Minors receiving financial awards as the result of accident or personal injury lawsuits may get funds paid through structured settlements.In the past, many adults acting as parents or guardians of injured children had unlimited discretionary use of a minor's settlement funds. They spent the money irresponsibly on purchases unrelated to their court-prescribed purposes. Timed payouts were developed as an alternative to ensure that minors had money for essential long-term necessities, like food, clothing and shelter, and for any continuing medical care.Because of this danger of inappropriately using settlement funds, the process for selling the structured settlements of minors is highly regulated, and these payments are not often approved for transfer.A Structured Settlement Annuity (SSA) provides tax-free, periodic payments over a period of time, specifically designed to meet an injured party's needs. Specialized consultants facilitate the settlement process, as well as help design and negotiate the structure. This material is not intended to be used, nor can it be used by any taxpayer, for the purpose of avoiding U.S. federal, state, or local tax penalties. This material is written to support the promotion or marketing of the transaction(s) or matter(s) addressed by this material. Pacific Life, its distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor or attorney.Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues. Insurance product and guarantees, including annuity payout rates, are backed by the financial strength and claims-paying ability of the issuing insurance company and do not protect the value of the variable investment options.
Minors receiving financial awards as the result of accident or personal injury lawsuits may get funds paid through structured settlements.In the past, many adults acting as parents or guardians of injured children had unlimited discretionary use of a minor's settlement funds. They spent the money irresponsibly on purchases unrelated to their court-prescribed purposes. Timed payouts were developed as an alternative to ensure that minors had money for essential long-term necessities, like food, clothing and shelter, and for any continuing medical care.Because of this danger of inappropriately using settlement funds, the process for selling the structured settlements of minors is highly regulated, and these payments are not often approved for transfer.A Structured Settlement Annuity (SSA) provides tax-free, periodic payments over a period of time, specifically designed to meet an injured party's needs. Specialized consultants facilitate the settlement process, as well as help design and negotiate the structure. This material is not intended to be used, nor can it be used by any taxpayer, for the purpose of avoiding U.S. federal, state, or local tax penalties. This material is written to support the promotion or marketing of the transaction(s) or matter(s) addressed by this material. Pacific Life, its distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor or attorney.Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues. Insurance product and guarantees, including annuity payout rates, are backed by the financial strength and claims-paying ability of the issuing insurance company and do not protect the value of the variable investment options.
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