All About Structured Settlement Agreements

When you get hurt at someone else’s hands, it can be difficult for you to truly believe that there is a light at the end of the tunnel. One of the best things you can do is opt for a structured settlement, as opposed to a lawsuit. You will not be alone if this is what you are seeking since more than 90 percent of personal injury cases end when you receive a settlement, as opposed to waiting for the judge to hear your case. However, before you opt to receive one of these settlements for your personal injury case, you should read some of these valuable tips.

Understand Exactly What A Structured Settlement Is

A structured settlement is an agreement by which you can receive compensation in the form of a lump sum or stream of income. You will get this money through the facilitation of a third party company, as opposed to going to court and waiting for the judge to award you a settlement amount. In accepting this payout, you are doing so by choosing to drop the lawsuit and instead go for the settlement. However, it is important that you match up with a company that can assist you.

Learn All That You Can About The Process And Your Options

It is important that you understand what the process entails when you are looking to get payment for your injuries and damages. First and foremost, let’s take a look at the options in front of you:

1. Stream of Income: This is an option that allows you to make the most out of your settlement by getting a series of payments over a predetermined period. This can be advantages to you because it provides you a stream of income which can be useful for some years. This form of compensation is useful if you would like some stability, as opposed to getting your money in a lump sum payout.
2. Entirety: In this plan, you will get one lump sum payment as a settlement for your lawsuit. The only downside is that you might not be subject to the tax benefits that come with keeping your initial structured settlement. However, this can be good for you if you are looking to get a large payout to fund a certain venture in your financial life.
3. Lump Sum: With this option, not only will you get a lump sum payment, but you will also be able to keep still the same tax benefits that come with the territory. Doing this will allow you the opportunity to either get one payout, or a few different payments that will allow you to get much bigger chunks of money in a short period.

Why do people opt to sell their structured settlement?

There are a lot of different reasons that people choose to sell their structured settlements. This is an incredible way to get more money in your pocket in a way that is useful to you, as opposed to keeping the settlement potentially not getting a large amount of money all at once.  Because of this, you will need to assess your situation to figure out which will be the best option for you. You will also have the opportunity to hire a company who can help you out with the process of receiving and selling your structured settlement. This will ensure that you give just compensation for your injuries, while also exercising your very favorable option to sell your settlement should you see fit.

Finding A Great Structured Settlement Company

To be sure that you get the most out of your structured settlement, began looking into the work that the premier companies in the industry can provide for you. The premier companies that provide structure settlements include Peachtree financial, JG Wentworth and Seneca One. These companies have been in business for between 14 and 25 years and have been at the forefront of the industry when it comes to providing structured settlements. The first step when working with these companies is to contact a representative that can assist you. These representatives will go over the terms of your case and will see to it that you get a sound estimate on how much money they can get for you in a settlement. Such an out-of-court cash agreement will be so useful because you will not have to appear before the judge, but will still get the money that you need in order to pay for your injuries, medical bills, property damage, pain and suffering, loss of consistent income and any other issues that you are dealing with. You will also be able to work with these companies so that you can get set up with a buyer for your structured settlement agreement.

When looking to hire one of these companies, make sure that you actively go over the paperwork to get the best possible situation and to understand what you will be responsible for and what you can expect out of the settlement agreement. This way, you will not have to go into this process blindly and will be better able to make the most out of every single step of the process. Make sure also to take inventory of the amount of money that you hope to receive out of this process and how you would like this money allocated to either in the form of keeping your structured agreement or by selling it.

Taking these guidelines into account, you’ll have some great information that will set the tone for the rest of the process. It pays to have a strong foundation when it comes to going forward with a structured settlement agreement, and this article will put you on the right track. Now you can reach out to one of these three companies mentioned above to take the next step in this regard.