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When you experience an event that might result in a structured settlement, the next thing on your mind should be that you need an attorney to help you through the process. Without a good attorney by your side, you could easily fall victim to everything from tricks in language to the insurance companys lawyers attempting to overstate the value of the claim so they dont have to pay out nearly as much. But just because you hired a lawyer, it doesnt mean youll have smooth sailing in the journey from hardship to cashing in. Some traps to avoid include the following, so pay close attention.
When the payment schedule is agreed upon by both parties, you must keep to the specified payment schedule, the upshot of which is that you are not allowed to borrow against any upcoming payouts. This can be unfortunate for many reasons, not the least of which is that the value of your settlement will lose its value due to inflation over time and you will not be able to get more money than the payments allow if you experience an emergency or just want to splurge a bit cialis probepackung.
This is where a factoring company can come in handy if you really need (or just want) more cash now. This can certainly be more beneficial in the short term, but before you think about turning down your structured settlement and opting for that lump sum, be sure to check with your attorney regarding state laws that may prevent people from selling off their settlements. It is very important you consult your attorney in this phase as it is very difficult if not impossible to change your mind on this front once you inform the court of your decision.
A very important part of consulting an attorney in the structured settlement process is that the attorney can advise you on the tax implications of accepting a buy-out versus keeping the structured settlement going. Apart from the tax considerations, its also extremely vital to consider what kind of person you are when it comes to handling your finances before you decide what to do about structured settlement. Would you spend a wild month in Vegas, buy lots of stuff, and go nuts until the cash was gone? Or are you more careful and considerate? The Vegas-minded might want to take a second look at keeping the structured settlement in the interest of maintaining their income.
For these reasons and more, its absolutely crucial to consult a good attorney and maybe even a decent tax advisor as well who can work to lay out the terms of your structured settlement that meet your needs. Depending on your age and life expectancy, however, you might want to agree to a settlement that guarantees a minimum payment no matter if you live to see the end of the guarantee period or not. This last will ensure your family will receive the money with no issues such as probate and death taxes. If you and your attorney manage to navigate these treacherous financial and legal waters, you can be assured of receiving your structured settlement with minimal pain and suffering.