Structured settlements provide long term income to families or individuals who have law suits pending due to injury or illness. Instead of going to court and following through with a long, tiring court case, the victims and the parties at fault agree to a settlement amount, and the lawsuit will be dismissed. The settlement will provide security in a time of financial desperation. When these settlements are awarded it brings monetary relief and security to the injured parties. Oftentimes, after an accident, there is long-term medical care needed. Structured settlements can provide the money needed to care for a lengthy recovery. If you have been injured, and have received a settlement, the payments can go on for a number of years allowing you to plan for a better future for you and your family. All structured settlements contain a specified amount of money. This money is to be paid in either monthly, bi-yearly or yearly payments. These payments are paid to the victim from the individual, company, or corporation that is at fault. They agree to pay an amount according to the needs of the victim. There are benefits to structured settlements. One huge benefit is that structured settlements are tax free for a lifetime. These type payments are not considered gross income; therefore, they are not taxable. Regardless of your income, these personal injury, and physical sickness structured settlements do not count as taxable income, which is an extreme aid in planning and managing payments received from the structured settlements. Monetary adjustments to future needs should take priority when developing and planning structured settlements. When structured settlements are negotiated and agreed upon, the parties, especially the victims, should plan their settlements with their future financial security in mind. This helps the victims achieve future financial goals, and it gives them the restitution they deserve. If an individual is incapable of working after a trauma, this will ensure compensation and security, which is another benefit. The feeling of financial security in this economy is rare; however, the structured settlements are secure within themselves, for once they are awarded and the benefits are in place the money is a guaranteed payment, and will be there for the duration of time that was specified in the negotiations. One of the main purposes of structured settlements is to provide a stable, continuing income to someone who may not be able to work, making it possible for them to meet their financial commitments for many years to come. Depending on each particular case these payments are designed to last up to twenty or thirty years. Accident survivors have tremendous needs both medically, and financially. To survive through the aftermath of an accident there has to be enough money to pay the bills, buy food, and sustain the victims throughout the process of their recovery. Sometimes this recovery may take weeks, or recovery may take a lifetime. Whatever time it takes to recover the structured settlements will help provide tax-free relief, and will give a sense of financial security in the face of an ever-changing economy.
Tags: long term, Personal Injury, amount of money, better future, Structured Settlement, structured settlementsSource: http://www.212articles.com/what-are-structured-settlements/
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