Although most lawsuits result in a lump sum payment of compensation for the victims, victims of catastrophic injuriesmay have another option: structured settlements. Structured settlements are similar to annuity payments, in which payments are guaranteed annually for the rest of the victim’s life. Structured settlements have many benefits. AnAtlantacatastrophic injury lawyer can advise whether one is right for your situation.
One of the major benefits of structured settlements is that they are not taxed. Structured settlements also give you the assets to try alternative medical treatments if they become available down the road. With a lump sum payment, once it’s gone, it’s gone. Many people assume their money will last forever, but it often doesn’t. You’ve probably heard of lottery winners who spend all their winnings and become broke in a matter of months. If this happens to a catastrophic injury victim, they no longer have money to pay for medical bills and lost wages. This can lead to dire consequences.
It is important to remember that structured settlements do not increase in times of recession and inflation. However, something is better than nothing, and having those payments come regularly can help you keep your medical expenses under control.
If you were the victim of a catastrophic injury, you need a skilled lawyer to review your case and compensation options, such as structured settlements. Rated one of the top trial lawyers in Georgia, Atlanta catastrophic injury lawyer Jason R. Schultzhas the experience to win your case. Contact him today at (404) 474-0804.