Excerpts and Comments
"If the written up agreement is not thorough, you just might end up collecting income tax". -Solid Funding
Comment: And I thought the IRS collected income tax. All these years you've been paying taxes and if the ( settlement ) "agreement is not thorough" you can actually colle ct 'em...or so says Solid Funding...LOL
"Remember that the claims you will get from this is (sic) usually excluded from your gross personal income when it arouse from a personal physical injury or physical sickness."-Solid Funding
Comment: You know "grammar" isn't just a fancy word for your Mama's mama. I can think of more interesting things to get me "arouse"! How about you?.
"The government continuously exert (sic) effort in looking for people or opportunities to collect income taxes"-Solid Funding
Comment: Hey! Hey! Hey! Glad to see that government is "creating jobs".
"If the agreement is written correctly, a structured settlement for non-taxable damages can avoid taxes on not only lump sums paid at the time of settlement to the claimant and to a third-party assignee under a section 130 â€œqualified assignment,â€ it also avoids taxation of the internal growth of the annuity or U.S. Treasury obligation after the defendant has been released"-Solid Funding
Comments. It is the damages that are subject to the applicable tax or tax exemption, not the "internal growth of the annuity ". The stuctured settlement process contains 4 steps (1) Periodic payment obligation as payment of damages created in release document in exchange for release of Defendant and/or Insurer (2) Assignment of periodic payment obligations (3) An annuity or treasury obligation is purchased as a "qualified funding asset" (but isn't owned by the plaintiff; plaintiff has no rights in the qualified funding asset (but could be given a lien or security interest in the asset) (4) periodic payments made to plaintiff, plaintiff's trust and/or to the attorney (or law firm) if fees are being structured.
Travelers to the United States who suffer serious personal injuries on their travels are not precluded from the benefits of structured settlements . Nor are foreign nationals who are parties to lawsuits with jurisdiction in Federal or state courts the United States
The spouse and children of a successful businesswoman who was killed or rendered paraplegic as the result of an accident while in the U.S.
The undocumented alien you represent who was seriously injured on a construction site,
The 6 year old who got his fingers caught in the revolving door at a hotel on a family vacation to the United States
The child of a deceased US green card holder who is not a US citizen, but has a derivative claim.
It is possible for foreign nationals to obtain the same structured settlement payment types as someone who is a US citizen. Some sstructured settlement annuity issuers will not write life time payments on foreign nationals, while others require periodic proof of living. This may sound a bit weird, but consider the risk to the insurance company with an obligation to make payments only as long as a person is alive when the annuitant lives in an area where verification of such information from public records is difficult. insurance structured settlement , Compare this to the facility of being able to determine mortality of annuitants in the United States via the so called " Social Security Death Records"
As part of case preparation prior to a settlement conference, plaintiff lawyers should have their foreign national clients complete and submit an IRS Form W-7. lump sum settlement , The IRS form W-7 is used to establish a taxpayer identification number for individuals who are required for U.S. tax purposes to have a U.S. taxpayer ID, but who do not have and are not eligible to get a social security number (SSN). The ITIN is for federal tax purposes only. It does not entitle you to social security benefits and does not change a person's immigration status or your right to work in the United States. It could take 6-8 weeks to obtain an ITIN, so don't wait until the case is settled.
At least one of the life insurance companies issuing structured settlement annuities will mail checks directly to foreign nationals in their country of residence
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