How Structured Settlements Can Get You the Compensation You Deserve
When people find themselves on the receiving end of an accident or serious injury, it can take a toll, not just physically, but emotionally and financially as well. In order to offer these people some relief for their unfortunate circumstances, structured settlements are available to ensure they receive the compensation they deserve from the liable company or individual.
These legal annuity settlements involve pay outs to the receiver in the form of annuity rather than in a lump sum which can help the payers ensure the full award is given. A legally binding agreement is made where a company or person concedes to paying the plaintiff an arranged amount of money over a fixed period of time.
By breaking up the payments, the recipients can avoid certain tax charges and can reduce legal costs for both parties by avoiding the need for an in-court trial. If a plaintiff is in a tight spot due to the seriousness of their injury, pre-settlement funding can be provided before the court decisions in order to cover medical bills, living expenses, and any other spending deemed necessary. Independent entities can also offer to buy all or a portion of a person’s future payments, and in return give them the money they would receive immediately.
Structured settlements have been so effective in helping those with personal injury claims receive rewards, that more than 37,000 Americans use money paid from their settlement each year. Given that the average pay out for one of these settlements is approximately $324,000, it’s no surprise it’s one of the most popular methods for resolving injury cases.
It’s hard enough to remain financially stable for anyone in good condition, let alone someone trying to function when dealing with a serious injury. With 92% of claimants who sell their structured settlement annuity reporting they are satisfied with their decision, this may be the most effective process for receiving the compensation one deserves.