What is Structured Personal Injury Settlement?
In a personal injury settlement case, the party that wins or settles the case has the liberty to take the winning amount as a lump sum or in a series of payments made in instalment over a period of time. This is known as a structured settlement. However, choosing lump-sum payment or structured settlement depends on various factors like your tax liability, your plans on spending money and if you need any assistance in managing such a huge sum. Given the complicated process, it is better to work with a solicitor. Professional help will ensure the entire process goes smoothly. Before hiring a solicitor, you must be aware of the process of the structured settlement. So here's how the structured settlement works. Structured Personal Injury Settlement Process When a party chooses to take the amount in structured settlement mode rather than a huge amount at once, he is entitled to receive periodic fixed payments for a specified number of years. For instance, if the win