One day when I was driving on the freeway, I was completely blindsided by another car pummeling down the hill. I didn't know what to do or what went wrong, but I knew things were bad. I couldn't feel my feet at first, and my face was covered in liquid that turned out to be blood. When the ambulance arrived I could see the concern on their faces, and it was frustrating to know what was about to come. Fortunately, I was able to get great medical care, and talk with a personal injury attorney that helped me to sort out everything else. Read this website to find out how accident attorneys can help you to make a difference in your own life.
If you get injured at work, you are entitled to workers' compensation benefits. However, the process can
Auto accidents are a common occurrence on the roads today, and they can be life-altering. From minor scra
Getting into a car accident can be a traumatic experience. Even minor car accidents can cause significant
Navigating the complex world of workers' compensation can be daunting. This is where a workers' compensat
Ideally, injury victims would get full compensation as soon as possible after an accident. However, that
If you have successfully negotiated or litigated a personal injury claim or case, then you don't have to receive all the money at once. You can opt for structured settlements, where you receive regular payments for a pre-determined period. Here are some of the points you should negotiate if you opt for structured settlements.
Length of the Payments
Structured settlements don't attract the same length; you negotiate with the insurer how long you want to receive the payments. Most people choose a length proportional to their expected lifetime. For example, if you are 50 and the life expectancy in your country is 100, you can negotiate for the payments to be spread over the course of 100 years.
The Frequency of the Payments
You also need to negotiate the frequency of the payments. Do you want yearly, monthly or semi-annual payments? Consider the amount of the settlement and our lifestyle to help you come up with a suitable frequency. For example, it might not make much sense to break up a small settlement into monthly payments because they would be unreasonably small.
Amount of the Payments
You don't have to design your structured payments to give you equal amounts of money at the agreed frequencies. You can do it if that is what you want, but you can also agree on unequal payments if that would suit your lifestyle better. For example, if you expect to start college in a couple of years time, you can structure the payments such that you can receive slightly higher payments during your college years.
Whether the Payments Continue After Death
What happens if you choose a 10-year structured settlement plan and you die before that time? Well, what happens, in this case, depends entirely on your initial agreement. For example, you can have a structured settlement that continues payments to your beneficiaries or heirs if you die before the fund's maturity. Alternatively, you can also set the payments to end upon your demise.
Whether You Want a Lump-Sum At the End
Lastly, you can also negotiate whether you want a big lump-sum payment at the end of the structured settlement period. For example, for a large payment, you can opt for a few thousands of dollars every month followed by a huge payout (say tens of thousands of dollars) at the end of the designated period.
A structured settlement has its advantages; for example, it prevents you from exhausting your money all at once after cashing in your settlement check. Talk to a law office like Philpot Law Firm Pa about structured settlements if this is something you can be interested about.
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