IRS tax rule that conferred tax-free status for money received over time on account of physical injury or death
A trust that includes a provision for the return of remaining trust assets at the conclusion of its term, usually upon the death of the trust’s beneficiary.
Internal Revenue Service Code section excluding from income taxes payments received as a lump sum or periodic payments, for injuries or death arising out of a workers’ compensation claim.
Internal Revenue Service Code section excluding from income taxes payments received as a lump sum or periodic payments, for injuries or death arising out of a liability claim.
Internal Revenue Service Code section allowing qualified assignments, the transfer of obligations to make future income tax-free payments for damages on account of physical injury or sickness.
Legal document executed by all parties of a lawsuit or claim stating case facts and terms by which plaintiff releases the defendant. Payments made by defendant, purchase of annuity and consent language for the assignment may appear within the document as well.
Annuity purchased for a single premium with a payout at a later date
A settlement of a claim or lawsuit with future periodic payments, usually funded with an annuity.
A claim against an employer for an injury of death that occurred on the job.
A person or entity to whom legal liability is transferred for an obligation.