Finding Structured Settlement Lawyers In Indianapolis
A structured settlement is a financial agreement where a claim is compensated in installments as opposed to a lump sum. Widely used in liability cases they are often used to reduce or avoid legal costs. If you are making a claim you will need a professional and there are structured settlement lawyers in Indianapolis who can help you.
Usually a compensation claim will be settled with a single one off payment to the victim which has been agreed in court. With a structured plan the claimant will get regular monthly payments and these will often be for life. This can be a better way to receive compensation as it provides a steady monthly income which is useful in the long term.
Most lawyers would not recommend this type of staggered payment in a small claims case. For serious claims where the victim may need round the clock care and modifications to homes and vehicles it is a better choice. Your lawyer will study your case and make a decision on whether they feel it is worth opting for a structured payment method.
Other benefits of this system is that the payments are tax free whereas a lump sum is subject to tax at state and federal levels. A structured payment plan also takes away the worry of having to think about where to invest a large sum to provide a future income. The regular payment method ensures that there is a constant stream of money coming in at regular monthly intervals.
Structured settlements will also mean that the victim does not have to make a court appearance which many people find very stressful. The people that are liable are also better off financially as they wont have a huge legal bill to pay. When the plan is agreed their payments to their legal teams will be less and so will any court costs.
When the claim has been settled and everything is agreed there may still be a few important points to think about. In some cases additional payments can be made to claimants on top of the agreed sum if they have to buy medical equipment or do work to modify their house. Often there can be annual increases as care costs rise due to inflation.
When you are hiring a lawyer for a settlement case it is essential to use one that has experience in these matters and who has a good reputation. Costs can rise annually in some injury claims and it can be very complicated to asses what these will be. There will be a lot of calculations to be made by your legal team to get things right. It is imperative that all of the details are correct from the start so you can avoid any further legal fees and added stress.
When you are looking for a lawyer it is worth doing a little homework and comparing their fees. Many lawyers will have standard costs but in more complex cases the fees charged can vary a lot depending on the amount of work required. If you do not already have a lawyer there are many that advertise locally and on the internet and after some research one can be hired.