Involved in a legal suit like a personal injury or medical malpractice case? If so, then it’s very likely you won’t receive your settlement money all at once. Instead, you will most likely receive a structured settlement, which pays you a small portion of your settlement money over a period of several years or even decades.
Not sure what a structured settlement is, exactly? Or do you just want to learn more about selling a structured settlement? No matter your question, you’ll be guaranteed to learn a little bit more about structured settlements with these common FAQS:
Q: What is a structured settlement?
A: As stated before, structured settlements are regular payments made to the lawsuit victor or claimant. These long-term payments are often made in addition to a small lump sum that’s awarded immediately at the end of a lawsuit, and can help supplement an individual’s regular income to account for everyday living and medical needs.
Q: Are there any benefits of structured settlements?
A: There are a few benefits of getting structured settlement payments over lump sums. For one thing, structured settlements are taxed significantly less than lump sums, meaning you ultimately get more money. They can also help you properly budget and control your finances in the long term, offering a good degree of financial security at no extra cost.
Q: When is selling a structured settlement possible?
A: If you decide that a lump sum is the best financial option for you, it’s possible to sell off the rights to your structured settlement payments for cash. You can sell your structured settlement at any time once your lawsuit has ended. However, be sure that you’re making the right decision by opting for a lump sum and aren’t just choosing this option to spend all your money in one place!
Have any other questions about structured settlement annuity benefits or how to sell structured settlement payments for cash? Feel free to let us know in the comments.