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SETTLEMENT ALLOCATION IN NEW JERSEY WRONGFUL DEATH CASES

by Thomas D. Begley, Jr., Esquire, CELA When a defendant causes the death of another individual by a wrongful act or negligence, that person shall be liable for damages. There are two components of the claim. One is a Survival Claim, and the other is the Wrongful Death Claim. The Survival Claim is brought by…

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INCOME TAXATION OF CONFIDENTIALITY AGREEMENTS IN PERSONAL INJURY CASES

by Thomas D. Begley, Jr., CELA Frequently, large personal injury settlements contain confidentiality agreements. Unless these agreements are handled properly, they can result in a significant income tax liability to the plaintiff. As a general rule, recoveries in personal injury actions are excluded from federal income tax under §104 of the Internal Revenue Code. However,…

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PERSONAL INJURY SETTLEMENTS – PLAINTIFFS AGE 65 OR OLDER

by Thomas D. Begley, Jr., CELA Many plaintiffs in personal injury actions are receiving means-tested public benefits such as Supplemental Security Income (SSI), Medicaid, Supplemental Nutrition Assistance Program (SNAP, formerly Food Stamps), Federally-Assisted Housing, Adoption Assistance, Temporary Assistance for Needy Families (TANF), and Low-Income Home Energy Assistance Program (LIHEAP). These benefits are means-tested. Typically, the…

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QUALIFIED SETTLEMENT FUNDS

by Thomas D. Begley, Jr., CELA What Is A Qualified Settlement Fund? Section 468B of the Internal Revenue Code[1] authorizes the establishment of Designated Settlement Funds or Qualified Settlement Funds. These funds are usually collectively referred to as Qualified Settlement Funds (QSFs). These funds are also sometimes called “468B Trusts.” The purpose of these funds…

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