If you’ve been injured in a truck accident or car accident in Texas, and win your car accident claim, you may have a couple of options when it comes to how you may be able to receive your settlement payment. Most personal injury victims receive their settlement payments through a lump sum settlement. The majority of personal injury settlements can be issued as lump sum settlements because the value of these claims may not lend themselves to a structured settlement. But, in some cases, victims might have suffered serious injuries, like spinal cord injury, traumatic brain injury, disfigurement, amputation, or another serious injury which could result in a much more significant personal injury settlement. Truck accident victims are more likely to see higher settlements because the injuries stemming from truck accidents can often be more serious and life-altering. If you stand to receive a significant personal injury settlement, another option for your claim can be to seek a structured settlement. With a structured settlement, your damages are not paid all at once. Instead, damages are paid over time, allowing you and your family to be compensated long-term for your losses. For those who have suffered serious or life-altering injuries, a structured settlement can bring the peace of mind of a regular income to accident victims.
A structured settlement is a good option if you are concerned that you might spend a significant settlement amount too quickly. With a structured settlement, victims and families can make arrangements so that they receive bi-weekly or monthly settlement payments. The value of each payment will depend on the settlement amount, the amount of money paid each period, and the length of time a person wants the payments to continue.
A well-structured settlement will take into account how long you are estimated to live, take into account your weekly and monthly financial needs, and structure your settlement so that you can receive regular payments for as long as possible.
If you have been injured in a truck accident in Texas and have concerns about your future, consider reaching out to the Cooper Law Firm today. Our Texas truck accident lawyers can review the facts surrounding your crash, estimate the value of your claim, pursue negligent parties, and help you decide whether a structured settlement or lump sum settlement is right for you.
With a structured settlement, the negligent party may purchase an annuity from a life insurance company, which can then pay the victim and his or her family the settlement amount over time. Another option families might have is to receive the lump sum payment and then set up a trust or other investment structure that lets them receive regular payments. Responsible management of your personal injury claim is important to protect your future, especially if your settlement is significant. With the coronavirus pandemic affecting investments, it is important that victims balance their ability to shoulder risk when investing personal injury settlement money.
At the end of the day, if you win your personal injury claim, some victims might be wise to hire someone to help them manage their money. The Cooper Law Firm is a personal injury law firm in Texas that helps truck accident victims seek damages from negligent truck drivers and truck companies following a crash. Reach out to our lawyers today or connect with USAttorneys.com to get matched with an attorney at the Cooper Law Firm.