A structured settlement is a valuable way for injured clients to protect their settlements into the future. But it’s important that you have an experienced law firm to help guide you through the process, so that you can make informed decisions to protect you and your family.
Let’s say you lost a limb in an accident and the other side offers you a million dollars. You accept and decide to settle the case. At that point, we’ll explain to you a structured settlement. You can structure all or just part of your settlement. You might take three hundred thousand dollars to pay off debts and then put the rest of the seven hundred thousand into a structured settlement.
One of the biggest benefits of a structured settlement is that they are tax-free. That’s huge. When you put money into the stock market, you have to pay taxes on every dime you ear. If you put money in a CD or in a bank, you pay taxes on every dime of interest you earn. But with a structured settlement, you don’t pay taxes on the amount of growth you acquire for as long as you live.
It’s just like life insurance, except instead of paying you when you die, they’ll be paying you while you live. And they have to continue to pay you as long as you live. Congress has created this methodology especially for injured people to protect their money.
The reason you want an experienced law firm is to make sure you make the right decision on which insurance company you choose to handle your settlement. You want to make sure it’s a big enough company so that it doesn’t go belly up. Your contract would then be worthless for future payments.
You’ll also want an experience lawyer to walk you through your payment options. Some people want a monthly check that increases each other. Others want a yearly check. Some people like to get a monthly check, and then a bigger check every five years. And all of those different things can be modeled for you so that when you’re making your decision, you fully understand your options.
Structured settlements are a great tool for people who aren’t well versed at investing, don’t know the stock market, and need a way to protect their money into the future. If you have any questions at all about the process, you can call us toll free at 855-344-9100.