Statutory Guidelines [Appendix A(4) IRC 468B] regarding special rules for designated settlement funds.
Maine Special Rules for Designated Settlement Funds IRS Code 468B
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FAQ
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. Often times a QSF is used in mass tort or other types of class action litigation.
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.
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.
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.