Structured Settlement 101

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What You Need to Know

So, you’re wondering whether or not you’re eligible for a structured settlement but you know nothing about the subject. What do you do? Do you ignore your pain and attempt to live out the rest of your life to the best of your ability? Or, do you sue the party responsible for the accident and use your structured settlement payments to pay medical bills?

The choice is up to you. If you do pursue a personal injury lawsuit, you’ll want to know all there is to know about structured settlements including how to sell settlement payments. Consider this your primer on the subject. It will help you determine whether or not you’re eligible for payments and it will give you a better idea of the tax savings that you’re entitled to with your structured settlement.

What is a Structured Settlement?

You may have heard a commercial for structured settlement payments and thought to yourself, “What is that? Am I eligible for payments of my own?” The fact of the matter is, some personal injury cases wind up with structured settlements. Let’s explore the idea of structured settlement payments.

A plaintiff in a personal injury lawsuit is often awarded a large sum of money. Rather than receive a single lump sum which is subject to taxes, they choose to receive payments in installments over a certain amount of time. This type of settlement is therefore “structured,” meaning that payment can be provided to the appropriate party in whatever way they see fit.

Payments can be paid in annual installments over the course of a pre-determined number of years or they can be paid in lump sums every couple of years. The purchase of an annuity can help create a structured settlement and guarantee payments in some cases. This allows plaintiffs to receive the most from their personal injury claims.

Advantages of Structured Settlements

There are a number of different advantages of a structured settlement. They include:

Stability is the big selling point of structured settlement payments. Rather than receive all of your money at once, you can set it up where you can get a check for the rest of your life. A lump sum payment may seem like a great idea at first but unless invested, it doesn’t do you a world of good. You can avoid taxes and keep a comfortable standard of living by opting for an annuity instead. It’s the most solid option you have.

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