The Structured settlement is in use for many years at many forms but now enacted as law. It is used to settle any lawsuit or tort claim and also protected by federal and state law. If an individual had an accident, he has two options whether to resolve the matter by taking cash or filed a lawsuit for the periodic payments. In this manner insurance companies steps in that offer annuity plan for claimant.
Structured settlements based on claimant needs and circumstances and mostly design by attorney with the help of plaintiff. There is one thing very important while opting for particular agreement. Although lawyer can help a lot but injured party should also have knowledge about structured settlement pros and cons in order for successful contract. There are many combination of structured settlement that suites you under given conditions.
Following are some of many scenarios in which structured settlement can be useful:
· In case you loss a heavily due to accident or any other mishap and can delay your payments for more than 2 to 3 years. Then structures settlement can suite you well.
· In case of minor’s involvement structured settlement can also play their role. By that means you can cover the expenses of minors in youth, education, medical, and in adulthood and secure their future.
· Although many people go for lump sum if they are good spender but most people opt for structured settlement because it guaranteed steady stream of amount that gives them peace of mind.
· If claimant has problem managing and proper spending of large sum of money, again structured settlement is good choice for them.
· All the structured settlements are exempted for taxes, if you do any investment by using money received through annuities but all depends upon lawyer.
· Sometime injured party suffers with severe injuries that need permanent medical care and support in the future then periodic payments are suited them best.
Apart from above criteria there can be plenty of scenarios that suites you under given circumstances. You can get counseling from financial adviser that will guide you properly regarding finance matters. Mostly financial devisors attached no string with client, as a result direct you in right direction. Hiring best lawyer in this matter can also be vital, assess your case for all the complexities and advised as per your desires.
Wednesday, December 2, 2009
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