Now that we have an overview of what a trial is and how to go through it by working with your accident attorney, it's time to have a glimpse on what will happen after the trial. Collecting the money can be a daunting task. Your accident lawyer will still be with you until you collect the full amount for you to recover from losses resulting from the accident.
What is a structured settlement?
Perhaps, you may have a catastrophic-injury case. This kind of settlement can be an advantage for the plaintiff. Structured settlement refers to an agreement wherewith the plaintiff will be collecting regular payments from the defendant in a course of time. In some cases, the defendant has to provide the plaintiff the amount of money agreed for the rest of his life. Sometimes, this agreement can be complex. This is the reason you have to be working with your Los Angeles accident attorney. Remember, your goal is to recover from the accident.
The Benefits of a Structured Settlement
- Keep in mind that the funds you collect from an annuity contract are tax-free so long as the victim does not control the compensation. In other words, it provides a substantial tax benefit for the plaintiff.
- Oftentimes victims who collect a lump-sum settlement spend the entire amount within 5 years. Once they wouldn't have anything left, they become dependent on the support the government provides. Meanwhile, with a structured settlement, plaintiffs are normally provided with funds all throughout his disability. Your car accident lawyer should be able to educate with regard to this.
- This settlement is managed by professionals. This simply means they know how to tailor according to the plaintiff's needs to be met.
- Annuity Funds + Lump-Sum Payment = Expenses Recovered
Thereby, medical bills, rehabilitation and treatment costs are sure to be covered.
- In some cases, structured settlement enables the plaintiff to consider an unanticipated advance medicine should there be a developed medical cure or treatment.
The Drawbacks of a Structured Settlement
- No matter how Los Angeles car accident lawyers protect the plaintiffs' rights, victims remain in fear during the unknown changes in the economy. You will never know when the economy rises or the opposite and experience recession.
- Sometimes, annuity funds do not have enough protection.
In conclusion, it is important to work with your personal injury attorney so you will be able to have a fair and agreeable settlement. A structured settlement may have more advantages than its cons. What is important is you are able to recover from the damages, injuries, and losses resulting from the accident.
