If you've hired a personal injury lawyer to handle your personal injury lawsuit, there's a good chance that your case will never go to trial because the defendant, or their insurance company, offers a settlement. The two most common types of settlement options include lump-sum settlements and structured settlements. It's important to talk to your lawyer to decide what option will be the best solution for your case.
What is a Structured Settlement?
A structured settlement is a settlement that involves paying the total sum of money in multiple installments over time instead of paying a single lump sum. These settlements are often used when a settlement involves a large sum of money, and these settlements may be created through the purchase of annuities. Structured settlements may work in several ways. You may be paid installments annually for several years, or you could receive lump payments every few years.
The Advantages of a Structured Settlement
Structured settlements offer numerous advantages over lump sum settlements. Some of the advantages to consider include:
The Disadvantages of a Structured Settlement
It's also important to be aware of the disadvantages that come with structured settlements. A few of the disadvantages to consider include:
Structured settlements are a viable option, but they're not the best choice for everyone. It's important to have a quality attorney like McCready Garcia & Leet P.C. to help you decide whether a lump-sum settlement or a structured settlement will be your best settlement option.Share
8 January 2015
Although I am far from perfect, I have focused on abiding by the local laws for the vast majority of my life. Unfortunately, about five years ago, I realized that I was being accused of a crime that I didn't commit. I thought about letting the trial run its course, but then I realized that fighting would be important to ensure my future. I teamed up with a great lawyer, and things became much easier overnight. My legal counsel told me what to do and what to avoid, and he was able to prove the facts in a court of law. This blog is all about choosing to fight charges.