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Why would you want a structured settlement plan?

If you've been injured and are looking into getting a settlement offer, one of the things you may have heard about is a structured settlement. What is a structured settlement, though, and how does it help you? Are there downsides?

There are many good things about structured settlements, but there are a few things you should keep in mind. A structured settlement plan is just one way you can receive your settlement.

Some of the positives of a structured settlement plan include the fact that a settlement is usually tax-free under U.S. law. That means that in most cases, all or most of your settlement will not be taxed.

Structured settlements are also paid over time, which means you'll have a guaranteed amount of money coming into your accounts for years to come. This is a good choice for those who want to guarantee that the money is there for them consistently instead of in a lump sum. Those with serious disabilities or injuries might prefer a lump sum up front, so they can invest the money for a better return.

Sometimes, lump-sum payments are combined with monthly payments to help individuals meet their current financial needs while also considering that person's financial needs in the future. It also means that there will still be money coming in if there is an advancement in medical science in the future. In that case, a structured fund helps guarantee that the individual has money to try new treatment options.

If you're not sure what you want to do when it comes to a settlement, your attorney can help you work out the possibilities. The right decision can significantly impact your finances now and in the future.

Source: FindLaw, "Structured Settlements: Pros and Cons," accessed May 04, 2017

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