Monthly Archives: May 2014

Do You Have to Pay Taxes on Your Personal Injury Settlement or Lawsuit Damages?

What You Need to Know about Taxes for Personal Injury Damages

Personal injury victims who receive money damages to compensate them for physical injuries and associated damages resulting from an accident do not have to pay taxes on the amounts recovered under most circumstances. Here is a very general overview of how taxes apply to various personal injury settlements and awards, with a significant caveat that you should always consult a tax professional with any tax questions. Read More Comments Off on Do You Have to Pay Taxes on Your Personal Injury Settlement or Lawsuit Damages?

What Is Uninsured/Underinsured Motorist Coverage?

Connecticut Auto Insurance Requirements

Connecticut law requires motor vehicle insurance policies to include uninsured/underinsured motorist coverage – commonly referred to as "UM” and “UIM” coverage – of at least $20,000 per person and $40,000 per accident. This insurance provides protection for accident victims in situations where a vehicle owner and/or operator lacks insurance coverage or has no coverage to compensate for personal injuries. (more…)