The Advantages of Choosing a Structured Settlement for a Wrongful Death Claim
Here are some of the advantages of structured settlements for wrongful death claims:
1. Tax Benefits
Structured settlements offer significant tax advantages, both for the claimant and the defendant. The payments received under structured settlements may not be taxed, making them a more attractive option for both parties involved.
2. Financial Security
Structured settlements provide claimants with a long-term financial plan that they can rely on. These payments are guaranteed for the duration of the settlement and provide more financial security in comparison to a lump-sum payment, which may be subject to market fluctuations or unexpected expenses.
3. Predictable Income
Structured settlements provide claimants with a predictable income stream. These payments are scheduled well in advance, making it easier for claimants to budget and plan their future expenses.
4. Reduced Risk
Structured settlements offer reduced risk for both parties involved. The defendant is able to mitigate their liability and reduce the risk of future lawsuits, while the claimant can rest assured that their payments are secure and guaranteed.
5. Flexibility
Structured settlements can be customized to meet the unique needs of each individual claimant. This includes adjusting the payment schedule, adding riders or endorsements, and investing the payments in different investment vehicles.
6. Inflation Protection
Structured settlements can include built-in inflation protection, which ensures that the payments will maintain their value over time. This is especially important for claimants who may face significant expenses in the future, such as medical bills or long-term care.
7. Peace of Mind
Structured settlements provide claimants with peace of mind. Knowing that their payments are secure and guaranteed can provide a sense of security and stability that is invaluable in the aftermath of a traumatic event.
In conclusion, structured settlements offer many advantages for individuals who have suffered wrongful death claims. They provide long-term financial security, predictable income, reduced risk, flexibility, inflation protection, and peace of mind. If you or a loved one is considering a structured settlement for a wrongful death claim, it is important to speak with a qualified professional to learn more about your options.