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Lifetime Income. Tax Free. Guaranteed.
HELPING YOU UNDERSTAND A STRUCTURE
Tools & Information
Here we've provided you with the IRS code, life insurance companies
and government protections, which when combined guarantee the security and safety of structured settlements.
Sections 104 and 130 of the Internal Revenue Code set out the relevant tax law for structured settlements.
In The Periodic Payment Settlement Act of 1982 (P.L No. 97-473), Congress adopted specific tax rules to encourage the use of structured settlements to resolve physical injury lawsuits.
First, Section 104(a)(2) of the Internal Revenue Code was amended to clarify that the full amount of the periodic payments constitutes damages, which are tax-free to the victim – unlike the investment earnings on a lump sum.
Second, Congress adopted Code Section 130 to provide a mechanism where injured victims could receive the stream of damage payments from a financially secure institution through the “qualified assignment” process described earlier.
Byrd Settlements is licensed and works regularly with the following life insurance companies:
American General Life Insurance Company & The United State Life Insurance Company in the
City of New York
Liberty Mutual Life Assurance
Company of Boston
Pacific Life Insurance Company
& Pacific Life and Annuity
Company
Berkshire Hathaway
& First Berkshire Hathaway
Life Insurance Company
of Nebraska
New York Life
Insurance Company
Each state has its own guaranty fund or guaranty association. The purpose of these funds is to protect consumers in the event an insurance company in their own state completely fails.
The additional guarantee from your state!
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News
Read the latest news about settlements & insurance industry.
Guardians of Trusts
The fundamental reason for having a trust protector is to have an independent adviser who can monitor how your estate is administered and distributed over time. If a dispute arises, the protector may have the power to make changes without going to court.
by John F. Wasik
Trust Protectors -- What They Are And Why Probably Every Trust Should Have One
The Protector is so useful, and it has become so commonplace, that the concept should almost always be discussed between planners and those looking to form trusts.
by Robert W. Wood
What's A "Structured Settlement"?
Your only exposure to the term “structured settlement” may be late night TV ads hawking immediate access to your money. “It’s your money,” they’ll exhort. “Cash in your structured settlement and use your money now!” If you are (or were) a successful plaintiff in a lawsuit, your contact with structures may be more personal. You may have received one, be evaluating one now, or have considered one but opted for cash.
by Robert W. Wood