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What are the benefits of a structured settlement?

At some point, you may be in position to accept a structured settlement. For example, this could come about as the result of a personal injury lawsuit.

Before you do anything, you need to become familiar with the many benefits of a structured settlement. This will help you better understand what you're getting involved with.

-- A structured settlement as the result of a personal injury settlement is tax free, thus saving you a lot of money.

-- With a structured settlement, you are guaranteed a particular payment over a predetermined period of time. This helps avoid a situation in which you receive a lump sum and spend all the money.

-- A structured settlement can be customized to meet your current needs and future demands.

-- You may be able to combine a structured settlement with a lump sum payment with the idea of paying for immediate expenses, such as medical bills and physical therapy costs.

-- A structured settlement can help two parties come together during a negotiation.

These are just a few of the many benefits associated with a structured settlement. If you find yourself in position to consider this type of payment structure, it's critical that you know what you're getting and how it will impact your finances.

A structured settlement may not be your only option for receiving compensation as the result of a personal injury lawsuit, but it could come into play at some point. By knowing the benefits, you can make an informed and confident decision as to whether or not this is right for you and your family.

Source: FindLaw, "Structured Settlements: Pros and Cons," accessed May 03, 2017

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