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Landmark Ruling from 3rd Circuit Awarding Additional Funds for Lump Sum Awards Encourages Use of Non-Qualified Structures Pursuant to IFS PLR
U.S. Court of Appeals for the Third Circuit held that a supervisor who was terminated in a reduction-in-force after experiencing memory loss issues following chemotherapy was awarded an additional $6,893 to offset the negative tax consequences of her taxable award of $206,893 in Eshelman v. Agere Systems Inc., 3d Cir., No. 05-4895, 1/30/09.
The Court of Appeals held that a district court may award a prevailing employee an additional sum of money to compensate for the increased tax burden a taxable award may create. The Court stated that "An additional award to cover the tax consequences of a lump-sum award is necessary and appropriate, in certain circumstances, to make the plaintiff whole."
According to IFS, awards and settlements that are taxable not only waste much of the award to taxes, but can lift a plaintiff into a higher tax bracket for that year. Many types of awards and settlements are taxable, not just those that are employment related. Claims or awards for punitive damages, discrimination, non-physical injuries, emotional distress, defamation and interest are generally taxable.
This case is a landmark decision for the growing use of Non-Qualified Structured Settlements. In 2008, IFS obtained Private Letter Ruling 200836019, establishing the use of Non-Qualified Structured Settlements on taxable settlements as a valuable settlement tool for both plaintiffs and defendants.
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