5 Reasons To Buy Structured Settlements If You Are A Personal Injury Victim
5 Reasons To Buy Structured Settlements If You Are A Personal Injury Victim
Well if you will buy structured settlements you will get special benefits, which only the regular periodic payments can offer. Many people buy structured settlements for the tax free reason. That is smart, because this financial product offers a high ROI and if you will get the income tax free, it can beat most of the other financial instruments.
Additionally you will get a carefree financial future, because the payments come for sure during the agreed period. If a person is disabled the settlements offer a chance to get the Medicaid eligibility, if planned correctly. An owner cannot loan against the settlements, which gives a needed future protection.
1. You Can Buy Structured Settlements Because Of Their Tax Free Feature.
The periodic income from the settlement plan is tax free to the owner. The tax free feature is the main argument of the companies, who sell these products. It is true, that together with the high ROI the tax free advantage is a real benefit and the reason to buy structured settlements.
However you must be careful, when you buy structured settlement and you think the tax free advantage. The personal injury payments are usually free from the Federal taxes, but the settlements from the lost wages are subject to taxation.
2. The Unsophisticated Plaintiffs. These people are not good at handling their finances. They can become the targets of all kind of good friends and relatives, who try to get their money for many good purposes. But when this kind of a person buys structured settlements he will get the protection, because it is impossible to use the settlement as a guarantee.
3. The Minor Children And The Incompetents.
These special groups, or their guardians, can buy structured settlements to get a regular and secure monthly income. These people are, like the unsophisticated plaintiffs, unable to plan their finances and if they would get the lump amount of money, the danger is, that they would spend the money. The periodic payment plan guarantees, that the education and other necessary costs will be paid.
4. The Future Medical Care.
Most personal injury plaintiffs, who will buy structured settlements, plan to pay for the medical care. Seriously injured people can get the best protection in most cases from the Needs Trust, because this arrangement guarantees the eligibility to the Medicaid program. Usually the estate planning attorneys recommend to build a trust, because it gives the possibility to get the settlement income and the Medicaid.
5. The Benefits To The Minor Child.
The selling companies use the calculators to build up a plan to meet the financial needs of a minor child. However, in some cases and in some times, the Trust arrangement can bring better results. The structured settlements are complicated and long term commitments. It is wise, or a must, to consult with your attorney, tax advisor and financial planners before doing any decision.
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