Statutory Guidelines [Appendix A(4) IRC 468B] regarding special rules for designated settlement funds.
Georgia Special Rules for Designated Settlement Funds IRS Code 468B
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FAQ
Settlement funding is the act of receiving cash in advance of a lawsuit settlement. The funder charges an interest rate usually between 30% and 60% per year and is paid back only at the end of the case if it's successful.
Qualified Settlement Fund Services Generating client closing statements and providing accounting for the fund. Disbursement of all claimant payments, including directing funding of Special Needs Trusts and/or structured settlements.
A Qualified Settlement Fund (QSF) allows tax payers involved in litigation to receive settlement funds and potentially avoid tax ramifications until the funds are otherwise paid to the taxpayer.
A Qualified Settlement Fund (QSF), also referred to as a 468B Trust, is an exceptionally useful settlement tool that allows time to properly resolve mass tort litigation and other cases involving multiple claimants.
A QSF is a trust established to receive settlement proceeds from a defendant or group of defendants. Its primary purpose is to allocate the monies deposited into it amongst various claimants and disburse the funds based upon agreement of the parties or court order, if required.
Generally, settlement funds and damages received from a lawsuit are taxable income ing to the IRS. Nonetheless, personal injury settlements - specifically those resulting from car accidents or slip and fall incidents - are typically exempt from taxes.
The benefits of a QSF for an attorney include: More time to plan for contingency fees using attorney fee deferral. Affording clients extra time to implement settlement planning strategies and comply with government benefits income thresholds.