What is a structured settlement?
A structured settlement is a financial agreement in which a claimant (an individual or a business) who has won a lawsuit or a personal injury case receives their compensation as periodic payments over time, instead of receiving a lump sum payment. This type of settlement is often used in cases involving physical injury or disability, where the payments are designed to provide a long-term, steady source of income to the claimant.
What are the benefits?
Tax-free: Structured settlement payments are tax-free, as they are considered compensation for personal injury.
Customizable: The periodic payments can be tailored to meet the specific needs and circumstances of the claimant. For example, the payments can be structured to provide a steady source of income, to cover specific expenses, or to provide a lump sum payment in the future.
Secure: Structured settlement payments are backed by the financial strength of the annuity provider, providing a secure and reliable source of income for the claimant.
Flexible: Structured settlements can be structured to accommodate changes in the claimant’s circumstances, such as inflation, changes in the cost of living, or the need for additional funds in the future.
Avoid probate: Structured settlements can help to avoid probate, as the payments pass directly to the claimant and are not subject to the probate process.
Why Steve Chapman?
If you are considering a structured settlement, it’s important to work with an experienced structured settlement expert who can help you understand the options available to you and determine the best course of action for your specific circumstances. Steve has over 35 years experience as a structured settlement expert, working on some of the top structured settlement cases in the state of California. He is highly respected in the industry as both a speaker for multiple educational seminars and events as well as a member of the California Applicants’ Attorneys Association and National Structured Settlement Trade Association where he holds a position on the Innovation Committee.