Things You Need to Know - Structured Annuity Settlement
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Structured Annuity Settlement
A structured settlement is an efficient and simple way to acquire your award money from a legal claim. The settlement pays out annuity from a civil lawsuit and spreads out the award payment over a period of time. Generally, a structured settlement is a far better option than a lump-sum payout.
The award money can be claimed by filing a lawsuit to a company or individual to right the wrong that was done. The party who did something wrong may proactively offer a settlement on their own or forced to a settlement if they lose the case. A structured settlement is part of a settlement that is either requested by the defendant or the claimant. Both parties should agree on the terms of the settlement.
Proactively offering a settlement are also used by defending parties to avoid a lawsuit and reduce legal and trial costs.
Rights to Structured Annuity Settlement
Once a claimant agrees to the negotiated structured settlement, they should choose to receive part of the money by the time of the settlement and some parts of their money on a structured payment. If an insurance company underwrite the payment obligations, they should abide by the Internal Revenue Code 130. The Code states that no alteration, modification, and acceleration of settlement payment shall be made once an agreement was signed.
In some structured annuities, there’s an option to transfer or sell the rights of the payment settlement to purchasers. These purchasers can be in the form of a bank or loan institutes are known as Structured Settlement Factoring Companies.
Some companies that purchases structured settlements are known to take advantage of the beneficiaries especially if their needs for a lump sum of money is urgent - e.g. hospital bill, mortgage payment, debt payment, and other financial needs. The purchasers will bargain for the settlement in a relatively small price.
Common Cases for a Settlement
There are multiple reasons to file a claim and receive a structured settlement. The claimant can file a civil case and compensate for a personal injury, worker’s compensation, medical malpractice, wrongful death and many more. Once a lawsuit is filed, the claimant can seek compensation in the form of structured settlement from the accused individual or parties. The money from the settlement can help pay for hospital bills, ongoing medications, wage replacement, and other financial needs. Many beneficiaries of this type of annuity find that a structured settlement helps them secure their future.
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