So that means if let's say $60k was received for insurance and $500k was received in a settlement, that the settlement amount would be considered in excess of the of $60k, what if I personally did not receive the insurance payment (I.E. the check was not made out to my name), but a close relative did? Also how do you interpret "otherwise"? If worst case scenario there is a tax liability, on the settlement any idea what percentage it might be and would that be on the gross settlement? Thanks
