Call Today
704-333-0885
What Is a Structured Settlement in a Personal Injury Case?
If you are a plaintiff in a personal injury lawsuit, you may expect to settle your case for one large lump sum payment. But, at some point, your personal injury attorney may discuss with you the possibility of a structured settlement. You ask, just what is a structured settlement?
A Structured Settlement Defined
The simplest definition of a structured settlement is one in which all or part of a personal injury damages award is made over a period of time instead of in one lump sum. Commonly, a portion of the award is paid immediately to the injured party with the remainder, the amount that is “structured,” to be paid through an insurance company that specializes in annuities. Annuities provide a steady stream of income to the receiving party over a defined period of time.
Various aspects of the structured settlement can be negotiated. For example, your attorney can negotiate:
- How much money you will initially receive and how much will be part of the structured settlement.
- How often you will be paid, whether monthly, biannually, annually or whatever works for you.
- How much money you want to receive in each payment.
- For how many months or years you will receive payments.
- How you want payments to be structured if you have not received the entire sum due you by the time you die.
The calculations as to how much money you will periodically receive for a structured settlement are complicated and often require the assistance of a professional economist or accountant working with your attorney to determine the future income you will receive based on the present value of the settlement amount.
There are many ways in which personal injury settlements may be negotiated. A structured settlement is just one of them. If you are considering filing a personal injury claim and have questions about a structured settlement, contact us at Campbell & Associates. Our personal injury lawyers in Charlotte, NC have the experience you need to assist you in pursuing and settling your claim for damages. We will answer your questions, make sure all of your rights are protected, advise you about your case and discuss with you whether any type of settlement is in your best interest or if a better option is to proceed to trial.
FREE AND CONFIDENTIAL CASE REVIEW
We want to hear your story, so we can help.
Call Today
704-333-0885
Membership in the Million Dollar Advocates Forum is limited to attorneys who have won million and multi-million dollar verdicts and settlements. You can find the criteria for membership in the Million Dollar Advocates by clicking here. Campbell & Associates Personal Injury Firm does not represent or claim that similar results will be achieved in your case.
The National Trial Lawyers is a national organization composed of the Top 100 Trial Lawyers from each state. Membership to the organization is obtained through special invitation and is extended only to those attorneys who exemplify superior qualifications, leadership, reputation, influence, stature, and profile as trial lawyers, both civil plaintiff and criminal defense. For more information on the National Trial Lawyers organization click here. Campbell & Associates Personal Injury Firm does not represent or claim that similar results will be achieved in your case.