Should I Elect to Take a Structured Settlement for my Car Accident Case?
Although car crashes occur each and every day, for many, they may only encounter an accident once in their lifetime, and once is enough. Because these situations are new and even a little confusing, you may be unclear as to what you should receive as a settlement, whether your case needs to be taken to court, or whether your insurance company is handling your car accident claim in the manner that is should be. All these questions often arise, and generally, without having a car accident attorney in Georgia present to help advise you, you may be left puzzled, frustrated, and lost.
One thing that is bound to arise after filing an auto accident claim for your injuries as well as the damage your vehicle sustained is that you may be presented with a settlement offer, and depending on how severe the repercussions of the accident were, you may also be offered a structured settlement.
A structured settlement means you receive your funds over the course of a period of time rather than all at once.
Car crash lawyers in Georgia define a structured settlement as an agreement made between you and the insurer where you receive your settlement over the course of a period of time, not all at once. This is generally established when a large amount of money is scheduled to be paid out and you have the option of deciding how you want to receive it, whether it is monthly, yearly, etc.
Local auto accident attorneys in Georgia also point out that when you choose to accept a structured settlement, there are some advantages to taking it. For instance, you will be responsible for less tax, and you will receive the money in installments so you can’t spend too much at once. Sometimes, when a large, lump sum of money is paid out, it goes rather quickly and there isn’t enough left to cover the recurring medical expenses you have been faced with.
It is advisable that you have a local car accident lawyer assisting you when making this decision.
A disadvantage many have experienced is that they may struggle as they aren’t receiving enough each time they receive payment and they are financially struggling. Besides the pros and cons that come along with choosing a structured settlement for your car accident lawsuit, you will also be given the option to sell your settlement for a lump sum should you decide you no longer want to receive periodic payments.
Whether you choose to receive one lump sum or have your settlement spread out over a few years, it is also advisable that you consult with an experienced car crash lawyer in Georgia first. They handle these types of cases on a regular basis and can offer you some solid advice as to how you should accept your settlement payment.
USAttorneys.com connect auto accident victims with lawyers all across the state of Georgia and can place you in contact with a nearby car accident law firm today to help get you the guidance you may be seeking.