Non-Qualified Annuities Rule!
No one can say the IRS moves quickly. They finally issued the very first private letter ruling to a company that wants to use a non-qualified annuity to handle a court case involving an employee claim. In a nutshell (which is hard to do with cases of these types) the non-qualified annuity can be used in a taxable damage case for the first time. The letter was issued to Integrated Financial Settlements. Usually the IRS can’t wait to make their opinion known, but this letter was a long time coming in the structured settlement industry. It’s hoped this means more structured settlements will be offered in taxable cases which can lead to earlier resolutions. For those who don’t know, the non-qualified taxable annuity is one that is outside of any pension plan. Employment cases are notorious for dragging on and on in court while racking up plenty of legal fees. Once agreement is reached the person then at least has the option of selling the structured settlement to get the cash due them quickly.
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