The Right Way to Choose a Structured Settlement
Nothing is worse than suffering a personal injury. As you are no doubt aware, a personal injury can affect your life in a truly profound way. An injury can affect you physically, but it can also influence your mental well being. A personal injury lawsuit will allow you to earn money for the problems that you have suffered. Once you have earned this money, though, there are a few decisions that you will need to make.
There are two general ways to go here. You may want a structured settlement, or you may decide to go with a lump sum payment. Either one of these approaches will have its own pros and cons. If you want your money right now, you will probably want to go with a lump sum approach.
Unfortunately, the total payment that you receive may be smaller. If you don’t need money immediately, you will probably want to go for a structured settlement. Remember that you will need to review your options before you actually move forward.
There are a handful of factors that you should consider when you’re looking at your structured settlement. You’ll want to begin by considering your tax liability. A high tax burden can affect your ability to receive a large settlement. Once that is out of the way, you should look at how you’re spending the money. Keep in mind that this money is entirely your own. In other words, no single person can tell you how you will need to spend it. The next step in the process is to evaluate your financial literacy. You may be able to manage your money yourself, or you may need assistance. 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.
If you’re going to be taking a structured settlement, you will want to learn as much as you can about the process. If you are generally knowledgeable, it will be easier for you to make strong decisions. The concept of a structured settlement may sound confusing, but it’s actually fairly intuitive. 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. Maybe you have received one half of one million dollars. In this situation, it may make sense to receive the money in payments of fifty thousand dollars. Get in touch with your advisor if you want to learn more about structured settlements.