Brain Injury >Structured Settlements
Cash Payout on Structured Settlement
Kleinick Law, New York Lawyers specializing in structured settlements involving brain damage. Representing plaintiffs in
New York City (NYC), Brooklyn, Bronx, Manhattan, and surrounding
Individuals with structured settlements or lottery winnings have a strong preference to receive a lump sum instead of being paid over several years. This isn't always a good idea.
An advantage of structured settlements is tax avoidance. With the appropriate setup, a structured settlement may reduce the tax obligations to the plaintiff as a result of the settlement and in some cases be tax-free. Structured settlements can protect an individual from having all his funds dissipate, when the individual will still need to pay for future needs or care.
One of the few disadvantages of Structured Settlements
Some individuals might need cash when in structured settlement. If they wanted to purchase a new home for example they may not be able to pay for it upfront like they would if they received one lump sum.
Lottery Winners Who Took The Lump Sum Option:
William “Bud” Post
William “Bud” Post won $16.2 million dollars in the Pennsylvania lottery in 1988. His brother tried to hire a contract killer to kill him and his wife, his landlady sued William for a portion of the lottery winnings and William was convicted of assault for firing a gun at a debt collector. William “Bud” Post later declared bankruptcy
"Everybody dreams of winning money, but nobody realizes the nightmares that come out of the woodwork, or the problems," he said in 1993. When he passed away in 2006, The Washington Post headlined his obituary, “The Unhappy Lottery Winner.”
Evelyn Adams won the New Jersey Lottery in 1985 and in 1986! According to USA today, she gambled and gave away all her winnings and in 2001 she was poor and living in a trailer. "I won the American dream but I lost it, too. It was a very hard fall,” she said. “Everybody wanted my money. I never learned one simple word in the English language – 'No.'”
Structured settlements can protect an individual from himself – some people are not good with money management or can’t say no to family or relatives who want to “share the wealth”, even a very large lump sum can quickly be exhausted.
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