Structured settlements have been around for a long time however their popularity has steadily increased over the past 6 years. In 1999 only 7% of insurance settlements that were under $7,000 were completed as structured settlements. While we don’t have hard data for the current year, the number is much higher now.
Because of the fast increase in popularity of using a structured settlement as an option for lawsuits, many people are forgetting to consider the option of pursuing structured payments when settleing a lawsuit.
There are many reasons to consider a structured settlement as a funding option for a legal settlement:
- Clients ability to work long term is questionable
- Clients lack of ability to manage finances in the past
- Clients doesn’t want to manage a large settlement
- Immediate medical bills don’t affect the client
- You can get a higher settlement if paid over a longer time
Another type of legal option which can be finalized as a structured settlement are real estate lawsuits. While it hasn’t been very popular in the past, real estate structured settlements are gaining in popularity.
You can find out more about real estate structured settlements at UtahRealEstatehelp.com. They have good information about funding structured settlements for real estate.
One last reason why legal counsel should consider structured settlement payments for their clients is because of the flexibility it provides clients. For people who don’t have personal finance management skills, it provides them the management. For people who don’t have job security, the structured settlement payments provide them the security of knowing the money is going to be there.
Also, if the situation should arise in which a structured settlement holder should need a lump sum of money, they can get cash for structured settlements by selling to a structured settlement buyer. This allows them to get a large amount of cash right now for their structured settlement payments.
John Jonas is an entepreneur and a family man with interests in real estate, marketing, and financial products. You can find out more at his Jonas Family website.
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