Legal Question in Product Liability in New York

Product liability case; arm amputated up to elbow; psychiatrist required at some point; currently receiving disability; settlement close. Question: Is it possible to get a tax-free (annuity) settlement in this situation? Thank you.

Asked on 2/25/10, 12:33 pm

2 Answers from Attorneys

Joseph Macaluso Macaluso & Fafinski

Settlements for pain and suffering in NY are tax free. The issue is, though, what effect settlement will have on disability benefits. The continuation of your benefits depends on the type of benefit you are receiving. For example, if the benefit you are currently receiving is workers compensation, those benefits would generally end (for a period of time) on the settlement of a personal injury case.

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Answered on 3/02/10, 1:40 pm
Pasquale Calcagno Calcagno & Associates, PLLC

Whether you will be taxed on the settlement depends on how your settlement is characterized. That is, whether your settlment is for pain and suffering or econimic loss or both. Your question involves an answer from someone who not only knows about personal injury law but someone who is well versed in financial products. Luckily I have experience in both. Kindly contact me, Pasquale Calcagno, Esq., at 1(800)WE-FIGHT for a free discussion on this matter and I would be happy to give you my thoughts.

Thank you for contacting our firm.

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Answered on 3/03/10, 9:56 am

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