Personal Injury Settlements: Anticipating Impact of Tax Reform on Settlement Proceeds
Strategies to Manage Tax Impact on Lost Wages, Punitive Damages and Interest
Note: CPE credit is not offered on this program
Recording of a 90-minute CLE webinar with Q&A
This CLE course will guide personal injury attorneys on how to minimize the tax burden to plaintiffs on personal injury settlements after tax reform. The panel will discuss how to spot potential tax liabilities at the beginning of a claim, as well as strategies to classify damages and structure large settlements to minimize any taxes that may be owed.
- Impact of 2017 tax reform on personal injury settlements
- Types of personal injury damages that are subject to taxation
- Lost wages
- Emotional suffering
- Punitive damages
- Best practices for identifying and mitigating tax burden on settlement proceeds
The panel will review these and other important topics:
- How did the 2017 tax reform law impact personal injury settlements?
- What portions of personal injury settlements are subject to taxation?
- How can attorneys structure personal injury settlements so that any tax burden is minimized?
Robert W. (Rob) Wood
Mr. Wood handles a wide range of tax planning and tax controversy matters. He also serves as an expert witness on tax... | Read More
Mr. Wood handles a wide range of tax planning and tax controversy matters. He also serves as an expert witness on tax issues in legal disputes. Mr. Wood is best known for his expertise advising plaintiffs, defendants, and lawyers on the tax treatment of legal settlements and judgments. He authored the leading book on this topic, Taxation of Damage Awards & Settlement Payments (5th Ed 2021), as well as the Bloomberg Tax Management Portfolio, Tax Aspects of Settlements and Judgments (522).Close