Denver and Aurora Personal Injury Attorney
A car accident occurs approximately every 4 to 5 seconds someplace in the world. This means that at some point in your life, you (or someone you love) will likely be involved in a car accident – and may require the services of an Personal Injury attorney. If you have been severely injured in an accident, your attorney will need to seek the maximum compensation for your injuries – and this usually comes in the form of a lawsuit.
The majority of personal injury lawsuits never make it to trial. Insurance companies are usually more eager to settle out of court and as such, your attorney will be able to negotiate a fair and accurate settlement. Traditionally, settlements were paid out all at once, in a lump sum amount. But lately, structured settlements have gained popularity because of their increased benefit to the injured party.
What is a Structured Settlement?
A structured settlement is a financial arrangement between the plaintiff and the defendant. This type of settlement is used as an alternative to a settlement where a lump sum is paid to the plaintiff. In a structured settlement, the defendant makes multiple payments to the plaintiff as specified in the agreement. These payments can be over months or over years. Typically a structured settlement is paid out through the purchase of an annuity or through assignment, where a third party takes on the obligation to make the payments.
Reasons to Choose Structured Settlements:
There are many reasons why a structured settlement may be the wisest choice when the recovery will be a relatively large sum of money, including:
- People who receive a lump sum may end up blowing it all at once by making poor financial choices rather than spending and investing the money wisely. Thus, these people may end up penniless within a short amount of time. Periodic payments assist such people in maintaining a steady cash flow.
- Structured settlements help keep greedy relatives at bay by preventing them from taking the money and using it for themselves while the injured party is recuperating.
- Structured settlements are focused on the injured party’s long term needs
- There are tax advantages to not receiving a settlement in one lump sum
While a structured settlement can be beneficial, there may be times when a lump sum payment is best. During these times, it is best to secure the services of a Colorado personal injury attorney to handle all aspects of your structured settlement. Your attorney can help you decide how to structure your settlement to ensure that your payments will meet both your current and future needs.
Contact a Colorado Injury Lawyer
Let us handle the details for your car accident case. Our firm advises and counsels clients on the various matters related to auto accidents, truck accidents, and motorcycle accidents, including: Property damage claims, Medical treatment resources, Med-Pay and PIP / No-fault insurance, Uninsured motorists (UM) / Underinsured motorists (UIM) Insurance subrogation. We will do our best to make your experience with the legal process as painless as possible.
Our accident legal team is committed to taking care of the details so you can focus on recovery from your car accident injuries. Are you confused about the type of insurance coverage you have? Find out more on our personal injury insurance terms explained page.
Contact us for a free initial consultation with a Denver personal injury attorney. We’re available 24/7 by phone, fax and e-mail. We return after-hours calls promptly and provide interpreters for our Spanish-speaking clients. Servicios del intérprete disponibles.