NEWS

are structured settlements tax free

are structured settlements tax free

if you want to know the value of
guaranteed stream of income that can’t
be lost in a market downturn take a look
at your 401k American families lost a
total of 11 trillion dollars in wealth
last year eighteen percent of the total
wealth of our country one out of every
six home mortgages will go into
foreclosure in America what impact will
that have well certainly for the family
effect that it’s going to be a disaster
so before I got involved in politics of
practice law in Springfield Illinois I
did a lot of personal injury cases a lot
of medical malpractice cases workers
comp cases I believe in the civil
justice system in America I know that
trials and appeals can be long and
emotionally draining I know the
difficulties and delays are especially
hard when your client or the person
involved is seeking justice and is
laboring under a serious or
life-threatening injury that’s why I
strongly support the tax code provisions
that allow for and continue structured
settlements I believe that they are
critical for fairness in our justice
system but the best advocates for your
industry are the victims the folks who
need your help they’re the people whose
lives are made better by settlements
there’s a good story I want to share
with you about an elderly couple in
Rogers Park which is a neighborhood of
the north side of Chicago it’s couple
that moved to America from Sweden
beckons decades ago the husband was a
plaster in 1975 he fell off a scaffold
at work his injuries left him a
quadriplegic for 30 years until they
learned about the possibility of a
structured settlement the couple had
been living off the husband’s small
workers comp benefits all those years
they were in a very small home they
couldn’t even afford to change their
home or make modifications for the
comfort of the husband he slept in a
hospital bed in the dining room that
home for 30 years they couldn’t afford
nursing care so all those years the
man’s wife was his nurse then she got to
reach her 70s and the demands of nursing
her husband became more than she could
handle he started getting painful bed
sores but send him to a hospital and
cost the workers comp insurance carrier
tens of thousands of dollars every time
he had a hospitalization the whole
arrangement just wasn’t working anymore
not for this elderly couple not for the
insurance care so they decided to
explore a structured settlement that
settlement enabled the couple to move
out of their tanning home into a
one-level apartment in a building with
an elevator near Lake Michigan
it converted the man small workers comp
benefits to an annuity that will
continue to provide reliable sources a
monthly income as long as either the
husband or his wife is alive and it
included a safety net at the amount of
the structured settlement that they’d
been projected for the man’s health care
needs was inadequate Medicare agreed in
advance to cover additional expenses
sadly not long after the settlement the
husband passed away a few weeks later
the man who had helped structure the
settlement received a thank-you note
from the widow she said her husband’s
final wishes had been that she would be
taken care of when he died and the
structured settlement did that she said
her way she’d been there her husband
could get the best care in the little
time he had left and the structured
settlement had done that as well
structured settlements allow people who
suffered serious injuries to focus on
what’s most important putting your life
back together they’re an innovative way
to resolve disputes that provide tax
free financial security dignity and
peace of mind for injury victims and
wrongful death survivors at no cost to
the government structured settlements
work and they should be protected
you