In past times, also in most cases nowadays, if your personal injury case is settled, the plaintiff typically receives an one-time large sum settlement payment from the defendant. As soon as the plaintiff receives this payment, it is actually up to him or her how to handle the funds, exactly what to spend the money on, if anything, and just how much, if any, to save for long run security and opportunities. Such type of budgeting can often be difficult. One needs to be expecting future expenses in addition to map out precisely what goals they are going to choose to accomplish in the foreseeable future and the costs of accomplishing those targets.
Among the reasons for a structured settlement, in part, is usually to avoid the problems that may perhaps crop up with budgeting mistakes. As the term suggests, a structured settlement is a “settlement” and as such typically arises, not by way of an order from the court or ruling, but using an agreement; i.e., settlement between the parties to the lawsuit. It really is basically, an agreement regarding the parties to the lawsuit whereby the plaintiff consents to dismissing his or her pending law suit in exchange for the defendant agreeing to make a fixed set of future payments. Most of the time, you consent to accept the structure and any cash at the time of the settlement and release the Defendant as well as its Insurer from all previous or future claims. Most often, although not all, the court is not a part of the negotiation or approval of the ultimate settlement.
Often, after the structured settlement is agreed to, an annuity is purchased to finance the obligation. The Defendant, its insurance company or a related entity, will often be the one responsible to acquire the annuity. Within many situations, you will not become the legal owner of the annuity funding the structured settlement, the settlement arrangement requires the that owner has the annuity payments sent directly to you.
Even though the laws in every state differ along with the language in the underlying settlement and annuity contract, you may be entitled to receive the structured payments, but not be the named owner of the annuity. As a result, there may be technical issues should you elect to sell all or part of your structured settlement payments.
Even so, as a result of relatively recent legislation, you can find companies around that will get you a big payment of cash for your structured settlement payments. In light of the technical and legal knowledge necessary to effectuate such a transaction to help you get a lump sum payment of cash, if you want to sell your repayments, it is important you choose a company with a lot of experience in this area. Their expertise will ensure the whole process of selling your structured settlement runs smoothly and you just receive the cash quickly.
Contact New Leaf Structured Settlements before you sign any document relating to the sale of your structured settlement. Get an instate free quote without any obligation or pressure. Contact us at 1-800-517-7671 or NewLeafStructuredSettlements.com