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Structured Settlements: Security and Protection for Injury Victims

January 10, 2022 When any physical injury victim recovers money either by settlement or by verdict, the question of the tax treatment of said recovery arises. As long as it is compensation for personal physical injuries it is tax-free under Section 104(a)(2) of the Internal Revenue Code.¹ Section 104(a)(2) of the Internal Revenue Code states that “gross income does not include . . . the amount of any damages received (whether by suit or agreement and whether as lump sums or as periodic payments) on account of personal injuries or sickness.”² Section 104(a)(2) gives the personal injury victim two different financial options for their recovery, lump sum or periodic payments.³ For more information, read this excerpt from my book ‘The Art of Settlement‘.

PROTECTING THE RECOVERY

An Examination of the Role of Structured Settlements in Funding Medicare Set-Asides

Advanced Strategies for Closing Cases Compliantly: A Case Study

Structured Settlements: Maximizing Settlement Dollars in Personal Injury Cases

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PROTECTING THE RECOVERY

An Examination of the Role of Structured Settlements in Funding Medicare Set-Asides

Advanced Strategies for Closing Cases Compliantly: A Case Study

Structured Settlements: Maximizing Settlement Dollars in Personal Injury Cases

Find more blogs here

TESTIMONIALS

“Synergy Settlement Services offered clear and prompt guidance on their lien reduction services. Their team members were easy to work with and offered candid advice at every step on how to maximize our client’s settlement. Their work is much appreciated, and we recommend Synergy for lien reduction services.”

“Synergy’s focus on these liens allows our office to better represent our clients, by allowing us to focus on what we do best – litigation. Further, Synergy’s expertise in the Medicare and lien world provides a sense of security for the client and us as attorneys to ensure we are providing the client the best advise possible.”

“We fought numerous defendants to obtain a record‑breaking settlement but, in the end, it was Synergy who stepped up to help my office protect our client’s settlement proceeds. After obtaining millions of dollars from five different defendants, we were left with an ERISA medical insurance lien that refused to compromise and wanted 100% reimbursement. I attempted to negotiate with them, and they refused to accept any reductions whatsoever. Our client suffered a serious brain injury and there was no way we wanted an insurance company to get paid back in full. Synergy went to work on them and in short order they obtained a major reduction in the ERISA lien, putting substantially more money in my client’s pocket.”

“We were able to save our clients millions of dollars through Synergy’s healthcare lien resolution program."

“Newsome Melton has worked with Synergy for many years. Time and time again, Synergy has proven to be a great partner, committed to going above and beyond to maximize our clients’ net recovery.”

READY TO SCHEDULE A CONSULTATION?

The Synergy Settlements team will work diligently to ensure your case gets the attention it deserves. Contact one of our legal experts and get a professional review of your case today.

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FREE DOWNLOAD

Structured Settlements: Security and Protection for Injury Victims

PROTECTING THE RECOVERY

PROTECTING THE RECOVERY

TESTIMONIALS

READY TO SCHEDULE A CONSULTATION?

Synergy Insight

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