In cases of personal injury, there is nothing better than going in for a structured settlement. These settlements are specifically designed to meet the needs of the injured individual and thus are seen as a good financial option in the wake of a tragedy. However, if you are in need of immediate cash, there are instances when investment holders are allowed to access their money earlier.
Why Choose Structured Settlements?
When you becomes the recipient of money in a personal injury lawsuit, opting for a structured settlement is certainly better than getting alump sum of money. “With a structured settlement, you receive payments within a certain period of time”.
The best part is that going for a structured settlement comes with a host of benefits. Some of which are:
- Your money will not be subjected to income, dividend or capital gains taxes.
- By planning your settlement well, the individual can have his immediate as well as future plans covered.
- These are not investments that are based on market conditions so there isn’t any risk of losing the money
- Even if you are a recipient of a structured settlement, you are still capable of applying for private or government healthcare plans
Thus, due to all the benefits that one can enjoy with these settlements and given the fact that there is never the risk of spending all your money at one go as you may do if you have a lump sum, these settlements are excellent financial solutions for future. There are many companies available, but finding the right structured settlement company is an important part of entire process to get highest benefits.
Selling Your Structured Settlement Payments
Although structured settlement do account for future financial needs, there are times when circumstances change, causing you to want the money in hand. Whether it is for putting a down payment on a new car, college loans or medical expenses that suddenly sprung up on you, you can sell your structured settlements and get the money in hand without much hassle.
There are a number of purchasing companies that you can approach to buy your future payments for you. But, Find the best structured settlement buyers is not an easy task to do. However, one needs to be careful when choosing the company to purchase their settlements as there are a number of companies that just use this front to prey on vulnerable people.
“When you choose a structured buyer, ensure that all the payments and fees are mentioned in writing”. You should make sure you don’t pay for compliance or attorney fees. So the moment the buyer provides you with a quote of how much you are going to receive from your settlement, you should make sure that the amount handed over to you matches the given figure.
Among all processes in this task, selling structured settlements would require you to get the judge’s approval however, when you have a buyer at hand, you can approach him to assist you in this process and help you file the documents appropriately.
It is because of all these perks that most litigators will recommend that their clients ask for structured settlements instead of a lump sum amount on winning a case.