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Is a structured settlement a good idea after a truck accident?

As in any legal action, there are good and not so good aspects of accepting a structured settlement for your truck accident injuries. The very first thing you should do is to make sure you understand the details of any structured settlement offered to you. Consulting with an experienced personal injury attorney serving Ohio is a great way to protect your interests during this process.

Your attorney can give you detailed information about the upside and downside of the proposed settlement. In the interim, you can use the information in this blog post to learn the basic pros and cons about truck accidents and structured settlements.

The pros

— You could enjoy tax benefits from a structured settlement.

— A structured settlement gives you the security of regular payments you can count on.

— Structured settlements can be designed around your current and future needs.

— These settlements can be used to address the possibility of future medical treatment advances.

The cons

— If the economy worsens, the settlement payments may not be enough to cover your needs.

— Certain portions of a structured settlement may be taxable.

— Your insurer may end up paying out less than your case is worth.

In the end, the decision of whether to accept a structured settlement is a personal choice, which can be especially difficult when dealing with your truck accident injuries. You will likely benefit from having a trusted legal professional to talk with about your case and your needs in general. A lawyer can also help you identify any future needs you may not anticipate.

Source: FindLaw, “Structured Settlements: Pros and Cons,” accessed June 21, 2017

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