Benefit types for attorney fees include...
- Predictable income that you cannot outlive, including Joint Life benefit
- Guaranteed payments for a specified period, or as lump sums
- Fixed or variable annual increases to payments
Careful consideration must be taken to avoid constructive receipt of the fees. The settlement agreement must be completed before the judgment is final and without any "property" being transferred to you. After the judgment is final, you are considered to be in constructive receipt of the fees and will be subject to immediate taxation
Pacific Life, its affiliates, 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.
All guarantees are subject to the claims-paying ability and financial strength of the issuing insurance company.
Pacific Life & Annuity Company will issue annuity policies if ANY of the following occur inside the state of New York: solicitation, sales, negotiation of settlement, court/legal action, or claimant/payee residence.
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 (Newport Beach, CA) 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.