Because tax advice to plaintiffs in lawsuits is often left until the settlement is concluded, many plaintiffs’attorneys direct that all monies are paid to them to obviate withholding and Forms 1099. While some defendants go along with this, it is an inappropriate practice and one that an informed structured settlement expert should be sure to inform their clients about.
Legal Broadcast Network and Forbes commentator, Attorney Rob Wood of the firm Wood & Porter is the subject of this broadcast, first seen on The Tax Law Channel.
The link to the full Forbes article is available here.
This story and video should be of interest to structured settlement experts, agents and brokers nationally.