If you have been in a Florida truck accident or other type of traffic accident and have worked with a Florida personal injury attorney to settle your claim, your claim amount may be significant. In fact, many Florida car accidents involving trucks involve serious Florida brain injuries, burn injuries, and even wrongful death claims. As a result, the settlements in these cases can be quite large. If you are expecting a larger settlement in your Florida truck accident case, you may wish to establish a structured settlement plan. A structured settlement means that you will receive your settlement amount in regular installments rather than in one lump sum. This can have several advantages in a Florida truck accident case:
1) Tax benefits. You may be able to set up a structured settlement in your case so that you pay less taxes or even no taxes. Even if your settlement amount is significant, you will of course want to use all of it to recover from your injury, so the less you need to pay in taxes, the more effectively you can use the funds.
2) Money protection. By receiving money gradually, you can be sure that you will have the financial resources in place when you need them. If you are not used to receiving and managing larger amounts of money, a structured settlement can be financially safer.
3) A good asset. You can use a structured settlement just like any asset. It is possible to sell your structured settlement, for example, in order to earn more money for larger purchases. You will need to contact a Florida attorney first, however, to learn about current laws affecting the sale of your structured settlement.
Of course, there are some disadvantages to structured settlements. You may need more money initially to pay for costs and a structured settlement leaves less flexibility in how you will invest your money. You also do not have the option of investing a lump sum settlement in order to make more money.
If you need a Florida personal injury attorney in order to help you with your Florida truck accident case, contact the Flaxman Law Group for a free, no-obligation consultation. The professional team at the Flaxman Law Group has extensive experience with Florida trucking accidents and can help you with your claim. With offices in Hollywood, Homestead, and Miami, the Flaxman Group is conveniently located to serve you.