November 28th, 2012
People who have been the victims of the negligence or intentional misconduct of others whether they are individuals or companies and are now permanently harmed can file lawsuits and ask for damages. If proven in court, the guilty party can be imprisoned depending on the gravity of the damage that has been done or they can offer you a settlement in the form of cash as payment for the damages that they have brought upon you. In the event that you win the lawsuit, you have to understand the fundamentals of a structured settlement since it can be a very vital option that you can consider. Many people appreciate the fact that they agreed for a structured settlement because they get to manage their finances better and it actually helps them avoid squandering all the money early on.
Ordinarily, the court will ask the defendant to pay you the judgment or settlement amount in full or what is called a lump sum and you can certainly opt for that. For example, you work in a ship that contains large amounts of asbestos and in the course of your being employed there, you contracted asbestosis and you sued the company that employed you knowing too well the risk that they are putting you into. If you won in the courts, the court will instruct the company where you used to work for to pay a specific amount of cash in full. But, another alternative would be to agree to a structured settlement where you get paid in installments over time instead of receiving the money in a single lump sum. Depending on your present circumstances, sometimes it may be smarter to go for the structured settlement.
They can be designed in a way that you will be protected from inflation and be able to fit your needs exactly. Thee structured settlements can range from a simple annual payment to a more complex set up like an initial lump sum payment which is a huge percentage of the entire agreed settlement amount, indexed monthly installments, some deferred payments, and some special arrangements and special provisions in the event that your situation worsens. The defendant, in order to meet the requirements of the court, will need to buy an annuity which can be bought from an insurance company. The annuity provides the regularly scheduled monthly payments that have been specified by you and the attorneys as written on the structured settlement documents and based on the terms and conditions that both parties agreed to.
With a structured settlement, you are guaranteed a source of income for the rest of your life. And the great thing about structured settlements is that you would be able to substantially reduce your taxes since the structured settlements and the investments that you set up out of the money that you get from it cannot be subjected to taxes.
About the Author
If you would like information about structured settlements advice please feel free to visit our website at structured-settlement-consultant.com
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