According to IRS Rule 1.104-1, the settlement money you receive in a wrongful death case is exempt from taxation. Because the wrongful death compensation is considered to be a component of a claim stemming from a personal injury or physical illness, the IRS declares it to be non-taxable.
Keep in mind that wrongful death refers to a certain type of personal injury case in which the injured party passes away, making the family members or the estate of the deceased the recipient of compensation. Therefore, a wrongful death settlement is a type of personal injury claim.
A successful wrongful death suit can result in a great financial payout for you. Gordon McKernan Injury Attorneys have 679+ years of combined legal experience in Louisiana personal injury law. So that we can help you get on the road of acceptance and moving forward, give us a call as soon as you can at 888.501.7888 to get started on your personal injury claim. As part of our G Guarantee, you won’t owe us anything until we win or settle your case—it’s our promise!
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