There is no one specific accident that necessitates a structured settlement annuity to pay out compensation. People are more likely to use structured settlement annuities to pay out their settlements under certain cases, such as if a minor is involved or if you want to budget your money.
Structured settlement annuities tend to be very slow. Even if you set up payments to cover your expenses, sometimes life can get in the way and require you to have fast access to your money. If you need to pay off your expenses faster than what your payment schedule allows, call Silver Dollar Financial today at (877) 871-0628.
What Cases or Circumstances Do Structured Settlement Annuities Get Utilized for?
Structured settlements get used for various reasons.
A Minor Is Involved in the Claim
Personal injury claims can also involve minors. If your child gets hurt and receives a settlement for their damages, the court or the insurance company will most likely order that they receive small payments until they become a legal adult.
Minors typically get viewed as not financially literate or responsible enough to handle large sums of money. Structured settlements will help them receive compensation without the risk of mishandling their finances.
Tax-Free Payments for Personal Injury Cases
Structured settlement annuities get used for many purposes outside of personal injury cases, such as payments for lottery winnings. The Internal Revenue Code (IRC) § 104(a) has a list of tax-exempt funds that do not count towards your gross income. For personal injury compensation, whatever payments you get through your structured settlement are tax-free.
Because of this, many people will willingly choose slower payments in return for their compensation being tax-free. Structured settlements also accrue interest over time, so you could potentially end up with a larger amount of compensation than what you would have gotten from a lump sum.
Suddenly coming into large amounts of money can negatively impact most people. There are plenty of cases where people who get all of their money in a lump sum end up spending it all very quickly. They drive themselves deeper into a financial hole instead of budgeting their compensation wisely to cover their expenses.
To avoid a case like this, structured settlement annuities hold your compensation back from you. That way, with the slow payments you receive, you can be responsible for your money and use it wisely.
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Structured Settlements Are a Popular Option
The Periodic Payment Act of 1982 made structured settlements a popular option for many personal injury victims. With tax-free payments that accrue interest, what is there not to like about this method of receiving your compensation? Many cases can benefit from structured settlement annuities.
What Happens if I Need More Money Fast?
Even though structured settlement annuities have many benefits under certain types of cases, those benefits can backfire when you need money fast. If you find that your payment schedule does not keep up with the bills and expenses you have, you will need to consider other options such as:
- Renegotiating the terms of your structured settlement amount and payout schedule.
- Selling your structured settlement.
- Getting structured settlement funding.
Renegotiating is notoriously difficult to accomplish and is only very rarely successful. Selling your structured settlement requires court approval, and you may end up falling victim to a predatory financial institution looking to sweep your settlement from under you. While you can do either option, there is another that won’t take nearly as long.
Getting an advance on a pending settlement in Roswell is a viable option that carries minimal to no risk whatsoever. It is easy to apply to, and notification of approval comes fast. In as little as 24 hours, you can receive up to $100,000.
Applying for Structured Settlement Funding
Our application process is simple and straightforward:
- Fill out our online application and submit it.
- Our team will review your information and follow up if necessary.
- If approved, you will receive the amount you requested.
The steps are that easy. We do not require a credit check or proof of employment. We only need to know how much your monthly payments are and how much money your settlement is worth. Whatever money you receive in funding, you pay back with the payments you receive. You can use your funding however you want to. We do not restrict you on what you choose to spend it on. Our application is free and available to anyone that needs cash now.
Apply Now for Pre-Settlement Funding
Get Funded Today
The team at Silver Dollar Financial knows just how hard it is to have debt bear down on your mind. Stress is the last thing you need when recovering from your injuries. If your structured settlement payments are just not cutting it, consider applying for our funding services.
We offer clients a lifeline to get access to their money fast and securely. Applying online is easy and free. If you have any questions about applying, call us today at (877) 871-0628.