Have you recently suffered an injury? Are your chances at winning your suit looking better by the day? As confusing as this time may be for you, you should know it’s not an uncommon occurrence.
In July 2021 alone over 20,000 new civil cases were filed, with a significant number of them being personal injury settlements. The only problem is that many of those going those who are winning cases aren’t weighing every option.
A Structured settlement may be the best way for you to get the money you deserve. If this applies to you, then keep reading, as this article will go over five things to know about structured settlements.
1. A Structured Settlement is Distributed Over Time
When most people think of winning a lawsuit, they typically imagine getting all of the money at once. With a structured settlement, this process is quite different.
Instead, you’ll receive the money in multiple payments over a longer period. What this means is that if you have lasting medical needs they can be much easier to pay for.
2. There Are different Ways to Get Compensation
In addition to the distribution differences, you also have different options when it comes to the distribution timetable.
If you are awarded a structured settlement, then you have a couple of different options as to how you want to receive the money. First, you can start taking in payments immediately, although they still won’t be in a lump sum. The second is that you can start the payments later on, but you’ll have to wait.
3. They’re Taxed Differently
And by differently this means not at all. Structured payments are untaxed, which can save you a great deal of money in the long run.
4. Once It’s Done, It’s Final
You should be aware that when you agree to a structured settlement annuity, it’s set in stone. One of the problems with this is that circumstances like your health, finances or the economy can change in little to no time.
This is why it’s crucial to have a rock-solid plan in place from the get. Luckily, there are services like right way funding that can help you out.
5. You Can Buy and Sell Them
Even though the plan is unchangeable doesn’t mean you’re out of options. If you need the money quickly, some businesses will buy structured settlements.
If you do end up googling “sell my structured payments” it may be a good idea to find an advisor who is well versed in this plan type.
A Structured Settlement May Be Your Best Step Forward
Plenty of people go to trial and win, but any of them aren’t informed of their settlement options.
A structured settlement can provide you with income over time that could benefit your recovery process. Yet this settlement option is commonly overlooked because of common misconceptions about it.
If this article helped you learn more about structured settlements, then make sure to explore the rest of our website. We have every guide you need to navigate the world of business!