Is a Structured Settlement Right for Me?
If you were involved in an accident caused by someone else’s negligence, chances are that you have filed a claim with not only your own insurer, but also the other party’s insurance provider. You may even be pursuing a personal injury claim. Before going to court, however, many people attempt to negotiate a settlement. This could occur early in the process and consist of informal negotiations between you and a claims adjuster, or could occur late in the proceedings immediately prior to trial and involve a more formal mediation.
Often, insurers or negligent parties, agree to offer a claimant a structured settlement in exchange for a release from liability. This type of settlement, however, is not right for everyone, so if you were involved in an accident and have questions about the types of settlements you may be offered, you should speak with an experienced Fort Lauderdale personal injury lawyer who can evaluate your case and advise you accordingly.
What are Structured Settlements?
Structured settlements are financial arrangements between two parties, in which one (the person at-fault) agrees to make a series of tax free, periodic payments to that individual in a specified amount and over a certain period of time. Although useful in some scenarios, structured settlements are generally less common in personal injury claim settlements than lump sum arrangements.
When are Structured Settlements Beneficial?
Structured settlements may seem less desirable than lump sum payments, but do have a number of benefits. For instance, claimants who are looking for long-term security may want to consider accepting a structured settlement offer. Those with permanent or catastrophic injuries may choose to negotiate this type of settlement, to ensure that they have a steady income to cover their needs for the rest of their lives. Structured settlements can also help parties avoid the legal costs of going to trial. Another attractive aspect of structured settlements is that they can be sold or transferred to third parties down the road.
Is a Structured Settlement Right for Me?
A structured settlement arrangement, however, is not for everyone. In fact, many insurers try to convince claimants to accept structured settlements in an effort to avoid paying them the full value of their claim. In many cases, it is simply in a person’s best interests to insist on a lump sum payment and then invest the money through a qualified professional, which would have the same result as a structured settlement.
Seeking Compensation for Your Accident-Related Losses
Structured settlements aren’t right for everyone, so if you were injured in an accident through no fault of your own and need help negotiating a settlement or filing a claim in court against the responsible party, please call the dedicated Fort Lauderdale personal injury lawyers at Boone & Davis today. We can be reached at 954-566-9919 or via online message. Initial consultations are offered free of charge, so don’t hesitate to reach out to our legal team to learn more about how we can help.
Resource:
flsenate.gov/Laws/Statutes/2011/626.99296
