They've gotten a fair amount of exposure in late night television ads, but do you really know what structured settlements are? If you were successful, or plan to be successful, in a civil lawsuit, it may be a good idea that you familiarize yourself with it.
A structured settlement is a powerful financial tool for people who have won a large sum in an injury settlement. Rather than getting that money in one lump sum, you can receive payments over time.
So, why would you want to consider a structured settlement?
Maybe you’re not great with managing your money and prefer having predictable smaller payments, rather than being tempted to spend it on non-essentials.
The payments are exempt from taxes for its entire lifetime.
It’s safer than investments vulnerable to market fluctuations.
Payments are highly customizable. You can set the length of the payments, how often you receive payments, and how much you receive in each installment.
If you will need medical attention over a long period of time, or for the rest of your life, a structured settlement ensures you will have money to cover the expense.
