A 50-year-old black male truck driver filed a wrongful termination and discrimination case against his employer citing the reasons for his firing were unlawful. In addition, his employer, the trucking company, attempted to classify him as a 1099 independent contractor when he should have been classified as a W-2 employee.
Interactions between the opposing parties had been very tense throughout the negotiation process. The plaintiff was at risk of paying the highest tax bill of his life, so his attorney engaged a structured settlement consultant to advise him the most tax efficient way to receive his settlement. The client was not a suitable candidate for a managed investment account, but the fixed and guaranteed nature of a structured settlement was a perfect solution to spread his tax liability. However, once a settlement amount of nearly $400,000 was agreed to, the defense wanted to cut a check and not sign any additional paperwork.
The Independent Life Difference
With final preparations at a standstill, the structured settlement consultant recommended the use of a qualified settlement fund to preserve the plaintiff's tax deferral options and contacted Independent Life. Independent Life was able to quickly and easily complete the transaction using one of our offshore assignment companies to provide an optimal outcome for the client, the consultant and the attorney.
Independent Life is the only US based life insurer currently offering a non-domestic non-qualified structured settlement option. By utilizing an offshore assignment company, Independent Life can offer fully customizable payout patterns of fixed and guaranteed payments to settlement planners and their clients including deferred, lump sum, fixed period or lifetime payments.
Any of our distribution partners can quote this product today with our quoting software, IQS. If you have any questions, please call 1.800.793.0848 or email email@example.com.
Learn more about our non-qualified structured settlement options by watching the video below: