Structured Settlements – not exciting but very important July 15, 2008Posted by Attorney Jonathan Groth in FAQ Personal Injury.
Tags: personal injury, structured settlement, wisconsin personal injury
I’ve had the luxury of working with some premier structured settlement planners over the years. Personal Injury attorneys call on these professionals if an injured victim receives a sizable settlement or verdict and there is the need to ensure that the victim will have these funds, guaranteed, for years to come.
In general, what is a structured settlement?
- It’s a settlement in which some or all proceeds are paid over time instead of all up front.
- It must be written into the settlement agreement;
- The obligation to make payments is assigned by the defendant (at fault insurance company) to an assignment company which purchases an annuity;
- The “customer” buying the annuity is an assignment company NOT the injured party;
- The payout is fixed and determinable.
Structured settlement is are smart ideas in many cases. Ask your personal injury attorney whether your case or your child’s case fits the criteria.