QUESTION
can i get money from my settlement before it is taxed?
Asked on Mar 11th, 2016 on Wrongful Death - Pennsylvania
More details to this question:
my lawyer has had our 500,000 dollar settlement check since January 28th 2016, we have been waiting for the revenue office to approve a tax rate. however, they have exceeded the 30 day guaranteed turnaround, i want a portion of my money to pay off bills that cannot wait any longer. can my lawyer give me a portion of my money? can they legally hold it any longer?
1 ANSWER
Jerry Meyers
There should be no federal tax on wrongful death claim. there may be an inheritance tax on any suvival claim. there is some times a dispute concerning how the money is to be divided between wrongful death and survival.
Ask your lawyer what's holding up the decision. What is preventing a preliminary distribution. Usually a death claim requires court approval. the tax matter is ordinarily decided at that time.
I'm not providing legal advise. My Practice is in Pa. These are simply issues you can discuss with your lawyer.
I frankly don't understand why you haven't talked to your lawyer about this.
Answered on Mar 14th, 2016 at 12:40 PM