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Settlement offer came in at $14k, I said no and got $47k
Tried the quick route after my shoulder injury at the Chula Vista warehouse. Lawyer pushed me to take the 14k offer at 6 months. Said no, wanted more time for treatment. Waited it out, got surgery, pushed back with docs. Final number hit 47k after 14 months total. Still took fees and medical liens off it. Would anyone else hold out longer if their lawyer told them to settle early?
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keithbennett1d ago
The tax angle is what most folks overlook here. Settlements for physical injuries are usually not taxable, but the part that covers lost wages is. If your lawyer structured that 47k without separating the wage loss from the pain and suffering, you might end up owing the IRS a chunk next April. Same goes for medical liens. You paid the hospital back, but did you check if the remaining amount after fees still leaves you with a clean number on paper? Most people just look at the lump sum and celebrate, then get blindsided at tax time. Worth asking your lawyer to itemize every dollar so you know exactly what is what before you spend a dime of it.
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