settlement ?

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Latest post Sun, Mar 19 2017 11:11 PM by Attkisson Law Firm. 15 replies.
  • Fri, May 29 2015 5:58 PM

    • Tony20
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    settlement ?

    my lawyer called me to ask if i would except settlement offer i agreed. he called me back to say its all settled but he said it would take 90 days is that standard time frame ? its a large amount in the 7 figure area and i was not asked to sighn anything yet. thanks!!!

  • Fri, May 29 2015 8:11 PM In reply to

    Re: settlement ?

    Over a million?

    Yes, it could take 90 days combining the processing of the payment with the attorney's own processing.

    Ask your attorney why he expects it to take 90 days.

     

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • Fri, May 29 2015 9:26 PM In reply to

    • Tony20
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    Re: settlement ?

    yes a few million 

  • Sat, May 30 2015 3:44 AM In reply to

    • Drew
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    Re: settlement ?

    Would be smart to read it before one agreed/signed it .....and for sums like that get some tax smarts up front ...details can matter a whole lot as to,how much is left after taxes .......your lawyer may be great at getting large payouts ...but he or she may. Not be tuned into best language for tax favorable results to you. 



  • Sat, May 30 2015 8:13 AM In reply to

    Re: settlement ?

    I agree with Drew on the tax issues. Find yourself a tax pro now. Don't rely on your lawyer for that.

    The 90 days may also include the time it takes for your lawyer to pay off bills from medical providers and experts.

    As your lawyer if he is going to negotiate with the medical providers for a discount. Some do.

    Also be aware of the possibility of an offer of a structured settlement where your settlement is paid out in monthly or yearly increments. That's not necessarily a bad thing but it saves the other side a ton of money because they buy an annuity for a fraction of the settlement and the annuity company pays you the increments.

    Might be some tax advantage to you do go that route. Talk to a tax pro about it.

    If you decide to go that route don't do it unless your attorney agrees (in writing) to collect his percentage out of the payments. Otherwise you'll be paying the attorney with the payments and you'll see nothing until he's paid off.

     

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • Sat, May 30 2015 9:01 AM In reply to

    • Tony20
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    Re: settlement ?

    As far as taxes go its tax free its a personal injury settlement for Dameges. i have a medical set Aside for SSDI and he said that my WC lawyer will try to negotiate my lien they said i'm better off closing the wc case so they would drop the lien. we will see as for the pay out its not structured its 1 lump sum. thanks is there any thing else i should beaware of?.

  • Sat, May 30 2015 10:58 AM In reply to

    Re: settlement ?

    Tony20:
    As far as taxes go its tax free its a personal injury settlement for Dameges.

    Read this from the IRS about that:

    http://www.irs.gov/pub/irs-pdf/p4345.pdf

    Then talk to a tax pro anyway just to be sure.

     

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • Mon, Jun 1 2015 9:56 AM In reply to

    Re: settlement ?

    There's no such thing as a "standard time frame," and it's not the least bit surprising that someone paying a 7-figure settlement might want three months to come up with the $.

  • Mon, Jun 1 2015 10:28 AM In reply to

    • Drew
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    Re: settlement ?

    At least in my Laymans eyes the time to negioate a cap or settlement of your Wc lien which improbably statutory  is BEFORE you reach agreement with the side paying you out ..at the very least it is not a simple question and it invites some debate as to what is best for you vs what may be best for lawyers fee!! 

    If you are getting 2.000,000 gross  and your lawyers fee is say 33%?  And there is a lien in place for what might be $600,000 .....what is you final net? 

    Who is in equation to barter a low settlement of lien for you? 



  • Mon, Jun 1 2015 12:29 PM In reply to

    • Tony20
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    Re: settlement ?

    AIGis the isurence firm A  few mil is nothing for them cosidering they spent a mil to screw me. how do i make sure i'm getting evry penny after my lawyer gets his 33%

  • Mon, Jun 1 2015 1:57 PM In reply to

    • Drew
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    Re: settlement ?

    adjusterjack knows a lot more about insurance than I ever will. 

    WC attorney fees are state specific--apparently in NY they are set by court --rubber stamped I know not...but via court ..lets say 15 % but 15% of what and how does lien fit in....an attorney is unlikley to be motivated to cut his or her own fee --so apply some street smarts?  I just suspect that time to barter about a payoff/release of lien is before you have a pile of money and everyone has gone home but for the guy collecting against a lien. ( In some situations you may not even see a dime until the lien is resolved...)

    The fact that  insurance firm fought hard is not your  WCs attorneys problem--he or she probably earned thier fee as well.

     



  • Mon, Jun 1 2015 2:04 PM In reply to

    • Drew
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    Re: settlement ?

    Also--while most insurnace awards are not taxable by NY---awards for emotional damage or punative damages might be taxed by state --the details of how an award is worded might just matter a lot if there are taxes in the pot...



  • Mon, Jun 1 2015 2:47 PM In reply to

    • Tony20
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    • NY
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    Re: settlement ?

    my lien with WC is about 400.000$ I;M Not sure what my WC lawyer gets i also have ssdi set aside. 

  • Tue, Jun 2 2015 10:31 AM In reply to

    Re: settlement ?

    I can't imagine why you'd think you wouldn't get "evry [sic] penny" to which you're entitled, but you obviously should discuss with your lawyer the details of the settlement.

    Moreover, I can't imagine any large insurance company agreeing to a multi-million dollar settlement without a detailed, written settlement agreement that you'll have an opportunity to review and discuss with your lawyer before signing.

  • Tue, Jun 2 2015 3:14 PM In reply to

    • Tony20
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    • Joined on Thu, Jun 12 2008
    • NY
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    Re: settlement ?

    Ca19 I agree but from what my friend told me when he went to recive his check from a settlemen  his lawyer tried to get a few extra $ by claiming his phiysical therapy was owed 10.000$ from the 75.000 settlement He tried to pull a fast 1 and said they should both split it by giving 5.000$ each  he told his lawyer to Fly a Kite.

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