If you have received a settlement for your car accident case, or personal injury case, you may have a couple of options regarding how your settlement money might be paid. The most common way a settlement is paid is through a lump sum payment. But some personal injury claims are paid through a structured settlement. What is a structured settlement? A structured settlement is when your personal injury settlement is paid periodically over time, rather than all at once. Negligent parties generally pay your settlement into an annuity and then you receive bi-monthly, or monthly payments. A structured settlement might be an option for victims who were seriously injured, who suffered serious and life-altering disability, and who will need ongoing financial support for the long-term. A structured settlement can give you and your family the peace of mind that you will have a regular income, money to cover medical, rehabilitation, and nursing costs, and money to help you adjust to life going forward. For families who are concerned about spending too much money in a lump settlement all at once, a structured settlement can offer you the peace of mind that you’ll have support for the long haul.
The amount of money you’ll receive regularly will depend on your settlement amount, how long you want the payments to last (some people spread the payments out over 10 years, 20 years, or more), and how much you want to be paid periodically. Managing this will depend on your needs and your personal injury award amount.
Victims who have been seriously disabled in catastrophic accidents may have many questions about the days, weeks, and months ahead. A structured settlement can give your family peace of mind for the long-term. Of course, not all personal injury settlements will lend themselves to the structured settlement model. In fact, many personal injury settlements won’t be sufficient to be put into a structured settlement. But for families who win significant settlements, a structured settlement can be a good way to manage your personal injury award. Of course, a structured settlement isn’t the only option. Some families choose to invest the money or put their personal injury award into a trust. If you stand to win a substantial personal injury award, you may want to speak to a financial advisor to help you decide what you can do next to ensure that your personal injury award is there to provide for your injured loved one, for your family, and for your needs.
The Law Office of Martin T. Montilino is a personal injury law firm in Minneapolis, Minnesota that works with individuals and families who have suffered injuries. Our personal injury lawyers can review your case, estimate the value of your claim, identify negligent and responsible parties, and fight to help you get the settlement you may deserve under the law. Contact our personal injury lawyers today or reach out to USAttorneys.com to get connected with a personal injury lawyer at the Law Office of Martin T. Montilino.