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Structured Settlements: Money
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Structured Settlements are used to pay out a large sum of money over time. Much the same way that you pay your credit card bill every month, a creditor uses a structured settlement to pay out what they owe to a person on a regular schedule. Most structured settlements are purchased annuities, paying out over time on an annual basis.
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The documents for Structured Settlement include an agreement, a qualified assignment, an annuity application, a court order if a claim is made by a minor and an annuity policy. Structured Settlements is useful for the individuals who need money quickly for a financial emergency or lifestyle change. These reasons may include paying bills, the purchase of a home, children going to college or starting a new business.
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Most minor injury cases bypass annuity structured settlements and pay out in one lump sum. More serious injuries, especially those that render a person disabled for life typically require an annuity for legal structured settlements in order to be sure the victim in the situation is properly taken care of, since through no fault of their own, they are rendered incapable of working to support their own families. Structured settlements are becoming more and more popular because they are in the form of an annuity, which is sold by a third party, usually an insurance company. At times, they may be invested in U.S. Treasury securities, and it grows the money needed, instead of the company paying all of the money and is completely tax free at the state and federal levels. Receivers should research all of their options before accepting any terms on payment distribution. "When thou vowest a vow unto God, defer not to pay it; for he hath no pleasure in fools: pay that which thou has vowed."
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While structured settlements provide a consistent stream of income, there may come a time when you are in need of a lump sum of cash. You might need to buy a new automobile, send your child to college, or have unexpected medical expenses. Perhaps you'd like to have all of your structured settlement money now and not have to wait for years on end.
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Insurance companies prefer that structured settlements be set up instead of having to pay big awards out. Why? Wouldn¡¯t you prefer to have the option of repaying your debts over a long period of time instead of right away? Of course, they do this with the pretense that it is in everyone¡¯s best interest. However, most people would prefer to have their money now instead of having to wait. You may have bills that need to be paid or you may just want to invest it. The point is that it is your money and you should have access to it if you want it.
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A Structured Settlement really is "packaged wisdom"...offering guaranteed, dependable payments, which can help ensure that settlement money is not squandered, swindled or lost. Statistics show 90% of all settlements are gone in less than 2 years.
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