Lump sum payouts for injury cases occur when plaintiffs receive the full amount owed to them in one large payment. Structured settlements, on the other hand, involve guaranteed payments of specific amounts over an extended period of time.
There are a multitude of factors that you should consider before deciding whether to accept a lump sum or a structured settlement for your personal injury in Georgia. The decision you make will have long-term consequences. Accordingly, the aid of our experienced attorneys can be highly valuable when determining what to do in your case.
If you were hurt as the result of another party’s negligence in Georgia, get help fighting for compensation. Speak with our experienced Georgia personal injury lawyers by calling Howe Law at (844) 876-4357. Our team will assess the strength of your case for free.
Is it Better to Accept a Lump Sum Payment or a Structured Settlement for Your Injury in Georgia?
Deciding what to choose between a lump sum payment or a structured settlement can be a complicated task. All of the following factors should be analyzed before making a choice:
How Do You Plan to Use Your Money?
Your decision as to how you will use your money will play a role in deciding which form of payment to accept. If you wish for your settlement to act as a sort of future income, then you should opt for a structured settlement. Do you have a large amount of outstanding debt? In that case, you may wish to take a lump sum payment. Our experienced personal injury lawyers can help you decide which form of payment is more suited to your needs.
Are You Able to Handle a Large Award?
Also, you should ask yourself if you are ready to handle a large award. Many personal injury victims do not have the necessary expertise to manage a large, lump sum payment. Accordingly, some plaintiffs choose to accept structured settlements to avoid the troubles of managing large sums of cash. If you need help managing your money, then you should hire a financial professional to provide you with advice.
Are Your Family and Friends Going to Expect Handouts?
Furthermore, you should consider if your family and friends will be expecting handouts after you receive your settlement. If so, you may want to accept a structured settlement so that you may resist loaning money to others.
Your Tax Obligation
Lastly, the form of settlement you choose can impact your tax obligation. The law surrounding taxation of personal injury settlements can be very complicated. Fortunately, you can consult with our experienced Atlanta personal injury lawyers when determining how tax obligation may be affected.
How Do Structured Settlements Work for Injury Cases in Georgia?
You can decide how your settlement will be structured. Accordingly, there are many options for how your structured settlement will be paid. The following are examples of payment schedules you can choose:
Large Payment Up-Front
You can opt to have a large payment up front, followed by smaller subsequent payments. This type of payment schedule may be ideal for plaintiffs who need to pay off outstanding debt.
Payments Increase as Time Goes On
Also, you can choose to have your payments increase as time goes on. Our experienced Georgia personal injury lawyers can help determine if this payment structure is right for you.
Payments Decrease as Time Goes On
On the other hand, you may decide to have payments decrease as time passes. This could be beneficial if you anticipate your wages will increase in time.
Lastly, you may opt to delay receiving any payments until a later date. For example, a plaintiff may decide they do not want their payments to begin until they retire.
Types of Monetary Damages Included as Part of Structured Settlements for Injury Cases in Georgia
Plaintiffs in personal injury cases can seek multiple categories of economic and non-economic damages. The following are examples of damages included as part of settlements for injury cases in Georgia:
Pain and Suffering
Your structured settlement may include compensation for your physical pain and emotional suffering. These damages are usually quantified by analyzing the severity of your injuries and the impact they had on your life. In most cases, expert witness testimony is necessary to support a claim for pain and suffering. Our Columbus personal injury lawyers can help find the experts necessary to recover these damages for you.
You can also obtain damages for any medical expenses you incur because of your injury. This includes the cost of all past, current, and future medical care. For example, compensation for ambulance rides, surgical operations, and prescription medication may all be sought.
Furthermore, you can pursue payment for lost income as part of your structured settlement if you were forced to miss work while your injuries healed. These damages are typically quantified using your average weekly income.
Unfortunately, some plaintiffs are forever unable to return to the same jobs that they tended to before their accidents. In such cases, our Johns Creek personal injury lawyers can help victims pursue damages for their lost earning capacity in the future.
Out-of-pocket expenses refer to miscellaneous costs that you may incur because of your injury. For instance, you may need assistance with transportation to and from your doctor’s appointments and court proceedings. In that case, our attorneys could help obtain payment for the out-of-pocket expenses you sustained.
Lastly, you may seek compensation for property damage as part of your structured settlement. For example, you may suffer serious damage to your car because of a collision caused by a negligent motorist. In that case, if your lawsuit against the at-fault party was successful, then you could recover compensation for the cost of repair or replacement of your damaged car.
If You Need to File a Personal Injury Lawsuit in Georgia, Our Law Firm Can Help
If you were hurt as the result of another party’s negligence, seek guidance from our experienced Marietta personal injury attorneys at Howe Law by dialing (844) 876-4357. Our lawyers can offer a free review of your claim.