I’ve had the luxury of working with some premier structured settlement planners over the years. Personal Injury attorneys call on these professionals if an injured victim receives a sizable settlement or verdict and there is the need to ensure that the victim will have these funds, guaranteed, for years to come.
In general, what is a structured settlement?
- It’s a settlement in which some or all proceeds are paid over time instead of all up front.
- It must be written into the settlement agreement;
- The obligation to make payments is assigned by the defendant (at fault insurance company) to an assignment company which purchases an annuity;
- The “customer” buying the annuity is an assignment company NOT the injured party;
- The payout is fixed and determinable.
Structured settlement is are smart ideas in many cases. Ask your personal injury attorney whether your case or your child’s case fits the criteria.