Why Structured Settlements?
A large majority of claimants are unsure of all their options when it comes to receiving money from a settlement. They often rely on their attorney for guidance, which gives legal counsel a tremendous opportunity to recommend the settlement option that provides the highest level of long term security, a structured settlement. The sad truth is that a large majority of claimants who receive lump sum settlements squander their funds within a few short years. We see this same basic issue arise time and time again with professional athletes and lottery winners. Individuals who accumulate significant sudden wealth all too often have little to no money within a few years. Thankfully, structured settlements exist to ensure injured people will have consistent future income to match their future needs related to medical care and lost wages. Here are a few bullet points that illustrate why structured settlements are so valuable to attorneys:
- It’s the right thing to do!
- They help set more realistic expectations.
- They add additional value to the settlement by creating long term financial security.
- They allow for customization of future payments that match the client’s specific needs.
- When used properly, cases settle faster.