A personal injury lawyer in Kitchener says that civil cases, especially injury and accident lawsuits, do not go to trial as the parties often reach the settlement agreement early in the litigation process. A settlement involves the plaintiff as the one bringing a lawsuit to stop any additional legal action. This is because you are going to a receive payment from the defendant or the insurance company of the defendant. The payment or settlement is in the form of a lump sum that is as a onetime payment or a regular, structured payment over some period of time. A structured settlement refers to an arrangement for the plaintiff involving to receive regular payments across a span of several years, as a personal injury lawyer in Kitchener explains.

Such payments can even be set up for the remainer of the life of the plaintiff. This type of arrangement is quite helpful when the plaintiff suffers permanent and serious injuries, or catastrophic injuries. When there is a structured settlement, the insurer of the defendant funds an annuity policy to finance the plaintiff. With the annuity, you enjoy a continuous income stream over the term of the structured settlement. Remember that annuity contracts tend to be complex and cover a variety of expenses, as expected. Prior to accepting a settlement agreement, it is necessary to discuss your options with a personal injury lawyer in Kitchener.

They help you to explore the tax consequences related to settlement or verdict fully. Structured settlement provides plaintiff significant tax benefits since injury settlements tend to be tax free in most cases. Still, exceptions are present and this might make some settlement portions taxable as interest accrued on settlement or award for the punitive damages. You can learn more by speaking to qualified attorney. Structured settlements will give plaintiffs payment certainty over fixed period. Lump sum pays suit better for cases that involve minors as this leads to long-term investment or for those with debilitating injury requiring medical expenses in future.

Personal injury lawyer in Kitchener says that parties often tailor the annuities for covering the specific needs of the plaintiff along with contingencies or future demands. The insurance laws protect the annuities and guarantee the coverage of insurer obligations. The insurer cannot declare bankruptcy formally as per the law, with safety nets in place for insolvent insurers. There is cover for the policy claims and insurance companies so this is one worry less for you. It is possible to combine the lump-sum payment with structured settlement in order to meet your immediate expenses.

This according to personal injury lawyer in Kitchener involves debt repayment, medical bills, and the rehabilitation costs. It is possible for the parties to dedicate funds that cover the anticipated advances related to medicine. This way if some miracle cure related to your problem becomes available due to advances in medical science you will be in a position to try this. For more information visit Our Website