Structured Settlement
structured settlement
You may find yourself the recipient of a structured settlement. If this is the case, keep in mind that this financial settlement is different from a typical lump sum payment of many personally injury legal settlements. The structured settlement is paid out over the course of time. Many times, the payout period may extend throughout your personal life with payments taking the form of a lifetime annuity.
This form of settlement has some benefits. The regular payment provided by a structured settlement is somewhat like a paycheck and can provide a regular income for the recipient. This can be helpful in situations where a large payment of cash – many times seen as a windfall could be spent before the recipient of the settlement is able to find employment to provide a regular income.
Because many times a structured settlement has a long payout period – even over the life of the recipient, this can help assure the older person who is receiving the settlement of income through out his or her entire life. This has great benefits when the older person is concerned about their care and financial stability in their later and perhaps declining years.
Structured settlements are helpful in other situations. If the personal settlement involves a severe injury and there are long-term treatment requirements. The structured settlement helps to ensure that future medical costs and family and living expenses will be provided for. These settlements are also used in cases of wrongful death. In this situation, the surviving family can use the structured settlement as a regular income to replace the income of the lost spouse or parent
The structured settlement means that there is an agreement from the defendant to pay a stream of cash to the recipient. Structured settlements are usually administered by third-parties that are experienced in this type of arrangement. Many times the administrator of the settlement will be an insurance company or similar third-party administrator. This allows the recipient of the settlement to be protected from legal complications or financial hardship of the defendant.
Usually the payment schedule of the structured settlement is on a monthly basis. However, as is most cases, this can be an item of negotiation. There are also times when the payment of the structured settlement may include increases in the payment amount or additional payments. This may be done when there are costs that have been identified in advance such as buying high cost items such as vehicles or wheelchairs.
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