Sometimes, when a plaintiff receives a large settlement after a car accident, the defendant, the plaintiff’s attorney, or a financial consultant with knowledge of the settlement, will suggest paying the settlement in installments over a period of time rather than in a lump sum. A settlement paid in this manner is called a “structured settlement.” Typically, the settlement will be constructed through the purchase of one or more annuities, which act as a type of guarantee.
Structured settlements in Colorado can take one of several different forms. You could be paid in annual installments over a number of years, or you could receive periodic lump sums every few years. Your personal injury attorney can work in conjunction with your financial advisor to determine the best possible settlement schedule for you.
Structured settlements may offer some victims certain advantages to receiving a large lump sum of money. The benefits may include:
Not everyone will benefit from the same type of settlement schedule. The following are possible disadvantages depending on your personal situation:
If you or someone you love is injured in a car accident, we can review all of your legal options with you and help you choose the legal path that is best for you and your family. Contact the law firm of Fuicelli & Lee, PC, for a free case evaluation. You pay nothing unless you receive a financial settlement or award. Call our office at 303-355-7202 or fill out our confidential contact form.
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