According to the IRS, wrongful death damages that surviving family members receive from a settlement or a verdict are tax-free. However, if the wrongful death claim is brought by the estate itself, the settlement or verdict will become part of the estates assets. If the amount of damages is substantial, the estate value may exceed the estate tax exemption limit.
In that case, the estate may become subject to the regulations of estate taxation. Working with a Tampa wrongful death attorney can fully protect an injured familys interests. Experience enables competent attorneys to guide their clients through the complexities of the claims process and evaluate potential outcomes.