Hatrack River Forum: Anyone familiar with medical settlement tax laws?

This is topic Anyone familiar with medical settlement tax laws? in forum Books, Films, Food and Culture at Hatrack River Forum.

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Posted by TheHumanTarget (Member # 7129) on :

Is anyone here familiar or knowledgeable about tax laws regarding out-of-court medical settlements (i.e. taxation on lump sum settlements)?

Posted by Boon (Member # 4646) on :

Sure. Shoot me an email if you don't want to discuss it here.

Posted by TheHumanTarget (Member # 7129) on :

Boon,
I just sent you an e-mail.

Thanks,
THT

Posted by Boon (Member # 4646) on :

reply sent

Posted by TheHumanTarget (Member # 7129) on :

I replied again.

Posted by Lyrhawn (Member # 7039) on :

Get a structured settlement, they aren't taxed, and they pay out a lot more over the years.

Posted by TheHumanTarget (Member # 7129) on :

Lyrhawn,
The settlement is a done deal and involves both lump sum and structured payments.

Posted by Lyrhawn (Member # 7039) on :

Yeep, my bad, didn't know the details.

Good move getting the structure though, I used to work for a company that did structured settlements (heck, you might have even used them in your case) and it almost always turned out to be a better solution for the plaintiffs than one big cash settlement.

Posted by TheHumanTarget (Member # 7129) on :

Lyr,
I didn't put the details out there for common knowledge, so you can hardly be faulted for not knowing [Smile]

The structured payments were our biggest goal, to basically allow our daughter a sense of financial security throuhgout her life.