Short Course on Settlements – What You Should Know
What You Should Know About Structured Settlements
Nothing is worse than suffering a personal injury. The truth is that an injury can affect every single aspect of your life. An injury can have a remarkable influence on your physical health, but it can also leave you with mental scars. By filing a personal injury lawsuit, you can earn money for your injuries. Once the case is over, though, there are a handful of things that you’ll need to think about.
You have two primary options here. It may make sense to invest in a lump sum payment, or you may decide to opt for a structured settlement. Either one of these approaches will have its own pros and cons. If you need your money right now, it may make sense to go with a lump sum approach.
Unfortunately, the total payment that you receive may be smaller. If you don’t need the money right away you may instead opt for a structured settlement. Before you move forward, though, you’ll want to review your options.
There are a handful of elements that you should consider when you’re looking at your structured settlement. Before you do anything else, you’ll want to evaluate your tax liability. You will not get your full settlement if you have a high tax burden. The next step in the process is to think about how you will be spending the money. As you are no doubt, this money is yours. This means that no one can tell you how to spend it. Once that is out of the way, consider your own financial literacy. Some people will need help in managing money, while others will be able to handle things themselves. If any of this is unclear to you, you’ll want to talk to a professional. By working with a financial advisor, you can get the structured settlement that you deserve.
Make it a priority to learn as much as you can about the structured settlement process before you actually take action. If you are thoughtful and knowledgeable, you should be able to come to reasonable decisions. While the concept of a structured settlement may sound complex, it can actually be very simple. Choosing a structured settlement means foregoing a single lump sum payment. Instead, you will get money on a regular basis over a span of several years. Let’s say, for example, that you have been awarded a half million dollars. You may decide to receive ten payments of fifty thousand dollars. Get in touch with your advisor if you want to learn more about structured settlements.
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