Structured SettlementIf you get seriously injured in an accident, often you don't need money just right now, but you will need money on an ongoing basis to help pay your bills. Also, it may be that the person who owes you money does not have a large amount available right now. A structured settlement helps make sure that you get money over a period of time, to help you with your costs.
The issue is of course one of balance. If a huge corporation can afford to pay you $8 million dollars, it might be best to get it up front. That way you are safe if they go out of business. Also, you can invest what you don't need immediately, to use that for the next years of treatment.
But if the company that owes you money is a small one, they might simply not have $8 million dollars on hand! Maybe they only have $100,000 right now - but they can keep paying that to you every year for 50 years. At least that way you get more money than you might have if a lump sum was the only option.
Basics of a Structured Settlement
Legalities of Structured Settlements
How Structured Settlement Payments Work
Buying / Selling a Structured Settlement
NOTE: I am not a lawyer or doctor, please always talk to professional advisors to get personal advice on your situation.
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