Any time you agree to a payout on an investment, such as an annuity, or a cash award in a legal claim, that is spread out over time with multiple payments, it would be considered a structured settlement.
When does a structured settlement come into play?
Generally speaking, in the case of a personal injury, it may make sense to create a structured settlement generally by using an annuity. The idea is to provide an income over time. This can be very beneficial when an injury is likely to cause you to be out of work for an extended period of time. It's been found that when a lump sum is paid out, it will only last about five years before the payment amount is depleted.
Benefits of a structured settlement
A structured settlement is generally put in place to provide an income on a regular basis. When you're recovering from an injury, it can take a great deal of time to recover sufficiently enough to return to your previous job, if it's ever going to be possible. It may be necessary to pay for long-term care or simply household expenses. Payments can be set up according to your needs with a payment on a monthly basis, yearly basis or every few years. Be sure to consider very carefully what your income needs are or will be before accepting a payment schedule.
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