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Trust Industry Leaders: EPTC Resources

Discover informative articles by Eastern Point Trust Company, an international leader in trust innovation. With a team of renowned trust experts and a proprietary nationwide FDIC banking network, EPTC provides technology-empowered services to individuals, courts, and institutional clients worldwide. Explore our articles to learn more.

Understanding Tax Implications on Different Types of Lawsuit Settlements

When you secure a financial settlement from a lawsuit, it's crucial to understand the associated tax implications.

Qualified Settlement Funds: An In-Depth Analysis

Qualified Settlement Funds (QSFs) are powerful financial tools designed to provide flexibility and tax efficiency in complex dispute resolution scenarios.

How to Minimize Tax Liability on Lawsuit Settlements or Avoid Paying Taxes on Settlement Money

In the aftermath of winning or settling a lawsuit, it is essential to understand the potential federal and state income tax implications and how to avoid paying taxes on settlement money.

Why Taxes on Lawsuit Settlements Are Higher Than You Think

When receiving a settlement or judicial award from a lawsuit, many plaintiffs are often surprised when they discover they must pay taxes on the proceeds.

A Trustee Is Not “Mom” - Striking the Right Balance to Empower the Beneficiary

The following is an informational resource for financial planners, attorneys, and settlement planners regarding how much control a trustee should have and when this control crosses the line into excess, potentially compromising the trust’s intentions and the beneficiaries’ interests.

Special Needs Trust vs ABLE Account - Understanding the Pros and Cons

As individuals with disabilities navigate their financial planning, two important options often arise, Special Needs Trusts (SNTs) and ABLE accounts. This comprehensive guide will explore the intricacies of Special Needs Trusts and ABLE accounts, comparing their features, benefits, and limitations.

Special Needs Trust Notification Requirements

In order to maintain Medicaid or other government benefits, such as SSI, state Medicaid agencies require notification that assets are being transferred and a Special Needs Trust is being created.

Understanding the Impact of Fees on a Special Needs Trust or Settlement Protection Trust

Trusts are financial vehicles that can provide numerous benefits, including asset protection, protecting government benefits, tax advantages, and controlling the distribution of the trust’s assets. However, one often overlooked aspect of trust management is the impact of trustee fees on the overall value of the trust.

Understanding the Intricacies of the Plaintiff Double Taxation and Commissioner v. Banks

The taxation of plaintiff litigation recoveries often induces confusion, yet understanding it is indispensable. Especially significant are the implications of the “double tax” issues.

What Does QSF Mean?

In the complex financial landscape of litigation settlements and judicial awards, Qualified Settlement Funds (QSFs) present a robust solution that simplifies the process for all parties involved.

What Is a Qualified Settlement Fund?

Qualified Settlement Funds (QSFs), also known as 468B Trusts, provide an efficient and effective tool for resolving litigation involving a single claimant or multiple claimants.

Taxation of a Qualified Settlement Fund - Never Establish a QSF in California

Often overlooked when creating a Qualified Settlement Fund (“QSF”) is that California applies its confiscatory tax policy and rates to QSFs operating in California or established by a governmental authority residing therein.

Understanding the Role of the Governmental Authority in Qualified Settlement Funds

According to IRS regulation §1.468B-1(c)(1) and (e), a Qualified Settlement Fund (“QSF”) is a specialized type of statutory trust established by a “governmental authority” to resolve claims arising from specific events such as breaches of contracts, torts, or violations of law pursuant to 26 CFR §1.468B-1.

Qualified Settlement Funds (QSFs) - Unraveling the Unusual

In the intricate world of legal proceedings the Qualified Settlement Fund (QSF) stands out for its distinctiveness.

Understanding the Taxation and Benefits of Qualified Settlement Funds (QSFs)

Qualified Settlement Funds (QSFs), or 468B Trusts, are tax-qualified trusts designed to manage the proceeds from litigation settlements.

Understanding Qualified Settlement Funds, Taxation, and Tax Reporting

Qualified Settlement Funds (QSFs) have increasingly become pivotal in resolving lawsuits, particularly for personal injury, wrongful death, and property damage claims.

Understanding §1.468B-9 Disputed Ownership Funds

When there is a disagreement regarding the ownership of funds or other assets, a Disputed Ownership Fund (DOF) established pursuant to §1.468B-9 can provide a formal and secure arrangement to hold and preserve the funds or other assets until a court can resolve the claimants’ conflicting claims of ownership.

Taxation of Settlements and Judgments: Understanding the Complexities

In the ordinary course of business, it is not uncommon for individuals and organizations to find themselves involved in litigation or arbitration.

Understanding Tax Information Reporting Requirements for Payments Into a Qualified Settlement Fund

Tax information reporting is essential to compliance with Internal Revenue Service (IRS) regulations.

Avoiding the Material Risks Associated With Withholding or Providing Incomplete or False Know Your Client (KYC) or Know Your Business (KYB) Information

Financial institutions have the ability to ask for KYC and KYB information from clients at any time as part of the financial institution’s Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) obligations and policies.

An Overview of 18 U.S. Code §1956 - Laundering of Monetary Instruments – A Favorite Tool of Prosecutors

In the context of federal legislation in the United States, 18 U.S.C. §1956, often referred to as the Money Laundering Control Act, constitutes a critical piece of legislation pertaining to the laundering of monetary instruments.

Understanding the IRS Definition of Doing Business in the United States

The Internal Revenue Service (IRS) plays a crucial role in determining tax obligations and regulations within the United States.

Know Your Client and Anti-Money Laundering Obligations of Financial Institutions and Their Clients

Regulatory bodies, such as financial supervisory authorities, set guidelines and enforce compliance with these requirements to maintain the integrity of the financial system.

What Is the Foreign Account Taxation Compliance (FATCA)?

FATCA is an information-sharing agreement, created via a 2010 U.S. federal law, between the United States and more than 100 foreign countries.

What Is Know Your Client (KYC) In a Nutshell?

In 2021, reported fraud losses experienced a significant increase, reaching $5.8 billion, which represented a surge of over 70 percent within a single year.

10 Things to Know About the Plaintiff Recovery “Double Tax”

The taxation of plaintiff litigation recoveries is confusing. But it’s important to know the right answers.

Understanding the Tax Implications of Personal Injury Settlements With Punitive Damages

The world of personal injury settlements is often a complex and intricate labyrinth. One particular aspect of this domain, frequently misunderstood, revolves around the taxation of settlements that incorporate punitive damages or interest awarded on the settlement amount.

The Use of Qualified Settlement Funds vs. IOLTA Accounts in Law Firms

While IOLTAs are commonly used for holding smaller amounts of funds for shorter periods, QSFs offer a structured approach for managing more significant settlement amounts...

The Duration of Qualified Settlement Funds Under §1.468B-1

A Qualified Settlement Fund (QSF) provides an empowering and secure way for parties in a litigation settlement (or nonlitigation dispute settlement) to manage the settlement funds.

The Formation of Qualified Settlement Funds as Trusts According to §1.468B-1

Qualified Settlement Funds (QSFs) offer a practical solution for parties involved in litigation (and non-litigation disputes) to fulfill monetary settlements.

Firmwide Qualified Settlement Funds – What Can Go Wrong? (Part 2 of 2)

What could be the potential consequences upon disqualification of an FWQSF as a Qualified Settlement Fund (“QSF”).

Firmwide Qualified Settlement Funds – What Can Go Wrong? (Part 1 of 2)

We asked one of the leading AI-empowered legal research tools to analyze the use of Firmwide Qualified Settlement Funds, also known as Master Qualified Settlement Funds.

Must a Court Approve a Qualified Settlement Fund?

While a QSF must be approved by a governmental authority, as defined by the regulations, a court does not need to be involved.

Misconceptions Regarding Qualified Settlement Funds

A Qualified Settlement Fund (QSF) is a legal and financial vehicle for managing settlement funds in certain legal cases.

Does a Qualified Settlement Fund Claimant Have a Right to Access the Trust Document?

In general, a Claimant (a.k.a. beneficiary) of a Qualified Settlement Fund (QSF) trust has a right to certain details about the QSF, which may include seeing the related trust documents.

Navigating the Complexities of Qualified Settlement Funds: Tips for Implementation as a Statutory Trust

As someone who has worked in the settlement and tax industry for numerous years, I have seen the various complexities of settling cases.

Maximizing Settlement Benefits: The Power of Qualified Settlement Funds for Litigators

As a litigator, one of the most critical aspects of your responsibilities is ensuring that your clients receive the maximum and most flexible settlement benefits possible.

Maximize Your Settlement Benefits With a Qualified Settlement Fund Under IRC Section 1.468B-1

As someone who may receive a pending settlement or judgment in a lawsuit, you may wonder how to manage best and maximize your funds.

Any opinions, views, findings, conclusions, or recommendations expressed in the articles contained herein are those of the author(s) and do not necessarily reflect the view of the Eastern Point Trust Company, its Affiliates, or their clients. The mere appearance of an article does not constitute an endorsement by Eastern Point Trust Company (“EPTC”) or its Affiliates. The author’s opinions are based upon information they consider reliable, but neither EPTC nor its Affiliates, nor the company with which such author(s) are affiliated, warrant completeness, accuracy or disclosure of opposing interpretations.

EPTC and its Affiliates disclaim all liability to any party for any direct, indirect, implied, special, incidental, or other consequential damages arising directly or indirectly from any use of the content herein, which is expressly provided as is, without warranties.

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