Receiving structured settlements can prove to be very beneficial in the long term as it provides a steady income for you, thus stabilizing your future financial security. However, there are some considerations to me made before deciding which type of structured settlement plans you are going to get. Once you decide on the structured settlement and the agreement has been finalized, you cannot change it anymore. Thus, it is a serious matter to consider so you make it work to your best interests.
Structured settlements are, basically, periodic payments made by the defendant after the plaintiff for personal injury has won a lawsuit. Such a financial or insurance is paid based on the terms of the structured settlement. While structured settlements provide better financial stability over a lump sum, they had to be planned carefully to maximize benefits and ensure long-term financial security.
??? ?Identify your future needs. As the claimant, you get to choose the terms of the structured settlement to receive. However, receiving a set amount per month may not work to your advantage when you are currently facing with a huge hospital bill or sending a child to college. In such cases, you can opt for a combination of a lump sum and a scheduled payment plan to compensate for your needs. Your decision should be based on your needs, and not just because another person suggested it.
??? ?Determine your long-term goals. What do you plan to achieve in the future? Do you wish to ensure your child?s education or receive annuity for the rest of your life? Depending on your goals, you can plan your course of action.
??? ?Consider the pros and cons of getting periodic payments. Your needs should be able to determine if the structured settlement terms would benefit you or not. Always consider every aspect of the settlement, i.e. deferred annuities over percentage increase annuities or joint annuities. Every type of structured settlement has its advantages and disadvantages, so consider them first to ensure you get the most out of it.
??? ?Receive legal counsel. Lastly, before taking any further action, particularly when you?re looking at a handsome settlement, always consult with your attorney so that you will be guided in claiming it. As a benefit, you will be confident to make an informed decision.
Structured settlements are preferred by many when claiming structured settlement or periodic payments since they guarantee financial security for a long period of time. In some cases, a lifetime income stream is possible and thus, ensures that your future needs are provided. Make an informed decision to make your periodic payments work for you.
Check out sell-my-structured-settlement.com for more information and quotes.
Related posts:
- Structured Payments Definition and Meaning
- Why Consider Structured Settlement Investment
- Structured Settlement versus a Lump Sum
- Slip and Fall Settlements Categories
- Settle for Cash
swain match day nene dark shadows trailer nate mcmillan clooney arrested southern miss
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.