Personal Injury Attorney Las Vegas Structural Settlement
If you have had a Personal Injury Attorney Las Vegas case decided in your favor, you may receive what is termed a structural settlement. This is a settlement for personal injury damages that isn’t a lump sum payment but rather a series of payments over time.
The payments are like payments on anything else that you might be making as part of your bills, like a car payment or a house payment, but instead the liable party is paying on their settlement to the injured party, until the entire amount is paid out.
Personal Injury Case
When a Personal Injury Attorney Las Vegas case is decided, there is an amount that is awarded based on damages. If you give someone a structured settlement as their award, you are compensating them for these damages but paying out over time.
The period of time for a structural settlement can vary. Generally payments are monthly, and are paid out over years. Depending on the monthly sum and the total award amount, the payout term will be shorter or longer. If you have a settlement that is very large, it may pay out over decades even.
When you get a structured settlement, it has some benefits for both sides (liable and injured parties). The Personal Injury Attorney Las Vegas party is assured income over time and for that period at least has a steadier financial outlook.
This covers them for future issues that may arise from the injury. At the time of settlement, you may not accurately know how long recovery can take.
On the side of the liable party, this is also a benefit. There is a tax reduction because of the structure of the payout. So the tax would be reduced across this period.
Knowing the basics of how a structured settlement works is beneficial. Ideally, it is used to ensure that the attorney personal injury party receives adequate compensation for the entire time they are affected. Plus, it helps all parties involved.