If you or a loved one were harmed by paraquat exposure, you may be wondering whether a potential paraquat settlement would be taxable. Generally, paraquat settlements are not taxable, but there can be some exceptions. Our firm can explain everything to you in greater detail during a free consultation, and one of our paraquat injury lawyers may be able to prevent your settlement from being taxed.
Why Are Paraquat Settlements Not Taxable?
A paraquat settlement is a kind of personal injury settlement, and generally, a personal injury settlement is not taxable under state or federal law. This is the case regardless of whether a claimant receives a settlement after negotiations with the insurance company or after arguing with a judge. Neither the IRS nor the state can tax the settlement or a court verdict.
A claimant’s individual compensatory damages cannot be taxed, either. So long as these damages resulted from personal injury, the claimant will be able to receive their full value in the settlement.
Can Paraquat Settlements Ever Be Taxable?
A personal injury settlement may be taxable if a claimant’s personal injury resulted from a breach of a contract, and this breach of contract is the basis of a claim or lawsuit.
Sometimes, a personal injury verdict can be taxable when there’s interest on the judgment. This interest can be added if a case has been pending for some time.
Additionally, if a claimant ever demands punitive damages in their case, these particular damages are taxable.
How Can I Ensure That My Paraquat Settlement Is Non-Taxable?
One of the paraquat injury lawyers from our firm may be able to prevent your settlement from being taxed at all. For instance, if you demand punitive damages in your case, the lawyer may be able to ask the judge to separate the punitive damages from the compensatory damages in your verdict, which may help the IRS identify your compensatory damages which cannot be taxed.
Also, if you have a personal injury claim or lawsuit demanding a high amount of non-taxable compensation, and you also have another, separate claim or suit, your lawyer can ensure your settlement agreement states which amount relates to your personal injury claim/suit and which amount relates to the other claim/suit. This may ensure your personal injury compensation isn’t wrongly taxed.
However, the IRS can always challenge a settlement’s taxability. Your lawyer may be able to defend against a challenge from the IRS.
How Can I Ensure My Paraquat Settlement Is Fair?
Exposure to paraquat may have left you with serious injuries. You might have an injury to one of your organs, such as your heart, or you might have a long-term health condition, such as Parkinson’s disease. As a result, you may have many damages, and you deserve compensation for all of them.
Medical professionals may have told you about most of your physical damages, as well as some of your mental/emotional damages, but you may have additional damages. A lawyer from our firm can refer you to a medical professional we trust who may be able to identify these other physical and mental/emotional damages, so you can claim them for a comprehensive, fairer settlement.
Your lawyer can also help you list all of your damages for your settlement, including all of your financial damages. This may help you get a fairer settlement offer. Your list of damages may include:
- The physical pain and suffering you may be experiencing
- Any mental and/or emotional suffering
- Any loss in your ability to enjoy activities and life
- Any loss of consortium
- Any disability you may have
- Your medical bills
- Related bills, such as bills for long-term care
- Wrongful death damages if a loved one lost their life due to paraquat exposure
You Can Get Your Damages Professionally Valuated
Your settlement offer may not be fair if your damages aren’t properly valuated. You can get a proper valuation from one of our firm’s attorneys. Your attorney can attribute accurate monetary values to all of your non-financial and intangible damages, such as your physical pain.
Your attorney will use a valuation method insurance companies and other lawyers may easily recognize and approve of. If the other party in your case approves of this method, you may receive an accurate, fairer settlement offer.
You Can Have Your Case Resolved by a Professional
One of our firm’s lawyers can also negotiate a settlement for you or argue for your verdict. During negotiations, your lawyer will defend your case and your damages while fighting against the other party’s defense. Your lawyer can threaten to take them to court, if necessary.
If your case goes to court, your lawyer can hire experts for their testimonies and resolve your case with a judge.
Contact Nadrich & Cohen to Learn More
The personal injury and product liability lawyers from our firm have been helping people like you for over 30 years now. So far, our lawyers have been able to obtain over $350 million for clients in their personal injury and product liability cases.
Many of our clients have paraquat cases, so we can help you or your loved one with your case. We can also get you involved in the class-action lawsuit against paraquat manufacturers, or file an individual lawsuit on your behalf instead. To learn more about working with one of our paraquat injury lawyers, contact Nadrich & Cohen today for a free consultation.