Greg Abbott (running against Wendy Davis for TX GOV) Discusses Details of Lawsuit Settlement
Attorney General Greg Abbott, paralyzed by a falling oak tree in 1984, will receive more than half a million dollars this year from a legal settlement that guarantees him a six-figure yearly income for the rest of his life.
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This year, 29 years after the accident, Abbott receives about $14,400 a month. On Nov. 1, that figure will go up by about $500. On that same date, he’ll also get a $400,000 lump sum payment. All told this year, Abbott can expect to receive about $570,000 from the structured settlement, whose proceeds are tax-free and do not have to be reported to the Internal Revenue Service. Tax-free annuities are common in lawsuit settlements.
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The total amount of the payouts won’t be known until Abbott’s death. Though the lump sum payments eventually cease, under the terms of the agreement, he receives the monthly income as long as he’s alive. If Abbott lives through 2022, when he will turn 65, he will have received another $3.5 million. That would push the total value of his settlement past $9 million, or about $11 million using inflation-adjusted dollars.
http://www.texastribune.org/2013/08/02/greg-abbott-gets-millions-lawsuit-proceeds/
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