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Old 08-31-2017, 09:00 PM   #1 (permalink)
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Im getting some money...

So a recent car accident has ruled in my favor. Its not job quiting money, but they agreed to the policy max of 100k. After med bills of 50k+ it should be a 3 way split between lawyers, docs and me....... question. When i finally do get paid out, im sure ill get taxed...who can i talk to about it? Secondly has anyone gone tbrough this and have any ad vise?
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Old 08-31-2017, 09:17 PM   #2 (permalink)
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Old 08-31-2017, 09:30 PM   #3 (permalink)
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Find a financial advisor that can help figure it all out, it would be worth paying them for help. Pay off some of your debts if you can. Any long term effects you could possibly have? (back/spine/shoulder) be sure to keep records on everything. Hope you're OK.

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Old 08-31-2017, 09:31 PM   #4 (permalink)
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I already did that... testing my luck escaping twice is pushing it..

Financial advisor... i guess thats where i get lost. Never had to look for one... do i just go to a cpa?
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Old 08-31-2017, 09:50 PM   #5 (permalink)
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I don't know your situation but if I came into 50K I would be investing it in income housing.
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Old 08-31-2017, 09:55 PM   #6 (permalink)
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Are you trying to figure out what to do with the money, or how to handle taxes?

If you are trying to figure out the tax side of things, find a CPA. Take your time to pick a good one and interview a few, a couple of weeks shouldn't be a huge deal. I have never dealt with this exact payment, but typically, if it doesn't come from an employer, they probably won't withhold for taxes, meaning you will be responsible for paying the appropriate amount when the time is right. I have no idea how or if a settlement is taxed, but if it is treated like income, then it could impact your regular income taxes, rates, and returns as well.

If you want to know what to do with it and how to invest after taxes, a financial planner can help. I recommend interviewing a few, paying attention to the fees, and looking at a few local and maybe a couple of the national or regional ones (I. E. Edward Jones).

There is also a lot you can do on your own without paying someone anything, like mutual funds or index funds. Just like anything in life, there are good and bad ways to do all of these, so even getting a session with a financial planner or two for basic advice could be useful, but keep in mind they will probably try to sell you on their services.
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Old 08-31-2017, 09:56 PM   #7 (permalink)
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Old 08-31-2017, 10:43 PM   #8 (permalink)
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From the OP, it sounds like you are getting a third of 50k. I would just save about 30% to pay taxes. Your taxes will probably be less than 30% of the amount you receive, but save a third just to be safe. Do you want to invest the rest? 10k is enough to start retirement savings or pay off debt. You could do something else like start a hobby business or use it as a downpayment on a house. I would avoid using it as party money. If you are dealing with 30k+, you should definitely talk to a cpa that does tax work.
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Old 08-31-2017, 10:45 PM   #9 (permalink)
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Could be good news. Check this out:
"If you sue someone for causing you personal physical injury or physical sickness, any damages or settlement you receive to compensate you for your medical expenses, lost wages, and pain, suffering, and emotional distress is not included in income. The money you receive isn't taxed. It doesn't matter if you're paid with a lump sum or in installments.

However, an award of punitive damages from a personal injury lawsuit is taxable. Punitive damages aren’t intended to compensate you for your loss. Rather, they are awarded to punish and make an example of the wrongdoer. In some states punitive damages awarded in a wrongful death case are not taxable."

Tax Consequences of a Legal Settlement - Lawyers.com
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Old 08-31-2017, 11:10 PM   #10 (permalink)
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My brother recently was in an accident from someone nailing him in the rear while at a stand still. He was not taxed on the money he received. Remainder of insurance money was more than 10k but less than you are receiving.

I'd still check with your tax people or a cpa though but I do know it isn't income if it comes from an insurance claim.
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