What is a Structured Settlement? A Structured Settlement is a Settlement in which you receive Structured payments on a regular basis. In other words, it is a payment plan, in which, instead of getting a large lump sum, you receive smaller payments in increments. These increments go on weekly, monthly or yearly cycles. These settlements are often known as a win-win situation because the payer needs to come up with a lot less money up-front and the payee has a steady stream of income coming in at all times. This process can also be described as Annuity.
When are structured settlements used? Structured Settlements are often, but not limited to, these common situations:
1. Lottery Winnings Often times, in the Lottery, you can opt to receive numerous smaller payments in exchange for a single larger payment.
2. Malpractice Cases In situations where a family member is lost or left crippled due to medical malpractice, the party may be entitled to a structured settlement over the span of the victims life or as a grievance payment. These payments dont fix things, however, they are meant to make living a little bit easier for the victims and families.
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