A structured settlement is a financial agreement where a claim is compensated in installments as opposed to a lump sum. Widely used in liability cases they are often used to reduce or avoid legal costs. If you are making a claim you will need a professional and there are structured settlement lawyers in Indianapolis who can help you.
In many cases a compensation claim will be settled with a lump sum payment o the victim that is decided by the court. With a structured settlement payment the claimant is awarded a monthly sum of money to be paid for an agreed period of time, usually their lifetime. This way of settling cases is often the better option as a regular income is provided rather than a single large sum of money.
Most lawyers would not recommend this type of staggered payment in a small claims case. For serious claims where the victim may need round the clock care and modifications to homes and vehicles it is a better choice. Your lawyer will study your case and make a decision on whether they feel it is worth opting for a structured payment method.
There are many benefits with a structured settlement and the main one is that they are completely tax free. When receiving a lump sum it can sometimes be difficult to know where to invest it to get the best return to provide a regular source of money. With a monthly payment the claimant knows that there is always going to be money coming to them regularly.
Structured settlements will also mean that the victim does not have to make a court appearance which many people find very stressful. The people that are liable are also better off financially as they wont have a huge legal bill to pay. When the plan is agreed their payments to their legal teams will be less and so will any court costs.
After your lawyer has agreed the settlement and all of the paperwork has been done there are still a few things to consider. Extra payments are often awarded if the claimant needs to buy items such as wheelchairs or have adaptations made to their home. There may also be periodic increases that will boost the initial agreed sum and you lawyer will explain all of these points to you.
It is important to use a reputable lawyer when you are involved in one of these cases due to the complications that can arise. In an injury case for instance the victim may need lower payments initially and these will need to rise as they get older and require more care. Your lawyer may have to spend many hours calculating the compensation you are seeking and it is essential that they get this right at the beginning to avoid any further litigation.
If you do no know of a reputable lawyer then a little research is needed before you employ one. Many lawyers will charge different fees and some comparisons should be made before making your final decision. When you are looking for a lawyer to represent you there are many to be found in law guides and some will advertise their specialist services on web sites.
In many cases a compensation claim will be settled with a lump sum payment o the victim that is decided by the court. With a structured settlement payment the claimant is awarded a monthly sum of money to be paid for an agreed period of time, usually their lifetime. This way of settling cases is often the better option as a regular income is provided rather than a single large sum of money.
Most lawyers would not recommend this type of staggered payment in a small claims case. For serious claims where the victim may need round the clock care and modifications to homes and vehicles it is a better choice. Your lawyer will study your case and make a decision on whether they feel it is worth opting for a structured payment method.
There are many benefits with a structured settlement and the main one is that they are completely tax free. When receiving a lump sum it can sometimes be difficult to know where to invest it to get the best return to provide a regular source of money. With a monthly payment the claimant knows that there is always going to be money coming to them regularly.
Structured settlements will also mean that the victim does not have to make a court appearance which many people find very stressful. The people that are liable are also better off financially as they wont have a huge legal bill to pay. When the plan is agreed their payments to their legal teams will be less and so will any court costs.
After your lawyer has agreed the settlement and all of the paperwork has been done there are still a few things to consider. Extra payments are often awarded if the claimant needs to buy items such as wheelchairs or have adaptations made to their home. There may also be periodic increases that will boost the initial agreed sum and you lawyer will explain all of these points to you.
It is important to use a reputable lawyer when you are involved in one of these cases due to the complications that can arise. In an injury case for instance the victim may need lower payments initially and these will need to rise as they get older and require more care. Your lawyer may have to spend many hours calculating the compensation you are seeking and it is essential that they get this right at the beginning to avoid any further litigation.
If you do no know of a reputable lawyer then a little research is needed before you employ one. Many lawyers will charge different fees and some comparisons should be made before making your final decision. When you are looking for a lawyer to represent you there are many to be found in law guides and some will advertise their specialist services on web sites.
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Want to find out more about structured settlement lawyers in Indianapolis, then visit wardlawfirm.com to choose the best structured settlement attorneys in Indianapolis for your needs.
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