Statutory Guidelines [Appendix A(7) IRC 5891] regarding rules for structured settlement factoring transactions.
King Washington Structured Settlement Factoring Transactions
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26 U.S.C. 5891 - Structured settlement factoring transactions.
Structured settlement purchasing companies, also known as factoring companies, serve those selling their structured settlement payments. These companies offer settlement owners lump sums of cash in exchange for the rights to future payments or portions of future payments.
Structured settlements are settlements of tort claims involving physical injuries or physical sickness, and workers' compensation claims, under which settlement proceeds take the form of periodic payments, including scheduled lump sum payments.
Advantages of a structured settlement Cost of living adjustments. A structured settlement can be set up with the cost of living fluctuation in mind.Money management.Minimal taxes.Market safety.Possible interest.Customizable.Safe from outsiders.
The Best Structured Settlement Companies Structured Settlement CompaniesBest For1J.G. WentworthMost Flexibility2District Settlement FinanceGreat Customer Service3Peachtree Financial SolutionsGreat Online Information4Stone Street CapitalGreat Experience1 more row ?
Allowed by the US Congress since 1982, a structured settlement is: A completely voluntary agreement between the injured victim and the defendant. Under a structured settlement, an injured victim doesn't receive compensation for his or her injuries in one lump sum.
A structured settlement is a regular stream of tax-free payments granted to the plaintiff in a civil lawsuit. Structured settlements are meant to provide long-term financial security to the injured party. If the amount of money is small enough, the wronged party may have the option to receive a lump sum settlement.
Structured settlement payments do not count as income for tax purposes, even when the structured settlement earns interest over time.