A Structured Settlement Annuity (SSA) provides tax-free, periodic payments over a period of time, specifically designed to meet an injured party’s needs. Specialized consultants facilitate the settlement process, as well as help design and negotiate the structure.
Why Choose Structured Settlement Annuity
Benefits for the injured party:
- Features customized design: Payments are specifically tailored to meet the injured party’s particular financial needs over a defined period.
- Emphasizes stability: Payments are designed to help meet the claimant’s current and future financial needs.
- Promotes security: Structured settlement provide the dependability of a highly rated financial institution.
Benefits for the defendant:
- Leads to faster settlements
- May reduce costs
- Avoids Jury trials
- May allow for a tax deduction (self-insured)
There are a number of reasons why an individual may receive a structured settlement Annuity, the most common cases being:
- Personal Injury: A personal injury case is a civil case where someone who’s been harmed files a lawsuit seeking money from the person believed responsible for the harm. Money in the form of a structured settlement helps the recipient to pay for medical expenses or other costs.
- Workers’ Compensation: Most people know about workers compensation, which pays out workers who get injured on the job while they recover. Payments can be used for medical treatment and wage replacement during periods when injured employees are unable to work and other expenses.
- Medical Malpractice: In some unfortunate cases, doctors can do more harm than good. In this instance, injured patients or the families of deceased patients can sue for medical malpractice.
- Wrongful Death: A structured settlement is also a common way to compensate the family of someone whose death was the subject of a wrongful death claim. Families may be entitled to receive a stream of tax-free payments, to replace the loss of income previously earned by the lost loved one.
Learn about the process of being awarded a structured settlement annuity as well as the legal protections and advantages given to structured settlement recipients through the following pages:
- Structured Settlement Payout Options: Compare and contrast the different ways to accept a cash settlement from a lawsuit.
- Government Support for Structured Settlements: Learn about how the government uses the tax code to promote the use of structured settlements.
- Structured Settlements for Minors: Read about why this type of settlement is typically used in cases involving underage children.