Using structured settlements in worker’s compensation cases is quite a common occurrence these days. Although structured settlements are not always used to resolve worker’s compensation claims, they are important when an employee is permanently disabled.
This was not the case in the past. In fact, the Taxpayer Relief Act of 1997 gave worker’s compensation payment a tax-free status. Thereafter, most lawyers preferred to go for a structured settlement when his/her plaintiff was permanently injured. This read offers information on worker’s compensation in structured settlements.
Similar to most of the other structured annuities, worker’s compensation settlements annuities are invested in settlement funds such as low-risk securities by the insurance provider. This is where a qualified and experienced personal injury lawyer’s service come in handy.
When an employee is permanently injured due to whatever accident, he or she is not in a position to continue working. How and when the injured employee will receive the settlement is determined during the settlement conference. The worker can decide on whether to go for a lump sum payment or a structured settlement where he/she receives a certain amount of money for a specific period of time.
A professional personal injury lawyer is the best person to advise the employee on the best settlement method depending on the injuries sustained by the employee.
A structured settlement takes into consideration several factors such as the injured employee’s age, medical costs (short-term and long-term), life expectancy, family milestone expenses, and living expenses when finalizing the claim amount. The structured annuity will provide a steady tax-free income to the employee. This would include additional money for unexpected large expenses down the road.
A structured settlement will help the injured employee meet his/her future expenses without having to worry about fluctuations in the financial market. A regular income stream will help relieve stress and improve the self-confidence of the employee.
But you should find the right worker’s compensation attorney to represent your case. An experienced lawyer knows how to negotiate with the insurance provider of the employer to get the maximum benefits to the employee. With a host of personal injury attorneys functioning in the area, picking the right lawyer is not easy. You should do your homework properly before you shop for the best lawyer in town.
Search the Internet for the best legal representative in town. You may get a list of service providers functioning in the area for such a search. Check the websites of these professionals before you decide to pick the right candidate for the job. It saves a lot of time and effort.
In conclusion, an employee who has received serious injuries due to a workplace accident should consider a structured settlement. A good personal injury attorney is the best person to advise you on the best options in front of you. Make sure to do your research when choosing the best lawyer in town.
This read offers information on why you should go for a structured settlement when you have undergone a serious injury at your workplace.