SETTLEMENT ALLOCATION IN NEW JERSEY WRONGFUL DEATH CASES
by Thomas D. Begley, Jr., Esquire, CELA When a defendant causes the death of another individual by a wrongful act or negligence, that person shall be liable for damages.Ā There are two components of the claim.Ā One is a Survival Claim, and the other is the Wrongful Death Claim.Ā The Survival Claim is brought by…
INCOME TAXATION OF CONFIDENTIALITY AGREEMENTS IN PERSONAL INJURY CASES
by Thomas D. Begley, Jr., CELA Frequently, large personal injury settlements contain confidentiality agreements. Unless these agreements are handled properly, they can result in a significant income tax liability to the plaintiff. As a general rule, recoveries in personal injury actions are excluded from federal income tax under Ā§104 of the Internal Revenue Code. However,…
PARENTSā ESTATE PLANNING FOR PERSONAL INJURY VICTIMS
by Thomas D. Begley, Jr., CELAĀ Personal injury victims frequently receive means-tested public benefits. They often establish Self-Settled Special Needs Trusts (SSSNTs) to hold the personal injury settlement, so that the settlement does not interfere with public benefits eligibility. However, it is important that parents not leave these children with disabilities monies as part of…
Making Special Needs Trusts Last
By Thomas D. Begley, Jr., CELA When a personal injury victim receives a settlement, one of the biggest post-settlement problems is making the money last. If the plaintiff is receiving means-tested public benefits, the monies must be put in a Special Needs Trust. How long do the beneficiary and other family members need that money…