Structured Settlements
Structured settlements or periodic payments are a common way of resolving personal injury cases in the United States. Under recent tort reform laws, victims who pursue personal injury claims are sometimes awarded compensation in the form of a structured settlement rather than a “lump sum” award.
Structured settlements take many forms and may or may not include taxes in the award. An experienced personal injury attorney can help victims of personal injury gain the compensation they deserve. If you have been injured due to another’s neglect or misconduct, contact the Madison personal injury lawyers of Habush Habush & Rottier, S.C. at 1-800-242-2874 to learn more about your legal options.
Structured Settlement Requirements
Structured settlements may require:
- An arrangement between parties to dismiss a lawsuit in favor of a monetary settlement
- Adherence to federal and state tax guidelines
- Per IRS code, the payment for damages may be excluded from the individual’s gross income
- Payments must be made to the individual specifically named in the lawsuit
- Payments must be made by the person or entity named in the agreement
Some people believe that recent tort reforms requiring structured settlements are a method of reducing the amount of payments made to individuals who file personal injury lawsuits. While lump sum payments may be preferable to some individuals, other victims are happy to receive fair compensation for their pain and suffering, regardless of the method.
Contact Us
For more information on personal injury laws and structured settlements, contact the Madison personal injury attorneys of Habush Habush & Rottier, S.C. at 1-800-242-2874 to schedule a free consultation.