Structured settlements get determined by both you and the defense. Both parties will come to an agreement in court or during negotiations about how much you will get paid and the timeframe of the payments. While you do have a say in how much and how frequently you get paid, structured settlements are notorious for being slow.
You don’t have to wait for slow payments to trickle in to pay for your expenses. Allow Silver Dollar Financial to help you get the money you need today. Call us at (877) 871-0628 to find out more about how our team can assist you.
How Payment Schedule and Amount Gets Determined
For most personal injury cases, you will have to prove during negotiations or trial all of your damages. You and your lawyer will calculate all of your economic and non-economic damages to derive a settlement amount that accurately reflects all of the expenses you have incurred. You can prove all of your damages and justify the amount owed to you through evidence, witness testimony, and expert testimony.
Once an amount gets finalized, you and the defendant will need to arrange a schedule for payments. You can choose to receive your payments over a short period or your entire lifetime. This will come down to whether the compensation gets paid for by the insurance company or out of pocket and what time schedule both parties are comfortable with.
Once a schedule gets established, a third party, typically a reputable life insurance provider, will take over the obligation to pay the settlement.
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What Can I Factor into the Amount of My Structured Settlement?
You can factor many of your damages into the total amount of your structured settlement.
The cost of medical care is astronomical in the U.S. Even if you have decent health insurance, severe injuries can cost a fortune that only a very few can afford comfortably. When you get a structured settlement, you can use the money you get in your payments for quality medical care without having to end up in financial ruins. You can also use the money to cover the medical care you already received after your injuries.
Your structured settlement can also account for any of your lost wages. Getting injured can put your body out of commission. In order to recover from your injuries, you will need time and rest. Working can exacerbate your injuries and make it harder to heal from them. When you miss out on work, you can factor your salary into the amount of your structured settlement.
A car is a vital part of your life. Many people use cars to get to work, run errands, see family, and much more. Get repairs done on your vehicle fast so you can have a reliable mode of transportation. If you sustained injuries due to a car accident, you can factor your vehicle repair or replacement costs into your structured settlement total.
Structured Settlements Are Tax-Free
The Internal Revenue Code (IRC) §104(a) lists several types of financial gains you can obtain that do not count as gross income. Compensation for physical injury or sickness is a part of that list. Thus, the money you recover from a structured settlement will not get taxed so long as it is from a personal injury claim.
When it comes time to calculate how much your structured settlement is worth, you do not have to account for any taxes. While there are certain exceptions that do get taxed, such as punitive damages, you do not need to worry about federal or state taxes affecting your structured settlement calculations.
You can also accrue interest that grows the total amount of compensation you have when you opt for a structured settlement. This may or may not affect the payment schedule of your payments.
What Happens if Payments Are Too Slow?
Even with careful planning, the payments from your structured settlement can still end up being too slow. The money you get from your settlement comes in at a snail’s pace, which directly affects how much of your expenses you can cover. You may feel stuck inside a financial hole with no end in sight as the payments you receive are not remotely enough to take care of a rising pile of debt.
Once you lock in your payment amount and schedule, it can be extremely difficult or downright impossible to make any changes to the terms. Consider obtaining structured settlement funding from Silver Dollar Financial to quickly access the rest of your settlement. We make it easy to apply with no credit check or proof of employment required.
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Silver Dollar Financial Is Here to Help
Facing large amounts of debt can be scary, but you don’t have to face it alone. Our team of financial experts can assist you in getting the money you need quickly. Apply online for funding today at no cost and no risk to you. Do not hesitate to call our office at (877) 871-0628 if you have any questions or want to learn more about all of your financing options.