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Byrd Settlements Homepage
  • About Us
  • Services
    • Structured Settlements
    • Trusts
    • Plantiff Protection Accounts
    • Attorney Fee Management
  • Resources
    • Resources & Articles
    • Guardians of Trusts
    • Trust Protectors
    • What’s A “Structured Settlement”?
    • How Structured Settlement Companies Work
    • Benefits of Structured Settlements
    • Trusts
  • Who We Serve
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Resources

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Guarantees & Protection for Structured Settlements

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.

  • IRS Code
  • Life Companies
  • Guaranty Associations
  • Resources & Articles

IRS Code

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.

Download Related Internal Revenue Code

Section 104 Section 130

Life Companies

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

Berkshire Hathaway Berkshire Hathaway & First Berkshire Hathaway

Metropolitan Life Insurance Company & MetLife Insurance Company of USA

Liberty Mutual Life Assurance Company of Boston

New York Life Insurance Company

Mutual of Omaha

Pacific Life Insurance Company & Pacific Life and Annuity Company

Prudential Life Insurance Company

USAA

Guaranty Associations

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!

Find Your State Association

Resources & Articles

Guardians of Trust

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.

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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.

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How Structured Settlements Work

Structured settlements are a long-term solution that provide victims of physical injury and wrongful death lawsuits with financial security and guaranteed tax-free payments. Learn more about how they work.

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Benefits of Structured Settlements

A structured settlement is a proven, effective solution for the financial needs of personal injury victims. For years, structured settlements have been widely used in personal injury settlements to compensate injury victims.

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Trusts

Byrd Settlements makes a larger contribution to the settlement process and clients’ lives than only structured settlements. Over the last 4 years, we have developed relationships and negotiated fees with both Trustees and Financial Advisers who provide exceptional service; and we made sure they will offer a better price for our clients.

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Partners

AIG
Atlas Settlement Group
New York Life
Pacific Life
Met Life
Berkshire Hathaway
Liberty Mutual
Mutual of Omaha
Prudential

Associates

National Structured Settlements Trade Association
American Association for Justice
North Carolina Advocates for Justice
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Byrd Settlements, Inc.

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Statesville, NC 28625 USA

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Hampstead, NC 28443 USA

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