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Wrongful Death: A structured settlement is also a common way to compensate the family of someone whose death was the subject of a wrongful death claim. Families may be entitled to receive a stream of tax free payments, to replace the loss of income previously earned by the lost loved one.
Structured settlements — or structured annuities — are both financial products and legal judgements. While they function somewhat like private assets, they are also subject to complex regulations. Learn about the process of being awarded a structured settlement annuity as well as the legal protections and advantages given to structured settlement recipients through the following pages:
Structured Settlement Payout Options: Compare and contrast the different ways to accept a cash settlement from a lawsuit.
Government Support for Structured Settlements: Learn about how the government uses the tax code to promote the use of structured settlements.
Structured Settlements for Minors: Read about why this type of settlement is typically used in cases involving underage children.
Structured Settlement Pros and Cons
Structured annuities are ideally suited for many different types of cases. However, once the terms are in place, they cannot be changed. For additional information on how structured settlements work, payout options, or how to access your cash award ahead of the annuity contract schedule, the Structured Settlements FAQs page can be a beneficial resource within your search.
There are a number of advantages from receiving structured settlement payments. When deciding on any financial investment, it is important to understand the benefits along with the risks.
Pros of Structured Settlements
Structured settlement payments are tax-free.
In the event of the recipient’s premature death, the contract’s designated heir can continue to receive any future guaranteed tax-free payments.
Payments can be scheduled for almost any length of time and can begin immediately or be deferred for as many years as requested. They can include future lump-sum payouts or benefit increases.
Spreading out payments over time can reduce the temptation to make large, extravagant purchases and guarantees future income. This is especially helpful if the recipient has a medical condition that will require long term care.
Unlike stocks, bonds and mutual funds, structured settlements are not dependent on fluctuations of financial markets. Payments are guaranteed by the insurance company that issued the annuity.
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