|Frequently asked questions about Settlement Services|
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Frequently asked questions about Settlement Services:
Qualified settlement funds (QSFs) – also called 468B settlement funds or Section 468B trusts after its Internal Revenue Code Section – are tax-qualified (non-taxable) trusts specifically designed to receive proceeds from a lawsuit settlement. It’s a simple trust that’s easy to set up, allows one or more defendants to pay into it, and provides the beneficiary(ies) – the plaintiff(s) – with unparalleled tax benefits, such as the use of structured settlement annuities, the use of special needs trusts, lump sum payouts and more. The money is paid into a trust while the Medicare and/or Medicaid liens are negotiated. The attorney of the plaintiff(s) is paid immediately while the plaintiff(s) can carefully consider their planning options.
If you receive a settlement in a worker’s compensation case, a Medicare set-aside arrangement would apply to you. Kearns & Kearns can assist you with this allocation of funds.
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