JG Wentworth is the nation’s top structured settlement payment purchasing company. Our team has assisted customers across the United States in selling over $8 billion in future payments.
Since the laws surrounding structured settlements tend to vary from state-to-state, the specific rules, regulations, and tax implications of a settlement can be different for everyone.
Do I Have a Structured Settlement?
How do you know if you have a structured settlement or not? While structured settlements are an incredibly common form of payment stream, some people don’t realize they have one despite collecting regular payments from it.
More often than not, structured settlements are the result of a lawsuit or claim in which you’ve been awarded compensation. Some of the most common suits which can result in a structured settlement include:
Medical Malpractice Settlements
One unfortunate, yet common form of structured settlement is one that comes from a medical malpractice lawsuit. If negligence, error, or omission in practice resulted in the personal harm or death of a person and the case is brought to court, the compensation could be awarded as a structured settlement. In medical malpractice lawsuits, structured settlements are particularly common if the sustained injury requires long-term medical expenses.
Personal Injury Settlements
When a personal injury case is brought to court, the plaintiff may settle the case with some form of compensation for their medical bills, emotional harm, or other related expenses. Often, they will agree to take payments over time in the form of a structured settlement.
Wrongful Death Settlements
If someone is tragically killed at the fault of another person, the guilty party or their insurance company may be required to pay compensation to the family of the deceased. Again, depending on the specific circumstances of the case, the family can often settle a case by agreeing to receive the funds in the form of a structured settlement, which spreads payments over a longer stretch of time.
While these are certainly not the only cases which result in a structured settlement, if you receive periodic payments from a similar claim, you might just have one of your own.