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Structured settlements allow people to receive income tax-free annuity payments over a set number of years instead of one lump sum. These types of agreements can often be in the best interest of such people as:
It is important to understand that a structured settlement not only protects people from spending monetary awards too quickly, but it also allows them to earn tax-free interest on their money. Whereas a lump sum judgment might be invested or placed in a bank account where interest is subject to taxes, the interest that is earned on money in structured settlements will not be taxed since the people receiving the payments are considered to be getting back money that was lost.
The party who will be responsible for agreeing to make structured settlement depends on the victim’s cause of death. Individuals or entities may be liable if their actions caused a loved one’s death, but it is also possible that additional third parties may be considered negligent in these cases.
In many instances, any payments from these parties will be made by insurance companies. Insurance adjusters will seek ways to deny the liability of their clients, possibly arguing that a victim’s own conduct contributed to his or her death. A structured settlement can help during any pre-trial negotiations because payments can be tailored to meet very specific annual needs while lump sum payments can frequently become very contentious.
The West Chester wrongful death lawyers at Ciccarelli Law Offices understand that every case is different, and we will make sure that any legal agreement serves your best interests. Our firm will help you understand all of your options when you call (610) 719-3190 to schedule a free consultation.
Our wrongful death attorneys work as a team to help clients get every dollar of compensation they are entitled to, and we provide legal representation on a contingency fee basis so our firm only gets paid if you recover a financial award. We help people throughout Chester County, Philadelphia County, Montgomery County, Lancaster County, and Delaware County.