Benefits Of Your Structured Settlement
Ever wondered what the big deal about structured settlements is anyway? Only one way to find out. Read on!
- Structured settlements come tax free – At both the federal and state level tax is inapplicable on your structured settlement. The income u receive through this sort of an arrangement does not count as annual gross income and hence is not taxable.
- Structured settlements = more security – Periodic payments gives the claimant security as there is a steady income coming in especially if they are senior citizens. It is also security for kids looking for a college education. Also, the biggest insurance companies undertake structured settlements and so scheduled payments are assured.
- Structured settlements secure your financial future – You feel secure with some sort of money coming in. lump sums of money are not only taxable but will definitely get spent. This is beneficial if there are expenses both living and medical to be taken care of. Also you can choose to get your payments over a lifetime.
- Structured settlements are cheap – Lengthy court sessions definitely get eliminated because both parties have opted to settle the matter an avoid going to court which can be a costly affair.
- Structured settlements not effective on Social Security benefits – The money received from Social Security is more on each payment. Also your structured settlement’s payments cannot be touched at all in divorce proceedings.
Now you see how structured settlements are helpful in many different situations.
