Some states have struggled to determine if they should charge recipients of mesothelioma settlement cases and lawsuits a tax on these funds. Texas has an upper hand on making this determination.
Thousands of people file claims each year to receive compensation from a shrinking mesothelioma trust fund. The fund was established to compensate victims of the deadly cancer who acquired it through the exposure to asbestos. Now that payments are finally coming in for some of the victims they are able to pay their mesothelioma lawyers. Texas lawyers receive a compensation only if and when the victim receives their payment. As the 2010 tax season approached, many of these families need to know if their compensations packages are taxable for Texas tax purposes.
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