Legal Question in Tax Law in Michigan

Car Accident Settlement

OKay. My family and I were in a car accient last March and now our insurance company is giving us all settlements. But we don't want to have the government steal most of it with their taxes, so is there any way to make it so that the government can't get their hands on it? Woudl giving it to my mom or my mom giving it to my dad work? I don't really know any information would be great. Thanks.


Asked on 1/31/02, 1:01 pm

1 Answer from Attorneys
Geoffrey Lahn Lahn, McDonagh, and Brown, PLLC

Re: Car Accident Settlement

This answer is very general considering I do not have the specific facts of your case. Generally speaking, settlements or judgement awards for personal injuries sustained are excluded under IRC(104)(a)(2)from being taxed. If I can be of further assistance to you do not hesitate to contact me directly @ (734) 944-2269.

Kindest Regards,

Geoff Lahn

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Answered on 1/31/02, 3:36 pm


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