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Structured Settlements for Wrongful Imprisonment Settlements

wrongful incarcerationStructured settlements may be beneficial to individuals who have been wrongfully imprisoned. After a wrongful incarceration, individuals may be faced with numerous transitional challenges as they return to society.

As a Sudden Money® advisor, John Darer® has unique training, qualifications, tools and a process to help prepare such individuals for the next step in their lives, to help give them clarity and confidence and provide guidance through their financial transition following release from prison. No matter where you are in your transition process or how you're feeling about it, Sudden Money advisors have tools that clarify where you are and where you're going, and put your mind at ease even in the most difficult times. What everyone going through a transition needs more than anything, is someone who's got their back. They need someone who understands what they're going through and knows how to anticipate their needs and protect them.

Click to Call     Watch Wrongful Conviction Structured Settlement Segment on Talking Settlement™

Benefits of Structured Settlements for the Wrongfully Incarcerated as Compensation

  • Structured settlements provide stable guaranteed income, like ”job you can never be fired from”, for as long as you want it. Even for the rest of your life if you are no longer employable.
  • Provide a core foundation for support of the family and children. Restore provider status.
  • Provide a stable source of income that may help a former prisoner focus on reinvention, retraining, or furthering exploring his/her education but needs a means of support without risk of dissipation.
  • Provide a core source of income that puts the former prisoner in a safe place while he/she enters a “decision free zone” to decompress from a long incarceration, before other decisions need to be made.
  • Defendants can offer meaningful compensation at all levels that is readily understood.

Positive Tax Developments Regarding Compensation for Wrongfully Incarcerated Individuals

IRC §139F which was enacted December 21, 2015 as part of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). "In the case of any wrongfully incarcerated individual," IRC section 139F provides: "gross income shall not include any civil damages, restitution, or other monetary award (including compensatory or statutory damages and restitution imposed in a criminal matter) relating to the incarceration of such individual for the covered offense for which the individual was convicted." Damages paid for wrongful imprisonment, however, which are not derived from a personal, physical injury, are not eligible for an IRC section 130 qualified assignment.

Under IRC§139F, a “wrongfully incarcerated individual” is either:

(1) an individual who was convicted of a criminal offense under Federal or state law, who served all or part of a sentence of imprisonment relating to such offense, and who was pardoned, granted clemency, or granted amnesty because of actual innocence of the offense; or
(2) an individual for whom the conviction for such offense was reversed or vacated and for whom the indictment, information, or other accusatory instrument for such offense was dismissed or who was found not guilty at a new trial after the conviction was reversed or vacated.

Form of Structured Settlements in Wrongful Imprisonment Cases

A simply pleaded wrongful imprisonment case will likely have to be done using a non-qualified assignment company or via periodic payment reinsurance (if there is insurance coverage until such time as IRC§130 is amended to permit damages under §IRC 139F).

For more information about structured settlements for the wrongfully incarcerated and the Sudden Money® process please contact John Darer® at 888-325-8640

In This Section

Wrongful Conviction Resource Links
Helpful Reading
The Innocence Project
National Registry of Exonerations
Retroactive Law Makes Wrongful Conviction Compensation Tax-free March 2016
IRS Chief Counsel Memorandum re Tax Exclusion
Contact us to learn more about structuring settlements in wrongful conviction cases

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