Minor personal injury claims in Los Angeles could take around six months to reach a conclusion. In the event of serious injury, the time to resolution is likely to be two years or more. The cost of litigation for the insurance company is much more than it is for the plaintiff (the victim submitting the claim).
In most cases of personal injury, the insurance adjuster makes an initial offer and tries to resolve it quickly. If this effort fails, the company starts negotiating. It is an art, but it takes time. If an experienced lawyer appears to the victim, he is sure to get a good deal, provided that all the details given to him are correct. The services of insurance company adapters transformed into liquidation consultants are available. They know all the ropes. Online tools and software are also available to help the actor.
From time to time the lawyer will keep the client informed about the progress of the negotiations, and also about his recommendation when the final offer is received by the insurance company. It is up to the customer to accept or decline. The details of the proposal should be studied and doubts clarified with the lawyer. If an agreement is accepted, the insurance company may be instructed to pay the lawyer and medical bills directly. Sometimes the lawyer may accept the offer without referring to the client. This is improper and the client may complain. Normally the insurance company issues the liquidation check jointly in favor of the client and the lawyer.
There is a system known as "structured settlement" which is gaining popularity. Here the settlement money is paid over a period of time. It offers many initial options and the money is kept in funds that allow it to grow. The recipient must make sure that the fund is protected. Once the structured settlement plan has been accepted, it may not be possible to change the terms.
Transaction payments are tax free. But if that money is invested, his income may be taxable. Structured settlements offer better tax advantages. This is a question to discuss with a tax advisor.
If a minor is involved in a settlement, there may be complications. Court approval may be required.
