I am currently getting LTD from a large Ins company and they made me a settlement offer and I am trying to look at the options of saying yes, but being taxed heavy via my tax guy feedback or saying no and continue to get monthly checks for another 12 years.
-The Con is they can and will ping my doctor every 6 months to try and get out of paying me for the next 12 years by asking for detailed reports that have to meet the LTD requirements.
- If I move out of the area I would have to find new doctors to come up to speed and agree with my old doctors or I could lose my LTD.
- If I take the settlement, I would outright lose 6 years of payments equivalent, plus another 1/3 to taxes which leaves me with about 4 years of he payment they are paying out monthly now. I asked if they could pay me over 3 or 4 years and they will only pay out one large lump sum
The Pro - I am Done with this company, and don’t have to worry if I move or change doctors
So I am looking for feedback, is there a way to off set the taxes so I won’t be hit so hard and is it worth tossing in the towel to just get a much smaller total payout?
Thanks for good feedback, I am not sure what to do on this one …