If you get injured and suffer extensive or catastrophic injuries such as in the case of an individual getting into an auto accident with a semi, the resultant injuries may mean that your case, whether settled or litigated, will attract a large settlement or judgment amount. While this may seem exciting and provide you with some form of catharsis, the reality of Uncle Sam knocking on your door to take a share of the amount comes way too soon, and for some individual, it may catch them unawares. Taxation is an inevitability in this country, one which you cannot escape from even when you get injured due to someone else’s negligence.

It may seem unfair, but the reality is that government services do not run in a vacuum and they depend on our taxes to pay for road maintenance, the salaries of civil servants, the protection of our natural resources, the strengthening of education, making sure that the police force and other federal and state agencies run smoothly and so on.

Personal injury settlements or judgments may be subject to taxation and this percentage usually varies from state to state, but the most important thing you can do for yourself is to ensure you work with a personal injury lawyer from McCready Law who will be able to structure your settlement or judgment in a manner so as to shield it from excessive taxation while still ensuring you pay your share of taxes through various vehicles we shall take a look at in this post.

Are you looking for the best personal injury attorney with tax experience? Please call us NOW at (314) 481-63338 to learn more about your legal options for justice and compensation. The experienced injury lawyers at McCready Law bring to the table over 90 YEARS of combined legal experience where we’ve handled tens of thousands of claims brought forth by injured Americans from all walks of life, as well as across the country who got injured on account of the negligent actions of other individuals or large corporations.

Over the decades, we’ve been able to recover over $260 million and counting in settlements and judgments for our clients, with a lot of these ranging in the hundreds of thousands and some, in the millions of dollars for clients who sustained catastrophic and life-altering injuries, or claims brought on by family members due to the wrongful death of their loved ones.

Our success can be attributed to a number of factors, such as the fact that we personally handle all claims as seasoned attorneys and do not shunt work over to paralegals or legal assistants as is often the practice in most law firms, an act that almost always jeopardizes claims. We also engage experienced and renowned experts in the medical, forensics, investigative, and accounting fields to ensure your case is replete with evidence demonstrating causation, a medical assessment that points to injuries that can only be caused by negligence, as well as ensuring to quantify all damages so you are comprehensively compensated.

We run a bilingual firm (hablamos Español), and we take on cases countrywide thanks to our vast and trusted network of referral attorneys. last but not least, is the fact that we take on all cases on contingency fee basis, which simply means that there are ZERO UPFRONT FEES for the duration of the processing of your claim as we only levy our fees at the end of the suit, and only if we’ve recovered compensation on your behalf. If you or a loved one got injured due to someone else’s negligence, please give us a call NOW at (314) 481-63338 to learn more about your legal options for justice and compensation – our intake team is standing by.

Protecting Your Personal Injury Settlement from the Taxman

A sudden influx of capital, while exciting, must be handled with a certain amount of prudence if this money is to last decades, particularly in the case of you getting injured catastrophically. Minimizing tax liabilities can be done without breaking the law, and you must also know the implication that comes with receiving large settlements or judgments when it comes to your eligibility for public benefits such as Medicaid or Supplemental Security Income or SSI. In addition, you must be able to protect your assets from mismanagement from family members or creditors, and that is where we, as a fir,m come in.

A great personal injury lawyer shouldn’t just know how to negotiate a good settlement or win a verdict; they must also have the financial know-how when it comes to ensuring your funds post-lawsuit are managed in a judicious manner.

Let’s take a look at some of these tools for settlement optimization:

• Structured Settlement

This is one of the most powerful and utilized tools optimizing your compensation, especially if you receive a large payout in the hundreds of thousands or millions of dollars. The defendant or their insurer will purchase an annuity from a well-regarded insurance company, which will ten make a series of periodic payments directly to your account over a specified amount of time, or even for the rest of your life. Under Internal Revenue Code Section 104(a)(2), payments from a structured settlement are excluded from your gross income.

• Special Needs Trusts or SNTs

If you are wanting to continue receiving governmental assistance such as in the case of Medicaid or SSI benefits in order to help with living expenses due to a disability, you must be aware that receiving a large settlement may negatively impact your ability to receive government assistance.

A Special Needs Trust will come in as a legal agreement that is designed to hold your assets as an individual with a disability without them being counted against your eligibility for SSI benefits or Medicaid. SNTs can be funded by your own money, assets belonging to someone else, such as family members, or managed by a non-profit organization.

Best Countrywide Injury Lawyers – Call Us Today!

We understand that all of this may be confusing to you in your journey to seeking compensation for your injuries, and instead of trying to figure things out on your own, we would like to invite you to give us a call NOW at (314) 481-63338 to learn more about your legal options for justice and compensation while maintaining your funds regardless of your tax or other financial obligations. Remember, the call is 100% FREE, and there is no legal obligation. Thanks for choosing McCready Law, and we look forward to helping you.