ATLANTA, Oct. 28, 2019 /PRNewswire/ -- Sage Settlement Consulting announced that New York-based Structured Settlement Consultant Randy Levine, co-founder of ESS Settlement Services, has obtained a favorable IRS Private Letter Ruling on the taxability of wrongful life settlements. Mr. Levine, in partnership with Arcadia Settlements Group's John McCulloch and the National Structured Settlements Trade Association (NSSTA), submitted the request for a PLR on behalf of a client with a wrongful life claim.
"When I need an out-of-the-box solution, I have come to rely upon ESS Settlement Services/Sage Settlement Consulting to get it done for my clients," said the client's attorney, Larry Krasin, Esq., of Edelman, Krasin & Jaye PLLC. "We needed to help this family, and Randy Levine and his team were able to obtain a favorable IRS ruling that will make a huge difference for my clients going forward."
Wrongful life claims arise out of insufficient warning from a health care provider regarding the risk of a potential congenital disorder before the conception or birth of a child. Parents in such situations are deprived of information that would allow for a fully informed decision to prevent, terminate, or continue the pregnancy. Many families subsequently face substantial long-term medical costs. Prior to the ruling, parents filing wrongful life claims against their physicians or health care providers lacked clarity on the tax implications of their settlement proceeds.
"This PLR is huge, not only for Mr. Krasin's wrongful life clients but for all other families who face extraordinary future needs for their children. These wrongful life settlements are now tax-free and we can offer guaranteed tax-free structured settlement annuities to ensure that funds can be tailored to help these families for a lifetime," said Mr. Levine. "When faced with a tough case, ESS rolls up our sleeves and goes above and beyond."
To obtain additional information about the ruling, contact Randy Levine at [email protected] or (844) ESS-1212.
About Sage Settlement Consulting
Sage Settlement Consulting is the nation's largest plaintiff-oriented settlement planning firm, handling more than $2 billion in structured settlement premium annually. Sage offers a personalized, efficient path to settlement resolution via a broad range of end-to-end settlement planning solutions, including structured settlement annuities, market-based structured settlements, non-qualified structured settlements, attorney fee deferral strategies, trust services, government benefit preservation, Medicare Set-Asides, qualified settlement fund administration, and more. For additional information, visit www.sagesettlements.com.
About ESS Settlement Services
ESS Settlement Services is an affiliate of Sage Settlement Consulting. As full-service settlement consultants, ESS offers structured settlement solutions and much more. Their comprehensive approach to settlement planning includes a thorough needs assessment, litigation support services, settlement plan design, plan implementation, and plan monitoring for long-term success. Run by former practicing trial attorneys, ESS is committed to serving the plaintiff's bar and remaining on the cutting edge of settlement planning. For more information, visit www.esqsettlements.com.