If you have been involved in a civil suit, as a plaintiff or a defendant, you might have heard of the term structured settlements. If you have not heard of this term, then it is imperative that we get to define what exactly entails a structured settlement. It is mostly common in civil cases that involve large sums of money and in particular when a court rules in favor of a plaintiff which translates to monetary compensation for the plaintiff. On the other hand if you are the defendant, through your lawyer or financial planner you might propose to the plaintiff to agree to be paid the claim in installments.
Such a settlement will take the period that both parties agree and in most cases annuities have to purchased as a way of guaranteeing payment for the whole sum of money in the future. There are several benefits that come with having such a settlement. One of the most attracting benefits to the plaintiff is that of avoiding being taxed by significantly reducing the tax charged on the money. In fact in some situations the plaintiff might end up not being taxed at all.
For a plaintiff, you have an assured cash reserve which you can use to cater for you future needs as opposed to getting the money at once and may be spend the whole of it then. May be you are the kind of person who does not know how to save or invest money. In the case of a disabled plaintiff a structured settlement can assist in trust account to cater his or her needs. In the case of a victim of an injury a structured settlement can provide much needed financial help in paying for medical facilities and services such as therapies and specialized medical equipments. It is an imperative for note that before getting into a structured settlement, you get the advice of your lawyer or financial advisor.
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