Pros and Cons of a Structured Settlement in Cleveland
If you are recovering money for an injury settlement, speaking with a medical attorney in Cleveland can help you determine how it should be paid. One of the choices you will have is a structured settlement.
The following are pros to receiving a medical malpractice case payment as a structured settlement:
- funds can be placed in annuity and so they are tax-free;
- preservation of funds throughout the time of your disability;
- a professional helps manage the funds in the annuity;
- payments can be customized to meet your needs; and
- the funds are guaranteed by insurance laws.
These are just some of the pros to receiving a structured settlement, so be sure to thoroughly examine other benefits that this payment option may offer.
These should be weighed against the potential drawbacks or cons of a structured settlement, which include:
- payments may not adequately cover future monthly needs;
- even if necessary, some payment structures may be difficult to alter; and
- if the company making payments is bankrupt in the future, the payments may disappear.
Those who are victims of medical negligence many times suffer serious, disabling injuries. In some cases they are permanent and may result in the need for long-term care. It can be hard to understand how a medical mistake could happen. But it happens more frequently than most people think.
According to a report from Diederich Healthcare, which compiled data from the National Practitioner Data Bank, in the year 2011 the state of Ohio paid out $83,394,650 in malpractice lawsuits. Money for injury settlements can never take away what was done but it can help victims start the process of recovery.
If you would like to discuss your settlement options and whether a structured settlement or lump sum would be best for your situation, contact a medical attorney in Cleveland to discuss your case.