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TJ, Esq.
TJ, Esq., Attorney
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Legal Question: to VAMD.esq; if possible

Resolved Question:

If I decide to receive the lump sum check, then after receiving it I purchase a life plan similar to the one proposed by my attorney. Do I still get the tax free component similar to the one offered by signing through him and the firm proposed by him ?

Submitted: 1 year ago.
Category: Legal
Expert:  TJ, Esq. replied 1 year ago.
Hi again.

You could get it tax free if the settlement is for pain and suffering. With regard to the lump sum, it depends on what the settlement compensates you for.
Customer: replied 1 year ago.

Hello Again

Sorry, i probably stated my question the wrong way, your previous info is clear.

 

My question: The lifetime benefits plan proposed by my attorney with monthly income and lump sums has a tax free component, according to him(by signing through him and the firm he chose). If I decide to receive the check myself then invest in an annuity similar to the one he proposed after, would I lose that tax free component in the lifetime benefits plan ?

Expert:  TJ, Esq. replied 1 year ago.
Hi again.

You'd probably lose the tax free status, but to be honest, I can't say for sure. That is probably something that you'll need to ask your lawyer because he'd likely need to review the details of the annuity that you'd choose. I apologize for not giving a more definite answer.
TJ, Esq., Attorney
Category: Legal
Satisfied Customers: 9695
Experience: Licensed to Practice Law
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