How to Get the Money You Deserve with Structured Settlements

For many who have been injured or claimed permanent harm, you may have sought damages to pay off health costs and rehabilitation services. Many wonder what the best route would be to receive these lawsuit payments.

There’s the option of receiving a lump sum amount from the defendant who has been charged with negligence or intentional misconduct. For example, if you’ve contracted an illness from faulty drinking water or developed a form of cancer due to household asbestos, you can sue the manufacturing company, and receive a settlement out of court.

Plaintiffs can choose a lump sum or a structured settlement. What is a structured settlement, you ask? Structured settlements pay you in installments over an allotted amount of time. These structured settlement payments can be adjusted according to your preferences. Some choose a yearly payment, while others chose a more complex plan: initial lump sum, monthly payments, deferred payments, provisional payments.

The defendant will have to pursue a structured settlement annuity. For example, a representative of the manufacturing company will have to purchase an annuity for a specific dollar amount. Once these are bought, the company provides you with regularly scheduled payments for your claim. Make sure that your attorney takes into account your daily medical and health needs, and also is aware of the potential for rising inflation.

Keep in mind that structured settlements are not a reassessment of your claim. It is merely a way to pay you the settlement over time. However, if you think that you need more money in the short term, many plaintiffs sell their structured settlements. By selling the structured settlement, they can receive all or part of their payments in an immediate lump sum instead of the periodic payments that you were receiving.

You can get cash for structured settlements. Companies and bidders can vie for your payments. Choosing the specific company or bidder for your structured settlement payments is critical. Some companies will be able to get you more money, more quickly, than lesser known companies. It is best to seek the advice of a licensed attorney or tax advisor in these matters.