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Structured Settlement Definition

A structured settlement definition is what many of my clients have requested. Let’s take a look at some of the basic points first, then we can expand into some of the intricacies of a structured settlement.

How Does It Come About?

If you are a victim of an accident, or a personal injury, such as a slip & fall case, or maybe even a workplace incident that resulted in a serious injury, you will be seeing a structured settlement offer headed in your direction. The same holds true for a medical malpractice suit, auto accident or even for lottery winnings.

Attorney’s for the Defense and for the injured party will meet and discuss some type of settlement. It will either be in the form of a structured settlement or for a lump-sum of cash. A Judge will have to approve or reject the Petition, based on what is best for the injured party.

How Does It Work?

All a structured settlement is, is an agreement to pay a fixed amount of money over a fixed period of time. It could be for a few years, all the way to an entire lifetime. These settlements can be very creative. You can opt for a lump sum in the beginning, followed by fixed payments for a set amount of time, and even include a future lump sum payment.

This is why it is a critical time to consider all of the options during negotiations. Be involved, don’t just sit back and let the attorney’s make your decisions. You will want to make sure that there is no Rider excluding the possibility of selling it for a lump sum in the future.

Why Sell For A Lump Sum?

We never know what the future holds. Things happen, and you may not be prepared. The economy has changed the financial picture for a lot of folks. People who would never dream of missing mortgage or car payments suddenly find themselves facing foreclosure and/or repossession.

If you are a person who just happens to have a structured settlement that you can turn into cash, you are a lucky individual. This is how the door opens for you to take advantage of opportunities that other people cannot. I know of several clients who have been able to turn their lives around by selling their settlement for a large lump sum.

Nobody likes the idea of selling their settlement for a discount, which means getting a lot less than face value. But you have to keep in mind that some investor has to be enticed into laying out the funds in anticipation of the future income stream.

You can then take these funds and pay your bills, send the kids to college, invest in other income producing financial plans, or make improvements to your home. This structured Settlement definition is meant as a guide, always seek a professional.