how much is he gonna clear off this settlement?
Lawyers are going to collect a tidy percentage, then the government will take most of what’s left.
What’s he going to clear 25million or so?
Now he can financially hold out for a trial with the rest.
Nonsense.
Based on what a former HS friend got for his injuries in a traffic accident case that left him in a wheelchair for life, the lawyers will get a 1/3, the !@#$%! tax man will get 39% & that will leave Nicolas with about 580,000 BUCKS for each million dollars of the final settlement.
(Bob K________ ended up with a cashier’s check for about 16,000,000.)
NOT a bad “payday” for an 18YO, even at that percentage.
Yours, TMN78247
In total, he will probably get $100 million, or so, when all lawsuits are settled.
It’s also only taxable if he draws it as income. With a smart tax lawyer, he will have a strategy in place to minimize his taxes or pay those taxes out over many years than in one year.
I think he’s got about 8 more to go.
Car accident lawsuits, no taxes are paid, hopefully this type of lawsuit is the same.
Ahhh, looked it up..it is taxable. He’ll still be left with millions and he has 6 more lawsuits to go!
A “Settlement” usually means less money than what the lawsuit claim was for. Then the buzzards get their share.