There are many cases where people have had an accident or been injured. More often than not the two sides agree to settle and suggest receiving or paying in installments instead of a lump sump payment. When this happens the payments are referred to as a structured settlement.
The payments from structured settlement can almost be set up in in fashion that one would like. You can receive you payments in lump sum every two-three years, monthly payments over 20 years and even annual payments. But just what are the benefits of structured settlement payments?
Benefits of a Structured Settlement
One of the main benefits of having a structured settlement is as mentioned above, which is the way you can receive you payments. Structured settlements allow great tractability to fit anyone?s lifestyle or need. The payments can be set up so that you get monthly, quarterly, annual, or any other type of payment stream that works best for you.
Another benefit of the settlements is that the payments are tax-exempt. With the proper set-up the person receiving the settlement payments can significantly reduce tax responsibilities and in some cases they may find that they don?t have to pay taxes. However, this is something you should consult a tax advisor or lawyer on.
Protection from oneself is also a much-needed benefit of structured settlements. In many cases people who receive structured settlement may not be good with finances. Instead of having access to all the money at once and wasting it the payments assure that you will have a income stream coming if for years to come.
Getting a Structured Settlement Quote From Companies
There are a lot of cases where people may need more money then they are receiving from their settlement payments. In this case you can look to sell some of your future payments for a lump sum of cash. Getting a structured settlement quote is as easy as going online or calling an 800 number. Places like Imperial Structured Settlement deal with getting people a lump sum of cash. All you have to do is visit a site like: www.imperialstructuredsettlements.com. There you can fill out the form and submit it. Sometimes it is best to get several quotes so that you can compare. Some other structured settlement buyers along with Imperial are JG Wentworth, Woodbridge Investments, Peachtree Financial, and Olivebranch Funding.
When you are happy with the quote you receive from a potential buyer make sure you still reevaluate your situation to make sure selling is the best option for you. Remember settlement payments are there to help you in the long run. Ask many questions and do some research on your own if you decide that after getting the quote you really need to sell.
Source: http://www.silverandspice.com/benefits-of-structured-settlements-and-getting-quotes/
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