An Alternative to Lump Sum Payment in Personal Injury Claims
When injury victims are awarded compensation in a personal injury claim, often they receive a lump sum payment. However, there is an alternative to the lump sum that may be more appropriate in certain situations. Structured settlements allow the injured party to receive monthly or annual payments over a period of time. For representation in a personal injury case and to learn more about the structured settlement option, contact Grandy & Martin, P.A., at (704) 837-8019 or toll free at (877) 818-7997.
North Carolina Settlement Planning Attorney
There are several ways an individual or a family can benefit from choosing a structured settlement. The most common reason why people opt to receive their personal injury or wrongful death settlement over a period of time is if they have children who will eventually be receiving a portion of the money.
For example, if a 10-year-old's father passes away and is awarded $50,000, the child's mother may choose to invest the money until the child is older. The child would then receive multiple pay-outs as he reaches certain age milestones such as 18, 25 and 30, instead of receiving all of it upon the age of 18. There can also be tax advantages of a structured settlement.
Contact Grandy & Martin, P.A., to arrange a consultation with a Charlotte structured settlement lawyer today. We have been helping injured people and their families since 1984, and we are dedicated to providing legal solutions tailored to your needs.
