A structured settlement is an easy solution for someone who has won a court settlement and is owed money. Instead of receiving a lump sum, which would be one payment at once, the winning party would agree to receive scheduled payments from the plaintiff until the amount is paid in full. Most people prefer to agree to a structured settlement because each payment is completely tax free, which is a benefit that cannot be overlooked. It is not uncommon for people to agree to a structured settlement at one point in time, and then change their minds later on down the road. It is common for people to assume that because they agreed on a structured settlement that they do not have any other options, but that simply is not the case. It is possible to sell your structured settlement payments for a lump sum to the right company.
How Does a Structured Settlement Work?
Many people find themselves wondering exactly how does a structured settlement work, but the answer is relatively simple. As mentioned above, structured settlements are agreements in court cases where the plaintiff owes the defendant a large amount of money. Both parties agree on a regular amount to be paid over a period of time. Recipients will receive monthly payments for many years, or even their entire lifetime. Recipients often choose structured settlements because they do not have to pay a large amount in taxes like one would have to do with a large lump sum payment. Structured settlement payments are often tax free in most cases, which can ultimately help recipients save money. While structured settlements are usually preferred by both parties, some people want to receive the full amount in a lump sum. This is a viable option, but can lead to paying a lot of taxes.
Benefits of a Structured Settlement
There are a lot of benefits associated with opting for a structured settlement. One of the biggest benefits is that you can have monthly payments made to you for however long it takes for the settlement to be paid in full, which is a process that can last for many years. You could end up having reasonably sized payment being made to you for the rest of your life. Having that money coming in as a source of income can change the way that you live your life. Besides being tax free, another benefit associated with having a structured settlement is that the payments can be customized. Customized payments can benefit both parties and be adjusted to meet the plaintiff’s cash flow.
Reach Out Today for More Detailed Information
For more details about your options when it comes to a structured settlement, you should not hesitate to contact our team at We Pay More Funding. Our team is more than happy to answer any questions that you may have about the various services that we can provide to you. We can even guide you as to which of our services best suit your needs. Contact us today for more information.How Does A Structured Settlement Work
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