Structured Settlements – What Are They For?
Structured settlements come about through the settlement of a lawsuit or punitive claim against a company. The IRS defines structured settlements as those that are established by a legal agreement on the part of one party, to make periodic payments in obligation of a court order for such payment of damages, or to make periodic payments to the winner of a worker’s compensation claim. In other words, you have to have a winnable, or at least possibly winnable, case, press a lawsuit against the company, either win the lawsuit, or have it settled out of court. Most commonly, they are a product of the “lazy” legal system – settling out of court by offering you a pay-off instead of taking their chances and spending their money and time on a lengthy court room trial.
Worker’s compensation claims have received a great deal of press for their capability to produce large structured settlements. These cases have gained national attention – from sexual harassment charges against judges and politicians to the first responders from the Twin Towers on 9/11. These high profile, high pay-out cases should not give you false hope, though. Your case is probably not of this magnitude, against someone as powerful as a federal judge or governor, nor the City of New York. However, they can give you some idea of the work and time involved in filing a case in the hopes of receiving a structured settlement payment for your claim.
You will need an attorney, possibly a team of attorneys, to tackle the “big dog” on your particular block. The bigger the dog, the tougher the fight, the more power you’ll want on your side, backing you up. Some attorneys now specialize in these kinds of cases, taking on only worker’s compensation claims, or insurance company law suits. If you are deciding on filing suit for your claim, try finding one of these types of law firms. They often ask for part of the structured settlement’s payments as payment for their fees, though, so be wary of just how much of your structured settlement they’ll be expecting.
Expect for your life to be turned inside out, especially if your opponent decides to fight “dirty.” Don’t give up hope, though, or give in too quickly. The quicker they are to settle will tell you just how winnable your case is, so pay attention to the timing and amounts of their first offers.
Large structured settlements aren’t the automatic result of a lawsuit or insurance payment settlement. If the amount of your settlement is small enough that the company or its representatives can deal with it in one large lump sum that will be the way it goes. Your structure settlements may also be divvied up into such small monthly payments as to make it almost a non-event. While having a good claim, having a good lawyer, and having a good attitude toward the entire process can help you through, it can’t guarantee you success.
Singer Asset offers cash now in substitution for the commitment of future payments out of your structured settlements.
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