What Kind of Settlement Will I Get?
Jason and Justin McMinn work hard for clients to get the settlements they deserve, as well as to help clients understand that how much they can get is not always what they will get. But there is more than just your run of the mill settlement. A structured settlement is a type of settlement that can be reached after a case. What is a structured settlement? It is:
“Type of damages settlement whereby Defendant agrees to make periodic payments to injured Plaintiff over his or her life. Commonly such settlement consists of an initial lump-sum payment with future periodic payments funded with an annuity.”
Structured settlement payments depend on the victim. Sometimes this could result in monthly or yearly payments, depending on what your lawyer works out on your behalf. When it comes to a structured settlement, there are 3 steps:
• The parties
of the settlement agreement agree that the defendant will pay the plaintiff
periodic payments as part of the negotiated settlement.
• The defendant transfers the obligation to make the periodic payments to a third
party assignee, usually an annuity company.
• That third party assignee purchases the annuity and distributes the payments periodically according to the settlement agreement.
So how do you know if you are entitled to a structured settlement? If your injury or incident resulted in damages that are going to require future loss or expenses, you can explore the options you have with structured settlements. For more information on how a structured settlement works, please read here.
During Settlement: Overcoming Setbacks
Personal injury can be physically, emotionally and mentally painful. No matter what accident you got into, there will be many setbacks ahead of you as you face complicated, complex medical and legal processes. These processes can be long, but they are not always helpful. Here’s how to make the most of it: getting the medical recovery, legal justice, and financial compensation you deserve.
• Listen To Good, Professional Advice: Once you have found the medical and legal professional to take care of you, listen to them. Going your own way will only frustrate everyone involved, so cooperate in order to get things done not just on time but as a team– successfully. This means doing the following:
◦ Be on time to appointments, meetings, and important dates, not late.
◦ Don’t fight, but you can argue when you feel lost or left behind.
◦ Discuss ideas and thoughts that you have with your doctor and personal injury lawyer, which will encourage them to do the same with you.
• Reach A Settlement Early: If you can, reach a settlement early through negotiation or mediation. This will save you money and time, allowing you to turn all of your energy and focus on to getting healthy and able again.
After Settlement: What’s Next?
You’ve finally completed the long, complex legal processes involved in a lawsuit. A settlement was reached, either through negotiation, mediation, or trial. Everything is back to normal, right? Wrong. Unfortunately, you are likely to still have lingering medical, financial, and personal issues to take care. So, after settlement, what’s next? Here’s how to make the most out of your settlement and move on, getting your life back on track:
• Get Treatment: The most important thing you should do after reaching a settlement is to focus on your recovery. If your injuries were minor, then this will take less time. However, major injuries require long periods of rehabilitation and generous support from family and friends. In addition, listen to your doctor’s advice when it comes to determining the extent of your treatment.
• Pay Your Medical Bills: After receiving your settlement, you should also make an assessment of your outstanding medical bills– then, pay them. Therefore, it is important that you keep all of your medical records and bills in a safe, easy-to-find place. In addition, if you are continuing to receive treatment, then keep track of the expenses and costs involved. Seek support or financial aid if needed, but put your health first.
• Check Your Bank Account Balances: After paying your medical bills and any other remaining fees, check your bank account balances. Is there anything left to make ends meet? Depending on the size of your settlement and extent of your injuries, you may have to either go back to work or apply for unemployment benefits.
• Make Time For Yourself: However, don’t forget to make time for yourself. Spend time with family and friends. Go see a doctor or psychologist if needed. Think about the effects of your personal injury on your life, and try to repair any damage. This will help you forgive, forget, and move on– because after settlement, you have the rest of your life ahead of you.