November 11, 2016
When you get in an accident, or you get an injury at work, or you’re the unfortunate subject of a domestic violence case, your life gets flipped upside down. As if life wasn’t hard enough before your health was compromised, you now have to deal with that, you might not be able to work for a large chunk of time, and if you’re in a legal battle with the offending party, you’re accruing not only medical fees, but lawyer fees on top of it all.
As a person who has probably never had the need to study law, you’re feeling at quite a loss regarding the entire situation. You’re putting your entire livelihood into the hands of your lawyer to make it all better. It wasn’t your fault for crying out loud. The fact you have to endure this trial at all is beyond sad.
If you’re in this boat, you’re going to be faced with deciding what kind of settlement you’re going to take from the party that did you harm. Different settlements have different pros and cons. If you’re trying to decide which settlement to take that will make your life easier, consider a structured settlement for these reasons:
You’ll Get Taxed Less
Personal injury settlements are often tax-free, so you’re not going to have to worry about being taxed to the gills for taking your settlement, but you’ll also get other benefits if you go for a structured settlement. Structured settlements divide up the money you’ll be receiving and you’ll receive a certain amount a month for a long period of time. Anytime you have an extra income a month that isn’t taxed, that’s quite a perk. Even though this issue you have to deal with wasn’t ideal, at least you’ll get compensation and get to keep it all.
You’ll Feel Financially At Ease
Many people enter into legal battles because they know that if they win, they’ll get payouts that will help them feel financially secure for the rest of their lives. Obviously, making claims that aren’t founded is illegal, but if you were wronged, a structured settlement will make your life easier because you’re going to be having that income come in every single week no matter how busy your serving job was. You’ll know that no matter what happens on the daily, you’ll have money to live off of, and that’s worth more than anything.
People Won’t Be Asking You For Handouts
When you get a large settlement, it’s kind of like winning the lottery. People will start to come out of the woodwork to ask you for money because they know you have it. If you settle for a structured plan of settlement, you’ll only be getting a chunk of that money every month and you’ll be able to use it, but not have it accessible in the bank for people to come and ask you go give them a slice of the pie.