Searching For Structured Settlement Lawyers In Indianapolis

By Vernon Leach


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.

A payment plan such as this is not suitable for all cases particularly in small claims for minor injuries. For more severe claims where the victim will require medical care in the home and special equipment they are more suitable and beneficial. When you have the initial meeting with your lawyer they will asses the case and tell you if they think a settlement plan is the way to go.

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.

Another plus point is that it takes away the pressures of having to appear in a court of law which many people find intimidating. The liable party can also be better off as they will have lower legal bills at the end of the case. When they agree to a settlement plane their lawyer fees and any court costs will be a lot lower.

When all of the legalities are over and the claim is settled there are still some things to bear in mind regarding the future. In many cases an additional sum may be payable if care expenses rise and your lawyers will factor this into the final agreement. Inflation can also have a bearing on the future payments and these may rise depending on what your legal team has advised.

It is important to use a reputable lawyer when you are involved in one of these cases due to the complications that can arise. In an injury case for instance the victim may need lower payments initially and these will need to rise as they get older and require more care. Your lawyer may have to spend many hours calculating the compensation you are seeking and it is essential that they get this right at the beginning to avoid any further litigation.

If you are searching for a lawyer it is a good idea to do some research before hiring one. Always make comparisons from different firms regarding fees as they can be difficult to work out in a complicated case where the standard charges may not apply. In the event that you do not know of a lawyer, one can be found in your local area or there are many who advertise online.




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