIP IRC 467 Certain payments for the use of property or services IRC 468 Special rules for mining and solid waste reclamation and closing costs IRC 468A Special rules for nuclear decommissioning costs IRC 468B Special rules for designated settlement funds IRC 469 Passive activity losses and credits limited

27 TIP Title 26, United States Code Internal Revenue Code of 1986 Internal Revenue Code aka 26 U.S.C. or 26 USC aka I.R.C. or IRC aka Tax Code aka Code (among tax professionals) not IRS Code

28 TIP Title 26, Code of Federal Regulations Treasury Regulations aka 26 C.F.R. or 26 CFR aka Income Tax Regulations

29 Two Distinct Parts to a QSF QSF is established by agency or court: Administrator appointed and agreement approved Funds deposited Transferor gets economic performance under I.R.C. 461(h) Original defendants are released and dismissed with prejudice Liability is transferred to QSF through a novation QSF settles with claimant(s): Individual settlement agreements entered into Periodic payment liabilities are assigned per Rev. Proc Court approves settlements and orders distribution of QSF assets Funds are distributed QSF terminates existence Administrator files tax return

30 Novation Has the effect of adding a new party as substitute obligor which was not a party to the original duty, and discharging the original defendants by the agreement of all parties, completely extinguishing any alleged liability of the defendants See generally Rev. Proc , C.B. 470, also Restatement (Second) of Contracts 280 (1981).

31 Revenue Procedure This revenue procedure provides rules under which a designated settlement fund described in section 468B(d)(2) of the Internal Revenue Code or a qualified settlement fund described in section 1.468B-1 of the Income Tax Regulations will be considered a party to the suit or agreement for purposes of section 130. In general, section 130 provides that an assignee may exclude from gross income amounts it receives for assuming the liability of a party to a suit or agreement to make described periodic payments of damages to a claimant.

32 Overcoming Defense Opposition Create [Surname] Settlement Trust No mention of 468B, QSF, DSF, etc. To resolve post-settlement issues of no concern to defendants, their attorneys, their insurers Order approves Settlement Trust Agreement Settlement Trust Agreement is not filed Order to distribute refers to Settlement Agreement for details of payments Settlement Agreement incorporates Qualified Assignment by reference and is not filed

33 TIP The defendants or their insurers will pay the combined sum of $0,000, to the [Surname] Settlement Trust for the benefit of the plaintiff(s). Its federal tax identification number will be provided. The check will be delivered to [Attorney], the attorney for the plaintiff(s), or wire transfer of funds made not later than [agreed date]. Upon collection of the funds, the plaintiff(s) will file a Dismissal with Prejudice naming the defendant(s). Suggested language to be included in mediation summary, letter to defense counsel, court order establishing settlement trust

34 TIP There are some post-settlement issues that need to be resolved which do not involve the defendant, the defendant s attorney or insurer. These issues involve personal financial and personal medical information, which are meant to be protected under an individual s right to privacy, as a matter of public policy. Those issues subject to privacy rights might include: allocation among claimants, establishing or preserving eligibility for Medicaid or Medicare, unresolved liens for which the defendants will be indemnified, beneficiary designations, etc.

35 TIP It is tempting to tell the defense, if they refuse to cooperate in allowing the plaintiff to have periodic payments (a structured settlement), we ll just take this into a 468B. It is better not to let them know at all that the plaintiff is interested in a structured settlement. Several liability insurers have adopted a policy of not cooperating with plaintiffs who create QSFs because the insurers know they will lose their ability to reclaim some defense costs and profit at the expense of the injury victims.

36 TIP Consider putting language in the court order establishing the [Surname] Settlement Trust that authorizes the trustee/administrator to deposit all proceeds from the defendant or its insurer into the trust account, regardless of payee(s), without the endorsement of any other payee.

37 Availability of Markets Resistance generally seems to be a mixture of true (but unwarranted) concern and political reasons Defense factions within industry are known to boycott or threaten boycott Defense factions have staged an all-out campaign to discredit the single-claimant QSF by misstatements and intimidation

38 What This Means Remember, the employment of a QSF is not all about taking control so that the plaintiff broker is not left without compensation or has to share with a defense broker This issue is about preserving the plaintiff s damage recovery, each side paying their respective costs, avoiding schemes to benefit the defense, and protecting privacy

39 Next Steps Resolve to use the QSF every time you have a case of a size that warrants it (with multiple layers of coverage, you can bet on other brokers seeking to be involved) Every time the plaintiff takes control of the process of distributing money paid as damages, it is a victory for plaintiffs everywhere Plaintiffs have already been victimized by the tortfeasor prevent a second occurrence

40 Endorsement of the QSF James E. Frasier, Esq. Past President, Oklahoma Trial Lawyers Association

41 Conclusion The QSF is the most powerful tool available to the plaintiff for taking control of how the plaintiff s damage recovery funds will be distributed and determining who will handle the transaction.

Qualified Settlement Funds: A Quick Guide for Trial Lawyers

Qualified Settlement Funds: A Quick Guide for Trial Lawyers Qualified Settlement Funds: A Quick Guide for Trial Lawyers By Jason D. Lazarus, Esq. Introduction Assume you just settled a personal injury case for John Doe who is married to Jane. John has a significant

More information

By, John J. Campbell, CELA, MSCC I. INTRODUCTION

By, John J. Campbell, CELA, MSCC I. INTRODUCTION THE USE OF IRC 1468B QUALIFIED SETTLEMENT FUNDS, IRC 130 QUALIFIED ASSIGNMENTS AND SPECIAL NEEDS TRUSTS IN SINGLE-PLAINTIFF PHYSICAL INJURY SETTLEMENTS By, John J. Campbell, CELA, MSCC I. INTRODUCTION

More information

September 11th Victim Compensation Fund Payments Are Tax- Free

September 11th Victim Compensation Fund Payments Are Tax- Free September 11th Victim Compensation Fund Payments Are Tax- Free The Service has confirmed that periodic payments from the September 11th Victim Compensation Fund to victims of the terrorist attacks will

More information

Articles Trust and Estate Law Using Qualified Settlement Funds in Personal Injury Settlements for Protected Persons by Sarah L.

Articles Trust and Estate Law Using Qualified Settlement Funds in Personal Injury Settlements for Protected Persons by Sarah L. The Colorado Lawyer July 2009 Vol. 38, No. 7 [Page 99] 2009 The Colorado Lawyer and Colorado Bar Association. All Rights Reserved. All material from The Colorado Lawyer provided via this World Wide Web

More information

Attorney Fee Structured Settlements by. John J. McCulloch, JD, CSSC, FLMI EPS Settlements Group

Attorney Fee Structured Settlements by. John J. McCulloch, JD, CSSC, FLMI EPS Settlements Group Attorney Fee Structured Settlements by John J. McCulloch, JD, CSSC, FLMI EPS Settlements Group The Problem With Taking Attorney Fee Compensation in Cash Problem: A lump sum of income is subject to Federal

More information

The Advantages of Qualified Settlement Funds

The Advantages of Qualified Settlement Funds The Advantages of Qualified Settlement Funds Pi-Yi Mayo* and Bryn Poland 5223 Garth Road Baytown, Texas 77521 *Certified Elder Law Attorney by the National Elder Law Foundation Nothing in this paper is

More information

WOODCRAFT. tax notes. Can You Form a Qualified Settlement Fund With a Judgment? By Robert W. Wood

WOODCRAFT. tax notes. Can You Form a Qualified Settlement Fund With a Judgment? By Robert W. Wood Can You Form a Qualified Settlement Fund With a Judgment? By Robert W. Wood Robert W. Wood practices law with Wood & Porter in San Francisco (http://www.woodporter.com) and is the author of Taxation of

More information

Number: 2001-0044 Release Date: 3/30/2001 UIL Number: 451.14-00 CC:ITA:5:KKoch COR-102626-01

Number: 2001-0044 Release Date: 3/30/2001 UIL Number: 451.14-00 CC:ITA:5:KKoch COR-102626-01 DEPARTMENT OF THE TREASURY INTERNAL REVENUE SERVICE WASHINGTON, D.C. 20224 OFFICE OF CHIEF COUNSEL January 19, 2001 Number: 2001-0044 Release Date: 3/30/2001 UIL Number: 451.14-00 CC:ITA:5:KKoch COR-102626-01

More information

Treasury Bond Structured Settlements Overview

Treasury Bond Structured Settlements Overview Treasury Bond Structured Settlements Overview NSSTA 2012 Annual Meeting Structured Settlement Overview Creative Capital Inc. Chris Shumate, EPS Settlements John McCulloch, IFS Marty Jacobson, Esq., Creative

More information

QUALIFIED SETTLEMENT TRUSTS A Useful Tool in Multi-Party Litigation

QUALIFIED SETTLEMENT TRUSTS A Useful Tool in Multi-Party Litigation 2005, Davis, Malm & D Agostine, P.C. QUALIFIED SETTLEMENT TRUSTS A Useful Tool in Multi-Party Litigation Marjorie Suisman, Esq. Davis Malm & D Agostine P.C. I. Introduction. A Designated Settlement Fund

More information

SETTLEMENT AGREEMENT AND RELEASE

SETTLEMENT AGREEMENT AND RELEASE SETTLEMENT AGREEMENT AND RELEASE This Settlement Agreement and Release (the "Settlement Agreement") is made and entered into by and between: "Plaintiffs" "Defendants" Insurer Recitals A. Plaintiffs filed

More information

Internal Revenue Service

Internal Revenue Service Internal Revenue Service Number: 200924034 Release Date: 6/12/2009 Index Number: 468B.00-00, 468B.04-01, 468B.07-00, 461.00-00, 162.00-00, 172.00-00, 172.01-00, 172.01-05, 172.06-00 -----------------------

More information

TEXAS STATUTES AND CODES ANNOTATED CIVIL PRACTICE AND REMEDIES CODE TITLE 6. MISCELLANEOUS PROVISIONS CHAPTER 141

TEXAS STATUTES AND CODES ANNOTATED CIVIL PRACTICE AND REMEDIES CODE TITLE 6. MISCELLANEOUS PROVISIONS CHAPTER 141 For more information please visit Strategic Capital Corporation at www.strategiccapital.com, or contact us at Toll Free: 1-866-256-0088 or email us at info@strategiccapital.com. TEXAS STATUTES AND CODES

More information

STRUCTURED SETTLEMENT PROTECTION ACT. House Bill 5066 as enrolled Public Act 330 of 2000 Third Analysis (1-10-01)

STRUCTURED SETTLEMENT PROTECTION ACT. House Bill 5066 as enrolled Public Act 330 of 2000 Third Analysis (1-10-01) STRUCTURED SETTLEMENT PROTECTION ACT House Bill 5066 as enrolled Public Act 330 of 2000 Third Analysis (1-10-01) Sponsor: Rep. Andrew Richner House Committee: Family and Civil Law Senate Committee: Financial

More information

STRUCTURES 101. History 101

STRUCTURES 101. History 101 STRUCTURES 101 History 101 1918 IRS enacted section 104(a)(2) of the Internal Revenue Code bodily injury claims are free of taxation. 1983 Periodic Payment Act of 1983 encourages the use of structured

More information

"This document may not be used or cited as precedent. Section 6110(j)(3) of the Internal Revenue Code."

This document may not be used or cited as precedent. Section 6110(j)(3) of the Internal Revenue Code. PRIVATE RULING 9131023 "This document may not be used or cited as precedent. Section 6110(j)(3) of the Internal Revenue Code." Dear * * * This is in reply to a letter dated October 30, 1990, and subsequent

More information

Be it enacted by the People of the State of Illinois, Section 1. Short title. This Act may be cited as the

Be it enacted by the People of the State of Illinois, Section 1. Short title. This Act may be cited as the AN ACT concerning structured settlements. Be it enacted by the People of the State of Illinois, represented in the General Assembly: Section 1. Short title. This Act may be cited as the Structured Settlement

More information

P.L. 2001, CHAPTER 139, approved July 2, 2001 Assembly Committee Substitute for Assembly, No. 2146

P.L. 2001, CHAPTER 139, approved July 2, 2001 Assembly Committee Substitute for Assembly, No. 2146 P.L. 00, CHAPTER, approved July, 00 Assembly Committee Substitute for Assembly, No. Title A. Chapter. Article 0. (New) Structured Settlements - - C.A:- to A:- - Note to - 0 0 0 AN ACT concerning structured

More information

The Sale of Structured Settlements in Minnesota

The Sale of Structured Settlements in Minnesota The Sale of Structured Settlements in Minnesota Structured Settlements The term structured settlement is defined in Minnesota statutes as an arrangement: for the periodic payment of damages for personal

More information

Ethics and E&O Claim Prevention in Structured Settlements. Richard B. Risk, JD, CSSC

Ethics and E&O Claim Prevention in Structured Settlements. Richard B. Risk, JD, CSSC Ethics and E&O Claim Prevention in Structured Settlements Richard B. Risk, JD, CSSC Introduction Negligent, unethical and illegal practices Exposure of broker to E&O claims Exposure of plaintiff s attorney

More information

SETTLEMENT CONSULTING

SETTLEMENT CONSULTING // COMPLEX SETTLEMENT PLANNING & CONSULTING // STRUCTURED SETTLEMENTS // ATTORNEY FEE STRUCTURES // QUALIFIED SETTLEMENT FUNDS SETTLEMENT CONSULTING // SETTLEMENT TRUSTS Your Skilled COMPLETE Settlement

More information

Personal Injuries Happen. Justice Is Sought. Special Needs Must Be Addressed. Special Needs Require Special Settlement Planning

Personal Injuries Happen. Justice Is Sought. Special Needs Must Be Addressed. Special Needs Require Special Settlement Planning Personal Injuries Happen. Justice Is Sought. Special Needs Must Be Addressed. Special Needs Require Special Settlement Planning Why Use the Special Needs Law Firm? In most personal injury cases, the path

More information

Secretary of the Senate. Chief Clerk of the Assembly. Private Secretary of the Governor

Secretary of the Senate. Chief Clerk of the Assembly. Private Secretary of the Governor Senate Bill No. 510 Passed the Senate September 9, 2009 Secretary of the Senate Passed the Assembly August 24, 2009 Chief Clerk of the Assembly This bill was received by the Governor this day of, 2009,

More information

Part 15 Structured Settlement Protection Act

Part 15 Structured Settlement Protection Act Part 15 Structured Settlement Protection Act 78B-6-1501 Title. This part is known as the "Structured Settlement Protection Act." 78B-6-1502 Definitions. For purposes of this part: (1) "Annuity issuer"

More information

549 COSTS, DISBURSEMENTS STRUCTURED SETTLEMENTS

549 COSTS, DISBURSEMENTS STRUCTURED SETTLEMENTS For more information please visit Strategic Capital Corporation at www.strategiccapital.com, or contact us at Toll Free: 1-866-256-0088 or email us at info@strategiccapital.com. MINNESOTA ANNOTATED STATUTES

More information

Title 24-A: MAINE INSURANCE CODE

Title 24-A: MAINE INSURANCE CODE Title 24-A: MAINE INSURANCE CODE Chapter 24-A: PROTECTION OF BENEFICIARIES OF STRUCTURED SETTLEMENTS HEADING: PL 1999, c. 268, 2 (new) Table of Contents Section 2241. DEFINITIONS... 3 Section 2242. NOTICE

More information

NEW YORK NY GENERAL OBLIGATIONS LAW 5-1701 5-1709 TITLE 17 STRUCTURED SETTLEMENT PROTECTION ACT

NEW YORK NY GENERAL OBLIGATIONS LAW 5-1701 5-1709 TITLE 17 STRUCTURED SETTLEMENT PROTECTION ACT NEW YORK NY GENERAL OBLIGATIONS LAW 5-1701 5-1709 TITLE 17 STRUCTURED SETTLEMENT PROTECTION ACT 5-1701. Definitions. For purposes of this title: a. "Annuity issuer" means an insurer that has issued an

More information

Attorneys Ethical Considerations in Structured Settlement Cases

Attorneys Ethical Considerations in Structured Settlement Cases presented by Attorneys Ethical Considerations in Structured Settlement Cases Martin Jacobson, Esq. 2012 NSSTA Annual Meeting Washington, DC Exercising Independent Professional Judgment New York Rules of

More information

ALM GL ch. 231C, 1 (2004) 1. Definitions.

ALM GL ch. 231C, 1 (2004) 1. Definitions. For more information please visit Strategic Capital Corporation at www.strategiccapital.com, or contact us at Toll Free: 1-866-256-0088 or email us at info@strategiccapital.com. ANNOTATED LAWS OF MASSACHUSETTS

More information

DELAWARE. TITLE 10 - Courts and Judicial Procedure Special Proceedings CHAPTER 66. STRUCTURED SETTLEMENTS

DELAWARE. TITLE 10 - Courts and Judicial Procedure Special Proceedings CHAPTER 66. STRUCTURED SETTLEMENTS DELAWARE TITLE 10 - Courts and Judicial Procedure Special Proceedings CHAPTER 66. STRUCTURED SETTLEMENTS 6601. Conditions to transfers of structured settlement payment rights. No direct or indirect transfer

More information

Impediments to Settlement

Impediments to Settlement Impediments to Settlement W. Bruce Barrickman, Esq. 5775 Glenridge Drive Suite E100 Atlanta, GA 30328 678-222-0248 www.bayadr.com IMPEDIMENTS TO SETTLEMENT W. Bruce Barrickman, Esq. Mediation is a great

More information

Gross Income. Robert W. Wood, J.D. Robert W. Wood, P.C. San Francisco, CA

Gross Income. Robert W. Wood, J.D. Robert W. Wood, P.C. San Francisco, CA Gross Income Structured Settlements and Nonqualified Assignments Structured settlements and assignments are commonly used in physical injury cases when the recoveries are excludible from income, but can

More information

The Federal Circuit Affirms a Court of Federal Claims Decision Dismissing Foreign Tax Credit Refund Claims as Untimely

The Federal Circuit Affirms a Court of Federal Claims Decision Dismissing Foreign Tax Credit Refund Claims as Untimely Tax Controversy Services IRS Insights In this issue: The Federal Circuit Affirms a Court of Federal Claims Decision Dismissing Foreign Tax Credit Refund Claims as Untimely... 1 The Court of Federal Claims

More information

Guidance under Section 1032 Relating to the Treatment of a Disposition by One Corporation of the Stock of Another Corporation in a Taxable Transaction

Guidance under Section 1032 Relating to the Treatment of a Disposition by One Corporation of the Stock of Another Corporation in a Taxable Transaction [4830-01-U] DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG-106221-98] RIN 1545-AW53 Guidance under Section 1032 Relating to the Treatment of a Disposition by One Corporation of

More information

Structured Attorney s Fees

Structured Attorney s Fees STRUCTURED SETTLEMENTS Structured Attorney s Fees Preparing for Your Financial Future 6/15 26169-15A Table of Contents Managing Your Retirement... 2 The Power of Tax Deferral... 3 Structured Attorney s

More information

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 1999 SESSION LAW 1999-367 SENATE BILL 746

GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 1999 SESSION LAW 1999-367 SENATE BILL 746 GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 1999 SESSION LAW 1999-367 SENATE BILL 746 AN ACT TO CREATE THE NORTH CAROLINA STRUCTURED SETTLEMENT PROTECTION ACT. The General Assembly of North Carolina enacts:

More information

26 CFR 1.121-1: Exclusion of gain from sale or exchange of a principal residence. (Also: 61, 165, 691, 1001; 1.61-6, 1.165-1, 1.691(a)-1, 1.1001-1.

26 CFR 1.121-1: Exclusion of gain from sale or exchange of a principal residence. (Also: 61, 165, 691, 1001; 1.61-6, 1.165-1, 1.691(a)-1, 1.1001-1. Section 121. Exclusion of gain from sale of principal residence 26 CFR 1.121-1: Exclusion of gain from sale or exchange of a principal residence. (Also: 61, 165, 691, 1001; 1.61-6, 1.165-1, 1.691(a)-1,

More information

AN ACT COURTS ))))) 494 Courts Ch. 164. SECTION 1. Title 13, Colorado Revised Statutes, is amended BY THE ADDITION OF A NEW ARTICLE to read:

AN ACT COURTS ))))) 494 Courts Ch. 164. SECTION 1. Title 13, Colorado Revised Statutes, is amended BY THE ADDITION OF A NEW ARTICLE to read: 494 Courts Ch. 164 CHAPTER 164 COURTS SENATE BILL 04-098 BY SENATOR(S) Hanna, Groff, and Tapia; also RE PR ESE NTATIVE (S) Stenge l, Bo yd, Hop pe, Larson, an d W ed dig. AN ACT CONCERNING THE ESTABLISHMENT

More information

Chapter No. 758] PUBLIC ACTS, 2000 1 CHAPTER NO. 758 SENATE BILL NO. 484. By Haynes. Substituted for: House Bill No. 1143. By McMillan, Sharp

Chapter No. 758] PUBLIC ACTS, 2000 1 CHAPTER NO. 758 SENATE BILL NO. 484. By Haynes. Substituted for: House Bill No. 1143. By McMillan, Sharp Chapter No. 758] PUBLIC ACTS, 2000 1 CHAPTER NO. 758 SENATE BILL NO. 484 By Haynes Substituted for: House Bill No. 1143 By McMillan, Sharp AN ACT To amend Tennessee Code Annotated, Title 47, Chapter 18,

More information

Structured Attorney s Fees

Structured Attorney s Fees STRUCTURED SETTLEMENTS Structured Attorney s Fees Preparing for Your Financial Future 7/13 26169-13B Table of Contents Managing Your Retirement... 2 The Power of Tax Deferral... 3 Structured Attorney s

More information

ISSUES. (1) When are attorney s fees paid by an employer as part of a settlement agreement with a former employee subject to employment taxes?

ISSUES. (1) When are attorney s fees paid by an employer as part of a settlement agreement with a former employee subject to employment taxes? Office of Chief Counsel Internal Revenue Service Memorandum Release Number: 20133501F Release Date: 8/30/2013 CC:TEGE:FS:MABAL:MRLenius POSTF-129928-13 Release Number: Release Date: 8/30/2013 date: July

More information

CHAPTER Committee Substitute for Senate Bill No. 458

CHAPTER Committee Substitute for Senate Bill No. 458 CHAPTER 2016-45 Committee Substitute for Senate Bill No. 458 An act relating to transfers of structured settlement payment rights; amending s. 626.99296, F.S.; revising definitions; revising specified

More information

SENATE BILL No. 510 AMENDED IN ASSEMBLY JULY 14, 2009 AMENDED IN ASSEMBLY JUNE 24, 2009 AMENDED IN SENATE MAY 5, 2009 AMENDED IN SENATE APRIL 13, 2009

SENATE BILL No. 510 AMENDED IN ASSEMBLY JULY 14, 2009 AMENDED IN ASSEMBLY JUNE 24, 2009 AMENDED IN SENATE MAY 5, 2009 AMENDED IN SENATE APRIL 13, 2009 AMENDED IN ASSEMBLY JULY, 00 AMENDED IN ASSEMBLY JUNE, 00 AMENDED IN SENATE MAY, 00 AMENDED IN SENATE APRIL, 00 SENATE BILL No. Introduced by Senator Corbett (Coauthor: Assembly Member Tran) February,

More information

A Bill Regular Session, 2005 HOUSE BILL 2614

A Bill Regular Session, 2005 HOUSE BILL 2614 Stricken language would be deleted from and underlined language would be added to the law as it existed prior to this session of the General Assembly. 0 State of Arkansas th General Assembly As Engrossed:

More information

Structured Attorney s Fees

Structured Attorney s Fees STRUCTURED SETTLEMENTS Structured Attorney s Fees Preparing for Your Financial Future 1/13 26169-13A Table of Contents Planning for the Future by Structuring the Attorney s Fee... 1 Managing Your Retirement...

More information

ADMINISTRATIVE OFFICE OF THE COURTS STATE OF NEW JERSEY

ADMINISTRATIVE OFFICE OF THE COURTS STATE OF NEW JERSEY ADMINISTRATIVE OFFICE OF THE COURTS STATE OF NEW JERSEY RICHARD J. WILLIAMS, J.A.D. P.O. BOX 037 ADMINISTRATIVE DIRECTOR OF THE COURTS TRENTON, NEW JERSEY 08625-0037 (609) 292-8553 DAVID P. ANDERSON. JR.

More information

DELAWARE CODE ANNOTATED TITLE 10. COURTS AND JUDICIAL PROCEDURE PART IV. SPECIAL PROCEEDINGS CHAPTER 66. STRUCTURED SETTLEMENTS

DELAWARE CODE ANNOTATED TITLE 10. COURTS AND JUDICIAL PROCEDURE PART IV. SPECIAL PROCEEDINGS CHAPTER 66. STRUCTURED SETTLEMENTS For more information please visit Strategic Capital Corporation at www.strategiccapital.com, or contact us at Toll Free: 1-866-256-0088 or email us at info@strategiccapital.com. DELAWARE CODE ANNOTATED

More information

INCOME TAX ADVANTAGES OF STRUCTURING ATTORNEY FEES IN THIRD PARTY LIABILITY AND WORKER S COMPENSATION SETTLEMENTS

INCOME TAX ADVANTAGES OF STRUCTURING ATTORNEY FEES IN THIRD PARTY LIABILITY AND WORKER S COMPENSATION SETTLEMENTS INCOME TAX ADVANTAGES OF STRUCTURING ATTORNEY FEES IN THIRD PARTY LIABILITY AND WORKER S COMPENSATION SETTLEMENTS By John J. Campbell, Esq. Introduction The use of structured settlements to settle third

More information

Be it enacted by the People of the State of Illinois,

Be it enacted by the People of the State of Illinois, AN ACT concerning regulation. Be it enacted by the People of the State of Illinois, represented in the General Assembly: Section 5. The Structured Settlement Protection Act is amended by changing Sections

More information

STRUCTURED SETTLEMENTS

STRUCTURED SETTLEMENTS STRUCTURED SETTLEMENTS NORTH CAROLINA TRIAL JUDGES BENCH BOOK, SUPERIOR COURT, VOL. 2 (Civil), Structured Settlements, at pp. 4-7 (3d ed.) (Institute of Government 1999) A. THE APPROVAL HEARING 1. Plaintiff

More information

Internal Revenue Service Number: 200702006 Release Date: 1/12/2007 Index Number: 3406.00-00, 6041.03-00, 6041.05-00, 6045.00-00, 6049.

Internal Revenue Service Number: 200702006 Release Date: 1/12/2007 Index Number: 3406.00-00, 6041.03-00, 6041.05-00, 6045.00-00, 6049. Internal Revenue Service Number: 200702006 Release Date: 1/12/2007 Index Number: 3406.00-00, 6041.03-00, 6041.05-00, 6045.00-00, 6049.01-00 -------------------------------- ------------------------------------

More information

Applying the Structured Settlement Concept to Divorces Better Financial Results for Everyone s Clients

Applying the Structured Settlement Concept to Divorces Better Financial Results for Everyone s Clients Applying the Structured Settlement Concept to Divorces Better Financial Results for Everyone s Clients by James Godbout, Director - Stout Risius Ross & John J. McCulloch, JD, FLMI, Vice President, EPS

More information

SETTLEMENTS AND JUDGMENTS YOU MEAN I HAVE TO PAY TAXES?

SETTLEMENTS AND JUDGMENTS YOU MEAN I HAVE TO PAY TAXES? SETTLEMENTS AND JUDGMENTS YOU MEAN I HAVE TO PAY TAXES? By: Geoffrey N. Taylor, Esq. I. INCOME TO PLAINTIFF A. Distinction between settlements and judgments. B. Basic rule is the origin of claims test.

More information

Divorce and Life Insurance. in brief

Divorce and Life Insurance. in brief Divorce and Life Insurance in brief Divorce and Life Insurance Introduction In a divorce, property is divided between the spouses. In addition, a divorce decree may require that one spouse pay alimony

More information

MODEL STATE STRUCTURED SETTLEMENT PROTECTION ACT

MODEL STATE STRUCTURED SETTLEMENT PROTECTION ACT MODEL STATE STRUCTURED SETTLEMENT PROTECTION ACT To be considered by the NCOIL Workers Compensation Insurance Committee on July 14, 2011. Supported by the NCOIL Executive Committee on February 27, 2004,

More information

LIENS, SETTLEMENTS, WORKERS COMPENSATION CONSIDERATIONS

LIENS, SETTLEMENTS, WORKERS COMPENSATION CONSIDERATIONS LIENS, SETTLEMENTS, WORKERS COMPENSATION CONSIDERATIONS By G. Grant Dixon III Dixon Law Office 1415 West 55 th Street Suite 104 LaGrange, Illinois 60525 (708) 354-9880 What are the 2 issues you deal with

More information

ARIZONA TITLE 12 - COURTS AND CIVIL PROCEEDINGS, CHAPTER 20, STRUCTURED SETTLEMENTS, ARTICLE 1, GENERAL PROVISIONS

ARIZONA TITLE 12 - COURTS AND CIVIL PROCEEDINGS, CHAPTER 20, STRUCTURED SETTLEMENTS, ARTICLE 1, GENERAL PROVISIONS 12-2901. Definitions ARIZONA TITLE 12 - COURTS AND CIVIL PROCEEDINGS, CHAPTER 20, STRUCTURED SETTLEMENTS, ARTICLE 1, GENERAL PROVISIONS In this chapter, unless the context otherwise requires: 1. "Annuity

More information

Learn More About Structured Settlements

Learn More About Structured Settlements Learn More About Structured Settlements For over 25 years, the federal government has recognized and encouraged the use of structured settlements in personal injury cases. Structured settlements have also

More information

No. 168. An act relating to structured settlements and to prohibiting collusion as an antitrust violation. (H.778)

No. 168. An act relating to structured settlements and to prohibiting collusion as an antitrust violation. (H.778) No. 168. An act relating to structured settlements and to prohibiting collusion as an antitrust violation. (H.778) It is hereby enacted by the General Assembly of the State of Vermont: Sec. 1. 9 V.S.A.

More information

memorandum Office of Chief Counsel Internal Revenue Service CC:PA:04:TWCurteman POSTN-129251-10 UILC: 6331.00-00, 6323.00-00 ISSUE

memorandum Office of Chief Counsel Internal Revenue Service CC:PA:04:TWCurteman POSTN-129251-10 UILC: 6331.00-00, 6323.00-00 ISSUE Office of Chief Counsel Internal Revenue Service memorandum CC:PA:04:TWCurteman POSTN-129251-10 UILC: 6331.00-00, 6323.00-00 date: October 4, 2010 to: Alan Gilds Senior Program Analyst Office of Collection

More information

TAX PRACTICE. tax notes. Single-Claimant Qualified (468B) Settlement Funds? By Robert W. Wood

TAX PRACTICE. tax notes. Single-Claimant Qualified (468B) Settlement Funds? By Robert W. Wood Single-Claimant Qualified (468B) Settlement Funds? By Robert W. Wood Robert W. Wood practices law with Wood & Porter in San Francisco (http://www.woodporter.com), and is the author of Taxation of Damage

More information

Employment Tax Considerations for Businesses When Addressing Litigation with Employees or Former Employees

Employment Tax Considerations for Businesses When Addressing Litigation with Employees or Former Employees Employment Tax Considerations for Businesses When Addressing Litigation with Employees or Former Employees William Hays Weissman Littler Mendelson, P.C. San Francisco, California It is a common fact of

More information

Lynn F. Chandler Smith Moore Leatherwood LLP

Lynn F. Chandler Smith Moore Leatherwood LLP GRANTS OF PARTNERSHIP INTERESTS AS COMPENSATION FOR SERVICES 2010 South Carolina Bar Convention Probate, Estate Planning & Trust/Tax Law Section Seminar January 22, 2009 Lynn F. Chandler Smith Moore Leatherwood

More information

PENNSYLVANIA STATUTES, ANNOTATED BY LEXISNEXIS(TM) PENNSYLVANIA STATUTES TITLE 40. INSURANCE CHAPTER 40. STRUCTURED SETTLEMENT PROTECTION ACT

PENNSYLVANIA STATUTES, ANNOTATED BY LEXISNEXIS(TM) PENNSYLVANIA STATUTES TITLE 40. INSURANCE CHAPTER 40. STRUCTURED SETTLEMENT PROTECTION ACT For more information please visit Strategic Capital Corporation at www.strategiccapital.com, or contact us at Toll Free: 1-866-256-0088 or email us at info@strategiccapital.com., ANNOTATED BY LEXISNEXIS(TM)

More information

VIRGINIA ACTS OF ASSEMBLY -- 2015 SESSION

VIRGINIA ACTS OF ASSEMBLY -- 2015 SESSION VIRGINIA ACTS OF ASSEMBLY -- 2015 SESSION CHAPTER 585 An Act to amend and reenact 38.2-2206 of the Code of Virginia and to amend the Code of Virginia by adding in Article 7 of Chapter 3 of Title 8.01 a

More information

Subrogation and Liens: Basic Principles and Practical Considerations. Brandon E. Berg Thompson, Coe, Cousins & Irons, L.L.P.

Subrogation and Liens: Basic Principles and Practical Considerations. Brandon E. Berg Thompson, Coe, Cousins & Irons, L.L.P. Subrogation and Liens: Basic Principles and Practical Considerations Brandon E. Berg Thompson, Coe, Cousins & Irons, L.L.P. Houston, Texas Texas Hospital Lien Statute Texas Property Code gives a hospital

More information

Date: February 16, 2001

Date: February 16, 2001 ,QWHUQDO5HYHQXH6HUYLFH Number: 200121031 Release Date: 5/25/2001 Index No.: 104.03-00 Department of the Treasury Washington, DC 20224 Person to Contact: Telephone Number: Refer Reply To: CC:ITA:1 PLR-122136-00

More information

Structured Settlements Enable the Newly Injured to Live with Dignity, Independence, and Freedom from Reliance on Government

Structured Settlements Enable the Newly Injured to Live with Dignity, Independence, and Freedom from Reliance on Government Structured Settlements Enable the Newly Injured to Live with Dignity, Independence, and Freedom from Reliance on Government Executive Summary Structured settlements are in wide use today to resolve physical

More information

Notice of Proposed Rules Regarding Employment Taxation of Transfers Incident to Divorce

Notice of Proposed Rules Regarding Employment Taxation of Transfers Incident to Divorce Part III - Administrative, Procedural, and Miscellaneous Notice of Proposed Rules Regarding Employment Taxation of Transfers Incident to Divorce Notice 2002-31 I. Overview and Purpose This notice sets

More information

Qualified Settlement Funds: A Legal and Financial Analysis Showing Why They Can Be So Beneficial To You and Your Client

Qualified Settlement Funds: A Legal and Financial Analysis Showing Why They Can Be So Beneficial To You and Your Client Qualified Settlement Funds: A Legal and Financial Analysis Showing Why They Can Be So Beneficial To You and Your Client Peter H. Wayne IV and Matthew L. Garretson Civic Research Institute, Inc. (reprinted

More information

Whether the transactions in the following situations are, for federal tax purposes,

Whether the transactions in the following situations are, for federal tax purposes, Part I Section 61.--Gross Income Defined 26 CFR 1.61-6: Gains derived from dealings in property. (Also 82, 1001; 1.82-1, 1.6045-4) Rev. Rul. 2005-74 ISSUE Whether the transactions in the following situations

More information

THE TOP TEN INSURANCE PLANNING MISTAKES IN AN ESTATE PLANNING CONTEXT

THE TOP TEN INSURANCE PLANNING MISTAKES IN AN ESTATE PLANNING CONTEXT THE TOP TEN INSURANCE PLANNING MISTAKES IN AN ESTATE PLANNING CONTEXT LAWRENCE BRODY BRYAN CAVE LLP Copyright 2011. Lawrence Brody. All Rights Reserved. 3585078.1 THE TOP TEN INSURANCE PLANNING MISTAKES

More information

CIVIL PRACTICE AND REMEDIES CODE TITLE 6. MISCELLANEOUS PROVISIONS CHAPTER 141. STRUCTURED SETTLEMENT PROTECTION ACT

CIVIL PRACTICE AND REMEDIES CODE TITLE 6. MISCELLANEOUS PROVISIONS CHAPTER 141. STRUCTURED SETTLEMENT PROTECTION ACT CIVIL PRACTICE AND REMEDIES CODE TITLE 6. MISCELLANEOUS PROVISIONS CHAPTER 141. STRUCTURED SETTLEMENT PROTECTION ACT Sec.A141.001.AASHORT TITLE. This chapter may be cited as the Structured Settlement Protection

More information

U.S. NUCLEAR REGULATORY COMMISSION MANAGEMENT DIRECTIVE (MD) Assistant General Counsel for Administration 301-415-1550

U.S. NUCLEAR REGULATORY COMMISSION MANAGEMENT DIRECTIVE (MD) Assistant General Counsel for Administration 301-415-1550 U.S. NUCLEAR REGULATORY COMMISSION MANAGEMENT DIRECTIVE (MD) MD 7.1 TORT CLAIMS AGAINST THE UNITED STATES DT-10-06 Volume 7: Legal and Ethical Guidelines Approved By: Gregory B. Jaczko, Chairman Date Approved:

More information

26 CFR 1.1032-1: Disposition by a corporation of its own capital stock. (Also 701, 704, 705, 721, 722, 723, 1001, 1011; 1.701-2(e), 1.704-3.

26 CFR 1.1032-1: Disposition by a corporation of its own capital stock. (Also 701, 704, 705, 721, 722, 723, 1001, 1011; 1.701-2(e), 1.704-3. Part I Section 1032. Exchange of Stock For Property 26 CFR 1.1032-1: Disposition by a corporation of its own capital stock. (Also 701, 704, 705, 721, 722, 723, 1001, 1011; 1.701-2(e), 1.704-3.) Rev. Rul.

More information

2015 ASSEMBLY BILL 129

2015 ASSEMBLY BILL 129 0 0 LEGISLATURE LRB 0/ 0 ASSEMBLY BILL March, 0 Introduced by JOINT LEGISLATIVE COUNCIL. Referred to Committee on Judiciary. AN ACT to create subchapter III (title) of chapter [precedes.],.,.,.,.,. and.0

More information

Internal Revenue Service

Internal Revenue Service Internal Revenue Service Number: 200741003 Release Date: 10/12/2007 Index Number: 468B.07-00, 162.00-00, 461.00-00, 461.01-00, 172.01-00, 172.01-05, 172.06-00, 108.01-00, 108.01-01, 108.02-00 -----------------------

More information

United States Tax Court. RICHARD A. CHILDS, ET AL., Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent

United States Tax Court. RICHARD A. CHILDS, ET AL., Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent United States Tax Court RICHARD A. CHILDS, ET AL., Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket Tax Ct. Dkt. No. 15639-92 Date of Decision: November 14, 1994 Judge: Scott, Irene F.

More information

PROPOSED CHANGES TO THE TAXATION OF PARTNERSHIP EQUITY-BASED COMPENSATION

PROPOSED CHANGES TO THE TAXATION OF PARTNERSHIP EQUITY-BASED COMPENSATION PROPOSED CHANGES TO THE TAXATION OF PARTNERSHIP EQUITY-BASED COMPENSATION John Gatti For various non-tax reasons, the use of entities that are taxed as partnerships including limited liability companies,

More information

SETTLEMENT AGREEMENT AND RELEASE

SETTLEMENT AGREEMENT AND RELEASE SETTLEMENT AGREEMENT AND RELEASE This Settlement Agreement and Release (the "Settlement Agreement") is made and entered into this day of, 2015, by and between: "Claimant" "Defendant" "Insurer" Recitals

More information

settlement planning guide for plaintiffs

settlement planning guide for plaintiffs settlement planning guide for plaintiffs If you expect to receive a settlement as the result of a major injury or the death of a loved one, it is normal to feel overwhelmed. You may have questions about

More information

FORM - SIMPLE ORDER FOR A STRUCTURED SETTLEMENT. Index No: Upon the application of plaintiff s counsel for judicial approval for a structured

FORM - SIMPLE ORDER FOR A STRUCTURED SETTLEMENT. Index No: Upon the application of plaintiff s counsel for judicial approval for a structured FORM - SIMPLE ORDER FOR A STRUCTURED SETTLEMENT At an IAS Part of the Supreme Court of The State of New York, held in and for the County of Bronx, at the Courthouse thereof, day of, 200. Present: Hon.

More information

Medicare Indemnity and Defense by Federal Mandate?

Medicare Indemnity and Defense by Federal Mandate? Medicare Indemnity and Defense by Federal Mandate? Christian R. Johnson Ebanks Horne Rota Moos LLP 1301 McKinney, Suite 2700 Houston, TX 77010 (713) 333-4500 (713) 333-4600 [fax] cjohnson@ethlaw.com www.ethlaw.com

More information

SENATE FILE NO. SF0099. Wyoming Structured Settlement Protection Act. Sponsored by: Senator(s) Ross and Representative(s) Luthi A BILL.

SENATE FILE NO. SF0099. Wyoming Structured Settlement Protection Act. Sponsored by: Senator(s) Ross and Representative(s) Luthi A BILL. 00 STATE OF WYOMING 0LSO-0 SENATE FILE NO. SF00 Wyoming Structured Settlement Protection Act. Sponsored by: Senator(s) Ross and Representative(s) Luthi A BILL for AN ACT relating to the civil procedure;

More information

Real Estate Errors & Omissions Indemnity Plan

Real Estate Errors & Omissions Indemnity Plan B R I T I S H C O L U M B I A Real Estate Errors & Omissions Indemnity Plan No. RE0398 Issued by Real Estate Errors and Omissions Insurance Corporation (Herein called the Corporation ) Pursuant to the

More information

Title 28-A: LIQUORS. Chapter 100: MAINE LIQUOR LIABILITY ACT. Table of Contents Part 8. LIQUOR LIABILITY...

Title 28-A: LIQUORS. Chapter 100: MAINE LIQUOR LIABILITY ACT. Table of Contents Part 8. LIQUOR LIABILITY... Title 28-A: LIQUORS Chapter 100: MAINE LIQUOR LIABILITY ACT Table of Contents Part 8. LIQUOR LIABILITY... Section 2501. SHORT TITLE... 3 Section 2502. PURPOSES... 3 Section 2503. DEFINITIONS... 3 Section

More information

DIVORCE AND LIFE INSURANCE, QUALIFIED PLANS AND IRAS 2013-2015

DIVORCE AND LIFE INSURANCE, QUALIFIED PLANS AND IRAS 2013-2015 DIVORCE AND LIFE INSURANCE, QUALIFIED PLANS AND IRAS 2013-2015 I. INTRODUCTION In a divorce, property is generally divided between the spouses. Generally, all assets of the spouses, whether individual,

More information

WOODCRAFT. tax notes. Can Class Action Attorney Fees Be Structured? By Robert W. Wood

WOODCRAFT. tax notes. Can Class Action Attorney Fees Be Structured? By Robert W. Wood Can Class Action Attorney Fees Be Structured? By Robert W. Wood Robert W. Wood practices law with Wood & Porter in San Francisco (http://www.woodporter.com) and is the author of Taxation of Damage Awards

More information

A Dangerous Tax Trap in Structured Settlements

A Dangerous Tax Trap in Structured Settlements THE LAW FIRM OF BOVE & LANGA A PROFESSIONAL CORPORATION TEN TREMONT STREET, SUITE 600 BOSTON, MASSACHUSETTS 02108 Telephone: 617.720.6040 Facsimile: 617.720.1919 www.bovelanga.com A Dangerous Tax Trap

More information

TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS

TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS For more information please visit Strategic Capital Corporation at www.strategiccapital.com, or contact us at Toll Free: 1-866-256-0088 or email us at info@strategiccapital.com. TRANSFER OF STRUCTURED

More information

LIMITED LIABILITY COMPANY OPERATING AGREEMENT, LLC

LIMITED LIABILITY COMPANY OPERATING AGREEMENT, LLC LIMITED LIABILITY COMPANY OPERATING AGREEMENT, LLC A MemberManaged Limited Liability Company OPERATING AGREEMENT THIS OPERATING AGREEMENT is made and entered into effective, 20, by and among: [list the

More information

SUBROGATION AND MSAs. Settlement of W/C Claim As Part of Third Party Settlement Commutation/Dollar Contracts, Etc.

SUBROGATION AND MSAs. Settlement of W/C Claim As Part of Third Party Settlement Commutation/Dollar Contracts, Etc. MEDICARE SET-ASIDES AND THE SUBROGATION PROFESSIONAL Presented By: Gary L. Wickert, Matthiesen, Wickert & Lehrer, S.C. Russell S. Whittle, Gould & Lamb, LLC GOTOWEBINAR ATTENDEE INTERFACE 1. Viewer Window

More information

FEE STRUCTURE PLUS. How can you maximize the value of your contingency fees?

FEE STRUCTURE PLUS. How can you maximize the value of your contingency fees? How can you maximize the value of your contingency fees? FEE STRUCTURE PLUS Defer Income and Taxation Earn Market-Related Returns on a Pre-Tax Basis Funds can be Managed by Your Financial Advisor or a

More information

WOODCRAFT. tax notes. Structuring Legal Fees Without Annuities: Offspring of Childs. By Robert W. Wood

WOODCRAFT. tax notes. Structuring Legal Fees Without Annuities: Offspring of Childs. By Robert W. Wood Structuring Legal Fees Without Annuities: Offspring of Childs By Robert W. Wood Robert W. Wood Robert W. Wood practices law with Wood LLP in San Francisco (http://www. WoodLLP.com) and is the author of

More information

Section 2519.--Dispositions of Certain Life Estates.

Section 2519.--Dispositions of Certain Life Estates. Part I Section 2519.--Dispositions of Certain Life Estates. 26 CFR 25.2519-1: Dispositions of certain life estates. (Also sections 2044; 2056; 2511; 2512; 20.2044-1; 20.2056(b)-7; 25.2511-1; 25.2512-8)

More information

Internal Revenue Service

Internal Revenue Service Internal Revenue Service Index Number: 61.53-00 and 79-00.00 Department of the Treasury Washington, DC 20224 Number: 200033011 Release Date: 8/18/2000 Person to Contact: Telephone Number: Refer Reply To:

More information

TAX IMPLICATIONS AND PRACTICAL IMPACTS OF DAMAGES IN EMPLOYMENT CASES

TAX IMPLICATIONS AND PRACTICAL IMPACTS OF DAMAGES IN EMPLOYMENT CASES TAX IMPLICATIONS AND PRACTICAL IMPACTS OF DAMAGES IN EMPLOYMENT CASES Brian Jorgensen Jones Day 2727 N. Harwood Street Dallas, Texas 75201 (214) 969-3741 bmjorgensen@jonesday.com Stephen Harris Jones Day

More information

Taking Medical Expense Deductions Before and After a Personal Injury Suit

Taking Medical Expense Deductions Before and After a Personal Injury Suit Your Pacific Northwest Law Firm Focus: Structured Settlements Taking Medical Expense Deductions Before and After a Personal Injury Suit By JEREMY BABENER Previously published as Taking Medical Expense

More information

The General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows:

The General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows: STRUCTURED SETTLEMENT PROTECTION ACT Act of Feb. 11, 2000, P.L. 1, No. 1 AN ACT Cl. 12 Regulating certain transfers of structured settlement payments. TABLE OF CONTENTS Section 1. Section 2. Section 3.

More information

Tax Aspects of Settlements and Judgments

Tax Aspects of Settlements and Judgments Tax Aspects of Settlements and Judgments Dominic L. Daher, MAcc, JD, LLM in Taxation Director of Internal Audit and Tax Compliance Adjunct Professor of Law University of San Francisco Dawn G. Mayer, JD,

More information